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Boliden to acquire controlling stake in Nexa Resources Mikael Staffas, President and CEO Håkan Gabrielsson, Executive Vice President and CFO August 27, 2026
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Legal disclaimer 2 This presentation (this “Presentation”) has been prepared and issued by Boliden AB (the “Boliden” or the “Company”) solely for informational purposes and has not been independently verified. As this Presentation only contains general, summary and selected information about the Company, it may omit material information about the Company and is not a complete description of the Company’s business and the risks relating to it. Nothing in this Presentation is, or should be relied upon as, a promise or representation as to the future. Some of the information in this Presentation has been sourced from third parties and Boliden takes no responsibility for correctness or completeness of such information. The information contained in this Presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the information or opinions contained herein. Boliden is under no obligation to keep current the information contained in this Presentation and any opinions expressed in it are subject to change without notice. None of Boliden or any of their respective affiliates, advisers, agents or representatives shall have any liability whatsoever for any loss whatsoever arising from any use of this Presentation or its contents, or otherwise arising in connection with this Presentation (whether direct, indirect, consequential or other). This Presentation is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this presentation or otherwise. The distribution of this Presentation in certain jurisdictions may be restricted by law and therefore persons into whose possession this Presentation comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction. The Nexa group includes certain Peruvian subsidiaries. A sale of Boliden shares post-closing of the transaction may in certain circumstances be regarded as an “indirect transfer of Peruvian shares” under Peruvian income tax law. In case a sale of Boliden shares were to qualify as an “indirect transfer of Peruvian shares”, any capital gain pertaining to the indirectly sold Peruvian shares may be subject to a 30% tax rate in Peru. The risk of Peruvian non-resident capital gains tax being triggered should be limited to shareholders with a larger shareholding in Boliden. Investors should consult their own tax advisors about the consequences of an acquisition, ownership, and disposition of their investment in Boliden, including the possibility that any tax consequences may differ from the description above. Some of the statements contained in this Presentation constitute forward-looking statements. Statements that are not historical facts are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “estimate” or similar terminology. These statements are based on Boliden’s current plans, objectives, assumptions, estimates and projections. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, and the Company may not achieve or accomplish these expectations, beliefs or projections. Neither the Company, nor any of its members, directors, officers, agents, employees or advisers intend or have any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this Presentation. Boliden makes no representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward- looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. Forward looking statements speak only as of the date that they are made and Boliden does not undertake to update any forward-looking statements in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. Boliden cautions that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Additional Information about the Transaction The tender offer described in this communication (the “Offer”) has not yet commenced, and this communication is neither an offer to purchase nor a solicitation of an offer to sell any shares of the common stock of Nexa or any other securities. On the commencement date of the Offer, a tender offer statement on Schedule TO, including an offer to purchase, aletter of transmittal and related documents, will be filed with the United States Securities and Exchange Commission (the “SEC”). The offer to purchase shares of Nexa common stock will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed as a part of the Schedule TO. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE TENDER OFFER STATEMENT AND THE SOLICITATION/ RECOMMENDATION STATEMENT REGARDING THE OFFER, AS THEY MAY BE AMENDED FROM TIME TO TIME, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The tender offer statement will be filed with the SEC by Boliden, and the solicitation/recommendation statement will be filed with the SEC by Nexa. Investors and security holders may obtain a free copy of these documents (when available) and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov
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Boliden ready to take the next step 3 • Strong performance and financial position • Built a leading European base metal provider with strong ESG credentials • Continuous organic growth based on profitable investments • Successful exploration • Well-developed project portfolio – focused on Europe • Robust operational efficiency and productivity • Integrated business model • Seamless integration of recent acquisitions
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Compelling transaction rationale 4 * As a part of the transaction agreement, 25% of the Boliden shares received by Votorantim would be subject to one -year lock-up, an additional 25% subject to two-year lock-up and an additional 25% subject to three-year lock-up. ** 2026E; Based on Nexa broker consensus, Boliden estimates and 7.0% share dilution . An excellent fit and entry into Latin America, a prolific mining region • Attractive mining jurisdictions and a company with a low-carbon profile well known to Boliden • Access to Nexa’s local sourcing, know-how and stakeholder relationships • Votorantim, one of Latin America’s largest investment holding companies, to become a large, long-term shareholder* and will provide valuable regional experience Creation of a globally diversified, resilient, and growth-focused business • Significant integrated zinc player globally across mining and smelting • Highly relevant and comparable portfolio of base and precious metal assets and projects • Unwavering commitment to safe and responsible business practices Transaction expected to be immediately accretive to Boliden's earnings per share • Contributes >8% to EPS** • Addition of cash flow generative assets
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Nexa in brief 5 • Latin American mining and smelting company with 65+ years of experience • 5 mining units and 3 smelter units across Brazil and Peru • USD 3,002 m revenue and USD 772 m adjusted EBITDA in 2025* • Net leverage of 1.7x in 2025** • Votorantim owns ~64.68% stake; remaining 35.32% free float traded on the NYSE 2025 2024 Zinc ktonnes 316 327 Copper ktonnes 33 36 Lead ktonnes 63 69 Silver tonnes 339 364 Gold tonnes 1.190 1.121 Metal in concentrate production at mines Mines Smelters Adjusted EBITDA 2025 by segment Mining, 85% Smelting, 15% USD 772 m * Figures on a consolidated 100% basis ** Net debt / adjusted EBITDA *** Includes metallic zinc and zinc oxide 2025 2024 Zinc *** ktonnes 567 591 Metal production at smelters Cerro Lindo (84%) Vazante (100%) Aripuanã (100%) Cajamarquilla (100%) Juiz de Fora (100%) Três Marias (100%) El Porvenir (84%) Atacocha (83%)
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Nexa: Mining operations 6 • Aripuanã • Long-life and low-cost mine • Annual concentrate plant capacity of ~2 Mtonnes • 2025 production: Zn 35 kt, Cu 6 kt, Pb 13 kt, Ag 30 t, Au 0.505 t • Vazante • Fully integrated with the Três Marias smelter • Annual concentrate plant capacity of ~2 Mtonnes • 2025 production: Zn 128 kt, Pb 1 kt, Ag 13 t • Atacocha • Oldest Nexa operation, in production since 1938 • Annual concentrate plant capacity of ~1.6 Mtonnes • 2025 production: Zn 12 kt, Pb 14 kt, Ag 37 t, Au 0.319 t * • Cerro Lindo • Largest underground mine in Peru • Annual concentrate plant capacity of ~7 Mtonnes • 2025 production: Zn 87 kt, Cu 27 kt, Pb 10 kt, Ag 123 t, Au 0.127 t * • El Porvenir • Polymetallic underground mine in operation for more than 70 years • Annual concentrate plant capacity of ~2.4 Mtonnes • 2025 production: Zn 53 kt, Cu 0.4 kt, Pb 25 kt, Ag 137 t, Au 0.239 t * Aripuanã (Brazil) Aripuanã (Peru) Cerro Lindo (Peru) * Figures on a consolidated 100% basis
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Juiz de Fora (Brazil)Nexa: Smelting operations 7 Cajamarquilla (Peru) • Três Marias • Strategically located close to mine supply from Vazante • Annual refined metal production capacity of ~190 kt • 2025 production: Zn 122 kt, Zn oxide 35 kt • Juiz de Fora • Processes recycled secondary zinc benefiting from low raw material costs • Annual refined metal production capacity of ~95 kt • 2025 production: Zn 64 kt • Cajamarquilla • Largest zinc smelter in the Americas and 5th largest in the world • Annual refined metal production capacity of ~345 kt • 2025 production: Zn 346 kt
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5.140 4441.190 339 6.330 783 Gold Silver 457 567 1,024 Zinc Boliden standalone and Nexa consolidated 8 Zinc resources and reserves 2025 contained, Mtonnes* Base metals in concentrate 2025 mine production, ktonnes* Boliden Nexa Precious metals in concentrate 2025 mine production, tonnes* Zinc metal 2025 smelter production, ktonnes* * Nexa figures on a consolidated 100% basis ** Includes metallic zinc and zinc oxide 351 104 77 316 33 63 667 137 140 Zinc Copper Lead ** 7.0 18.04.0 14.1 11.0 32.2 Reserves Resources (incl. Reserves)
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850 790 723 470 455 330 320 277 243 230 228 Hindustan Zinc Boliden + Nexa Glencore Boliden Teck Zijin Mining Nexa Volcan UGMK Newmont MMG Garpenberg Vazante Boliden Area Zinkgruvan El Porvenir Somincor Aripuana Atacocha Cerro Lindo Tara ($0.25) - $0.25 $0.50 $0.75 $1.00 $1.25 $1.50 - 2,500 5,000 7,500 10,000 C1 Cash Cost (USD/lb Zn) 2026E Zinc Production (ktonnes) 9 One of the largest zinc miners Based on Wood Mackenzie Q4 2025 report Top 10 zinc in concentrate producers 2026E, ktonnes* Zinc C1 cash cost 2026E, composite basis** * Nexa figures on a consolidated 100% basis ** Composite method is based on Wood Mackenzie’s normal and prorata cost methods. Costs from the normal method are shown if net rev enue attributable to zinc is >65%. If <65% then the prorata cost method is used Pro Forma Boliden Boliden Nexa
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1,235 1,182 1,170 911 860 680 610 560 376 308 306 Korea Zinc Glencore Boliden + Nexa Trafigura Hindustan Zinc Hechi Nanfang Boliden Nexa Shaanxi Nonferrous China Minmetals Zijin Mining Odda Cajamarquilla Kokkola Juiz de Fora Tres Marias ($200) - $200 $400 $600 $800 $1,000 $1,200 $1,400 - 2,500 5,000 7,500 10,000 Cash Margin (USD/t Zn) 2026E Zinc Production (ktonnes) 10 One of the largest zinc smelters Based on Wood Mackenzie Q4 2025 report Zinc cash margin** 2026E * Nexa figures on a consolidated 100% basis ** Calculated as revenue minus cash conversion cost Top 10 zinc producers 2026E, ktonnes* Pro Forma Boliden Boliden Nexa
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Attractive financials 11 Cash flow generative assets Strong consolidated EBITDA contribution with limited capex • USD 4.0 billion (SEK 38 billion*) consolidated rolling 12 months EBITDA** • USD 1.1 billion (SEK 10 billion*) Nexa contribution • USD 2.1 billion (SEK 20 billion*) consolidated rolling 12 months capex** • USD 0.4 billion (SEK 4 billion*) Nexa contribution Accretive transaction • Immediate contribution of >8% to EPS*** Robust return on capital employed (ROCE) • Nexa Q2 2026 ROCE ~20%**** * Based on average rolling 12 months USD to SEK exchange rate of 9.36 as on June 30, 2026 ** Based on Boliden’s and Nexa’s Q2 2026 figures; Nexa’s contribution to the combined figures on a 100% basis *** 2026E; Based on Nexa broker consensus, Boliden estimates and 7.0% share dilution **** Calculated as EBIT (EBITDA less Depreciation and amortization) divided by capital employed (total assets less current li abilities), as per Nexa financial disclosure as of June 30, 2026
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The transaction 12 Consideration • Votorantim will receive 0.250x of Boliden shares for each Nexa share, and will own approximately 7.0% in Boliden* • Implies a total equity value of Nexa of approximately USD 2,025 m (equivalent to SEK 19,296 m**) and an Enterprise Value of USD 3,666 m*** (equivalent to SEK 34,940 m**), on a 100% basis Structure • Acquisition of Votorantim's shares representing 64.68% of Nexa share capital, paid with newly issued Boliden shares • Following Closing, Boliden has agreed with Nexa to launch a voluntary tender offer (“VTO”) to purchase for cash any Nexa shares not acquired at Closing at a cash price determined by reference to the fixed exchange ratio agreed with Votorantim and the 20-day VWAP of Boliden’s shares prior to Closing • Following Closing, Boliden also will launch a mandatory tender offer (“MTO”) to minority shareholders of Nexa’s listed Peruvian subsidiaries Approvals and conditions • Subject to Boliden Shareholder approval (simple majority required) • Customary regulatory approvals and certain other closing conditions customary for a transaction of this nature * Corresponds to Boliden issuing 21.4 million Boliden shares to Votorantim ** Based on USD to SEK exchange rate of 9.53 as of August 26, 2026 *** Based on Nexa’s reported net debt of USD 1,336 m and non-controlling interest of USD 306 m as of Q2 2026
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Key transaction milestones Closing expected Q1 2027 13 Pre closing • Boliden EGM • Nexa EGM • Regulatory approvals Post closing • Voluntary tender offer (“VTO”) to remaining shareholders in Nexa Resources • Mandatory tender offer (“MTO”) to minority shareholders of listed Peruvian subsidiaries
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Transaction summary 14 • Strategic entry into new but familiar and prolific metal and mining jurisdictions, providing portfolio diversification • Integrated mining-to-smelting model, an excellent fit to Boliden’s existing operations • Addition of cash flow generative mining and smelting units • Significant growth opportunity with development upside • Transaction is expected to be immediately accretive to Boliden's earnings per share and contributes >8% to EPS* * Estimated as impact during 2026. Incremental net income from Nexa > Shareholder dilution from equity issuance
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Our purpose To provide the metals essential to improve society for generations to come Our vision To be the most climate friendly and respected metal provider in the world Our values Care Courage Responsibility 15
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• Zinc market potential • Attractive mining jurisdictions • The strength of Boliden and Nexa combined • Suggested governance model for Nexa Appendix Q2 Interim Report 2026 16
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2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 2025 2030 2035 2040 2045 2050 Zinc Demand and Supply (ktonnes) Zinc – market upside through increase in supply and demand gap 17 Base case supply Greenfield expansions Brownfield expansions Demand Zinc market balance• Infrastructure, construction and energy transition thematics to drive demand • Supply decline expected from mid 2030s and onward Source: Wood Mackenzie Demand CAGR
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Established mining jurisdictions in South America Brazil* Peru** 18 • Ranked #1 in IAI and #2 in PPI*** as per Fraser Institute Survey**** • >40% increase in production of transition metals (over last 5 years) • >240% increase in exploration of transition metals (over last 5 years)***** • Boliden already today sourcing raw material • Mining is a major contributor to the economy • #2 largest zinc producer globally • #3 largest copper and silver producer globally • Currently ~50 and ~75 projects in development and exploration stage • Boliden already today sourcing raw material * Sources: Fraser Institute Survey 2025; KPMG Brazil Country Mining Guide 2025 ** Source: EY Peru Mining & Metals Investment Guide 2025/2026 *** IAI: Investment Attractiveness Index and PPI: Policy Perception Index **** LatAM & Caribbean Region (2026) ***** Based on KPMG Brazil Mining Guide
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Kevitsa Tara Aitik The Boliden Area Rönnskär Kokkola Harjavalta Garpenberg Odda Bergsöe Zinkgruvan Somincor Boliden going forward 19 • Significant integrated zinc player globally across mining and smelting • Strong base metals, safety and sustainability focus • High quality, vertically integrated operations in Europe and Latin America • Combined portfolio of 12 mining units and 8 smelters • Combined mining units to produce Zn 667 ktonnes, Cu 137 ktonnes, Pb 140 ktonnes, Ag 783 tonnes and Au 0.514 tonnes* • Combined smelting units to produce Zn 1,024 ktonnes* and other commodities • Consolidated revenue of ~USD 12.5 billion (SEK 123 billion**) and EBITDA of ~USD 3.0 billion (SEK 30 billion**)*** * Based on Boliden and Nexa’s 2025 figures; Nexa’s contribution to combined figures is on a 100% basis ** Based on average rolling 12 months USD to SEK exchange rate of 9.81 as on December 31, 2025 *** Based on Boliden and Nexa’s 2025 figures; Nexa’s contribution to consolidated figures is on a 100% basis %s reflect Nexa’s ownership of the assets Cerro Lindo (84%) Vazante (100%) Aripuanã (100%) Cajamarquilla (100%) Juiz de Fora (100%) Três Marias (100%) El Porvenir (84%) Mines Smelters Atacocha (83%)
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Significant growth potential in combined portfolio* 20 Early stage Project Stage Late stage Feasibility and extensions Boliden SCMentum Product Nexa Laver Tara Deep Garpenberg Beyond 4.5 Älgträsk Nautanen Semblana Garpenberg Hoist Cerro Pasco Integration Hilarion Florida Canyon Bonsuccesso Odda Ramp-up Ayawilca** * Illustrative, not exhaustive list. Nexa projects based on Nexa’s estimated project plan as per March 2026 investor presenta tion ** Nexa owns 12.15% of Tinka Resources, which owns 100% of the project Mines Smelters
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Governance after transaction 21 • Boliden and Nexa have entered into an agreement governing the rights of Boliden as a controlling shareholder of Nexa • Customary governance and shareholder rights arrangements and registration rights • Appointment of a new Nexa Board, subject to Nexa EGM approval • Boliden currently expects that Nexa would have a board of seven directors, of which four directors would be affiliated with Boliden • Votorantim is prepared to be an active shareholder, including participation in the Boliden board • Nexa will be reported as a separate segment