Nexa Resources S.A. (NEXA): Modelo de Negocio Canvas [Actualizado en Ene-2025]

En el mundo dinámico de la minería global, Nexa Resources S.A. se erige como una potencia estratégica, transformando la extracción mineral a través de enfoques innovadores y prácticas sostenibles. Punrando capacidades tecnológicas avanzadas con asociaciones estratégicas en Brasil y Perú, Nexa ha creado un modelo de negocio sofisticado que trasciende los paradigmas mineros tradicionales. Al integrar las técnicas de extracción de vanguardia, la gestión ambiental responsable y las robustas conexiones del mercado global, la compañía se ha posicionado como un jugador clave en la producción de zinc y cobre, ofreciendo metales de alta calidad a sectores industriales críticos en todo el mundo.

Nexa Resources S.A. (NEXA) - Modelo de negocios: asociaciones clave

Alianza estratégica con fabricantes de equipos mineros

NEXA Resources ha establecido asociaciones con fabricantes de equipos mineros específicos:

Fabricante	Detalles de la asociación	Inversión anual
Caterpillar Inc.	Suministro de equipos mineros pesados	$ 45.2 millones
Grupo sandvik	Tecnología de minería subterránea	$ 32.7 millones

Empresas conjuntas con comunidades mineras brasileñas y peruanas locales

NEXA Resources mantiene asociaciones locales estratégicas:

• Asociación de la mina Cerro Lindo con comunidades peruanas locales: $ 12.5 millones de inversión comunitaria anual
• Vazante Mine Colaboración con partes interesadas regionales brasileñas: Fondo Anual de Desarrollo Social de $ 8.3 millones

Asociaciones tecnológicas para técnicas avanzadas de extracción de minerales

Socio tecnológico	Área de enfoque	Inversión anual de I + D
Universidad de São Paulo	Innovaciones de procesamiento de minerales	$ 5.6 millones
Instituto de Innovación Senai	Tecnologías de eficiencia de extracción	$ 4.2 millones

Colaboración con proveedores de transporte y logística

Detalles de la asociación logística:

• Vale S.A. Acuerdo de transporte ferroviario: 420,000 toneladas métricas Capacidad anual de transporte mineral
• Puerto de Santos Logistics Partnership: $ 22.1 millones de inversión anual de infraestructura logística

Asociaciones financieras con instituciones bancarias internacionales

Institución financiera	Tipo de asociación	Valor de línea de crédito
Banco Santander	Línea de crédito corporativo	$ 350 millones
Corporación de Finanzas Internacionales	Inversión minera sostenible	$ 250 millones

Nexa Resources S.A. (NEXA) - Modelo de negocio: actividades clave

Operaciones mineras de zinc y cobre en Brasil y Perú

Nexa Resources opera 5 complejos mineros: 3 en Perú y 2 en Brasil. La producción mineral total en 2022 alcanzó:

Mineral	Volumen de producción
Zinc	267,300 toneladas
Cobre	45,700 toneladas
Dirigir	28,700 toneladas

Exploración mineral y desarrollo de recursos

Inversiones de exploración en 2022:

• Gastos de exploración total: $ 62.4 millones
• Áreas de exploración: Brasil y Perú
• Centrarse en los proyectos de Greenfield y Brownfield

Procesamiento mineral y producción de metales

Instalación de procesamiento	Capacidad anual
Complejo Vazante (zinc)	220,000 toneladas/año
Complejo Cerro Lindo (zinc/cobre)	250,000 toneladas/año

Implementación de tecnología minera sostenible

Inversiones tecnológicas en 2022: $ 45.3 millones

• Sistemas de reciclaje de agua
• Tecnologías de eficiencia energética
• Equipo minero automatizado

Proyectos de gestión ambiental y recuperación

Gasto ambiental en 2022: $ 37.6 millones

Iniciativa ambiental	Inversión
Rehabilitación terrestre	$ 12.4 millones
Tratamiento de agua	$ 15.2 millones
Conservación de la biodiversidad	$ 10.0 millones

Nexa Resources S.A. (NEXA) - Modelo de negocio: recursos clave

Extensas reservas minerales en Brasil y Perú

Nexa Resources S.A. opera reservas minerales con las siguientes características clave:

Ubicación	Reservas minerales totales	Valor de recursos estimado
Brasil	82.7 millones de toneladas	$ 3.2 mil millones
Perú	65.3 millones de toneladas	$ 2.7 mil millones

Infraestructura minera avanzada e instalaciones de procesamiento

NEXA Resources mantiene la siguiente infraestructura de minería y procesamiento:

• 5 minas operativas de zinc
• 2 instalaciones de procesamiento de cobre
• Capacidad de producción anual total de 260,000 toneladas de zinc
• Instalaciones de procesamiento con 99.5% de eficiencia de recuperación de metales

Fuerza laboral calificada con experiencia en minería técnica

Composición de la fuerza laboral	Número de empleados	Experiencia técnica promedio
Total de empleados	3,850	12.5 años
Especialistas técnicos	1,200	15.3 años

Tecnologías de minería y extracción propietaria

Inversiones y capacidades tecnológicas:

• 3 patentes registradas en extracción de minerales
• Inversión de I + D de $ 42.6 millones en 2023
• Flota de equipos mineros automatizados avanzados

Fuerte capital financiero y capacidad de inversión

Métrica financiera	Valor 2023
Activos totales	$ 2.8 mil millones
Patrimonio de los accionistas	$ 1.2 mil millones
Gastos de capital anuales	$ 320 millones

Nexa Resources S.A. (NEXA) - Modelo de negocio: propuestas de valor

Producción de zinc y cobre de alta calidad

Nexa Resources S.A. produjo 242,400 toneladas de zinc en 2022, con una producción total de metales de 296,100 toneladas. El desglose de producción de la compañía incluye:

Metal	Volumen de producción (toneladas)
Zinc	242,400
Cobre	53,700

Prácticas mineras sostenibles y responsables

Las métricas ambientales y sociales para los recursos de NEXA incluyen:

• Tasa de reciclaje de agua: 83%
• Emisiones totales de gases de efecto invernadero: 643,208 TCO2E en 2022
• Inversión total en proyectos sociales: $ 4.2 millones en 2022

Suministro de metales consistente para mercados industriales globales

La presencia del mercado global de Nexa Resources incluye:

Región	Volumen de ventas (toneladas)
Brasil	180,600
Mercados internacionales	115,500

Innovación tecnológica en la extracción mineral

Inversiones de investigación y desarrollo:

• Gasto de I + D: $ 12.3 millones en 2022
• Mejora de la eficiencia operativa: 5.2% año tras año

Compromiso con la responsabilidad ambiental y social

Métricas de sostenibilidad clave:

Métrica de sostenibilidad	Valor 2022
Inversión comunitaria	$ 4.2 millones
Energía de fuentes renovables	38%
Fuerza de trabajo total	5.800 empleados

Nexa Resources S.A. (NEXA) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con consumidores de metales industriales

Nexa Resources mantiene 12 contratos de suministro a largo plazo con consumidores de metales industriales a partir de 2023. La duración promedio del contrato es 5.7 años. Valor total del contrato estimado en $ 487.6 millones.

Tipo de contrato	Número de contratos	Duración promedio	Valor total del contrato
Acuerdos de suministro de zinc	8	5.4 años	$ 276.3 millones
Acuerdos de oferta de plomo	4	6.2 años	$ 211.3 millones

Ventas directas a través de equipos de comercio de metales dedicados

Nexa Resources opera 3 equipos de comercio de metal dedicados a través de diferentes regiones geográficas. Tamaño del equipo de ventas: 42 profesionales. Volumen de ventas anual a través de canales directos: 487,000 toneladas métricas.

Servicios de atención al cliente y consultas técnicas

• Tamaño del equipo de soporte técnico: 27 especialistas
• Tiempo de respuesta promedio: 4.2 horas
• Calificación de satisfacción del cliente: 87.6%
• Horario de consulta técnica anual: 3,620 horas

Plataformas digitales para la participación del cliente

Métricas de plataforma digital para 2023:

Métrica de plataforma	Valor
Usuarios activos	1,287
Interacciones de plataforma mensuales	4,563
Porcentaje de pedido digital	42.3%

Comunicación transparente sobre las capacidades de producción

Métricas de transparencia de producción:

• Informes de producción trimestrales publicados: 4
• Divulgación anual de capacidad de producción: 530,000 toneladas métricas
• Disponibilidad de seguimiento de producción en tiempo real: 97.5%

Nexa Resources S.A. (NEXA) - Modelo de negocios: canales

Equipos de ventas directos

Nexa Resources mantiene una fuerza de ventas dedicada dirigida a los mercados industriales clave en zinc y la producción de plomo. A partir de 2023, la empresa empleó Aproximadamente 85 profesionales de ventas directas en Brasil y Perú.

Región	Tamaño del equipo de ventas	Mercados clave
Brasil	52 profesionales	Automotriz, construcción
Perú	33 profesionales	Fabricación, infraestructura

Plataformas de comercio de metal

NEXA utiliza múltiples plataformas internacionales de comercio de metales para zinc y ventas de leads.

• London Metal Exchange (LME)
• Redes de comercio internacional de plomo y zinc
• Contratos de clientes industriales directos

Canales de comunicación digital en línea

Las plataformas digitales representan 42% de la estrategia de participación del cliente de NEXA en 2023.

Canal digital	Porcentaje de uso
Sitio web corporativo	18%
LinkedIn	12%
Plataformas digitales específicas de la industria	12%

Conferencias de la industria y exposiciones comerciales

Nexa Resources participa en 7-9 conferencias internacionales de minería y metal anualmente.

• Conferencia de minas y dinero
• Congreso mundial de minería
• Foro de Inversión Minería Latina Americana

Redes de asociación estratégica

Nexa mantiene 23 asociaciones estratégicas a través de sectores de minería, tecnología e industrial.

Tipo de asociación	Número de asociaciones
Colaboración tecnológica	8
Cadena de suministro industrial	12
Investigación y desarrollo	3

Nexa Resources S.A. (NEXA) - Modelo de negocio: segmentos de clientes

Fabricantes industriales globales

Nexa Resources S.A. sirve a fabricantes industriales con zinc y productos principales. A partir de 2022, la producción total de metales de la compañía alcanzó:

Tipo metálico	Volumen de producción anual
Zinc	259,900 toneladas métricas
Dirigir	62,300 toneladas métricas

Empresas de comercio de metales

Los segmentos de clientes de comercio de metal clave incluyen:

• Comerciantes internacionales de productos básicos
• Redes de distribución de metales globales
• Plataformas de comercio de metales especializadas

Sectores de construcción e infraestructura

Segmento de clientes	Uso de metal
Construcción	Productos de acero galvanizado
Infraestructura	Aleaciones a base de zinc

Industrias automotrices y electrónicas

NEXA Resources suministra metales críticos para:

• Fabricación de baterías automotrices
• Producción de componentes electrónicos
• Materiales semiconductores

Mercados internacionales de productos básicos

Presencia del mercado en regiones clave:

Región	Cuota de mercado
América Latina	18.5%
Mercado global de zinc	2.7%

NEXA Resources S.A. (NEXA) - Modelo de negocio: Estructura de costos

Gastos de exploración y extracción minera

A partir del año financiero 2023, Nexa Resources reportó gastos de exploración totales de $ 98.4 millones. Los costos de extracción de minería directa fueron de $ 673.2 millones para el año.

Costos de perforación de exploración

Encuestas geológicas

Evaluación de recursos minerales

Categoría de gastos	Cantidad (USD)
$ 43.6 millones
$ 22.8 millones
$ 32 millones

Gestión laboral y de la fuerza laboral

Los gastos totales de personal para los recursos de NEXA en 2023 fueron de $ 312.5 millones.

• Costos laborales directos: $ 196.7 millones
• Beneficios para empleados: $ 68.3 millones
• Capacitación y desarrollo: $ 12.5 millones
• Seguro de la fuerza laboral: $ 35 millones

Inversiones de tecnología y equipos

Los gastos de capital para 2023 totalizaron $ 332.6 millones.

Categoría de inversión	Cantidad (USD)
Equipo minero	$ 214.3 millones
Infraestructura tecnológica	$ 58.7 millones
Transformación digital	$ 39.6 millones

Costos de cumplimiento ambiental y sostenibilidad

Los gastos de gestión ambiental para 2023 fueron de $ 87.2 millones.

• Gestión de residuos: $ 24.5 millones
• Reducción de emisiones: $ 31.7 millones
• Proyectos de rehabilitación: $ 31 millones

Gastos de transporte y logística

Los costos de logística y transporte en 2023 ascendieron a $ 156.8 millones.

Categoría de transporte	Cantidad (USD)
Transporte de mineral	$ 92.4 millones
Logística de la cadena de suministro	$ 44.6 millones
Envío de equipos	$ 19.8 millones

NEXA Resources S.A. (NEXA) - Modelo de negocios: flujos de ingresos

Ventas de metal de zinc

En 2022, Nexa Resources reportó ventas de metal de zinc de 285,037 toneladas métricas. El precio promedio realizado por zinc era de $ 2,483 por tonelada métrica. Los ingresos totales de zinc para el año alcanzaron $ 707.4 millones.

Métrico	Valor 2022
Volumen de ventas de metal de zinc	285,037 toneladas métricas
Precio promedio de zinc	$ 2,483 por tonelada métrica
Ingresos totales de zinc	$ 707.4 millones

Ventas de cobre metal

Los recursos de NEXA produjeron 78,418 toneladas métricas de cobre en 2022. El precio promedio de cobre realizado fue de $ 8,056 por tonelada métrica. Los ingresos totales del cobre ascendieron a $ 631.7 millones.

Métrico	Valor 2022
Volumen de ventas de cobre metal	78,418 toneladas métricas
Precio promedio de cobre	$ 8,056 por tonelada métrica
Ingresos totales del cobre	$ 631.7 millones

Venta de minerales subproductos

Subproductos de ventas minerales incluidas:

• Producción de plata: 1.4 millones de onzas
• Producción de oro: 34,283 onzas
• Producción de plomo: 36,072 toneladas métricas

Mineral subproducto	Producción 2022
Plata	1,4 millones de onzas
Oro	34,283 onzas
Dirigir	36,072 toneladas métricas

Ingresos de comercio y exportación de metales

Los ingresos por exportación para 2022 totalizaron $ 1.44 mil millones. Los mercados de exportación primarios incluyen:

• Asia: 42% de las exportaciones de metales
• Europa: 28% de las exportaciones de metales
• América del Norte: 20% de las exportaciones de metales
• Otras regiones: 10% de las exportaciones de metales

Contratos de servicio tecnológico

Los ingresos por servicios tecnológicos en 2022 fueron de $ 15.2 millones, principalmente de servicios de consultoría minera y de soporte técnico.

Tipo de servicio	2022 Ingresos
Consultoría minera	$ 10.5 millones
Servicios de soporte técnico	$ 4.7 millones
Servicios tecnológicos totales	$ 15.2 millones

Nexa Resources S.A. (NEXA) - Canvas Business Model: Value Propositions

You're looking at Nexa Resources S.A. (NEXA) and want to know what truly sets their offering apart in the base metals space, especially now, late in 2025. It boils down to a reliable, integrated flow of material, supported by high-potential assets and a clear ESG path. Honestly, the value proposition hinges on converting operational wins into shareholder value, which we saw clearly in the third quarter.

Integrated, Stable Supply of Refined Zinc and Zinc Oxide

Nexa Resources S.A. offers customers a value proposition rooted in its integrated mine-smelter model, operating across Peru and Brazil. This structure is designed to ensure a consistent output of primary products like zinc metal and zinc oxide. For instance, in the third quarter of 2025, the company reported zinc metal and oxide sales of 150kt, which was a 3% sequential increase from the prior quarter, showing commercial delivery against operational improvements.

The company's full-year 2025 production outlook, as guided earlier in the year, projects a significant volume of primary metal supply. You can see the expected scale of this integrated output below, which underpins their supply commitment:

Commodity	2025 Production Guidance (kt)	2025 Production Guidance (MMoz/kt)
Zinc	326 to 381 kt	-
Copper	28 to 35 kt	-
Lead	67 to 78 kt	-
Silver	-	11 to 13 MMoz

The operational momentum in Q3 2025 was strong, with zinc production hitting a record 84,000 tons (or 84kt), marking a 14% jump from the previous quarter. This output, supported by record performance at the Cajamarquilla smelter, directly feeds the supply promise.

Diversified Revenue from High-Value By-Products (e.g., Silver, Gold)

While zinc is the core, the value proposition is enhanced by revenues from co-products, which help cushion the cyclical nature of the main commodity. Silver production in Q3 2025 stood at 2.9 million ounces. Furthermore, the Q3 2025 results reflected a higher by-products contribution overall, which helped drive the Adjusted EBITDA up to $186 million.

The company is a significant global producer, recognized as one of the top five worldwide for both mined and metallic zinc production in 2024. This scale allows for meaningful by-product realization. The overall TTM net revenues ending September 30, 2025, reached approximately $2.84 billion.

• Silver production in 2024 totaled 12 MMoz.
• The company also produces copper and lead alongside zinc.
• By-product contribution was a key driver in the Q3 2025 sequential improvement.

Commitment to Net Zero by 2050 and 2030 ESG Targets

Nexa Resources S.A. positions its low-carbon operations as a key differentiator. The company has a stated commitment to achieving net zero by 2050. This commitment is supported by operational facts, such as one of its major smelters being powered entirely by renewable hydroelectric energy.

While the specific numerical targets for 2030 aren't detailed in the latest reports, the focus on decarbonization efforts and sustainability is evident in their strategic narrative. This focus helps attract capital and customers prioritizing sustainable sourcing. The company's Q3 2025 Net Income of $100 million reflects an improved financial stability that supports these long-term ESG investments.

High-Potential, Long-Life Assets like the Cerro Pasco District

The asset base, particularly in Peru, offers long-term potential, which is a critical part of the value proposition for a capital-intensive business. The Cerro Pasco Complex, which includes the El Porvenir and Atacocha mines, is central to this. The technical report supporting the integration of these mines projected underground fully operational years spanning from 2025 - 2032.

The asset's current operational contribution is tangible, with the Cerro Pasco Complex contributing approximately 1.2kt of zinc per week following the temporary disruption in August 2025. Investment is being channeled here to secure this future; for instance, approximately $12 million of the Q3 2025 CAPEX was allocated to Phase I of the Cerro Pasco Integration Project.

The company is actively investing to extend this life of mine, planning 51,000m of exploration drilling in Peru for 2025, with specific focus on targets within the Pasco complex to extend mineralization to upper deposit levels. This proactive capital deployment, evidenced by the full-year 2025 CAPEX guidance of $347 million, shows a commitment to reinforcing the foundation for long-term growth.

Nexa Resources S.A. (NEXA) - Canvas Business Model: Customer Relationships

You're looking at how Nexa Resources S.A. manages its relationships with the industrial buyers of its metals and with the financial markets, which is key for a vertically integrated producer.

Dedicated global sales team for industrial clients

Nexa Resources S.A. deploys a sales structure designed to move beyond simple commodity trading, focusing on customized service for industrial clients across its global footprint. The sales team manages the concentrate sales portfolio, using the benefits of integration between its mines and smelters to improve sales intelligence. This team actively works to differentiate the offering by providing product formats that go beyond the standard 25-kg ingots, which is the benchmark for the commodity priced on the London Metal Exchange. For instance, they customize chemical and physical specifications, along with identification marks, for specific customers. The volume of refined metal sold reflects this effort; in the second quarter of 2025, zinc metal and oxide sales reached 145kt.

The company tailors its physical product formats to better serve specific industrial needs, moving away from a one-size-fits-all approach. Here's a look at some of the product format and alloy offerings as of late 2025:

Product Attribute	Detail/Format	Application/Market Focus
Standard Ingot Size	25-kg (LME standard)	General Commodity Market
Bulk Format	Strip Jumbo (1-tonne format)	Logistical efficiency, produced at Cajamarquilla and Juiz de Fora
Alloy Type	Alloys for CGG (Continuous Galvanizing Grade)	Specific industrial galvanizing processes
Specialty Product	Active zinc oxide	Expanding participation in the Brazilian domestic market

The sales planning team also revisited product relocation strategies, considering both locality and customer demand, which resulted in new orders from Asia and helped keep sales stable in the period following the first half of 2025.

Long-term supply agreements with key manufacturers

As an integrated mining-smelting company, Nexa Resources S.A. naturally has a degree of insulation from the most volatile short-term market pricing mechanisms, especially concerning treatment charges (TCs) for its concentrate purchases. For the 2025 fiscal year, only approximately 30% of their concentrate purchases (from third-parties and own mines) were subject to the 2025 TC benchmark of US$80/t concentrate. Management expects a similar level of exposure in 2026. This structure suggests a reliance on pre-negotiated, likely long-term, contracts for the remaining 70% of their concentrate needs, which helps secure operational stability for their smelters like Cajamarquilla, Três Marias, and Juiz de Fora.

Investor relations for transparency with financial markets

Nexa Resources S.A. maintains an active cadence of communication with financial markets to ensure transparency regarding its performance and strategic direction. The company reported its financial results for the third quarter of 2025, showing a Net Income of US$100 million and an Adjusted EBITDA of US$186 million for that quarter. Furthermore, the company actively manages market perception of its financial health, reporting that net leverage improved to 2.2x from 2.3x in the preceding quarter, while management reiterated its commitment to deleveraging. The investor relations function supports this by publishing regular updates and presentations, such as the Institutional Presentation in December 2025 and October 2025.

Key financial metrics communicated to investors in late 2025 included:

• Net Revenues in 2Q25 totaled US$708 million.
• Adjusted EBITDA in 2Q25 was US$161 million.
• 2025 Capital Expenditures (CAPEX) guidance was reaffirmed at US$347 million.
• 2025 investment planned for mineral exploration is US$70 million.

Community engagement to ensure operational continuity

Operational continuity is directly linked to maintaining strong relationships with local communities near its assets in Brazil and Peru. Nexa Resources S.A. demonstrates this through specific, measurable social investments announced throughout 2025. These projects focus on stakeholder dialogue, economic empowerment, and local infrastructure, which mitigates social unrest risks that could otherwise disrupt production. The company's commitment is visible through several 2025 initiatives:

• Inaugurated the San Juan de Milpo Sports Center in Pasco.
• Hosted the second Aripuanã Water Seminar in April 2025.
• Signed cooperation agreements near the Vazante mine to support rural producers.
• Expanded access to renewable energy for over 120 farming families near Cerro Lindo via solar kits in May 2025.

The focus on social impact is part of a broader ESG commitment, which also includes a target to reduce direct (scope 1) greenhouse gas emissions by 20% by 2030, using 2020 as the baseline year. The company's approach to community partnership is concrete, as shown by the direct support provided to local producers and families.

Community Initiative Area	Action in 2025	Metric/Scope
Water Management/Dialogue	Second Aripuanã Water Seminar	Fostering dialogue for Aripuanã River Basin Committee creation
Economic Empowerment	Cooperation agreements near Vazante	Supporting rural producers and boosting women's financial autonomy
Infrastructure/Energy Access	Solar kit installation partnership	Benefit to over 120 farming families near Cerro Lindo

Finance: draft 13-week cash view by Friday.

Nexa Resources S.A. (NEXA) - Canvas Business Model: Channels

You're looking at how Nexa Resources S.A. gets its refined metals-zinc, copper, lead, silver, and by-products-out to the market, which is a critical part of their integrated mine-smelter model. Honestly, for a company this size, the channels are all about scale and reliability, moving millions of pounds of metal globally.

Direct sales force to industrial end-users

This channel represents the core delivery of Nexa Resources S.A.'s primary refined products, like zinc metal and zinc oxide, directly to industrial consumers. The volume moved through this channel is substantial, reflecting their position as a major global zinc producer. For instance, in the third quarter of 2025 (3Q25), zinc metal and oxide sales totaled 150,000 tonnes, which shows the direct throughput capacity of this sales arm. This is the mechanism that converts their smelting output into recognized revenue streams, which hit US$764 million in net revenues for that same quarter. The company's strategy emphasizes being a benchmark 'from mines and smelters to our end customers,' which points directly to a strong, managed direct sales presence targeting industrial needs.

• Zinc metal and oxide sales volume in 3Q25: 150,000 tonnes.
• Zinc metal and oxide sales volume in 2Q25: 145,000 tonnes.
• 2025 sales guidance for zinc metal and oxide is set between 560kt and 590kt.
• Total metal sales in 2024 were 591 kilotons.

Global logistics and shipping network for refined metals

Moving that metal from the smelters in Peru and Brazil to global customers requires a robust logistics backbone. This network handles the physical movement of the finished products, which is a major operational component given the scale. The company's integrated model means they manage the journey from mine concentrate to the final shipment. While specific shipping costs aren't broken out here, the sheer volume dictates the network's importance. The 2Q25 results noted higher smelting sales volume, which is the physical product flowing through this network, and the company's full-year 2025 guidance anticipates total metal sales volume to be lower by about 15kt compared to 2024, a factor that directly impacts logistics planning.

The company is focused on expanding boldly into new markets, which means this logistics channel is constantly being tested and adapted to new geographic demands outside their traditional base.

Metal exchanges and commodity trading platforms

For the base metals, exchanges like the London Metal Exchange (LME) are the reference points for pricing, even if the final sale isn't a spot trade on the floor. Nexa Resources S.A. navigates this by managing treatment charges (TCs) on their concentrate sales, which are directly influenced by these global benchmarks. The third quarter of 2025 saw performance supported by 'better prices for all metals,' indicating successful navigation of the commodity markets. Furthermore, the company's strategy to lower TCs in 2025 was a direct response to market conditions, showing active engagement with the trading environment to protect margins. This channel is less about physical movement and more about price realization and risk management through hedging and contract terms.

Here's a quick look at the output volumes that these channels are moving as of late 2025:

Metric	Value (3Q25)	Value (2Q25)	2025 Guidance Midpoint (Annualized)
Zinc Metal & Oxide Sales (Tonnes)	150,000 kt	145,000 kt	Approx. 575,000 kt (based on 560-590kt range)
Net Revenues (US$)	US$764 million	US$708 million	N/A
Adjusted EBITDA (US$)	US$186 million	US$161 million	N/A

The interplay between direct sales volume and the market pricing environment is what defines the success of these channels. If onboarding takes 14+ days, churn risk rises, but for bulk metals, the risk is more about securing favorable treatment charges on the exchange side.

Finance: draft 13-week cash view by Friday.

Nexa Resources S.A. (NEXA) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Nexa Resources S.A. (NEXA)'s output, which is heavily weighted toward zinc metal and its derivatives. These are the entities that take the raw materials from Nexa's integrated mine-smelter model and turn them into finished goods or trade them on the global market. Nexa Resources S.A. is one of the top five producers of metallic zinc worldwide, so the scale of transactions with these groups is substantial.

Global industrial manufacturers form a bedrock for Nexa Resources S.A.'s demand, particularly those involved in galvanizing-protecting steel from corrosion-and die-casting, which uses zinc alloys for complex parts. These manufacturers rely on a steady supply of high-quality zinc metal. The company's smelting segment, which produces the final metal products, is a major revenue driver; for instance, smelting sales volume was a key factor in the revenue increase seen in the second and third quarters of 2025.

Metal traders and commodity buyers are another critical segment. These are the entities that manage the physical movement and short-term price risk of metals, buying large volumes from producers like Nexa Resources S.A. and distributing them globally. They are sensitive to market volatility, which is why Nexa's proactive liability management, including the issuance of a US$500 million, 12-year bond with a 6.600% coupon rate in April 2025, helps ensure operational stability for its customers.

The chemical and pharmaceutical industries represent a specialized market, primarily for zinc oxide and sulfuric acid, which are by-products or derivatives from the smelting process. Zinc oxide is used in everything from rubber to sunscreens. The output from the Três Marias facility, which includes zinc oxide, has been noted as a driver for sales volume increases. Sulfuric acid, another key output, is vital for various industrial processes, including fertilizer production.

Here's a look at the recent sales volumes for the primary product-zinc metal and oxide-that flows to these customer segments. This gives you a concrete sense of the scale of commercial activity in late 2025.

Metric	Q2 2025 Result	Q3 2025 Result	2025 Guidance (Full Year)
Zinc Metal and Oxide Sales Volume (kt)	145kt	150kt	560kt to 590kt (Midpoint: 575kt)
Net Revenues (US$)	US$708 million	US$764 million	TTM Net Revenues (as of 3Q25): approximately US$2.84 billion

The overall commercial delivery capability is reflected in the sales guidance for the full year 2025, which Nexa Resources S.A. reaffirmed at 560kt to 590kt for zinc metal and oxide. Also, remember that revenue isn't just zinc; by-products like copper, lead, and silver contribute significantly, meaning the traders and industrial users buying those co-products are also key customers. For example, net revenues in 3Q25 reached US$764 million, supported by higher smelting sales volume.

The company's integrated model means that the mining segment feeds the smelting segment, which then sells to these diverse customer groups. The operational recovery at facilities like Cajamarquilla and Juiz de Fora directly translates to more material available for these segments. If onboarding takes 14+ days, churn risk rises, so consistent supply is defintely paramount for these buyers.

Finance: draft 13-week cash view by Friday.

Nexa Resources S.A. (NEXA) - Canvas Business Model: Cost Structure

You're looking at the cost side of Nexa Resources S.A. (NEXA) as of late 2025, and honestly, it's a mix of heavy, necessary spending to keep the mines running and the financial costs of recent balance sheet moves. The cost structure is dominated by capital intensity and the ongoing expense of extracting and processing polymetallic ores.

High Sustaining Capital Expenditure

Nexa Resources S.A. is definitely a capital-intensive business, and you see that clearly in the 2025 guidance. The total consolidated Capital Expenditure (CAPEX) guidance for the full year 2025 remains set at $347 million. The bulk of this spending is earmarked for keeping current operations stable and safe, not just for growth.

The high sustaining capital expenditure is guided at $316 million for 2025. This figure shows the commitment to maintaining asset integrity and production capacity across the integrated operations in Brazil and Peru. Here's how that sustaining spend breaks down:

Segment	Sustaining CAPEX Guidance (2025)
Mining	$225 million
Smelting	$89 million
Total Sustaining	$316 million

For context, the first half of 2025 saw $137 million invested, mostly in sustaining activities like mine development and maintenance. The third quarter alone accounted for $90 million of CAPEX, again primarily sustaining.

Operational Costs for Mining and Smelting

Operational costs cover everything from digging the ore out of the ground to turning the concentrate into refined metal. Energy, labor, and materials are the big drivers here, and Nexa Resources S.A. has seen cost pressures.

For the mining segment, consolidated run-of-mine mining costs at the mid-range of the 2025 guidance are expected to increase by 16% year-over-year. This increase is largely due to the first-time inclusion of Aripuanã's run-of-mine mining costs estimates in the consolidated figures, alongside higher costs at Vazante. In 2Q25, the consolidated mining cash cost net of by-products improved sequentially to -$0.11 per pound.

In the smelting segment, conversion costs are expected to be higher in 2025 compared to 2024 across all units. In 2Q25, the consolidated smelting conversion cost hit $0.39 per pound, which was up 30% year-over-year. The primary factors influencing these operational expenses include:

• Higher maintenance expenses.
• Increased third-party services and input costs.
• Higher operational costs at Cajamarquilla and the Brazilian operations year-over-year.

Interest Expense on Debt

Managing the balance sheet is a significant cost component, especially after recent liability management actions. You need to account for the interest expense on the outstanding debt load.

A major event in 2025 was the issuance of a $500 million, 12-year bond on April 8, 2025, carrying a 6.600% coupon rate. Interest payments for this specific note are scheduled for April 8 and October 8 of each year, with the first payment due on October 8, 2025. The proceeds from this issuance were used to redeem the remaining 2027 notes and repurchase about 72% of the 2028 notes.

The impact of financing costs was visible in the second quarter of 2025, where Nexa Resources S.A. paid $63 million in interest and taxes. The net income for 2Q25 was notably impacted by higher financial expenses related to this liability management initiative.

Exploration and Project Evaluation Costs

To secure the long-term resource base, Nexa Resources S.A. allocates substantial funds to exploration and project evaluation, which are treated as operating expenses or development costs outside of sustaining CAPEX.

The total guidance for Mineral Exploration and Project Evaluation and Other Expenses for the full year 2025 is set at $88 million. The planned investment breakdown for 2025 allocates $70 million toward exploration efforts. Specifically, $50 million of that exploration budget is expected to target mineral exploration expenses for greenfield and brownfield projects.

The project evaluation expense guidance is set at $18 million for 2025. This includes specific projects like the IT system simplification and extending the life of the tailings dam at the El Porvenir mine. In the first half of 2025, the company reported spending $32 million on Project Evaluation and $50 million on Mineral Exploration.

Nexa Resources S.A. (NEXA) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for Nexa Resources S.A. as of late 2025. The business model leans heavily on its integrated mine-smelter setup, meaning revenue comes from both the raw materials extracted and the processed metals sold.

The top-line financial performance shows solid momentum. For the trailing twelve months ending September 30, 2025, Nexa Resources S.A. reported net revenues of approximately $2.84 billion. This figure represents a 6.95% year-over-year growth in revenue for that TTM period.

The revenue streams are clearly segmented, reflecting the two main operational pillars: mining and smelting. The smelting segment, which handles the refined products, was a significant driver in the mid-2025 quarters. For instance, in the second quarter of 2025, the smelting sales volume, comprising zinc metal and oxide, reached 145,000 tonnes, marking a 12% sequential increase from the first quarter of 2025. This operational success translated into a strong quarterly revenue figure of $708 million in Q2 2025.

By the third quarter of 2025, net revenues climbed further to $764 million, supported by higher mining output and favorable metal prices. The quality of this revenue is tied directly to the sales of refined products and the valuable by-products generated during processing.

Here is a look at the reported revenue composition from the Q3 2025 figures, which helps you see the relative weight of the segments:

Revenue Source/Segment	Latest Reported Amount (Q3 2025)	Percentage of Total Revenue (Q3 2025)
Net Revenues (TTM Sep 2025)	$2.84 Billion	N/A
Smelting Revenue (Q3 2025)	$540.77 Million	70.83%
Mining Revenue (Q3 2025)	$371.59 Million	48.67%
Intersegments Sales (Q3 2025)	-$169.56 Million	-22.21%

The sales of refined zinc metal and zinc oxide form the core of the Smelting segment's contribution. However, the by-products are crucial for margin stability, especially when primary metal prices fluctuate. These by-products include:

• Sales of copper concentrate and metal.
• Sales of lead concentrate and metal.
• Sales of silver, which has seen favorable price momentum.
• Sales of sulfuric acid, a key chemical by-product.

The benefit from stronger by-product prices and sales volumes was explicitly noted as a driver for the sequential Adjusted EBITDA increase in Q2 2025. This diversification helps Nexa Resources S.A. manage the volatility inherent in the zinc market, so you see these other commodities directly impacting the overall financial health.