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Earnings Conference Call 3Q26 October 30, 2026
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Disclaimer Important information concerning this presentation | 2 This document contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, as well as forward-looking information within the meaning of applicable Canadian securities legislation, including National Instrument 51-102 (collectively, "forward-looking statements"). All statements other than statements of historical fact are forward-looking statements. The words “believe,” “will,” “may,” “would,” “could,” “should,” “estimate,” “continues,” “anticipates,” “intends,” “plans,” “expects,” “budget,” “scheduled,” “forecasts,” “targets,” outlook,” “guidance,” “potential,” “project,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such statements. These factors include, among others, volatility in zinc, copper, lead, silver and gold prices, by-product credits and treatment charges; exchange rate fluctuations, particularly in the Brazilian real and Peruvian sol against the U.S. dollar; availability and cost of critical inputs, including energy, transportation and labor; operational and health, safety and engineering risks inherent to underground and open-pit mining and zinc smelting, including process safety events, equipment failures and fires at smelting facilities; tailings storage facility integrity and management; community opposition, social license disruptions and blockades affecting access to our operations; labor disputes and relations with our workforce and with local communities; cybersecurity incidents and disruptions to information technology systems; execution risk on capital projects, and the risk that capital projects are not completed within expected timelines or budgets; political, regulatory, fiscal and institutional developments in Peru, Brazil and Luxembourg, and broader geopolitical developments, including trade restrictions, tariff changes and policy shifts affecting cross-border commerce, supply chains and capital markets; permitting, environmental regulation, and changes in mining legislation, taxation or government policies; physical climate risk, including the increasing severity and frequency of weather events, and transition risks associated with the global energy transition and decarbonization, including the risk of failing to meet announced sustainability and emissions targets; outbreaks of contagious or infectious diseases, pandemics, or other public health crises; the activities of competitors and global and regional economic conditions; and risks relating to ongoing or future regulatory matters or investigations involving the Company, its operations or customers; uncertainties regarding the outcome, timing and terms of any potential transaction involving the Company's controlling shareholder, including any related arrangements involving the Company; and any related impacts on our financial statements. Certain forward-looking statements are based on third-party data and market forecasts, which may not be accurate or current. Nexa does not guarantee such external data and assumes no obligation to update it except as required by law. Material factors and assumptions on which our forward-looking statements are based include, among others: that demand for our products develops as expected; that customers and counterparties perform their contractual obligations; that operations are not disrupted by mechanical failures, supply constraints, labor disturbances, transportation or utility interruptions or adverse weather; that capital projects are executed within expected timelines and budgets; and that there are no material adverse variations in metal prices, exchange rates, or the cost of energy, supplies or transportation, nor material differences between estimated mineral reserves and mineral resources and actual recovered amounts, beyond those reflected in any specific assumptions disclosed in the materials accompanying this document. Forward-looking statements speak only as of the date on which they are made, and Nexa undertakes no obligation to update or revise any forward-looking statement, except as required by applicable law. Further information regarding risks and uncertainties associated with these forward-looking statements, and the assumptions, parameters and methods used to estimate our mineral reserves and mineral resources under National Instruments 43-101, can be found in Nexa’s annual report on Form 20-F and in other public disclosures available on our website and filed with the SEC on EDGAR (www.sec.gov), with the Canadian Securities Administrators on SEDAR+ (www.sedarplus.ca). Nexa’s management uses non-IFRS measures such as Adjusted EBITDA, cash cost net of by- products, all in sustaining cash cost net of by-products, among other measures, for internal planning and performance measurement purposes. We believe these measures provide useful information about the financial performance of our operations that facilitates period-to-period comparisons on a consistent basis. Management uses Adjusted EBITDA internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Management believes that Adjusted EBITDA is a useful measure of our performance because it reflects our cash generation potential from our operational activities excluding impairment of non-current assets and other miscellaneous adjustments, if any. These measures should not be considered in isolation or as a substitute for profit (loss) or operating profit, as indicators of operating performance, or as alternatives to cash flow as measures of liquidity. Additionally, our calculation of Adjusted EBITDA may be different from the calculation used by other companies, including our competitors in the mining industry, so, our measures may not be comparable to those of other companies.
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Highlights 3Q26 (1) Refer to “Use of Non-IFRS Financial Measures” for further information. Adjusted EBITDA excludes items presented in the “Net Income reconciliation to Adjusted EBITDA” section of our earnings release; (2) Net Leverage ratio (Net debt/ LTM Adjusted EBITDA). Key Operational Results Key Financial Results Net Revenues (US$) 937 mm +3% vs. 2Q26 +23% vs. 3Q25 Adjusted EBITDA1 (US$) 301 mm +5% vs. 2Q26 +62% vs. 3Q25 Net Leverage² 1.24x -0.2x vs. 2Q26 -1.0x vs. 3Q25 Free Cash Flow3 (US$) 73 mm 54 mm vs. 2Q26 (4) mm vs. 3Q25 (1) Refer to “Use of Non-IFRS Financial Measures” for further information. Adjusted EBITDA excludes items presented in the “Net Income reconciliation to Adjusted EBITDA” section of our earnings release; (2) Net Leverage ratio (Net debt/ LTM Adjusted EBITDA); (3) We have changed our Free cash flow definition compared to previous quarters. The updated definition is defined as Net cash pr ovided by operating activities minus CapEx. Total Zinc Sales (smelting) 146kt +9% vs. 2Q26 -2% vs. 3Q25 Metal prices, by-products and stronger operations drove our highest quarterly Adj. EBITDA of 2026; FCF of US$73MM and leverage down to 1.24x. Zinc Production (mining) 85kt +7% vs. 2Q26 +1.5% vs. 3Q25 | 3
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US$54.1/t vs. 2Q26 vs. 3Q25 (1) Our Cost ROM is measured against treated ore volume. Our cash cost net of by-products credits is measured against zinc sold per mine. Operating Performance | Mining Segment Zinc Production (kt) Zn Production וUp QoQ: higher throughput at Aripuanã with higher utilization of the 4th filter, along with higher volumes at Vazante and El Porvenir. וUp YoY: Higher grades and improved performance at Aripuanã, partially offset by lower grades at Cerro Lindo and El Porvenir. 84 79 85 3Q25 2Q26 3Q26 Cerro Lindo El Porvenir Atacocha Vazante Aripuanã Consolidated Costs Cash cost net of by-products¹ 2026 Updated guidance US$(0.45)/lb 9M26 (0.20) (0.54) Upper Range Lower Range 9M26 in line with updated guidance Cost ROM1 US$55.7/t 9M26 2026 Updated guidance 50.0 58.0 9M26 in line with updated guidance Net Revenues US$454 mm Adj. EBITDA US$236 mm Adj. EBITDA Mrg. 52% US$(0.64)/lb vs. 2Q26 vs. 3Q25 | 4 Financial Highlights 3Q26 +7% 225 244 9M25 9M26 +8%
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3Q26 PerformanceAripuanã Outlook: higher throughput, plant utilization and metal recoveries are expected in 4Q26 as 4th filter performance is consolidated 1 2 3 Highlights: 4th tailings filter stabilization progressing 3Q26 average plant utilization of 84% (90% in September) Exploration and mine development: accelerated to increase mining fronts; near-mine drilling started at priority targets and further campaigns planned for 4Q264 Treated ore: 471kt Zn production: 13.0kt LOADING… Ramp up began 1st Commercial sale Ramp up concluded Fully operational 4th filter arrival and installation has commenced 4th filter installation and commissioning July 2022 July 2024 2H25 1H26 Incremental capacity 2H26 100% Ongoing Achieved | 5 vs. 2Q26+18% +48% Strong performance after the 4th filter installation, on track to full capacity 4th tailings filter
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Phase I ExecutionוEP TSF raising: 4131 level 3Q26 | Cerro Pasco Integration Phase I construction advancing as planned; permitting timeline updated. 1Q26 Retaining wall completed. Civil works and structural assembly for the pump building underway. 2Q26 Civil works completed; start of electromechanical assembly, incl. tailings thickener; pump building structural assembly concluded. 3Q26 Major equipment assembly completed; remaining electromechanical works advanced, with pre- commissioning and commissioning activities underway. 4Q26 Mechanical completion expected in Dec/26; commissioning and operational-readiness activities continuing. | 6 Cerro Pasco Integration Project: view of the Tailings Pumping System construction site, including the Tailings thickener and main electrical room. 1Q27-2Q27 Commissioning activities advancing. MEIA approvals expected in Mar-Apr/27; operating authorization for the pumping system in 2Q27; pumping start in early 3Q27. וTailings Pumping System EP (major equipment assembly completed)וATA TSF raising: 4155 (construction in 2027-28)¹ (1) Investment anticipated to Phase I; Construction to start after MEIA approval
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425 428 9M25 9M26 +1% US$0.36/lb vs. 2Q26 vs. 3Q25 US$1.65/lb vs. 2Q26 vs. 3Q25 (1) Our conversion cost and cash cost net of by-products credits are measured based on zinc sold. Operating Performance | Smelting Segment Total Sales | Zn Metal + Oxide (kt) Consolidated Costs 150 134 146 3Q25 2Q26 3Q26 +9% US$1.50/lb 9M26 1.62 2026 Updated guidance 1.41 US$0.35/lb 9M26 2026 Updated guidance 0.32 0.36 Cajamarquilla Três Marias Juiz de Fora Upper Range Lower Range Cash cost net of by-products¹ Conversion Cost1 9M26 in line with updated guidance Zn (metal + oxide) sales וUp QoQ: production recovery at Cajamarquilla after fire incident in 2Q26 enabling higher sales. וDown YoY: part of 3Q26 production was built into inventory for 4Q26 sales. | 7 9M26 in line with updated guidance Financial Highlights 3Q26 Net Revenues US$696 mm Adj. EBITDA US$65 mm Adj. EBITDA Mrg. 9% 177 152 178 Sulfuric Acid (kt) 3Q25 2Q26 3Q26 434 468 532 Silver Content (koz) 2.0 2.8 3.2 Copper Cement (kt) 9M26: 483kt +6% vs. 9M25 9M26: 1,427koz +15% vs. 9M25 9M26: 9.2kt +74% vs. 9M25 Consolidated Sales | By-products
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764 908 937 3Q25 2Q26 3Q26 +3% 2,825 3,466 3,825 472 869 9M25 9M26 +84% 22% 32% 2,099 2,733 9M25 9M26 +30% 2,770 3,514 Adjusted EBITDA2 (US$ million) LME Zinc Prices (US$/t) 3Q26 | Consolidated Financial Results (1) Includes intersegment results; (2) Adjusted EBITDA excludes the items presented in the “Net Income (Loss) reconciliation to Adjusted EBITDA” section of our earnings release – US$191 million in 3Q26, US$24 million in 2Q26 and US$(73) million in 3Q25, to taling US$213 million in 9M26 and US$(44) million in 9M25. Net Revenues1 (US$ million) Adj. EBITDA Margin 186 286 301 3Q25 2Q26 3Q26 +5% 24% 31% 32% 3Q26 Adj. EBITDA +5% (vs. 2Q26) +62% (vs. 3Q25) Adj. EBITDA Margin 32% (vs. 31% in 2Q26) 3Q26 Net Revenues +3% (vs. 2Q26) +23% (vs. 3Q25) • QoQ: higher Zn and Cu prices and recovery of smelting sales volumes, partially offset by lower silver prices. • YoY: stronger by-products contribution and higher Zn prices | 8 • QoQ: higher Zn prices and smelting sales recovery, partially offset by higher raw material costs. • YoY: stronger by-product contribution and higher zinc prices. Net loss US$47mm, mainly reflecting a US$124mm non-cash impairment of the Juiz de Fora and Três Marias System CGUs.
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Mineral Exploration and Project Evaluation CapEx 7 (6) 27 12 105 73 149 114 130 77 2 0.5 2026 Guidance 9M26 420 272 (1) Modernization, innovation, energy, other investments. Along with capitalized interest, advance payments for imported materials, tax credits and differences between accrual and cash basis accounting, which reconcile capital expenditures presented in this release to the amounts reported in our condensed consolidated interim financial statements; (2) Exploration mine development refers to the “secondary” development to support exploration program. 3Q26 | Investments (US$ million) (US$ million) 18 9 11 13 8 3 49 29 2026 Guidance 9M26 86 Mineral exploration Mineral rights Exploration (mine development)² Project Evaluation וUS$272 million invested in 9M26 וUS$111 million in 3Q26 ו2026 guidance updated to US$420 million, up 10% from US$ 381 million, reflecting mainly Aripuanã mine development, Cerro Pasco and BRL appreciation. וUS$53 million in 9M26 וUS$21 million in 3Q26 ו2026 guidance unchanged | 9 53 Expansion Projects Sustaining Mine Development Tailings Storage Facilities HS&E Others¹
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(1) Adjustments to reconcile Adjusted EBITDA to cash provided by operations; (2) Breakdown available in the Financial Statements “Consolidated statement of cash flows”, including the Tax settlement payment of approximately US$16.7 million, which refers to a cash disbursement made during the quarter following the final resolutions issued by Peru's tax authority ("SUNAT") in August 2026. The payment was made to preserve Nexa's right to continue challenging the assessments before the competent judicial authorities, while benefiting from a reduction in penalties and interest. Excluding this payment, the Increase in cash and cash equivalents for the quarter would have been positive at US$41 million. (3) CapEx recorded under investing activities in our condensed consolidated interim financial statements is presented on a cash basis, while the amount presented in the "Capital Expenditures (CapEx)" section of this earnings release is reported on an accrual basis; (4) We have changed our Free cash flow definition compared to previous quarters. The updated definition is defined as Net cash provided by operating activities minus CapEx. Refer to “Consolidated statement of cash flows” in the Financial Statements. (5) Dividends paid to non-controlling interests (Pollarix and Nexa Peru) and Dividends received in cash from associates (ENERCAN); and (6) Foreign exchange effects on cash and cash equivalents. 3Q26 | Cash Flow 3Q26: Strong Cash from Ops | Positive FCF of US$73mm, despite planned working capital investments expected to reverse in 4Q26. | 10 Avg prices: Zn (US$/t): 3,825 / Cu (US$/t): 14,104 / Pb (US$/t): 1,857 Ag (US$/oz): 62.6 / Au (US$/oz): 4,262 (US$ million) 301 5 306 (58) (63) (112) 73 (25) (23) 0.2 25 Operating cash flow before working capital CapEx (3) FX (6)Dividends paid/received (Net) (5) Interest paid and Taxes New loans and Debt Payment (Net) Increase in cash and cash equivalents Working Capital & Other Variations (2) Other non- operational (1) FCF (4)Adjusted EBITDA
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Net Debt(4)/LTM Adj. EBITDA 1,479 1,303 1,481 1,476 1,456 2.2x 1.7x 1.6x 1.4x 1.2x -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3Q25 4Q25 1Q26 2Q26 3Q26 Rating BBB- BB+ Ba2 Outlook / Watch Status Rating Watch Negative Stable Stable Rating Agencies Note: (1) 5 yrs sustainability-linked US$320 million Revolving Credit Facility effective on October 20, 2023; (2) Cash, cash equ ivalents and financial investments; (3) Including the RCF; (4) Net Debt, as defined as, Gross debt (US$1,752 million) minus c ash and cash equivalents (US$405 million), minus financial investments (US$11 million), plus negative derivatives (US$21 million), plus Le ase Liabilities (US$139 million). It does not include the financial instrument related to the offtake agreement. 3Q26 | Liquidity, Indebtedness and Credit Rating Debt profile (as of Sep 30, 2026). Long-term avg. debt maturity: 6.8 years @6.70% avg. cost Solid Liquidity (3) US$735 mm Net Debt US$1,456 mm Net leverage 1.24x Debt amortization schedule (US$ million) 415 83 53 108 142 16 9 7 8 8 111 600 500 Cash 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 & Onwards 320 735 182 608 530RCF (1) Total Cash (2) Bonds OutstandingGross debt: US$1,752 | 11 Investment Grade
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(1) Based on daily prices until September 30, 2026, as reported by the London Metal Exchange . Zinc and Copper Markets Zinc LME price evolution1 (US$/t) Jul/25 Sep/26 Copper LME price evolution1 (US$/t) | 12 Zinc: Concentrate shortage deepens and lifts prices to the highest level since 2022. Zn LME up 35% y-o-y, averaging US$3,825/t in 3Q26 וSmelter margins under further pressure: spot TCs in China ended the quarter at -US$236 CIF/t, more than double the negative level of 2Q26. By-products, particularly sulfuric acid and silver, remain the key cushion. Outlook: וPrices supported by tight concentrate and refined markets, with LME and SHFE inventories covering only about one week of global consumption. וPersistent TC pressure through year-end; Nexa benefits as a net producer of sulfuric acid with significant silver recoveries. וGeopolitical uncertainty: elevated energy prices may add cost pressures for smelters globally, potentially constraining utilization and refined supply. Copper: Prices driven by tight supply and U.S. stockpiling ahead of a tariff decision. Cu LME up 44% y-o-y, averaging US$14,104/t in 3Q26 וSpot TC/RCs moved deeper into negative territory, with Chinese smelters curtailing production or bringing forward maintenance shutdowns. Outlook: וNear-term volatility from U.S. trade policy and inventory dynamics. וStructural fundamentals remain constructive long-term, supported by electrification, energy transition and decarbonization. Jul/25 Sep/26 3Q25 avg. 2,825 3Q26 avg. 3,825 3Q25 avg. 9,797 3Q26 avg. 14,104 +35% +44%
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Silver: eased from 2Q26 highs, averaging US$62.6/oz in 3Q26 וResilient despite tighter monetary conditions: September rate hikes by the Fed, ECB and Bank of Japan. וOutlook: higher real interest rates and a stronger U.S. dollar could weigh on prices, while demand from solar, electrification and AI- related infrastructure remain supportive. Nexa’s Exposure: וAnnual silver production of 11MMoz: a significant silver producer. וFirst full quarter with Cerro Lindo's silver streaming stepped down from 65% to 25%, increasing the share of production realized at spot prices and contributing to stronger cash generation. Gold averaged US$4,262/oz in 3Q26 וSupported by investment demand, central bank reserve diversification and geopolitical uncertainty, while higher bond yields and expectations of another Fed hike increased the opportunity cost of holding gold. Outlook: וGold outlook remains constructive for 4Q26, despite sensitivity to rates, FX and geopolitical developments. Silver and Gold Markets (1) Based on daily prices until September 30, 2026, as reported by the LBMA – London Bullion Market Association. Silver LBMA price evolution1 (US$/oz) Gold LBMA price evolution1 (US$/oz) Jul/25 Sep/26 | 13 Jul/25 Sep/26 3Q25 avg. 39.4 3Q26 avg. 62.6 3Q25 avg. 3,457 3Q26 avg. 4,262
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Zinc-Specific Takeaways: “Éminence grise”וModest demand but supported by real economic activity and exposure to major trends >> infrastructure investment and, to a lesser extent, energy transition Supply constraints וTight concentrate market driven by lower grades, mine reprioritization toward copper, production disruptions and limited new supply TCs under pressureוBenchmark TCs expected to decline in 2027 from 2026 levels of US$85/t By-products “to the rescue” וRecovery capabilities and by-product prices will remain key contributors to smelter margins. Sulfuric acid at multi-year high is the standout contributor, alongside silver Additional metal production cuts? וLimited refined inventories create upside risk to premiums, with opportunistic arbitrage windows becoming more frequent Integrated model pays off וTight concentrate supports our mines; by-product recovery supports our smelters Macro & Sentiment: • Macro backdrop volatile: with persistent inflation, geopolitical tensions, and tariffs driving uncertainty and fostering a more cautious market environment • Market sentiment remained constructive across most base metals, particularly copper and zinc • Broad consensus emerged around zinc’s constructive and longer-lasting fundamentals 2026 LME Week | Constructive zinc fundamentals for longer Key themes shaping the Zinc market | 14 Cu captured the headlines, but Zn has attracted particular attention due to price- supportive structural changes in its fundamentals. By-products are now critical to smelting margins, and Nexa is well positioned through its recovery capabilities, particularly in sulfuric acid. 1 2 3 4 5 6
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Treatment Charges Key driver of 2027 smelter margins Expected to decline from US$85/t; integration offsets: lower TCs benefit our mines Sulfuric acid & silver Increasingly decisive for smelter economics Acid at multi-year highs; Nexa’s recovery capabilities capture this value Zinc price level Indicator of market balance and sentiment Holding above ~US$3,700/t; supported by tight concentrate and low refined stocks Refined inventories & premiums Signal of near-term metal tightness Low exchange inventories support premiums; China export arbitrage key to watch Mine supply Main constraint on the market Older mines declining, few large projects; Aripuanã securing increasing supply to Nexa’s Smelters Policy & trade Tariffs and critical-mineral policies reshape flows Growing preference for non-Chinese supply supports Nexa’s role in the Americas 2026 LME Week | What We Are Watching | 15 Focus Area1 Why It Matters2 Our View | Nexa’s Position3 Key indicators for the zinc market
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ESG 3Q26 Highlights & Strategic Governance Safety & Community Engagement וLower injury frequency: TRIFR improved to 1.34 from 1.50 in 3Q25, despite ~19% more hours worked. וCritical risk controls reinforced: fatigue monitoring cabins at the Cerro Pasco Complex and the "Line of Fire" campaign at El Porvenir and Atacocha. וCommunity engagement in Peru: health campaigns and higher education scholarships supporting over 1,000 students, alongside the new Community Contact Channel. Innovation & Circular Economy וResource efficiency: ~20% below budgeted cement consumption in backfill at Cerro Lindo and expanded dry-stack capacity at Aripuanã with the 4th tailings filter. וCircular economy advancing: jarosite additive pilot plant planned at Juiz de Fora, ~3,000t of Waelz aggregate supplied for road paving, and pyrite tests completed at Cerro Lindo. Industry Leadership & Governance וParticipation in Exposibram 2026 in Brazil, where the inclusive safety helmet prototype was presented, reinforcing Nexa's focus on a more diverse and safer workforce. וNexa led the Logistimin Forum on supply chain resilience at EXPOMINA Perú 2026. | 16 Climate Resilience וEl Niño preparedness: no operational impacts in 3Q26; a climate-risk assessment guided updated response plans. וPeru: higher inventories of critical materials, alternative logistics routes and reinforced drainage and geotechnical inspections. וBrazil: water management and wildfire prevention at Vazante and Aripuanã.
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Our Focus and Priorities & our Strategic Catalysts 3 1 2 4 Votorantim and Boliden Transaction וAdvance toward Closing and prepare for the transition. Active ESG strategy Tracking progress on public commitments, advancing our journey toward more sustainable mining. Financial and operational discipline Prioritizing sustainable cash flow generation supported by operational discipline. Strengthening balance sheet Gross debt reduction strategy to boost financial flexibility. Balanced capital allocation, including shareholder distributions. (1) LoM = Life of Mine; (2) LoM based on current Mineral Reserves and Mineral Resources inventory as of Dec. 31, 2025, considering the updated LoM plan; (3) Considering 16 yrs of Mineral Reserves + 50% of the inferred Mineral. Resources as of Dec. 31, 2025. | 17 Mineral Exploration and Growth Cerro Pasco, Cerro Lindo & Vazante: continued success in extending LoM; continued focus on brownfield exploration to extend LoM. Aripuanã ו4th tailings filter operational; stabilization underway to support full capacity וLoM1 = 16y (reserves)²; 25y+ (resources)³. Cerro Pasco Integration Project וWell-known, high potential polymetallic district. וStrengthens our integrated position.
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Thank you! IR Contact: ir@nexaresources.com https://ir.nexaresources.com