Slide 1: Reports Fourth Quarter and Full Year 2024 Financial Results
US$ million (except per share amounts) 4Q24 3Q24 4Q23 2024 2023 Nexa Reports Fourth Quarter and Full Year 2024 Financial Results Full Year Net Loss of US$187 million and Adjusted EBITDA of US$714 million Luxembourg, February 20, 2025 – Nexa Resources S.A. (“Nexa Resources”, “Nexa”, or the “Company”)
Slide 2: Executive Summary
US$ million (except per share amounts) 4Q24 3Q24 4Q23 2024 2023 Adjusted net income (loss) (1) (133) (8) (80) (44) Adjusted EBITDA (1) Adjusted basic and diluted earnings (loss) per share (1) (1.00) 0.03 (0.02) (0.99) (0.43) Cash provided by operating activities before working capital (1) (2) Capex
Slide 3: Financial Performance
§ Smelting cash cost [2] in 4Q24 was US$1.26/lb compared to US$1.00/lb in 4Q23. This increase was mainly due to higher raw material costs, driven by higher zinc prices and lower TCs, alongside increased operational costs. These were partially offset by higher sales volume and favorable foreign excha
Slide 4: Segment Adjusted EBITDA
§ In 2024, Adjusted EBITDA for the mining segment totaled US$464 million, up 189% from US$161 million in 2023, mainly driven by higher by-products contribution, lower TCs, increased sales volumes, particularly at Cerro Lindo and Aripuanã, and higher zinc prices. § Adjusted EBITDA for the smelting se
Slide 5: ESG highlights
2Q24 § Over 13,000 students in surrounding communities received school supplies, in line with the UN's Sustainable Development Goals (“SDGs”) for children's education. § Nexa and Amazon Web Services (“AWS”) renewed their partnership for the second edition of the "Talento na Nuvem" (Talent in the Clo
Slide 6: Life Cycle Assessment study
§ In December 2024, we completed a comprehensive study on the Life Cycle Assessment (“LCA”) of Nexa’s products. This analysis evaluated the environmental impact at each stage of the value chain, from raw material extraction through production, use, and disposal, following the cradle-to-gate approach
Slide 7: Capital allocation and divestments
§ We remain committed to generating free cash flow and continually evaluate our capital allocation framework, which considers sustaining capital, brownfield mineral exploration, and ESG and Health, Safety, and Environment (“HS&E”) initiatives. In 2024, Nexa successfully executed strategic divestment
Slide 8: 2024 Results and Guidance: Mining production
Mining production 2024 Guidance 2024 (Metal in concentrate) 2024 Results and Guidance Production, Sales and Cash Cost Guidance As previously disclosed in our press release dated February 6, 2024 , we reported solid 2024 operational results and provided our production and metal sales guidance for the
Slide 9: Smelting sales and cost guidance
Smelting sales 2024 Guidance 2024 Mining Operating costs Cost ROM (US$/t) Cash Cost (US$/lb) Cost ROM (US$/t) Cash Cost (US$/lb) 2024 2024 Guidance 2024 Guidance 2024 Smelting Operating costs Conversion cost (US$/lb) Cash Cost (US$/lb) Conversion cost (US$/lb) Cash Cost (US$/lb) 2024 2024 Guidance 2
Slide 10: Capex and other operating expenses guidance
CAPEX 2024 Guidance 2024 (US$ million) 297 261 20 16 3 300 Other Operating Expenses 2024 Guidance 2024 (US$ million) § In 2024, run-of-mine mining costs of US$45.6/t and C1 cash cost of US$0.07/lb were in line with our lowered 2024 guidance. These results were driven by effective cost control measur
Slide 11: Other Operating Expenses
Other Operating Expenses 2024 Guidance 2024 (US$ million) Project Evaluation Exploration & Project Evaluation Other Technology Communities Note: Exploration and project evaluation expenses consider several stages of development, from mineral potential definition, R&D, and subsequent scoping and pre-
Slide 12: Earnings Release 4Q24 and FY2024
Earnings Release 4Q24 and FY2024 This Earnings Release should be read in conjunction with the “Consolidated financial statements at December 31, 2024.” This document contains forward-looking statements. Table of contents Consolidated performance Business performance – Mining Business performance – S
Slide 13: Consolidated performance: Selected financial information
US$ million (except where otherwise indicated) 4Q24 3Q24 4Q23 2024 2023 Consolidated performance Selected financial information Net Revenues 2,766 2,573 Mining 1,350 1,090 Smelting 1,997 1,947 Intersegment results | Adjustments (160) (140) (106) (581) (464) Cost of Sales (598) (583) (561) (2,228) (2
Slide 14: Net Revenues
Net Revenues In 4Q24, net revenues totaled US$741 million, up 18% year-over-year, primarily driven by higher LME metal prices (except for lead) and higher smelting sales volume, which were partially offset by lower net premium. The LME average prices for zinc and copper rose by 22% and 13%, respecti
Slide 15: Adjusted EBITDA
Adjusted EBITDA In 4Q24, Adjusted EBITDA was US$197 million, up 79% compared to US$110 million in 4Q23. This significant increase was primarily driven by (i) higher by-products contribution of US$44 million, mainly due to increased silver and gold prices; (ii) the positive net price effect of US$40
Slide 16: Adjusted EBITDA vs 3Q24
Compared to 3Q24, Adjusted EBITDA increased by 8%. This increase was primarily driven by (i) a positive net price effect of US$31 million, mainly due to higher zinc prices; (ii) other expenses reductions of US$14 million, reflecting lower environmental liabilities related to the Três Marias decommis
Slide 17: DI carvings Release 4Q24 and FY2024 nexa
DI carvings Release 4Q24 and FY2024 nexa
Slide 18: 2024 Adjusted EBITDA
For 2024, Adjusted EBITDA totaled US$714 million, up 76% from US$406 million in the same period a year ago. This increase was driven by (i) higher by-products contribution of US$190 million, primarily due to increased silver and gold prices and volumes, along with higher copper prices and lead sales
Slide 19: Net Income reconciliation to Adjusted EBITDA
US$ million 4Q24 3Q24 4Q23 2024 2023 Net Income (Loss) reconciliation to Adjusted EBITDA Net Income (Loss) (111.4) 6.0 (108.8) (187.4) (291.8) Depreciation and amortization 96.6 82.3 87.0 330.2 310.5 Share in the results of associates (4.7) (5.4) (6.1) (21.2) (23.5) Net financial results 141.6 41.5
Slide 20: Adjustments to net income
US$ million 4Q24 3Q24 4Q23 2024 2023 Changes in fair value of offtake agreement (2) (21.4) 2.5 (1.3) 0.1 (2.3) Impairment loss (reversal) of long-lived assets (3) 7.5 (17.6) 55.5 32.9 114.6 Ramp-up expenses of greenfield projects (Aripuanã) (4) 0.0 0.0 10.1 25.2 15.5 Impairment of other assets (5) 0
Slide 21: Net financial result and net income
US$ thousand 4Q24 3Q24 4Q23 US$ million (except where otherwise indicated) 4Q24 3Q24 4Q23 2024 2023 Foreign exchange variations had a negative impact of US$76 million in 4Q24 compared to a positive impact of US$11 million in 3Q24, mainly due to the 14% depreciation of the Brazilian real against the
Slide 22: Adjusted net income and EPS
US$ million (except where otherwise indicated) 4Q24 3Q24 4Q23 2024 2023 Basic and diluted loss per share (0.74) (0.04) (0.71) (1.55) (2.20) Miscellaneous adjustments (1) (21.7) 15.9 100.5 107.5 248.1 Attributable to Nexa's shareholders (34.1) 8.7 92.0 74.0 235.3 Attributable to non-controlling inter
Slide 23: Mining segment business performance
Consolidated 4Q24 3Q24 4Q23 4Q24 vs. 4Q23 2024 2023 2024 vs. 2023 Business Performance Mining segment Ore Mined kt 3,180 3,426 3,522 (9.7%) 13,084 12,959 1.0% Treated Ore kt 3,366 3,381 3,700 (9.0%) 13,421 13,847 (3.1%) Grade Zinc % 2.68 2.90 2.90 (22 bps) 2.90 2.90 (0 bps) Copper % 0.35 0.36 0.35 (
Slide 24: Cerro Lindo
Cerro Lindo (100% basis) 4Q24 3Q24 2Q24 1Q24 2024 4Q23 3Q23 2Q23 1Q23 2023 Lead production decreased by 1% year-over-year but increased by 2% quarter-over-quarter, driven by higher contributions from El Porvenir and Aripuanã, despite the absence of contributions from Morro Agudo year-over-year. In 2
Slide 25: El Porvenir
El Porvenir (100% basis) 4Q24 3Q24 2Q24 1Q24 2024 4Q23 3Q23 2Q23 1Q23 2023 In 4Q24, treated ore volume totaled 1,577kt, down by 4% year-over-year but up by 1% quarter-over-quarter. Zinc production of 15kt decreased by 40% year-over-year and 36% quarter over quarter. This reduction was primarily attr
Slide 26: El Porvenir (continued)
El Porvenir (100% basis) 4Q24 3Q24 2Q24 1Q24 2024 4Q23 3Q23 2Q23 1Q23 2023 Copper % 0.13 0.14 0.14 0.16 0.14 0.16 0.16 0.17 0.15 0.16 Lead % 1.53 1.35 1.41 1.48 1.44 1.39 1.36 1.35 1.38 1.37 Silver oz/t 2.73 2.34 2.42 2.47 2.50 2.20 2.22 2.42 2.55 2.34 Gold oz/t 0.011 0.009 0.009 0.011 0.010 0.010 0
Slide 27: Atacocha
Atacocha (100% basis) 4Q24 3Q24 2Q24 1Q24 2024 4Q23 3Q23 2Q23 1Q23 2023 Run-of-mine mining cost was US$67/t in the quarter, down 6% from 4Q23, mainly due to lower drilling, shotcrete, and steel support services costs, slightly higher treated ore volumes, and the positive impact of IFRS 16 adjustment
Slide 28: Atacocha and Vazante
Atacocha (100% basis) 4Q24 3Q24 2Q24 1Q24 2024 4Q23 3Q23 2Q23 1Q23 2023 Vazante (100% basis) 4Q24 3Q24 2Q24 1Q24 2024 4Q23 3Q23 2Q23 1Q23 2023 CAPEX US$ mm Sustaining 2.2 2.9 3.4 4.2 12.7 6.4 2.6 2.5 4.7 16.1 Other 0.4 0.0 0.0 0.0 0.4 0.1 0.0 0.0 (0.0) 0.1 (1) Our cash cost and sustaining cash cost
Slide 29: Vazante
Vazante (100% basis) 4Q24 3Q24 2Q24 1Q24 2024 4Q23 3Q23 2Q23 1Q23 2023 Zinc % 8.78 9.39 9.18 9.55 9.22 9.86 10.22 10.25 10.44 10.19 Lead % 0.30 0.29 0.28 0.26 0.28 0.29 0.35 0.35 0.34 0.33 Silver oz/t 0.69 0.62 0.62 0.58 0.63 0.66 0.70 0.66 0.69 0.67 Production | metal contained Zinc kt 34.0 36.4 35
Slide 30: Aripuanã
Aripuanã (100% basis) 4Q24 3Q24 2Q24 1Q24 2024 4Q23 3Q23 2Q23 1Q23 2023 Run-of-mine mining cost was US$47/t in 4Q24, decreased by 15% compared to US$55/t in 4Q23. This improvement was mainly attributed to higher treated ore volumes, lower energy costs, and reduced personnel expenses. Compared to 3Q2
Slide 31: Aripuanã (continued)
US$ million 4Q24 3Q24 4Q23 4Q24 vs. 4Q23 2024 2023 2024 vs. 2023 In 4Q24, treated ore volume totaled 377kt, up 9% from 347kt in 4Q23, primarily driven by enhanced plant performance and operational stability. Compared to 3Q24, treated ore volume decreased by 8% from 410kt, mainly due to a 5-day sched
Slide 32: Mining segment net revenues and costs
In 2024, net revenues amounted to US$1,350 million, 24% higher compared to the previous year, mainly due to higher LME metal prices (except for lead), lower TCs, and increased sales volumes across all metals (except for zinc). Cost of sales in 4Q24 was US$256 million, down 9% compared to 4Q23. Exclu
Slide 33: Mining Adjusted EBITDA 4Q24
Adjusted EBITDA for the mining segment in 4Q24 was US$122 million, up 139% compared to US$51 million in 4Q23. This increase was primarily attributed to (i) higher by-products contribution of US$35 million, mainly due to higher gold and silver prices and volumes; (ii) the positive net price effect of
Slide 34: DI carvings Release 4Q24 and FY2024 nexa
DI carvings Release 4Q24 and FY2024 nexa
Slide 35: Mining Adjusted EBITDA vs 3Q24
Compared to 3Q24, Adjusted EBITDA decreased by 5%. This performance was primarily driven by (i) US$18 million from lower zinc sales at Cerro Lindo and Vazante, along with decreased lead sales at Cerro Lindo; (ii) a negative impact of US$7 million in costs, mainly driven by higher maintenance and thi
Slide 36: Mining Adjusted EBITDA 2024
In 2024, Adjusted EBITDA was US$464 million, up 189% from US$161 million in the same period a year ago. This significant increase was primarily driven by (i) higher by-products contribution of US$104 million, mainly due to higher silver and gold prices and volumes, along with increased copper prices
Slide 37: DI carvings Release 4Q24 and FY2024 nexa
DI carvings Release 4Q24 and FY2024 nexa
Slide 38: Mining consolidated cash cost
Consolidated cash cost 4Q24 3Q24 4Q23 4Q24 vs. 4Q23 2024 2023 2024 vs. 2023 Run-of-mine cost, Cash cost and AISC [9] , [10] Run-of-mine mining cost US$/t 44.3 45.6 47.3 (6.2%) 45.6 44.8 1.9% Cash cost net of by-products US$/t (2) (31) (100.2%) (81.7%) AISC net of by-products US$/t 1,382 2,141 (35.4%
Slide 39: Mining AISC 2024
AISC in 2024 was US$0.51/lb (or US$1,118/t), down 37% from US$0.81/lb (or US$1,775/t) in 2023, primarily due to (i) lower cash costs; and (ii) reduced sustaining investments; which were partially offset by (iii) increased workers’ participation and (iv) higher royalties. For a reconciliation of cash
Slide 40: Smelting segment
Consolidated 4Q24 3Q24 4Q23 4Q24 vs. 4Q23 2024 2023 2024 vs. 2023 Cajamarquilla (100% basis) 4Q24 3Q24 2Q24 1Q24 2024 4Q23 3Q23 2Q23 1Q23 2023 Smelting segment Production Zinc metal kt 142.5 143.3 136.4 4.5% 560.2 553.6 1.2% Zinc oxide kt 8.4 9.7 7.8 7.6% 34.6 34.0 1.8% Total kt 150.9 153.0 144.2 4.
Slide 41: Cajamarquilla
Cajamarquilla (100% basis) 4Q24 3Q24 2Q24 1Q24 2024 4Q23 3Q23 2Q23 1Q23 2023 Três Marias (100% basis) 4Q24 3Q24 2Q24 1Q24 2024 4Q23 3Q23 2Q23 1Q23 2023 Sustaining 11.0 8.7 11.4 11.7 42.8 16.4 6.2 3.2 4.0 29.8 Other 0.5 1.2 0.8 0.4 2.9 2.4 1.1 1.3 0.5 5.3 (1) Our cash cost and sustaining cash cost ar
Slide 42: Três Marias
Três Marias (100% basis) 4Q24 3Q24 2Q24 1Q24 2024 4Q23 3Q23 2Q23 1Q23 2023 Zinc metal sales kt 36.8 37.2 34.4 38.4 146.8 33.4 38.0 38.9 36.8 147.1 Zinc oxide sales kt 8.1 10.1 8.7 7.6 34.5 7.9 9.4 8.5 8.1 33.9 Zinc content in products kt 44.8 47.2 43.0 45.3 180.3 40.7 45.4 45.6 43.1 174.8 Cost of sa
Slide 43: Juiz de Fora
Juiz de Fora (100% basis) 4Q24 3Q24 2Q24 1Q24 2024 4Q23 3Q23 2Q23 1Q23 2023 Cash cost net of by-products in 4Q24 increased to US$1.33/lb compared to US$1.12/lb in 4Q23 and US$1.14/lb in 3Q24. The year-over-year increase was driven by higher raw material costs due to higher zinc prices, lower TCs, an
Slide 44: Juiz de Fora costs
US$ million 4Q24 3Q24 4Q23 4Q24 vs. 4Q23 2024 2023 2024 vs. 2023 Recovery rates averaged 94.9% during the quarter, improving from 94.6% in 4Q23 and 94.7% in 3Q24, reflecting enhanced process efficiency. Zinc metal sales totaled 23kt in 4Q24, increasing by 3% from 4Q23 and 24% from 3Q24, mainly attri
Slide 45: Smelting cost of sales and realized prices
Cost of sales increased by 24% in 4Q24, totaling US$503 million compared to US$404 million in 4Q23. This was mainly due to higher raw material costs associated with higher zinc prices and lower TCs. Compared to 3Q24, cost of sales rose by 6%, primarily due to higher zinc prices and lower TCs, which
Slide 46: Sources of Zinc Concentrate
Sources of Zinc Concentrate to Nexa Smelters (kt) – 4Q24 In 4Q24, Nexa acquired 52% of zinc from its own mines, with the remainder supplied by third parties and secondary feed. The smelters use zinc concentrate as feedstock, which is supplied from our mines, and we apply a benchmark TC for our opera
Slide 47: Benchmark TC and smelting Adjusted EBITDA
The 2024 benchmark TC, negotiated in April 2024, was US$165/t concentrate, down 40% from 2023 (US$274/t). To reduce volatility, for most of our third-party contracts, which are renewed during different periods throughout the year, we consider the 3-year benchmark TC. The reference benchmark for TC 2
Slide 48: DI carvings Release 4Q24 and FY2024 nexa
DI carvings Release 4Q24 and FY2024 nexa
Slide 49: Smelting Adjusted EBITDA vs 3Q24
Compared to 3Q24, Adjusted EBITDA increased by 37%, mainly driven by (i) the positive net impact of US$17 million in other expenses , mainly attributed to the lower environmental liabilities related to the Três Marias decommissioning plan and cash dividend received from Enercan; and (ii) the positiv
Slide 50: Smelting Adjusted EBITDA 2024
In 2024, Adjusted EBITDA was US$250 million, unchanged from the same period a year ago. The performance was primarily driven by (i) higher TCs of US$97 million; and (ii) the negative net price effect of US$13 million, mainly due to higher zinc prices and lower net premium; which were offset by (iii)
Slide 51: DI carvings Release 4Q24 and FY2024 nexa
DI carvings Release 4Q24 and FY2024 nexa
Slide 52: Smelting conversion cost, cash cost and AISC
Consolidated 4Q24 3Q24 4Q23 4Q24 vs. 4Q23 2024 2023 2024 vs. 2023 Conversion cost, Cash cost and AISC [13] Smelting conversion cost US$/t 3.1% 0.5% Cash cost net of by-products US$/t 2,771 2,555 2,206 25.6% 2,535 2,410 5.2% AISC net of by-products US$/t 3,016 2,751 2,482 21.5% 2,739 2,626 4.3% Smelt
Slide 53: 2024 conversion cost
In 2024, conversion cost was US$0.30/lb, unchanged from US$0.30/lb in 2023, due to higher maintenance costs, offset by lower energy costs at Cajamarquilla and the favorable foreign exchange variations. For a reconciliation of conversion cost, cash cost and AISC, please refer to the appendix section
Slide 54: Liquidity and Indebtedness
Liquidity and Indebtedness On December 31, 2024, Nexa’s consolidated gross debt [14] amounted to US$1,763 million, 5% lower compared to the balance at September 30, 2024, mainly due to the 14% appreciation of the Brazilian real (end of period) against the U.S. dollar, and repayment of certain bilate
Slide 55: Cash and debt maturity profile
Cash and cash equivalents and financial investments (“total cash”) amounted to US$640 million on December 31, 2024, 22% higher compared to September 30, 2024, mainly driven by positive operating cash flows and working capital gain of US$204 million during the quarter, partially offset by the repayme
Slide 56: Net debt and leverage
US$ million Dec 31, 2024 Sep 30, 2024 On December 31, 2024, Nexa’s net debt [15] was US$1,217 million compared with US$1,409 million at the end of 3Q24. Gross Debt 1,762.6 1,863.3 Net debt 1,216.8 1,408.9 LTM Adj. EBITDA 714.1 627.3 Net debt/LTM Adj. EBITDA 1.70x 2.25x Loans and financing (“gross de
Slide 57: Rating agencies
Rating agencies Rating Outlook In addition to continuing to assess short-term and mid-term commodities prices, management continuously reviews Nexa’s capital structure, financial position, and the maturity profile of our debt. Actions to improve the quantum and profile of outstanding debt, focusing
Slide 58: Cash flows
US$ million 4Q24 4Q23 2024 2023 Cash flows Cash provided by operating activities before working capital 90.8 101.3 513.9 330.3 Variations in operating assets and liabilities ("Working Capital") 202.5 49.6 18.4 101.2 Net cash flows provided by (used in): Operating activities 242.1 113.7 349.7 256.2 I
Slide 59: Others: Offtake agreement
Others Offtake agreement As previously disclosed, in January 2022 Nexa signed an offtake agreement with a third-party international player (the “Offtaker”), in which Nexa agreed to sell 100% of the copper concentrate produced by Aripuanã for a 5-year period starting in February 2023 and limited to 3
Slide 60: Nexa Peru Atacocha capital increase
On January 6, 2025, Nexa Resources Atacocha S.A.A. completed the first round of its capital increase subscription. A total of 97.91% of Class A shares and 54.50% of Class B shares were subscribed, leaving 25,113,776 Class A shares (2.09%) and 445,583,321 Class B shares (45.50%) unsubscribed. The sec
Slide 61: Market Scenario: LME Prices
LME Prices 4Q24 3Q24 4Q23 4Q24 vs. 4Q23 2024 2023 2024 vs. 2023 Market Scenario 4Q24 Zinc US$/t 3,050 2,779 2,498 22.1% 2,779 2,647 5.0% Copper US$/t 9,193 9,210 8,159 12.7% 9,147 8,478 7.9% Lead US$/t 2,007 2,044 2,123 (5.5%) 2,073 2,138 (3.1%) Silver US$/oz 31.4 29.4 23.2 35.3% 28.3 23.4 21.1% Gol
Slide 62: Market Scenario: FX and copper
FX 4Q24 3Q24 4Q23 4Q24 vs. 4Q23 2024 2023 2024 vs. 2023 Despite macroeconomic challenges, copper demand remained resilient, supported by strong activity in the energy, technology, and infrastructure sectors globally. LME copper inventories ended 4Q24 at 217kt, down from 3Q24 but still above 1H24 lev
Slide 63: Risks and Uncertainties
Risks and Uncertainties Risk management is one of the key points in our business strategy and contributes to value creation and increasing the level of confidence in the Company held by its main stakeholders, including shareholders, employees, customers, suppliers and the local communities. As a res
Slide 64: Risk factors
· the possibility that permits, concessions, environmental studies, modificatory environmental studies and other governmental authorities requests may be terminated, not renewed, or not granted impacting, therefore, the carrying amount of certain assets potentially resulting in impairment charges, f
Slide 65: Use of Non-IFRS Financial Measures
For future periods, when applicable, Adjusted EBITDA may also exclude the impact of (i) other events that are non-recurring, unusual or infrequent, and (ii) other specific events that, by their nature and scope, do not reflect our operational performance for the specific period in our management’s v
Slide 66: Technical information
Technical information Jose Antonio Lopes, FMAusIMM (Geo): 224829, a Mineral Resources manager, a qualified person for purposes of National Instrument 43-101 and a Nexa employee, has approved the scientific and technical information contained in this Earnings Release. Please note that the mineral res
Slide 67: Forward-looking statements
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable and appropriate by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies and may prove to be incorrect. Statement
Slide 68: Appendix
Appendix Income Statement Net cash flows from operating activities excluding working capital variations and free cash flow – Reconciliation CAPEX All in Sustaining Cash Cost | Mining Conversion and All in Sustaining Cash Cost | Smelting
Slide 69: Income Statement
US$ million 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Income Statement Net Revenues 667.3 626.7 649.3 629.9 579.8 736.3 709.5 740.9 Cost of sales (568.0) (564.4) (581.3) (560.7) (491.9) (556.0) (582.9) (597.6) Gross Profit 99.4 62.3 68.0 69.2 87.8 180.3 126.6 143.3 SG&A (28.5) (32.5) (33.0) (32.6) (33
Slide 70: Free cash flow reconciliation
US$ million 4Q24 2024 Net cash flows from operating activities excluding working capital variations and free cash flow – Reconciliation Nexa manages and reports cash flows from operating activities excluding variations in working capital. Working capital can be volatile due to several factors, inclu
Slide 71: CAPEX
US$ million 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 2024 2023 Sustaining (US$ million) 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 2024 2023 CAPEX Mining 68.8 36.6 45.1 59.2 84.1 63.1 30.4 45.4 209.7 223.1 Cerro Lindo 17.8 11.1 11.5 8.5 12.9 11.1 10.9 8.3 49.0 43.3 El Porvenir 30.7 9.3 12.0 25.2 28.8 16
Slide 72: All in Sustaining Cash Cost | Mining 4Q24
US$ million (excepted indicated otherwise) Vazante Morro Agudo Cerro Lindo El Porvenir Atacocha Consolidation of Operations Corporate & Others Mining 33,971 0 14,580 12,881 2,710 29.1 0.0 82.6 60.5 24.5 (0.2) 0.1 0.0 1.1 1.9 1.1 (4.3) 0.0 (93.1) (50.1) (20.1) (5.2) 16.8 0.0 5.5 5.5 1.1 Selling Expen
Slide 73: All in Sustaining Cash Cost | Mining 4Q23
US$ million (excepted indicated otherwise) Vazante Morro Agudo Cerro Lindo El Porvenir Atacocha Consolidation of Operations Corporate & Others Mining 34,909 6,763 25,254 14,199 2,712 29.2 15.2 98.1 57.4 20.4 0.6 0.1 0.2 0.4 1.1 0.8 (4.6) (7.4) (85.2) (40.1) (16.8) 11.1 27.0 4.3 13.8 8.5 1.7 Selling
Slide 74: All in Sustaining Cash Cost | Mining FY2024
US$ million (excepted indicated otherwise) Vazante Morro Agudo Cerro Lindo El Porvenir Atacocha Consolidation of Operations Corporate & Others Mining 140,740 7,394 85,903 50,278 10,239 0 124.9 18.4 348.9 210.9 85.7 4.6 0.5 0.3 1.9 4.4 3.2 0.0 (14.2) (5.6) (382.8) (166.8) (76.3) (32.7) 69.7 3.4 30.4
Slide 75: All in Sustaining Cash Cost | Mining FY2023
US$ million (excepted indicated otherwise) Vazante Morro Agudo Cerro Lindo El Porvenir Atacocha Consolidation of Operations Corporate & Others Mining 145,662 23,167 78,388 57,673 8,486 124.0 64.9 354.8 205.1 69.9 (3.2) 0.5 0.5 0.7 1.5 1.0 (16.2) (32.0) (310.1) (148.3) (64.1) 24.5 114.2 14.9 41.6 34.
Slide 76: Conversion and AISC | Smelting 4Q24
US$ million (excepted indicated otherwise) Três Marias Juiz de Fora Cajamarquilla Consolidation of Operations Corporate Smelting 44,773 23,149 83,544 145.9 75.5 283.8 (1.1) (2.9) (0.9) (9.0) 0.6 0.4 1.9 (5.5) (3.0) (18.9) (-) By-products revenue (4.3) (6.6) (35.1) 1.1 (-) Workers participation & Bon
Slide 77: Conversion and AISC | Smelting 4Q23
US$ million (excepted indicated otherwise) Três Marias Juiz de Fora Cajamarquilla Consolidation of Operations Corporate Smelting 40,678 22,483 79,254 119.0 65.3 221.0 (1.7) (6.0) (2.7) (10.3) 0.3 0.1 1.5 0.0 (6.4) (3.7) (10.5) (-) By-products revenue (3.4) (7.6) (34.3) 1.7 (-) Workers participation
Slide 78: Conversion and AISC | Smelting FY2024
US$ million (excepted indicated otherwise) Três Marias Juiz de Fora Cajamarquilla Consolidation of Operations Corporate Smelting 180,255 82,592 326,469 522.7 266.3 1,021.1 (4.0) (13.5) (5.3) (43.7) 2.1 1.2 5.8 (26.5) (14.2) (50.0) (-) By-products revenue (16.0) (26.8) (147.2) 4.0 (-) Workers partici
Slide 79: Conversion and AISC | Smelting FY2023
US$ million (excepted indicated otherwise) Três Marias Juiz de Fora Cajamarquilla Consolidation of Operations Corporate Smelting 174,790 81,939 325,927 501.9 268.5 960.3 (5.3) (22.4) (9.5) (43.5) 1.4 0.7 5.5 (23.0) (14.0) (43.1) (-) By-products revenue (14.2) (26.9) (135.6) 5.3 (-) Workers participa