Nexa Reports First Quarter 2024 Results including
Net Loss of US$11 million and Adjusted EBITDA of US$123 million

Luxembourg, May 2, 2024 – Nexa Resources S.A. (“Nexa Resources”, “Nexa”, or the “Company”) announces today its results for the three-month period ended March 31, 2024.

CEO Message – Ignacio Rosado

We began the year on a positive note, with solid operating performance in the first quarter, thanks to the commitment of our teams in reinforcing our operational strategies, enhancing our capabilities, and doubling down on execution.

Unfortunately, however, in early March, we had a fatal incident involving one of our employees at the El Porvenir mine, and earlier this week, another fatal incident occurred involving one of our employees at the Vazante mine. This is a very difficult time for Nexa, and it becomes clear that we need to work even harder in reinforcing our safety system. We extend our heartfelt condolences to the families of our two employees and reassure them, and all our stakeholders, that the safety and well-being of every person who works at Nexa are our main values and remain our utmost priority. We are committed more than ever to enhancing employee safety and achieving zero fatalities.

In terms of operational performance, and despite the challenges faced by our industry, such as weak macro conditions, commodity price volatility, and lower metal demand in the period due to seasonality, we continued to make steady progress and remained focused on executing our core priorities. These include: disciplined capital allocation, the completion of the ramp-up at Aripuanã – boosting our consolidated metal production and paving the way for increased cash generation – along with the advancement of our studies related to the Cerro Pasco Integration Project. As a result of our progress, we released a Technical Report Summary, supporting an increase of 59% in Mineral Reserves at this complex. Additionally, we have increased our overall 2023 Mineral Reserves by 10% year-over-year, totaling 110 million tonnes, which we detailed in our year-end Mineral Reserves and Mineral Resources Report. Both reports were published on March 27, 2024.

We announced the divestiture of our producing Morro Agudo Complex which marks an important step in our ongoing journey to maximize value. Portfolio optimization is a central part of our strategy to enhance cash flow generation and returns. This initiative enables us to concentrate our efforts on our larger and most productive assets, while strengthening our capital structure. We maintain our 2024 production guidance notwithstanding this disposition.

Despite prevailing low zinc prices worldwide in 1Q24, we remain optimistic about the market outlook for the base metals, reinforcing our confidence in the medium to long-term fundamentals of our industry.

Looking ahead, we remain committed to our sustainable business model, which prioritizes performance across all mines and smelters in a safe manner, environmental protection, and the development of the communities where we operate, all with the highest standards of ethics, transparency, and responsibility. We aim to achieve this while maintaining a disciplined capital allocation approach and sustainable cash flow generation, supported by our focus on operational efficiency and continued efforts to constantly improve execution. We are confident that our strategy will allow us to grow stronger year after year, consolidating Nexa as an attractive and sustainable investment option in the mining industry.

Summary of Financial Performance

Earnings Release 1Q24

(1) Refer to “Use of Non-IFRS Financial Measures” for further information. Adjusted EBITDA, adjusted net income (loss) and adjusted EPS, exclude the items presented in the “Net income (loss) reconciliation to Adjusted EBITDA” section of this earnings release. For details on segment definition and accounting policy, please refer to explanatory note 2 – “Information by business segment” in the “Condensed consolidated interim financial statements at and for the three months ended on March 31, 2024.”

(2) Working capital variations had a negative impact of US$125 million in 1Q24 and US$115 million in 1Q23, and a positive impact of US$50 million in 4Q23.

(3) Cash, cash equivalents and financial investments.

Executive Summary

Operational Performance

^[1] Our cash cost net of by-products credits is measured with respect to zinc sold.

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Earnings Release 1Q24

Financial Performance

Financial Position, Investments and Financing

^[2] Adjusted EBITDA excludes the items presented in the “Net income (loss) reconciliation to Adjusted EBITDA” section of this earnings release – US$1.7 million in 1Q24, US$18 million in 1Q23 and US$101 million in 4Q23.

^[3] Cash and cash equivalents and financial investments.

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Earnings Release 1Q24

Environmental, Social and Governance (“ESG”) and Corporate Highlights

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Earnings Release 1Q24

Growth Strategy and Asset Portfolio

§  We remain focused on free cash flow generation and continue to evaluate our capital allocation framework, which prioritizes initiatives related to sustaining capital, brownfield mineral exploration and ESG and Health, Safety and Environment (“HS&E”), while ensuring that Nexa’s capital is allocated efficiently to the highest return assets.

§  The strategic review of our assets continues with additional initiatives to optimize the portfolio. We also continue to evaluate options for the Magistral copper project in Peru. As of now, a formal decision is pending from the competent applicable environmental authority (SENACE) regarding Nexa’s request for the Modification of the Magistral Environmental Impact Study (MEIA). However, to date, we understand that the Peruvian Water Authority (ANA) has raised unfavorable observations in relation to Nexa’s request for the (MEIA). Not reaching an agreement regarding these unfavorable observations, may result in an adverse decision of SENACE regarding Nexa’s MEIA request.

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Earnings Release 1Q24

Outlook

Production and Sales Guidance

Guidance is based on several assumptions and estimates and is subject to the continuous evaluation of several factors, including, but not limited to, metal prices, operational performance, maintenance, input costs and exchange rates.

Nexa will continue to monitor risks associated with global supply chain disruptions, which could be exacerbated, among other factors, by the ongoing Russia-Ukraine war, the Conflict in the Middle East, unusual weather conditions, the global recession, and its potential impact on the demand for our products, inflationary cost pressure, metal price volatility, local community or union’s protests, and changes to the political situations or regulatory frameworks in the countries in which we operate that could affect our production levels and our costs. Refer to “Risks and Uncertainties” and “Cautionary Statement on Forward-Looking Statements” for further information.

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Earnings Release 1Q24

 Mining segment – production

Smelting segment – sales

Cash Costs

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Earnings Release 1Q24

⁽¹⁾ C1 Weighted Cash cost net of by-products credits is measured with respect to zinc sold per mine.

Note: Consolidated cash costs do not include Aripuanã. Given that we are expecting Aripuanã’s ramp-up to be completed in mid-2024, we are not providing guidance at this time.

⁽²⁾ C1 Weighted Cash cost net of by-products credits is measured with respect to zinc sold per smelter.

Capital Expenditures (“CAPEX”) Guidance

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Earnings Release 1Q24

(1) Investments in tailing dams are included in sustaining expenses.

(2) Modernization, IT and others.

(3) Includes Vazante deepening, among several other projects to improve operational performance.

(4) The amounts are mainly related to capitalization of interest net of advanced payments for imported materials and tax credits.

Exploration & Project Evaluation and Other Expenses Guidance

Note: Exploration and project evaluation expenses consider several stages of development, from mineral potential definition, R&D, and subsequent scoping and pre-feasibility studies (FEL1 and FEL2).

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Earnings Release 1Q24

Earnings Release 1Q24

This Earnings Release should be read in conjunction with the “Condensed consolidated interim financial statements at and for the three months ended on March 31, 2024.” This document contains forward-looking statements.

Table of contents

UPCOMING EVENT

Earnings Conference Call

Date: Friday, May 03, 2024 – 9:00am (EST)

Dial In

US: +1-833-816-1265

Canada: +1-647-484-8814

Brazil: +55 11 3181-8565

International: +1-412-317-5635

Conference ID: Nexa Resources

Live audio webcast with slide presentation will be available on:
https://ir.nexaresources.com

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Earnings Release 1Q24

Consolidated performance

Selected financial information

(1) Refer to “Use of Non-IFRS Financial Measures” for further information. Adjusted EBITDA, adjusted net income (loss) and adjusted EPS, exclude the items presented in the “Net income (loss) reconciliation to Adjusted EBITDA” section of this earnings release. For details on segment definition and accounting policy, please refer to explanatory note 2 – “Information by business segment” in the “Condensed consolidated interim financial statements at and for the three months ended on March 31, 2024.”

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Earnings Release 1Q24

Net revenues

In 1Q24, net revenues were US$580 million, 13% lower year-over-year, primarily due to lower zinc prices, lower net premium and lower smelting sales volume, which was partially offset by higher mining sales volumes. The LME average price for zinc, copper, and lead was down by 22%, 5% and 3%, respectively, compared to the same period in 2023 – for more information on metal prices, refer to the “Market Scenario” section.

Compared to 4Q23, net revenues decreased by 8%, mainly due to lower smelting sales volume, lower zinc prices, lower net premium and lower mining sales volumes.

Cost of Sales

In 1Q24, cost of sales amounted to US$493 million, down by 13% year-over-year, mainly due to lower zinc prices, positively impacting our smelting raw material purchases, and lower smelting sales volume, which were partially offset by higher mining sales volumes, resulting in an overall higher cost of sales for the mining segment. Compared to 4Q23, cost of sales decreased by 12% explained by lower smelting sales volume, lower zinc prices impacting the purchase of zinc concentrate in our smelting segment, and lower mining sales volumes.

Mineral exploration and project evaluation

In 1Q24, mineral exploration and project evaluation investments were US$12 million, compared to US$21 million in 1Q23.

For additional information about our exploration results in the first quarter 2024, please refer to our 1Q24 Exploration Report published on April 23, 2024.

SG&A

In 1Q24, SG&A expenses of US$34 million were up by 18% compared to 1Q23, mainly driven by inflation, higher third-party services in support areas and higher employee benefit expenses, which were partially offset by lower commercial expenses, and increased by 3% when compared to 4Q23.

Adjusted EBITDA

In 1Q24, Adjusted EBITDA was US$123 million compared with US$133 million in 1Q23. The main factors that contributed to this decrease were (i) the negative net price effect of US$70 million, primarily attributed to lower zinc prices and lower net premium; (ii) lower smelting sales volume of US$8 million; (iii) the negative impact of FX variation of US$6 million; and (iv) the negative hedge effect of US$3 million, which were partially offset by (v) the positive net impact of US$43 million in costs due to higher zinc concentrate volumes from our own mines, particularly in Aripuanã and Cerro Lindo, and lower sales expenses in Três Marias and Juiz de Fora, partially offset by higher operational costs in Cerro Lindo; (vi) higher by-products contribution of US$31 million, mainly due to higher silver and gold volumes and prices, and higher copper and lead sales volumes; and (vii) lower mineral exploration and project evaluation expenses, as well as lower environmental provisions in our Peruvian operations.

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Earnings Release 1Q24

Compared to 4Q23, Adjusted EBITDA increased by 17%. This increase was mainly driven by (i) the positive net impact of US$22 million in lower costs, mainly due to lower maintenance and third-party services costs in the mining segment and positive raw material inventory consumption cost effect; and (ii) lower mineral exploration and project evaluation expenses with a positive impact of US$16 million, and lower communities expenses in Peru, which were partially offset by (iii) the negative net price effect of US$9 million due to lower zinc prices and lower net premium; (iv) lower by-products contribution of US$9 million, mainly driven by lower copper and lead sales volumes and prices, and lower sulphuric acid sales volumes in Juiz de Fora, partially offset by higher silver and gold payable value in our Peruvian operations and Aripuanã; and (v) lower smelting sales volume of US$7 million due to lower production in Juiz de Fora and Cajamarquilla, as a result of the roaster maintenance at both units, partially offset by higher sales volume in Três Marias.

]

Net income (loss) reconciliation to Adjusted EBITDA

(1) Adjusted EBITDA excludes the items presented above in the “Net income (loss) reconciliation to Adjusted EBITDA.” For details on segment definition and accounting policy, please refer to explanatory note 2 – “Information by business segment” in the “Condensed consolidated interim financial statements at and for the three months ended on March 31, 2024.”

(2) Non-cash adjustment: Derivative financial instrument related to the “Offtake agreement” described in the section “Others—Offtake agreement” of this earnings release.

(3) Non-cash adjustment: Cash generating unit and individual PP&E assets impairment loss (reversal).

(4) Expenses related to pre-operating and ramp-up expenses incurred during the commissioning and ramp-up phases of greenfield projects which have not achieved their nameplate capacity. Once the Aripuanã operation is stabilized and operational at its nameplate capacity, such effects will no longer be excluded.

(5) Non-cash adjustment: Value-added-taxes impairment loss.

(6) Non-cash adjustment: Results from sale and disposal of certain non-current assets.

(7) Non-cash adjustment: Asset retirement obligation remeasurement of discount rate and updated studies that are not subject to capitalization.

(8) Non-cash adjustment: Remeasurement of contractual obligation related to the forward sale contract of Cerro Lindo's Silver contained in the ore.

(9) Non-cash adjustment: The fair value adjustment of the energy surplus resulting from electric energy purchase contracts of the Company’s subsidiary, Pollarix.

(10) Expenses related to the impact of accruals related to VAT discussions

(11) Non-cash adjustment: Expenses related to the remeasurement of provision related to estimated costs of anticipated additional obligations in relation to certain inactive industrial waste containment structures in Brazil that have been closed for more than 20 years and that do not contain mining tailings, water or liquid waste.

(12) Expenses related to the effects of obligations of restructuring and divestment related to assets held for sale.

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Earnings Release 1Q24

Net financial results

The net financial result in 1Q24 was US$66 million in expenses compared to US$32 million in expenses in 4Q23, mainly driven by FX rate losses and changes in fair value of loans and financings, partially offset by lower financial expenses and a debt modification gain, as a result of the rollover of one of our remaining Export Credit Note agreements.

The foreign exchange variation resulted in a negative impact of US$22 million versus a positive impact of US$17 million in 4Q23, mainly attributed to the 3% depreciation of the Brazilian real against the U.S. dollar^[4] in 1Q24 versus the previous quarter.

Excluding the effect of the foreign exchange variation, the net financial results in 1Q24 were an expense of US$44 million compared to an expense of US$48 million in the previous quarter.

⁴ In 1Q24, the Brazilian real / U.S. dollar (end of period) exchange rate was R$4.996/US$1.00 compared to R$4.841/US$1.00 in 4Q23.

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Earnings Release 1Q24

Net income (loss)

In 1Q24, Net loss was US$11 million compared to Net loss of US$15 million and US$108 million in 1Q23 and 4Q23, respectively, primarily driven by the increase in operating income when compared to 4Q23 due to the recognition of an impairment reversal^[5], lower mineral exploration and project evaluation expenses, and lower Other income and expenses.

Excluding the miscellaneous adjustments presented below and detailed above in the Net income (loss) reconciliation to Adjusted EBITDA section, Adjusted net loss was US$10 million in the quarter.

Adjusted Net loss attributable to Nexa’s shareholders was US$20 million in 1Q24, resulting in adjusted loss per share of US$0.15.

(1) Miscellaneous adjustments include: (i) Changes in fair value of offtake agreement; (ii) Impairment loss (reversal) of long-lived assets; (iii) Ramp-up expenses of greenfield projects (Aripuanã); (iv) Impairment of other assets; (v) Loss on sale of property, plant and equipment; (vi) Remeasurement in estimates of asset retirement obligations; (vii) Remeasurement adjustment of streaming agreement; (viii) Changes in fair value of energy forward contracts; (ix) Tax voluntary disclosure – VAT discussions; (x) Other restoration obligations; and (xi) Divestment and restructuring.

⁵ For more information, please refer to explanatory note 17 – “Impairment of long-lived assets” in the “Condensed consolidated interim financial statements at and for the three months ended on March 31, 2024.”

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Earnings Release 1Q24

Business Performance

Mining segment

(1) Consolidated mining production in kt of zinc equivalent is calculated by converting copper, lead, silver, and gold contents to a zinc equivalent grade, assuming 2023 LME average prices: Zn: US$1.20/lb; Cu: US$3.85/lb; Pb: US$0.97/lb; Ag: US$23.4/oz; Au: US$1,943/oz.

In 1Q24, treated ore volume reached 3,393kt, up 8% year-over-year, explained by better plant performance across all mines, except in El Porvenir, where mining activities were suspended for approximately one week due to a fatal incident in early 2024. Additionally, the ramp-up of Aripuanã over the past 12 months significantly contributed to the consolidated treated ore increase during the period.

Compared to 4Q23, treated ore volume decreased by 8%, primarily driven by lower treated ore across all mines, except Vazante. The Peruvian mines faced a temporary reduction in production for several days during the period due to the rainfall season, which typically occurs in the first months of the year. Additionally, in Aripuanã, as previously disclosed, we completed the scheduled replacement of critical equipment, including pumps to increase capacity in the flotation system.

The ore throughput, year-over-year, increased at Cerro Lindo (+15%), Aripuanã (+16%), Vazante (+8%), Atacocha (+1%), and Morro Agudo (+0.3%), while El Porvenir decreased by (-3%).

Zinc equivalent production totaled 159kt in 1Q24, up 19% compared to 1Q23. The average zinc, copper and silver head grades increased by 9bps to 3.02%, 4bps to 0.31% and 11% to 1.14oz/t, respectively, while lead head grade decreased by 1bps to 0.69%. Compared to 4Q23, zinc equivalent production decreased by 4%, as a result of lower copper production.

Zinc production of 87kt in the quarter rose by 17% from 1Q23, mainly explained by an increase in treated ore volume and higher average zinc grades, particularly at the Cerro Lindo, Vazante and Aripuanã mines. Compared with 4Q23, zinc production was 3% lower, mainly due to lower volumes from the Peruvian mines and Morro Agudo.

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Earnings Release 1Q24

Copper production of 7.5kt increased by 23% from 1Q23 as a result of the positive progress in the Aripuanã ramp-up and decreased by 20% from 4Q23, mainly due to low mining recovery in areas with lower average head grades, particularly in Cerro Lindo.

Lead production increased by 20% year-over-year and 4% quarter-over-quarter, mainly driven by production at the Cerro Lindo and Aripuanã mines.

Cerro Lindo

(1) Our cash cost and sustaining cash cost are net of by-products credits, measured with respect to zinc sold per mine. For a cash cost reconciliation to COGS, please refer to Appendix – All in Sustaining Cash Cost | Mining.

(2) Our cost per ROM is measured with respect to treated ore volume. Refer to “Use of Non-IFRS Financial Measures” for further information.

In 1Q24, treated ore volume was 1,471kt, up 15% from 1Q23, while decreased by 11% from 4Q23.

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Earnings Release 1Q24

Zinc production of 24kt increased 62% year-over-year, mainly explained by better plant performance, which resulted in higher treated ore volumes in the period, after the resumption of activities due to unusual heavy rainfall levels caused by cyclone Yaku, which partially flooded the mine in March 2023.

Additionally, in 1Q24, areas with higher zinc grades were accessed, resulting in increased zinc production. Compared to 4Q23, zinc production slightly decreased, primarily explained by scheduled preventive maintenance in the period, which lasted for 3 days. However, mine development to rehabilitate restricted areas has continued to progress, and we expect to increase mineable areas with better zinc grades in the upcoming quarters.

Zinc head grade averaged 1.87% in the quarter, up 49bps and 17bps compared to 1Q23 and 4Q23, respectively.

Copper production of 5.9kt increased by 15% from 1Q23, driven by a higher average grade in the period, and decreased by 25% from 4Q23, mainly attributed to the presence of oxidized minerals in certain areas, which impacted metal recovery and resulted in a lower copper average grade (down 8bps to 0.51%).

Lead production was 4.9kt, up 134% and 31% from 1Q23 and 4Q23, respectively, mainly driven by higher lead average grade in the period (up 19bps year-over-year and 12bps quarter-over-quarter).

Cost

Cost of sales was US$85 million in 1Q24 compared to US$82 million in the same period last year. This increase was primarily attributed to higher variable costs related to higher production, which were partially offset by lower idleness costs related to the two-week weather-related suspension in 1Q23. Compared to 4Q23, cost of sales decreased by 13%, mainly explained by lower third-party services, lower personnel costs, and lower variable costs due to lower zinc and copper sales volumes.

Run-of-mine mining cost was US$41.6/t in the quarter, up 5% year-over-year, mainly explained by higher variable costs and higher maintenance costs. Compared to 4Q23, run-of-mine mining cost was relatively flat.

Cash cost net of by-products in 1Q24 decreased to US$(0.23)/lb compared with US$(0.02)/lb in 1Q23 and US$0.06/lb in 4Q23. The year-over-year performance was primarily driven by suspension of operation activities at Cerro Lido in early 2023, which were partially offset by lower by-products prices. Compared to 4Q23, the decrease was mainly attributed to lower operational costs, lower TCs and higher by-products contribution.

CAPEX

In 1Q24, sustaining capital expenditures amounted to US$8.5 million, mainly related to mine development, maintenance, and other mining infrastructure expenses.

El Porvenir

(1) Our cash cost and sustaining cash cost are net of by-products credits, measured with respect to zinc sold per mine. For a cash cost reconciliation to COGS, please refer to Appendix – All in Sustaining Cash Cost | Mining.

(2) Our cost per ROM is measured with respect to treated ore volume. Refer to “Use of Non-IFRS Financial Measures” for further information.

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Earnings Release 1Q24

In 1Q24, treated ore volume was 530kt, down 3% and 6% compared to 1Q23 and 4Q23, respectively.

In 1Q24, zinc production of 13kt was down 6% and 8% from 1Q23 and 4Q23, respectively. This performance was primarily driven by lower treated ore volumes and lower zinc average grade in the period, stemming from a reduction in mine activities due to the rainfall season, in addition to a voluntary suspension of mining operations for approximately 6 days following a fatal incident in March 2024.

Zinc average grade decreased to 2.76% in the quarter compared to 2.82% in 1Q23 and 2.83% in 4Q23.

Lead production in 1Q24 increased by 6% and 1% from 1Q23 and 4Q23, respectively, while silver production decreased by 5% year-over-year, as a result of lower silver average grade. Compared to 4Q23, silver production increased by 8% following higher grades.

Cost

Cost of sales amounted to US$49 million in 1Q24 compared to US$52 million in 1Q23, mainly due to lower zinc sales and lower operating costs, particularly related to lower third-party services and lower personnel costs. Compared to 4Q23, cost of sales was down 15%, attributed to lower variable costs attributed to lower treated ore volumes, lower personnel costs and lower depreciation and amortization expenses.

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Earnings Release 1Q24

Run-of-mine mining cost was US$62/t in the quarter, up 3% from 1Q23 due to lower treated ore volumes, and down 12% from 4Q23, mainly driven by lower variable costs, lower personnel costs, and lower third-party services, which were partially offset by lower treated ore volumes in the period.

Cash cost net of by-products in 1Q24 increased to US$0.24/lb compared to US$0.22/lb in 1Q23, mainly driven by higher operating costs, lower by-products prices and lower zinc sales volumes, which were partially offset by higher by-products volumes and lower TCs. Compared to 4Q23, cash cost decreased by US$0.13/lb due to lower variable costs and lower personnel costs.

CAPEX

In 1Q24, sustaining capital expenditures amounted to US$25 million, mainly related to tailings dam project and mine development.

Atacocha

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Earnings Release 1Q24

(1) Our cash cost and sustaining cash cost are net of by-products credits, measured with respect to zinc sold per mine. For a cash cost reconciliation to COGS, please refer to Appendix – All in Sustaining Cash Cost | Mining.

(2) Our cost per ROM is measured with respect to treated ore volume. Refer to “Use of Non-IFRS Financial Measures” for further information.

Treated ore volume of 347kt in 1Q24 was up 1% from 1Q23, mainly explained by better plant performance after activities resumed following protests that impacted production in early 2023. Compared to 4Q23, treated ore volume decreased by 12%, primarily due to the rainfall season in the first months of the year, which led to a reduction in mining activities due to heightened humidity in the period.

Zinc production of 2.4kt in 1Q24 decreased by 6% and 11% compared to 1Q23 and 4Q23, respectively. Zinc average grade in the quarter was 0.89%, down 5bps year-over-year and up 2bps quarter-over-quarter.

Lead production decreased by 35% to 2.3kt compared to 1Q23, mainly due to lower lead average grade, while silver production decreased to 270koz following the same trend. Compared to 4Q23, lead and silver production decreased by 19% and 28%, respectively.

Cost

Cost of sales was US$16 million in 1Q24, down 1% year-over-year due to lower expenses in maintenance and third-party services. Compared to 4Q23, cost of sales decreased by 20%, mainly driven by lower operating costs, lower production volumes and lower depreciation and amortization expenses in the period.

Run-of-mine mining cost was US$34/t in the quarter, down 8% from 1Q23, mainly explained by the aforementioned reasons and up 4% from 4Q23, mainly explained by lower treated ore volumes.

Cash cost net of by-products was US$0.05/lb in 1Q24 compared with US$(0.12)/lb in 1Q23, mainly due to lower by-products volumes. Compared to 4Q23, cash cost was down US$0.12/lb, mainly due to higher zinc ore grade and lower TCs, which were partially offset by lower by-products contribution and lower treated ore volumes.

CAPEX

In 1Q24, sustaining capital expenditures amounted to US$4.2 million, mainly related to the tailings dam deposit area and drainage system, and expansion of the waste deposit.

Vazante

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Earnings Release 1Q24

(1) Our cash cost and sustaining cash cost are net of by-products credits, measured with respect to zinc sold per mine. For a cash cost reconciliation to COGS, please refer to Appendix – All in Sustaining Cash Cost | Mining.

(2) Our cost per ROM is measured with respect to treated ore volume. Refer to “Use of Non-IFRS Financial Measures” for further information.

In 1Q24, treated ore volume was 427kt, up 8% and 5% compared to 1Q23 and 4Q23, respectively.

Zinc production of 35kt in 1Q24 decreased by 3% compared to 1Q23, mainly explained by lower zinc head grades in line with the mine sequencing plan for the period. Compared to 4Q23, zinc production was relatively flat.

Zinc head grade averaged 9.55%, was down 90bps and 32bps from 1Q23 and 4Q23, respectively.

Cost

Cost of sales was US$33 million in 1Q24, up 12% from the same period a year ago, mainly explained by higher operating (fixed) costs. Compared to 4Q23, cost of sales was up 14%, mainly due to higher operating costs attributed to depreciation and amortizations expenses, as well as freight costs.

Run-of-mine mining cost was US$49/t in 1Q24 compared to US$55/t in 1Q23 and US$58/t in 4Q23, mainly due to higher treated ore volumes, partially offset by higher operating costs.

Cash cost net of by-products decreased to US$0.55/lb compared with US$0.63/lb in 1Q23, primarily driven by lower TCs. Compared to 4Q23, cash cost decreased by 3%, also due to lower TCs.

CAPEX

In 1Q24, sustaining capital expenditures amounted to US$5.9 million, mainly related to mine development to support life of mine extension.

Morro Agudo

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Earnings Release 1Q24

(1) Our cash cost and sustaining cash cost are net of by-products credits, measured with respect to zinc sold per mine. For a cash cost reconciliation to COGS, please refer to Appendix – All in Sustaining Cash Cost | Mining.

(2) Our cost per ROM is measured with respect to treated ore volume. Refer to “Use of Non-IFRS Financial Measures” for further information.

In 1Q24, treated ore volume was 297kt and remained relatively flat compared to 1Q23, while decreased by 15% compared to 4Q23.

Zinc production of 5.7kt in 1Q24 increased by 6% year-over-year, mainly explained by higher zinc average grade, and decreased by 16% quarter-over-quarter due to lower treated ore volumes in the period. Zinc head grade averaged 2.16%, up 14bps and 4bps compared to 1Q23 and 4Q23, respectively.

As previously disclosed, on March 19, 2024, we announced the suspension of mining operations at the Morro Agudo Complex effective May 1, 2024. Furthermore, on April 5, 2024, we announced the signing of a definitive agreement to divest the Morro Agudo Complex, which encompasses the Morro Agudo and Ambrósia mines. The closing of this transaction is subject to certain customary conditions precedent, including a corporate restructuring of the assets comprising the Morro Agudo Complex. Nexa expects the closing of the transaction to occur between the second and third quarters of 2024.

Cost

Cost of sales was US$13 million in 1Q24, down 15% compared to the same period a year ago, mainly due to lower depreciation and amortization expenses and lower operating costs related to energy and third-party services costs. Compared to 4Q23, cost of sales decreased by 13%, mainly explained by lower variable costs and lower third-party services.

Run-of-mine mining cost was US$42/t in the quarter, up 13% from 1Q23 due to lower limestone contribution, which negatively impacted the costs. Compared to 4Q23, run-of-mine mining costs was down 7%, mainly explained by lower operating costs and lower third-party services.

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Earnings Release 1Q24

In 1Q24, cash cost net of by-products was US$0.90/lb compared with US$1.05/lb in 1Q23 due to lower TCs and higher by-products contribution. Compared to 4Q23, cash cost increased by US$0.13/lb due to lower volumes and lower by-products contribution.

CAPEX

In 1Q24, there were no sustaining capital expenditures.

Aripuanã

(1) The negative amounts are mainly related to reclassifications between Aripuanã and Corporate, and capitalization of interest net of advanced payments for imported materials and tax credits.

ROM production in 1Q24 reached 299kt compared to 276kt in 4Q23 (up 8%), mainly explained by the start of production of the VRM method (Vertical Retreat Mining), which will contribute positively to increase mine productivity and efficiency.

In 1Q24, treated ore volume totaled 322kt compared to 277kt (+16%) in 1Q23. This increase was primarily driven by progress in ramp-up activities over the past 12 months. Compared to 4Q23, treated ore volume decreased by 7%, mainly due to the completion of previously disclosed upgrades, which required plant stoppages in the period. These upgrades included replacing critical pumps to increase capacity, in line with the revised design of the flotation pumping system, and close monitoring of the tailings filter circuit, which is presenting some performance challenges.

Zinc production in 1Q24 was 7.2kt compared to 2.5kt in 1Q23, primarily attributed to higher treated ore volumes and higher zinc average grade, which was 3.11% in the period. Compared to 4Q23, zinc production slightly decreased by 3%, mainly explained by scheduled upgrades and the rainfall season, which typically occurs in the early months of the year, leading to a reduction in mining activities in the period.

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Earnings Release 1Q24

Copper production in 1Q24 was 1.5kt compared to 0.9kt in 1Q23 and 1.4kt in 4Q23, while copper average grade was 0.70% in the period.

In 1Q24, zinc recovery reached 72% versus 58% in 4Q23, while copper and lead recovery averaged 66% and 83%, respectively, versus 53% and 59% in 4Q23.

Ramp-up activities are progressing steadily, with our current focus on increasing the plant throughput rate, improving concentrate grades, and maximizing metal recoveries. In January and February 2024, the plant performed at around 57% of nameplate capacity, as a result of the debottlenecking activities, combined with fewer working days and the peak of the rain season. In March and April, utilization levels reached approximately 80% in certain days of both months, stabilizing at around 70% in the second week of April. We expect utilization rate at the plant to further improve next quarter, contributing to Aripuanã’s results and paving the way for the completion of the ramp-up, which is expected in mid-2024.

CAPEX

In 1Q24 sustaining capital expenditures amounted to US$14 million, mainly related to mine development, upgrades, task force and other sustaining activities.

Financial performance

Note: Financial performance pre intersegment eliminations. ⁽¹⁾ Includes the cost of sales of Aripuanã of US$43 million in 1Q24, US$41 million in 1Q23 and US$51 million in 4Q23.

Net revenues for the mining segment totaled US$294 million in 1Q24, up 10% versus 1Q23. This performance was mainly driven by the increase in production across all metals and lower TCs, which were partially offset by the decrease in zinc prices. Compared to 4Q23, net revenues increased by 4%, mainly due to the higher lead, silver and gold volumes, and copper prices.

Cost of sales in 1Q24 was US$252 million, including US$43 million attributed to Aripuanã, reflecting a higher unit cost (ramp-up phase). Excluding the impact of Aripuanã, cost of sales increased by 4% to US$210 million from US$202 million in 1Q23 due to higher sales volume and decreased by 10% compared to US$233 million in 4Q23 due to lower zinc and copper sales volumes.

Reconciliation of realized prices

Revenues are recorded at provisional prices and, typically, an adjustment is then made after delivery, based on the pricing terms under the relevant contract. In addition, the difference between the provisional and the final price received is recognized by adjusting the price in the period in which the sale is concluded.

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Earnings Release 1Q24

Adjusted EBITDA for the mining segment in 1Q24 was US$74 million compared to US$42 million in 1Q23. This increase was primarily explained by (i) the positive impact of US$53 million due to increased volumes, particularly in Aripuanã and Cerro Lindo; (ii) higher by-products contribution of US$22 million, mainly due to higher silver and gold volumes and prices; (iii) lower TCs of US$17 million; and (iv) the positive impact of US$9 million due to lower mineral exploration and project evaluation expenses, which were partially offset by (v) the negative net price effect of US$51 million, mainly due to lower zinc prices; (vi) the negative impact of US$12 million in costs, mainly related to higher operational costs in Cerro Lindo; and (vii) the negative impact of FX variation of US$5 million.

Compared to 4Q23, Adjusted EBITDA increased by 56%. This performance was mainly driven by (i) lower TCs of US$18 million; (ii) the positive impact of US$12 million due to lower mineral exploration and project evaluation expenses; (iii) higher by-products contribution of US$4 million, mainly due to higher silver and gold payable value in our Peruvian operations and Aripuanã, which were partially offset by (iv) the negative impact of US$13 million in volumes, mainly due to lower copper sales volumes in Cerro Lindo as a result of lower treated ore and grades.

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Earnings Release 1Q24

Cash cost and AISC ^6,7

Note: Cash cost and AISC per ton sold does not include the impact of the cost of idleness capacity of US$1.2 million in El Porvenir in 1Q24 and US$5.2 million in Cerro Lindo in 1Q23.

Cash cost net of by-products for the mining segment in 1Q24 decreased to US$0.27/lb compared to US$0.43/lb in 1Q23. This decrease was primarily due to lower TCs and higher volumes, mainly explained by a two-week weather-related suspension of activities at the Cerro Lindo mine in 1Q23.

Compared to 4Q23, cash cost was down by US$0.18/lb due to lower TCs across all units and lower operating costs, particularly in Cerro Lindo and El Porvenir.

Run-of-mine mining cost was US$45/t in the quarter, relatively flat from 1Q23. Compared to 4Q23, run-of-mine mining cost was down 6%, mainly due to lower variable costs, lower personnel costs and lower third-party services.

AISC net of by-products in 1Q24 was US$0.72/lb, down 14% and 27% compared to US$0.83/lb in 1Q23 and US$0.98/lb in 4Q23, respectively.

For a reconciliation of cash cost and AISC net of by-products, please refer to the appendix section “All in Sustaining Cash Cost | Mining.”

⁶ Our cash cost and AISC are net of by-products credits, measured with respect to zinc sold.

⁷ AISC does not include Aripuanã

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Earnings Release 1Q24

Smelting segment

In 1Q24, total production was 138kt, down 5% year-over-year and 4% quarter-over-quarter, mainly driven by lower volumes at the Cajamarquilla smelter, primarily attributed to scheduled maintenance in the roaster in the period. Additionally, there were unplanned maintenance activities at the Três Marias and Juiz de Fora units.

In 1Q24, zinc metal and oxide sales were 139kt, down by 4% from 1Q23 following lower production volumes and the typical seasonality of demand in the period. Compared to 4Q23, metal sales were down 3% as explained above.

Peru

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Earnings Release 1Q24

(1) Our cash cost and sustaining cash cost are net of by-products credits, measured with respect to zinc sold per smelter. For a cash cost reconciliation to COGS, please refer to Appendix - Conversion and All in Sustaining Cash Cost | Smelting.

(2) Cost of sales does not include resale operations from third parties.

In 1Q24, Cajamarquilla smelter production was 74kt, down 9% and 6% compared to 1Q23 and 4Q23, respectively, mainly attributed to scheduled maintenance in the roaster, which totaled 18 days during the period, reducing production, and consequently impacting the unit’s performance.

Recovery rates improved and averaged 95.8% during the quarter compared to 94.0% in 1Q23 and 95.3% in 4Q23 as a result of improvement in the performance of the hydrometallurgical circuit.

Metal sales totaled 73kt in 1Q24 and were down 8% year-over-year and quarter-over-quarter, following lower production volumes.

Costs

Cost of sales was US$201 million in 1Q24 compared to US$261 million in the same period a year ago, mainly explained by lower raw material costs due to lower zinc prices. Compared to 4Q23, cost of sales decreased by 9%, primarily due to lower sales volume and lower workers participation.

In 1Q24, conversion cost was US$0.27/lb, down US$0.02/lb compared to 1Q23 due to lower variable costs and energy costs. Compared to 4Q23, conversion cost was up US$0.02/lb, mainly due to higher maintenance costs and lower zinc sales.

Cash cost net of by-products in 1Q24 was US$0.92/lb compared to US$1.17/lb in 1Q23, mainly due to lower zinc prices. Compared to 4Q23, cash cost decreased by US$0.02/lb, mainly explained by lower zinc prices, lower variable costs and lower third-party services.

CAPEX

In 1Q24, sustaining capital expenditures amounted to US$12 million, mainly due to the acquisition and repairs of equipment, tailings dam improvements, as well as disbursements related to the maintenance in the period.

Brazil

In 1Q24, total smelter production amounted to 64kt and was relatively flat compared to the same period of last year. Compared to 4Q23, smelter production was down 2%, mainly explained by unplanned maintenance activities at Três Marias and Juiz de Fora.

Despite the typical low seasonality of demand, total sales volume (zinc metal + zinc oxide) amounted to 66kt and increased by 1% year-over-year and 3% quarter-over-quarter, mainly explained by overall higher produced volumes, in addition to a slightly increase in demand in our home market driven by the gradual return of demand in Argentina following the presidential elections at the end of 2023.

Três Marias

(1) Our cash cost and sustaining cash cost are net of by-products credits, measured with respect to zinc sold per smelter. For a cash cost reconciliation to COGS, please refer to Appendix – Conversion and All in Sustaining Cash Cost | Smelting.

(2) Cost of sales does not include resale operations from third parties.

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Earnings Release 1Q24

In Três Marias, total production (zinc metal + oxide) was 45kt, down by 2% from 1Q23 due to unplanned shutdown in the roaster, which totaled 14 days in the period, reducing production and consequently impacting the unit’s performance. Compared to 4Q23, total production increased by 4%, mainly driven by better performance in the roaster and enhanced production stability following maintenance conducted last quarter.

Metallic zinc sales amounted to 38kt, up 4% year-over-year and 15% quarter-over-quarter, primarily driven by higher production volumes in the period. In 1Q24, zinc oxide sales totaled 7.6kt and decreased by 6% year-over-year and 5% quarter-over-quarter, mainly due to lower demand in our domestic market, particularly from the tire manufacturing industry.

Costs

Cost of sales of US$115 million in 1Q24 decreased by 17% from 1Q23, mainly explained by lower raw material costs due to lower zinc prices, partially offset by lower TCs. Compared to 4Q23, cost of sales decreased by 3% due to higher sales volumes.

In 1Q24, conversion cost increased to US$0.28/lb, compared to US$0.24/lb in 1Q23, mainly due to higher variable costs and higher personnel costs. Compared to 4Q23, conversion cost was up US$0.03/lb, mainly explained by higher variable costs.

Cash cost net of by-products in 1Q24 decreased to US$1.03/lb compared to US$1.36/lb in 1Q23 and US$1.13/lb in 4Q23, mainly explained by lower zinc prices and higher zinc sales volumes.

CAPEX

In 1Q24, sustaining capital expenditures amounted to US$2.4 million, mainly due to the acquisition and repairs of equipment, as well as disbursements related to the tailings dam.

Juiz de Fora

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Earnings Release 1Q24