Nexa Resources S.A. press release
Nexa Achieves 2025 Production, Sales and Costs Guidance, and Provides 2026-2028 Outlook
NYSE - New York Stock Exchange
Luxembourg, Luxembourg--(Newsfile Corp. - February 6, 2026) - Nexa Resources S.A. (NYSE: NEXA) ("Nexa Resources" or "Nexa" or the "Company") is pleased to announce its operational results for the three-and twelve-month periods ended December 31, 2025. The Company is also providing its production and metal sales guidance for the 2026-2028 period, along with guidance on costs, capital expenditures, and other operating expenses for 2026. The figures presented in this report are preliminary and unaudited. Nexa's financial results for the fourth quarter and full year 2025 are expected to be published on Thursday, February 26, 2026, after trading hours.
2025 Summary Highlights
Nexa achieved its consolidated mining production guidance, with zinc, copper, lead, and silver production all within their respective annual target ranges.
Zinc production totaled 316kt. Aripuanã, Cerro Lindo, and Atacocha performed at the upper end of their annual guidance ranges, Vazante at the midpoint, and El Porvenir at the lower end.
Copper production totaled 33kt, landing at the midpoint of guidance, primarily due to the performance at Cerro Lindo, which exceeded the upper end. Lead production reached 63kt, ending at the upper end of our annual guidance.
Silver production totaled 11MMoz, in line with the midpoint of annual guidance, reflecting stable operating performance across the portfolio and reinforcing Nexa's position as a relevant global silver producer.
Metal sales totaled 567kt, in line with the midpoint of guidance. Record-high annual production at the Cajamarquilla smelter offset lower-than-expected volumes from Brazilian operations, which faced operational instabilities, as well as lower Treatment Charges ("TCs").
The Company successfully achieved its cost guidance. Consolidated run-of-mine mining costs increasing only 1% year-over-year. Consolidated mining C1 cash cost guidance ending approximately 48% below the annual guidance range, driven by improved efficiencies, effective cost management, disciplined execution, and higher by-product credits. Smelting conversion costs came in below annual guidance ranges, and smelting C1 cash costs were in line with guidance.
Total expenditures were below guidance, as our strategic optimization initiatives successfully reduced Other Operating Expenses, while allowing continued investment in long-term growth projects, resulting in a net decrease in overall spend. (Detailed figures will be provided with the 4Q25 and Full-Year 2025 Financial Results on February 26, 2026).
Mining Production
| Mining production | | 2025 | | Guidance 2025 | | | | | (Metal in concentrate) | | | | | | | | | | | | | | | | | | Zinc | kt | | 316 | | 300 | - | 336 | | Cerro Lindo | | | 87 | | 85 | - | 88 | | El Porvenir | | | 53 | | 53 | - | 62 | | Atacocha | | | 12 | | 10 | - | 12 | | Vazante | | | 128 | | 123 | - | 139 | | Aripuanã | | | 35 | | 28 | - | 36 | | | | | | | | | | | Copper | kt | | 33 | | 29 | - | 35 | | Cerro Lindo | | | 27 | | 23.6 | - | 26.5 | | El Porvenir | | | 0.4 | | 0.3 | - | 0.5 | | Aripuanã | | | 5.9 | | 5.1 | - | 8.2 | | | | | | | | | | | Lead | kt | | 63 | | 54 | - | 67 | | Cerro Lindo | | | 10 | | 10.5 | - | 12.5 | | El Porvenir | | | 25 | | 21.0 | - | 25.9 | | Atacocha | | | 14 | | 12.9 | - | 13.5 | | Vazante | | | 0.9 | | 0.6 | - | 0.8 | | Aripuanã | | | 13 | | 9.4 | - | 14.1 | | | | | | | | | | | Silver | MMoz | | 11 | | 11 | - | 12 | | Cerro Lindo | | | 4.0 | | 3.9 | - | 4.2 | | El Porvenir | | | 4.4 | | 4.2 | - | 4.8 | | Atacocha | | | 1.2 | | 1.3 | - | 1.4 | | Vazante | | | 0.4 | | 0.3 | - | 0.5 | | Aripuanã | | | 1.0 | | 1.0 | - | 1.2 |
Smelting Sales
| Smelting sales | | 2025 | | Guidance 2025 | | | | | | | | | | | | | | Zinc metal | kt | | 532 | | 530 | - | 555 | | Cajamarquilla | | | 346 | | 320 | - | 330 | | Três Marias | | | 122 | | 145 | - | 155 | | Juiz de Fora | | | 64 | | 65 | - | 70 | | | | | | | | | | | Zinc oxide | kt | | 35 | | 30 | - | 35 | | Três Marias | | | 35 | | 30 | - | 35 | | | | | | | | | | | Metal Sales | kt | | 567 | | 560 | - | 590 |
2025 Cash Costs
| Mining Operating costs | | Cost ROM (US$/t) | | Cash Cost (US$/lb) | | Cost ROM (US$/t) | | Cash Cost (US$/lb) | | | | | | | | | | | | | | | | | | | | | 2025 | | 2025 | | Guidance 2025 | | Guidance 2025 | | | | | | | | | | | | | | | | | | | | | Mining (1) | | 51.3 | | (0.30) | | 49.2 | - | 56.2 | | (0.04) | - | 0.16 | | Cerro Lindo | | 39.9 | | (0.82) | | 39.2 | - | 43.1 | | (0.52) | - | (0.33) | | El Porvenir | | 64.5 | | (0.49) | | 61.5 | - | 67.7 | | (0.19) | - | 0.02 | | Atacocha | | 36.7 | | (1.89) | | 34.5 | - | 38.3 | | (1.16) | - | (1.07) | | Vazante | | 50.9 | | 0.45 | | 52.0 | - | 57.7 | | 0.46 | - | 0.52 | | Aripuanã | | 95.4 | | 0.09 | | 86.6 | - | 108.2 | | (0.10) | - | 0.69 |
(1) C1 Weighted Cash cost net of by-products credits is measured with respect to zinc sold per mine.
| Smelting Operating costs | | Conversion cost (US$/lb) | | Cash Cost (US$/lb) | | Conversion cost (US$/lb) | | Cash Cost (US$/lb) | | | | | | | | | | | | | | | | | | | | | 2025 | | 2025 | | Guidance 2025 | | Guidance 2025 | | | | | | | | | | | | | | | | | | | | | Smelting (2) | | 0.33 | | 1.26 | | 0.36 | - | 0.41 | | 1.14 | - | 1.33 | | Cajamarquilla | | 0.29 | | 1.14 | | 0.33 | - | 0.36 | | 1.02 | - | 1.17 | | Três Marias | | 0.34 | | 1.42 | | 0.33 | - | 0.40 | | 1.27 | - | 1.53 | | Juiz de Fora | | 0.56 | | 1.56 | | 0.53 | - | 0.64 | | 1.38 | - | 1.58 |
(2) C1 Weighted Cash cost net of by-products credits is measured with respect to zinc sold per smelter.
We delivered a strong beat on C1 cash cost at US$(0.30)/lb, well below the 2025 guidance range, while consolidated run-of-mine mining cost of US$51.3/t came in within its expected range. These results were driven by higher by-product credits, effective cost control, and sustained operational improvements.
Consolidated smelting conversion cost came in below our 2025 guidance range at US$0.33/lb, while C1 cash cost was within the target range at US$1.26/lb. This performance was driven by optimized smelting processes and increased operational throughput at our Cajamarquilla smelter, partially offset by overall higher input costs and operational instabilities at our Brazilian operations.
2025 Operational Results
Mining segment
| Mining production | | 4Q25 | | 4Q24 | | 2025 | | 2024 | | | (Metal in concentrate) | | | | | | | | | | | | | | | | | | | | | | Zinc | kt | | 91 | | 74 | | 316 | | 327 | | Cerro Lindo | | | 25 | | 15 | | 87 | | 86 | | El Porvenir | | | 13 | | 13 | | 53 | | 51 | | Atacocha | | | 3.4 | | 2.7 | | 12 | | 10 | | Vazante | | | 37 | | 34 | | 128 | | 141 | | Aripuanã | | | 12.5 | | 9.3 | | 35 | | 32 | | Morro Agudo(1) | | | 0 | | 0 | | 0 | | 7 | | | | | | | | | | | | | Copper | kt | | 8.1 | | 9.1 | | 33 | | 36 | | Cerro Lindo | | | 6.7 | | 8.1 | | 27 | | 30 | | El Porvenir | | | 0.1 | | 0.1 | | 0.4 | | 0.3 | | Aripuanã | | | 1.2 | | 1.0 | | 5.9 | | 5.5 | | | | | | | | | | | | | Lead | kt | | 18 | | 17 | | 63 | | 69 | | Cerro Lindo | | | 2.8 | | 2.0 | | 10 | | 14 | | El Porvenir | | | 5.6 | | 7.5 | | 25 | | 27 | | Atacocha | | | 4.2 | | 3.1 | | 14 | | 12 | | Vazante | | | 0.3 | | 0.2 | | 0.9 | | 0.9 | | Aripuanã | | | 4.7 | | 4.6 | | 13 | | 13.1 | | Morro Agudo(1) | | | 0 | | 0 | | 0 | | 2.3 | | | | | | | | | | | | | Silver | MMoz | | 2.9 | | 3.0 | | 11 | | 12 | | Cerro Lindo | | | 1.1 | | 0.9 | | 4.0 | | 4.3 | | El Porvenir | | | 1.0 | | 1.3 | | 4.4 | | 4.6 | | Atacocha | | | 0.3 | | 0.3 | | 1.2 | | 1.2 | | Vazante | | | 0.1 | | 0.1 | | 0.4 | | 0.5 | | Aripuanã | | | 0.3 | | 0.3 | | 1.0 | | 1.1 |
(1)2024 figures consider only the four months of operations from January to April 2024.
Cerro Lindo:Zinc production increased 1% year-over-year to 87kt, driven by higher throughput, improved metal recoveries, and enhanced plant efficiency, partially offset by lower average head grades. Copper, lead, and silver production decreased to 27kt (-9%), 10kt (-26%) and 4.0MMoz (-7%), respectively, primarily due to lower grades for these metals.
El Porvenir: Zinc production reached 53kt, a 5% increase versus 2024, mainly driven by higher average head grades (+18bps), which more than offset lower treated ore volumes. Copper production increased 27%. Lead and silver production decreased 6% and 5% to 25kt and 4.4MMoz, respectively, mainly due to lower grades.
Atacocha:Zinc production rose 14% year-over-year to 12kt, mainly reflecting mining activities in higher-grade zinc areas and improved processing efficiency. Lead production increased 12%, supported by higher grades and recoveries, while silver production slightly decreased by 3%.
Vazante:Zinc production totaled 128kt, down 9% from 2024, primarily reflecting mining of lower-grade areas due to geotechnical constraints in 1H25. From June 2025 onward, access to higher-grade zones was progressively restored, supporting full-year guidance achievement. Lead and silver production were in line with guidance, declining 9% and 12%, respectively, also reflecting lower grades.
Aripuanã:Zinc production reached 35kt, up 11% year-over-year, reflecting stronger operational performance and improved plant stability, which enhanced recovery rates. Copper production increased by 8% to 6kt. Lead slightly decreased by 1% to 13kt and silver reached 1.0MMoz (-13%), primarily due to lower average head grades.
Smelting segment
| Smelting sales | | 4Q25 | | 4Q24 | | 2025 | | 2024 | | | | | | | | | | | | | | | | | | | | | | | | | Zinc metal | kt | | 134 | | 144 | | 532 | | 557 | | Cajamarquilla | | | 89 | | 84 | | 346 | | 327 | | Três Marias | | | 30 | | 37 | | 122 | | 147 | | Juiz de Fora | | | 15 | | 23 | | 64 | | 83 | | | | | | | | | | | | | Zinc oxide | kt | | 7 | | 8 | | 35 | | 35 | | Três Marias | | | 7 | | 8 | | 35 | | 35 | | | | | | | | | | | | | Metal Sales | kt | | 142 | | 152 | | 567 | | 591 |
Peru:Cajamarquilla metal sales increased 6% year-over-year to 346kt, achieving a record-high annual performance despite lower TCs. This was driven by higher production, supported by continued operational enhancements to the roaster and improved calcine availability.
Brazil:Metal sales (zinc metal + zinc oxide) totaled 221kt, a 17% decrease compared to 2024, primarily due to operational instabilities across Brazilian smelters, which resulted in lower-than-expected production volumes, in addition to historically lower TCs.
At Três Marias, metal sales (zinc metal + zinc oxide) amounted to 157kt, down 14% year-over-year, as operational challenges constrained zinc recovery rates and overall production volumes.
At Juiz de Fora, metal sales declined 23% to 64kt, reflecting remediation activities in 1H25 following the fire incident in late December 2024. Operations resumed in mid-2025, with utilization rates gradually improving and reaching full capacity in September 2025.
Guidance 2026-2028
Guidance is based on several assumptions and estimates, including but not limited to metal prices, operational performance, maintenance and input costs, and exchange rates.
Nexa continues to monitor global macroeconomic and operational risks that could affect our business. These include commodity price volatility, inflationary pressures, supply chain constraints, and potential changes to political or regulatory environments in the jurisdictions where we operate. In addition, community-related events or extreme weather may impact production and cost pressures.
We remain focused on mitigating these risks through operational discipline, proactive stakeholder engagements, and flexibility in our capital allocation. For more details, please refer to "Risks and Uncertainties" and our "Cautionary Statement on Forward-Looking Statements."
Summary Highlights
Zinc: At the midpoint of the 2026 guidance range, consolidated zinc production is expected to increase by approximately 6% compared to 2025, primarily driven by higher output from Aripuanã, Atacocha, and Vazante, partially offset by lower volumes at Cerro Lindo and El Porvenir due to mine sequencing that anticipates slightly lower grades. Zinc production is forecast to increase by a further 8% in 2027, supported by El Porvenir, Atacocha, and Aripuanã, and to remain broadly flat in 2028 versus 2027, as higher output from Atacocha, Aripuanã, and Vazante offsets forecasted lower contributions from Cerro Lindo and El Porvenir.
Copper: At the midpoint of the 2026 guidance range, consolidated copper production is expected to decline by approximately 17% compared to 2025, mainly reflecting the planned mining of lower-grade zones. This trend is expected to continue through 2027 and 2028, driven by declining grades at Cerro Lindo and Aripuanã.
Lead and Silver: At midpoint levels, consolidated lead production in 2026 is expected to remain broadly stable compared to 2025, increase by approximately 9% in 2027, and decline by 5% in 2028. Silver production is projected to decline by 3% in 2026, increase by 1% in 2027, and decrease by 7% in 2028, also reflecting the long-term mining sequence.
Metal sales: At the midpoint of the 2026 guidance range, total metal sales are expected to increase by approximately 3% compared to 2025, reflecting a partial recovery from the lower 2025 base, which was impacted by operational challenges at the Brazilians smelters and low TCs. In 2026, overall TCs are expected to increase above the 2025 level of US$80/ton of concentrate. In addition, no material third-party resale volumes are anticipated. For 2027 and 2028, total metal sales are expected to increase, ranging between 580-605kt.
Mining Segment
| Mining production | | | | | | | | | | | | | | | | | (Metal in concentrate) | | | 2025 | | | 2026e | | | | 2027e | | | | 2028e | | | | | | | | | | | | | | | | | | | | Zinc | kt | | 316 | | 310 | - | 360 | | 335 | - | 389 | | 333 | - | 398 | | Cerro Lindo | | | 87 | | 77 | - | 85 | | 73 | - | 85 | | 70 | - | 80 | | El Porvenir | | | 53 | | 48 | - | 55 | | 67 | - | 75 | | 61 | - | 79 | | Atacocha | | | 12 | | 12 | - | 15 | | 16 | - | 18 | | 17 | - | 22 | | Vazante | | | 128 | | 128 | - | 145 | | 120 | - | 140 | | 120 | - | 143 | | Aripuanã | | | 35 | | 45 | - | 60 | | 60 | - | 70 | | 65 | - | 74 | | | | | | | | | | | | | | | | | | | Copper | kt | | 33 | | 26 | - | 30 | | 25 | - | 30 | | 23 | - | 27 | | Cerro Lindo | | | 27 | | 22 | - | 25 | | 22 | - | 25 | | 21 | - | 23 | | El Porvenir | | | 0.4 | | 0.3 | - | 0.3 | | 0.3 | - | 0.4 | | 0.4 | - | 0.5 | | Aripuanã | | | 5.9 | | 3.6 | - | 4.4 | | 2.2 | - | 4.3 | | 2.0 | - | 3.4 | | | | | | | | | | | | | | | | | | | Lead | kt | | 63 | | 60 | - | 67 | | 63 | - | 77 | | 60 | - | 72 | | Cerro Lindo | | | 10 | | 8 | - | 10 | | 9 | - | 11 | | 9 | - | 12 | | El Porvenir | | | 25 | | 21 | - | 24 | | 22 | - | 23 | | 17 | - | 21 | | Atacocha | | | 14 | | 14 | - | 15 | | 11 | - | 13 | | 8 | - | 9 | | Vazante | | | 0.9 | | 0.6 | - | 0.7 | | 0.5 | - | 0.6 | | 0.5 | - | 0.7 | | Aripuanã | | | 13 | | 17 | - | 19 | | 20 | - | 29 | | 26 | - | 29 | | | | | | | | | | | | | | | | | | | Silver | MMoz | | 11 | | 10 | - | 11 | | 10 | - | 12 | | 9 | - | 11 | | Cerro Lindo | | | 4.0 | | 3.0 | - | 3.3 | | 3.1 | - | 3.4 | | 3.0 | - | 3.6 | | El Porvenir | | | 4.4 | | 4.2 | - | 4.7 | | 4.0 | - | 4.6 | | 3.0 | - | 3.8 | | Atacocha | | | 1.2 | | 1.3 | - | 1.4 | | 0.9 | - | 1.1 | | 0.7 | - | 0.9 | | Vazante | | | 0.4 | | 0.2 | - | 0.3 | | 0.2 | - | 0.3 | | 0.2 | - | 0.3 | | Aripuanã | | | 1.0 | | 1.2 | - | 1.6 | | 1.7 | - | 2.3 | | 2.0 | - | 2.4 |
For the forecasted periods, consolidated average zinc grade is expected to range between 2.93% and 3.33%, consolidated average copper grade is expected to range between 0.26% and 0.30%, and consolidated average lead grade is expected to range between 0.62% and 0.70%.
Cerro Lindo:Zinc production for 2026 is guided between 77-85kt, representing a 7% decrease at the midpoint, primarily due to lower average grades. Production is expected to decline by a further 3% in 2027 (73-85kt) and 5% in 2028, as mining progresses into lower-grade orebodies. Copper production in 2026 is expected to decrease by approximately 3kt versus 2025 at the midpoint, driven by anticipated lower grades. Output is forecast to remain flat in 2027, before declining by approximately 10% in 2028 to a range of 19-23kt, in line with the mining plan. Lead production is expected to range between 8-11kt in 2026-2027, increasing to 9kt-12kt in 2028. Silver production is guided between 3.0-3.3MMoz in 2026, with ranges of 3.1-3.4MMoz in 2027, and 3.0-3.6MMoz in 2028.
El Porvenir:In 2026, zinc production is guided between 48-55kt, representing a 3% decrease at the midpoint, primarily due to lower treated ore volumes, during the Phase II shaft upgrade of the Cerro Pasco Integration Project (expected in 1H26). Output is projected to increase in 2027 to 67-75kt, supported by improved grades and higher volumes, before stabilizing in 2028 within a 61-79kt range.
Lead production is expected to decline to 21-24kt in 2026, primarily due to lower grades, slightly improve by 3% in 2027, and then decrease by approximately 16% in 2028 to a range of 17-21kt, reflecting the sequencing plan and transitional mining phases.
Silver production at the midpoint is expected to increase by 2% in 2026, decline by approximately 4% in 2027 (4.0-4.6kt range), and decrease in 2028 to a range of 3.0-3.8kt.
Atacocha:Zinc production in 2026 is guided between 12-15kt, representing a 14% increase at the midpoint, supported by improved mine sequencing and operational performance. A further increase of approximately 3kt is expected in 2027, followed by 14% growth in 2028, driven by higher contributions from planned mining areas.
Lead production at the mid-range is estimated to increase by 3% in 2026. Output is then forecast to decrease by 17% in 2027 and 26% in 2028, reflecting the planned extraction of lower-grade orebodies.
Vazante:Zinc production in 2026 is guided between 128-145kt, a 6% increase at the midpoint, mainly driven by higher treated ore volumes. In 2027, production is expected to range between 120-140kt, with similar levels anticipated in 2028 (120-143kt).
Aripuanã:Zinc production in 2026 is expected to increase by approximately 49% to a range of 45-60kt, supported by more stable plant operations, the installation of a fourth filter, and higher mining volumes. Output is projected to increase by 24% in 2027 (60-70kt range) and 7% in 2028 (65-74kt range) reflecting continued operational stability.
Copper production over the 2026-2028 period is expected to decrease at the midpoint as mining progresses into lower-grade copper areas, in line with the mine plan.
Smelting Segment
| Smelting sales | | | 2025 | | | 2026e | | | | 2027e | | | | 2028e | | | | | | | | | | | | | | | | | | | | Zinc metal | kt | | 532 | | 535 | - | 560 | | 545 | - | 565 | | 545 | - | 565 | | Cajamarquilla | | | 346 | | 325 | | 335 | | 325 | - | 335 | | 325 | - | 335 | | Três Marias | | | 122 | | 140 | - | 145 | | 145 | - | 150 | | 145 | - | 150 | | Juiz de Fora | | | 64 | | 70 | - | 80 | | 75 | - | 80 | | 75 | - | 80 | | | | | | | | | | | | | | | | | | | Zinc oxide | kt | | 35 | | 35 | - | 40 | | 35 | - | 40 | | 35 | - | 40 | | Três Marias | | | 35 | | 35 | - | 40 | | 35 | - | 40 | | 35 | - | 40 | | | | | | | | | | | | | | | | | | | Metal Sales | kt | | 567 | | 570 | - | 600 | | 580 | - | 605 | | 580 | - | 605 |
At the midpoint of our 2026 guidance, metal sales volumes are expected to increase year-over-year. We then forecast modest growth in total sales through 2027 and 2028 compared to 2026.
2026 Cash Costs
Estimated Cash costs for 2026 are based on several assumptions, including but not limited to:
Production volumes for zinc and other metals;
Commodity prices: Zn US$1.29/lb, Cu US$4.54/lb, Pb US$0.91/lb, Ag US$42.0/oz, Au: US$3,775/oz;
Foreign exchange rates: BRL/USD 5.50 and Soles/USD 3.47; and
Zinc benchmark treatment charge ("TC") for 2026 is currently assumed at approximately US$175/t concentrate.
Note: The official annual benchmark TC for 2026 is expected to be settled in early April, following negotiations between major industry participants. Nexa's assumptions, if needed, will be updated upon conclusion of these negotiations.