Nexa Resources S.A.

Condensed consolidated interim financial statements (Unaudited)

at and for the three months ended on March 31, 2022

Contents

Condensed consolidated financial interim statements

Notes to the condensed consolidated interim financial statements

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Nexa Resources S.A.   Condensed consolidated interim income statement Unaudited Three months ended on March 31 All amounts in thousands of US dollars, unless otherwise stated

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Nexa Resources S.A.   Condensed consolidated interim statement of comprehensive income Unaudited Three months ended on March 31 All amounts in thousands of US dollars, unless otherwise stated

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Nexa Resources S.A.   Condensed consolidated interim balance sheet Unaudited All amounts in thousands of US Dollars, unless otherwise stated

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Nexa Resources S.A.   Condensed consolidated interim statement of cash flows Unaudited Three months ended on March 31 All amounts in thousands of US Dollars, unless otherwise stated

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Nexa Resources S.A.   Condensed consolidated interim statement of changes in shareholders’ equity Unaudited At and for the three months ended on March 31 All amounts in thousands of US dollars, unless otherwise stated

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Nexa Resources S.A.   Notes to the condensed consolidated interim financial statements Unaudited Three months ended on March 31 All amounts in thousands of US Dollars, unless otherwise stated

Nexa Resources S.A. (“NEXA”) is a public limited liability company (société anonyme) incorporated and domiciled in the Grand Duchy of Luxembourg. Its shares are publicly traded on the New York Stock Exchange (“NYSE”).

The Company’s registered office is located at 37A, Avenue J. F. Kennedy in the city of Luxembourg in the Grand Duchy of Luxembourg.

NEXA and its subsidiaries (the “Company”) have operations that include large-scale, mechanized underground and open pit mines and smelters. The Company owns and operates three polymetallic mines in Peru, and two polymetallic mines in Brazil and is completing the development of its third polymetallic mine in Brazil. The Company also owns and operates a zinc smelter in Peru and two zinc smelters in Brazil.

NEXA’s majority shareholder is Votorantim S.A. (“VSA”), which holds 64.68% of its equity. VSA is a Brazilian privately-owned industrial conglomerate that holds ownership interests in metal, steel, cement, and energy companies, among others.

Main events for the three months ended on March 31, 2022

The invasion of Ukraine by Russia, the resulting conflict, and retaliatory measures by the global community have created global security concerns and economic uncertainty, including the possibility of expanded regional or global conflict, which have had, and are likely to continue to have, adverse impacts around the globe. Potential ramifications include disruption of the supply chain, which may impact production, investment, and demand and prices for the Company’s products, higher and more volatile prices for oil and gas, volatility in commodity prices, and disruption of global financial markets, further exacerbating overall macroeconomic trends including inflation and rising interest rates. As of the date of this report, we have not identified any material impacts on the Company´s operations, financial condition, or cash flows related to this war. However, NEXA cannot predict the future impact that this war could have on its business and operations and continues to monitor closely the developments related to it.

On January 25, 2022, the Company signed an offtake agreement with an international offtaker (the “Offtaker”), in which it agrees to sell 100% of the copper concentrate produced by Aripuanã for a 5-year period starting in October 2022 up to a total of 30,810 tons, at the lower of current market prices or a price cap.

The offtake agreement resulted from negotiations with the Offtaker to sell copper concentrate in lieu of paying future royalty payments related to the acquisition of the Aripuanã project mining rights previously acquired by the Company from the Offtaker. Since the offtake agreement was structured to replace this previously existing obligation of royalty payments that were related to the acquisition of such mining rights, the amount of USD 46,100 on the inception date of the agreement, which represents the agreement’s fair value, was recognized in the intangible assets and will be amortized during the life of the mine.

Additionally, the Company opted to voluntarily and irrevocably designate the entire offtake agreement at fair value through profit and loss (“FVTPL”) within the scope of IFRS 9, rather than separate the value of the embedded derivative associated with the price cap, recognizing a non-cashexpense of USD 19,427 in the income statement for the three months ended March 31, 2022. Refer to note 11 (d) and 15 for additional information about the accounting treatment.

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Nexa Resources S.A.   Notes to the condensed consolidated interim financial statements Unaudited Three months ended on March 31 All amounts in thousands of US Dollars, unless otherwise stated

On February 15, 2022, the Company’s Board of Directors approved, subject to ratification by the Company’s shareholders at the 2023 annual shareholders’ meeting in accordance with Luxembourg laws, a cash distribution to the Company’s shareholders of USD 50,000. From this amount, USD 43,874 were distributed as dividends (cash dividend) and USD 6,126, as share premium (special cash dividend). This cash distribution was paid on March 25, 2022. 

On March 18, 2022, the Company entered into an Export Credit Note agreement in the total principal amount of USD 90,000 (equivalent to BRL 459,468 thousand) with maturity in 2027, and an interest rate of 2.5% plus the 6-month TERM SOFR (Secured Overnight Financing Rate).

On March 28, 2022, the Company completed the early redemption and cancellation of all the outstanding 4.625% Senior Notes due 2023 in the principal amount of USD 128,470. Refer to note 16 (b) for additional information.

The presentation of segment results and reconciliation to income before income tax in the condensed consolidated interim income statement is as follows:

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Nexa Resources S.A.   Notes to the condensed consolidated interim financial statements Unaudited Three months ended on March 31 All amounts in thousands of US Dollars, unless otherwise stated

(i) As more fully described in NEXA’s audited consolidated financial statements for the year ended on December 31, 2021, all revenues from products or services transferred to customers are recognized at a point in time.

(ii) The internal information used for making decisions is prepared using International Financial Reporting Standards (“IFRS”) based accounting measurements and management reclassifications between income statement lines items, which are reconciled to the condensed consolidated interim financial statements in the column “Adjustments”. These adjustments include reclassifications of certain overhead costs and revenues from Other income and expenses, net to Net Revenues, Cost of sales and/or Selling, general and administrative expenses.

In 2022, the Company decided to better approximate managerial information to the accounting financial statements and consequently, certain adjustments in this column, such as the reclassifications of the effects of derivative financial instruments from Other income and expenses, net to Net revenues and Cost of sales, were no longer needed. Managerial amounts for 2021 have been reclassified to be comparable with these adjustments made in 2022.

Addionally, in 2022, the Company reviewed the classification of certain overhead costs and decided to reclassify them from Selling, general and administrative expenses to Cost of sales. For comparative purposes, the related 2021 amounts have also been reclassified.

(iii) This amount represents the change in the fair value of the offtake agreement described in note 1, which is being measured at FVTPL. This change in the fair value is a non-cash item and has been adjusted from the Company’s EBITDA.

These condensed consolidated interim financial statements as at and for the three months ended on March 31, 2022 have been prepared in accordance with the International Accounting Standard 34 Interim Financial Reporting (“IAS 34”) using the accounting principles consistent with the IFRS as issued by the International Accounting Standards Board (“IASB”).

These condensed consolidated interim financial statements do not include all disclosures required by IFRS for annual consolidated financial statements and accordingly, should be read in conjunction with the Company’s audited consolidated financial statements for the year ended on December 31, 2021 prepared in accordance with IFRS as issued by the IASB.

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Nexa Resources S.A.   Notes to the condensed consolidated interim financial statements Unaudited Three months ended on March 31 All amounts in thousands of US Dollars, unless otherwise stated

These condensed consolidated interim financial statements have been prepared on the basis of, and using the accounting policies, methods of computation and presentation consistent with those applied and disclosed in the Company’s audited consolidated financial statements for the year ended on December 31, 2021.

The preparation of these condensed consolidated interim financial statements in accordance with IAS 34 requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses for the period end. Such estimates and assumptions mainly affect the carrying amounts of the Company’s goodwill, contractual obligations, non-current assets, indefinite-lived intangible assets, inventory, deferred income taxes, and the allowance for doubtful accounts. These critical accounting estimates and assumptions represent approximations that are uncertain and changes in those estimates and assumptions could materially impact the Company’s condensed consolidated interim financial statements.

The critical judgments, estimates and assumptions in the application of accounting principles during the three months ended on March 31, 2022 are the same as those disclosed in the Company’s audited consolidated financial statements for the year ended on December 31, 2021.

These condensed consolidated interim financial statements for the three months ended on March 31, 2022 were approved on April 28, 2022 to be issued in accordance with a resolution of the Board of Directors.

(i) Billing from products increased in the three months ended on March 31, 2022, mainly because of the higher metal prices during the quarter compared to the first quarter of 2021.

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Nexa Resources S.A.   Notes to the condensed consolidated interim financial statements Unaudited Three months ended on March 31 All amounts in thousands of US Dollars, unless otherwise stated

(i) As of March 31, 2022, the Company incurred a total of USD 8,235 of abnormal production costs in the Vazante and the Três Marias units, related to the temporary reduction in Vazante’s operating capacity, from mid-January 2022 until the end of March, as the underground operation was partially flooded due to heavy rains in the state of Minas Gerais. The lower concentrate supply also affected the operating capacity of Três Marias, NEXA’s smelting unit that processes concentrate from Vazante. These abnormal production costs were charged directly to the income statement in the quarter.

In early April 2022, Vazante and Três Marias resumed operations at full capacity following the underground mine dewatering.

(ii) Raw materials and consumables used increased in the three months ended on March 31, 2022, because of the higher price of the zinc concentrates acquired from third-parties and used in the Company’s smelting segment.

(i) In December 2021, the Company adhered to a Law that states that government grants of ICMS tax incentives are considered investment subsidies and excluded from taxable income for the purpose of calculating the corporate income taxes IRPJ and CSLL. During the first quarter of 2022, the ICMS tax incentives received in the total amount of USD 17,235 were excluded from the corporate income taxes basis for this period and the Company recognized ICMS taxes in Taxes on Sales and ICMS tax incentives in Other income and expense, net. The ICMS tax incentives are a permanent difference and the related corporate income tax effect in the amount of USD 5,860 reduced the current tax expense for the quarter as shown in note 8 (a).

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Nexa Resources S.A.   Notes to the condensed consolidated interim financial statements Unaudited Three months ended on March 31 All amounts in thousands of US Dollars, unless otherwise stated

(i) The amounts for the three months ended on March 31, 2022 and 2021 include: (i) USD 15,504 and USD (22,237), respectively, which are related to the outstanding USD denominated intercompany debt of Nexa Recursos Minerais S.A. (“NEXA BR”) with NEXA; and (ii) USD 20,834 and USD (8,262), respectively, which are related to the USD loans that NEXA BR has such as export credit notes. Both transactions were impacted by the volatility of the Brazilian Reais (“BRL”), which depreciated continuously during the first quarter of 2021, while having the opposite movement during the first quarter of 2022.

(i) NEXA’s subsidiaries registered a higher taxable profit in 2022 which explains their higher income tax.

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Nexa Resources S.A.   Notes to the condensed consolidated interim financial statements Unaudited Three months ended on March 31 All amounts in thousands of US Dollars, unless otherwise stated

There are uncertainties and legal proceedings for which it is not probable that an outflow of resources will be required. In such cases, a provision is not recognized. As of March 31, 2022, the main legal proceedings are related to: (i) the interpretation of the application of Cerro Lindo´s stability agreement; (ii) the carryforward calculation of net operating losses; and (iii) the deductibility of foreign exchange losses and expenses. The estimated amount of these contingent liabilities on March 31, 2022 is USD 216,577 which increased compared to that estimated on December 31, 2021 of USD 134,804, mainly due to the administrative proceeding filed in 2022 regarding the tax stability of Cerro Lindo and the review of the likelihood of losses of certain uncertainties.

The Company classifies its financial assets and liabilities under the following categories: amortized cost, FVTPL and fair value through other comprehensive income. The classification by category and the corresponding accounting policies of each financial instrument in these condensed consolidated interim financial statements are consistent with those applied and disclosed in the Company’s audited consolidated financial statements for the year ended on December 31, 2021.

(i) Classified as Other assets in the condensed consolidated interim balance sheet.

(ii) Classified as Other liabilities in the condensed consolidated interim balance sheet.

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Nexa Resources S.A.   Notes to the condensed consolidated interim financial statements Unaudited Three months ended on March 31 All amounts in thousands of US Dollars, unless otherwise stated

(i) To determine the fair value of the investments in equity instruments, the Company uses the share’s quotation as of the last day of the reporting period.

(ii) The methodology to determine the level 2 fair value amounts is the same as disclosed in the Company’s audited consolidated financial statements for the year ended on December 31, 2021.

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Nexa Resources S.A.   Notes to the condensed consolidated interim financial statements Unaudited Three months ended on March 31 All amounts in thousands of US Dollars, unless otherwise stated

(iii) Loans and financings are measured at amortized cost, except for certain contracts for which the Company has elected the fair value option. The carrying amount of other financial instruments measured at amortized cost do not differ significantly from their fair value.

(b)

Changes in operating assets and liabilities

(i) Changes in trade accounts receivables in the three months ended on March 31, 2022 reflect the reduction in the average collection period and the higher factoring by some customers.

(ii) Changes in inventories in the three months ended on March 31, 2022 reflect the increase in the balance of finished products, semi-finished products and raw materials as explained in note 13.

(iii) Changes in trade payables in the three months ended on March 31, 2022 are due to the higher volume of payments made in the period.

(iv) Changes in confirming payables in the three months ended on March 31, 2022 are due to the higher value of the reverse factoring operations carried out by Nexa Resources Cajamarquilla S.A. (“NEXA CJM”) due to the increase in the price and volume of zinc concentrates acquired during the period.

(v) Changes in other liabilities in the three months ended on March 31, 2022 are due to the payment of profit sharing in the Peruvian subisidiaries provisioned in 2021, and to the income tax payments.

During the three months ended on March 31, 2022, the Company had: (i) additions to right-of-use assets in the amount of USD 457 (March 31, 2021: USD 967); and (ii) additions in intangible assets in the amount of USD 46,100 related to the offtake agreement as described in note 15.

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Nexa Resources S.A.   Notes to the condensed consolidated interim financial statements Unaudited Three months ended on March 31 All amounts in thousands of US Dollars, unless otherwise stated

(i) On January 25, 2022, the Company signed an offtake agreement with the Offtaker to sell 100% of the copper concentrate produced by Aripuanã for a 5-year period, up to a specified volume, at the lower of current market prices or a price cap. Refer to note 1 (b) for additional information.

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Nexa Resources S.A.   Notes to the condensed consolidated interim financial statements Unaudited Three months ended on March 31 All amounts in thousands of US Dollars, unless otherwise stated

Composition

(i) Finished products increased in the three months ended on March 31, 2022, mainly because of the higher metal volumes purchased by the smelters and the higher price of the zinc concentrates acquired from third-parties and included in the metal production of the Company’s smelting segment.

(ii) Semi-finished products increased in the three months ended on March 31, 2022, due to the higher volumes of material in process to compensate the planned operational stopages in the Company’s smelting segment during the period.

(iii) Raw materials increased in the three months ended on March 31, 2022, because of the higher volume and value of the imported zinc concentrates used in the Company’s smelting segment and of the continuous ore stockpile costs incurred during Aripuanã’s commissioning phase.

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Nexa Resources S.A.   Notes to the condensed consolidated interim financial statements Unaudited Three months ended on March 31 All amounts in thousands of US Dollars, unless otherwise stated

(i) Reclassification of USD 31,851 from Mining projects to Intangible assets (Rights to use natural resources), as explained in note 15.

(ii) Additions include capitalized borrowing costs on Assets and projects under construction in the amount of USD 5,431 for the period ended on March 31, 2022 (March 31, 2021: USD 3,703).

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Nexa Resources S.A.   Notes to the condensed consolidated interim financial statements Unaudited Three months ended on March 31 All amounts in thousands of US Dollars, unless otherwise stated

(i) The Company identified USD 31,851 of legal mining rights that were being classified as Mining projects within Property, Plant and Equipment, instead of as Rights to use natural resources within Intangible assets. Given the nature of this reclassification, only between Property, Plant and Equipment and Intangible assets, the Company made an out-of-period adjustment, to account for the correct classification of those legal mining rights at the beginning of 2021.

(ii) On January 25, 2022, the Company signed an offtake agreement to sell 100% of the copper concentrate produced by Aripuanã. As explained in note 1 (b), this agreement replaced the obligation of future royalty payments arising from the acquisition of mining rights obtained by the Company for the Airpuanã project. Then, the fair value of this agreement on its inception date, in the amount of USD 46,100, was recognized as Rights to use natural resources within Intangible assets and will be amortized during the life of the mine by units of production method (“UoP”).

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Nexa Resources S.A.   Notes to the condensed consolidated interim financial statements Unaudited Three months ended on March 31 All amounts in thousands of US Dollars, unless otherwise stated

(i) On March 28, 2022, the Company completed an early redemption and cancellation of all outstanding 4.625% Senior Notes due 2023. Holders of the 2023 Notes tendered an aggregate principal amount of USD 128,470. In this transaction, the Company also paid an amount of USD 2,971 of accrued interest and USD 3,277 of premium paid over the notes, which was recognized in Net financial results (note 7).

(i) The negative balances refer to related funding costs (fees) amortization.

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Nexa Resources S.A.   Notes to the condensed consolidated interim financial statements Unaudited Three months ended on March 31 All amounts in thousands of US Dollars, unless otherwise stated

The Company has loans and financings that are subject to certain financial covenants at the consolidated level, such as: (i) leverage ratio; (ii) capitalization ratio; and (iii) debt service coverage ratio. When applicable, these compliance obligations are standardized for all debt agreements. No changes to the contractual guarantees occurred in the period ended on March 31, 2022.

As of March 31, 2022, the Company was in compliance with all its financial covenants.

(i) As of March 31, 2022, the credit risk-adjusted rate used for Peru was between 5.66% and 9.04% (December 31, 2021: 3.54% and 7.28%) and for Brazil was between 7.03% and 7.52% (December 31, 2021: 7.68% and 8.67%). As of March 31, 2021, the credit risk-adjusted rate used for Peru was between 2.21% and 5.23% (December 31, 2020: 1.70% and 4.0%) and for Brazil was between 1.10% and 6.70% (December 31, 2020: 0.07% and 6.75%).

According to NEXA’s policy, the Company assesses at each reporting date, whether there are indicators that the carrying amount of an asset or CGU may not be recovered or a previously recorded impairment should be reversed. If any indicator exists the Company estimates the asset’s or CGU´s recoverable amount. As of March 31, 2022, no impairment tests were required as a result of this assessment.

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