Nexa Resources S.A. Q3 FY2025 earnings call

• Aripuana: Fourth tailings filter is en route, installation begins in Q4 2025 with commissioning in early 2026. Aripuana delivered its best performance since ramp-up with higher throughput and cost improvements. - Cerro Pasco: Integration project advances on plan, leveraging a high-potential mineral district with over 15 years of potential mine life. - Financial Performance: Net revenues reached $764 million, adjusted EBITDA $186 million, free cash flow $52 million, net leverage 2.2x. - ESG: Received PERUMIN Seal of Excellence in Gender Equity, GHG Protocol Brazil Gold Seal, and full compliance with LME Responsible Sourcing standards.

Mining Segment: Quarterly zinc production was 84,000 tons, up 14% from the second quarter. For the first 9 months of 2025, zinc production reached 225,000 tons. Net revenues were $372 million and adjusted EBITDA was $164 million with a 44% EBITDA margin. Smelting Segment: Total zinc sales were 150,000 tons in the quarter. Net revenues were $541 million and adjusted EBITDA was $23 million.

• Expect working capital to normalize in the fourth quarter, bringing full year working capital closer to neutral. - Continued focus on deleveraging and maintaining a solid balance sheet. - CapEx for 2026 is in the budgeting process, with no drastic changes expected from 2025 levels.

• Workforce turnover at Aripuana, currently at 18%-20% but efforts are underway to improve. - Political risks in Peru related to upcoming elections and potential changes in mining policies. - Market volatility affecting zinc prices and smelter margins.

Q: Can you provide more color on the installation of the fourth tailings filter at Aripuana?

A: The fourth filter has arrived in Brazil, installation and earthworks are advancing, with commissioning expected in April 2026 and full capacity in the second half.

Q: What is the view on Peru's political environment ahead of elections and its impact on mining?

A: The mining sector in Peru runs based on relationships with communities and authorities, and while political environment is challenging, maintaining good relationships with stakeholders is key to mitigating risks post-elections