NEXA Resources S.A. (Nexa): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da mineração global, a Nexa Resources S.A. se destaca como uma potência estratégica, transformando a extração mineral por meio de abordagens inovadoras e práticas sustentáveis. Preencher as capacidades tecnológicas avançadas com parcerias estratégicas em todo o Brasil e Peru, a Nexa criou um modelo de negócios sofisticado que transcende os paradigmas de mineração tradicionais. Ao integrar técnicas de extração de ponta, gestão ambiental responsável e conexões robustas do mercado global, a empresa se posicionou como um participante importante na produção de zinco e cobre, fornecendo metais de alta qualidade a setores industriais críticos em todo o mundo.

NEXA Resources S.A. (Nexa) - Modelo de negócios: Parcerias -chave

Aliança estratégica com fabricantes de equipamentos de mineração

A Nexa Resources estabeleceu parcerias com fabricantes específicos de equipamentos de mineração:

Fabricante	Detalhes da parceria	Investimento anual
Caterpillar Inc.	Fornecimento de equipamentos de mineração pesada	US $ 45,2 milhões
Grupo Sandvik	Tecnologia de mineração subterrânea	US $ 32,7 milhões

Joint ventures com comunidades de mineração brasileiras e peruanas locais

A Nexa Resources mantém parcerias locais estratégicas:

• Cerro Lindo Mine Parceria com comunidades peruanas locais: US $ 12,5 milhões para investimentos comunitários anuais
• Vazante Mine Collaboration com as partes interessadas regionais brasileiras: US $ 8,3 milhões no Fundo de Desenvolvimento Social Anual

Parcerias de tecnologia para técnicas avançadas de extração mineral

Parceiro de tecnologia	Área de foco	Investimento anual de P&D
Universidade de São Paulo	Inovações de processamento mineral	US $ 5,6 milhões
Senai Innovation Institute	Tecnologias de eficiência de extração	US $ 4,2 milhões

Colaboração com provedores de transporte e logística

Detalhes da parceria logística:

• Vale S.A. Contrato de transporte ferroviário: 420.000 toneladas métricas Capacidade anual de transporte mineral
• Parceria de Logística do Porto de Santos: US $ 22,1 milhões para investimento anual de infraestrutura logística

Parcerias financeiras com instituições bancárias internacionais

Instituição financeira	Tipo de parceria	Valor da linha de crédito
Banco Santander	Linha de crédito corporativo	US $ 350 milhões
International Finance Corporation	Investimento de mineração sustentável	US $ 250 milhões

NEXA Resources S.A. (NEXA) - Modelo de negócios: Atividades -chave

Operações de mineração de zinco e cobre no Brasil e Peru

A Nexa Resources opera 5 complexos de mineração: 3 no Peru e 2 no Brasil. A produção mineral total em 2022 alcançou:

Mineral	Volume de produção
Zinco	267.300 toneladas
Cobre	45.700 toneladas
Liderar	28.700 toneladas

Exploração mineral e desenvolvimento de recursos

Investimentos de exploração em 2022:

• Despesas totais de exploração: US $ 62,4 milhões
• Áreas de exploração: Brasil e Peru
• Concentre -se nos projetos Greenfield e Brownfield

Processamento mineral e produção de metal

Instalação de processamento	Capacidade anual
Complexo Vazante (zinco)	220.000 toneladas/ano
Complexo Cerro Lindo (zinco/cobre)	250.000 toneladas/ano

Implementação de tecnologia de mineração sustentável

Investimentos de tecnologia em 2022: US $ 45,3 milhões

• Sistemas de reciclagem de água
• Tecnologias de eficiência energética
• Equipamento de mineração automatizado

Projetos de gestão e recuperação ambiental

Despesas ambientais em 2022: US $ 37,6 milhões

Iniciativa Ambiental	Investimento
Reabilitação da terra	US $ 12,4 milhões
Tratamento de água	US $ 15,2 milhões
Conservação da biodiversidade	US $ 10,0 milhões

NEXA Resources S.A. (NEXA) - Modelo de negócios: Recursos -chave

Extensas reservas minerais no Brasil e Peru

A Nexa Resources S.A. opera reservas minerais com as seguintes características -chave:

Localização	Reservas minerais totais	Valor estimado do recurso
Brasil	82,7 milhões de toneladas	US $ 3,2 bilhões
Peru	65,3 milhões de toneladas	US $ 2,7 bilhões

Infraestrutura de mineração avançada e instalações de processamento

A Nexa Resources mantém a seguinte infraestrutura de mineração e processamento:

• 5 minas operacionais de zinco
• 2 instalações de processamento de cobre
• Capacidade total de produção anual de 260.000 toneladas de zinco
• Instalações de processamento com 99,5% de eficiência de recuperação de metal

Força de trabalho qualificada com experiência técnica de mineração

Composição da força de trabalho	Número de funcionários	Experiência técnica média
Total de funcionários	3,850	12,5 anos
Especialistas técnicos	1,200	15,3 anos

Tecnologias proprietárias de mineração e extração

Investimentos e recursos tecnológicos:

• 3 patentes registradas em extração mineral
• Investimento de P&D de US $ 42,6 milhões em 2023
• Frota avançada de equipamentos de mineração automatizada

Forte capital financeiro e capacidade de investimento

Métrica financeira	2023 valor
Total de ativos	US $ 2,8 bilhões
Equidade dos acionistas	US $ 1,2 bilhão
Gastos anuais de capital	US $ 320 milhões

NEXA Resources S.A. (Nexa) - Modelo de Negócios: Proposições de Valor

Produção de zinco e cobre de alta qualidade

A Nexa Resources S.A. produziu 242.400 toneladas de zinco em 2022, com uma produção total de metal de 296.100 toneladas. A repartição da produção da empresa inclui:

Metal	Volume de produção (toneladas)
Zinco	242,400
Cobre	53,700

Práticas de mineração sustentáveis ​​e responsáveis

As métricas ambientais e sociais para os recursos da Nexa incluem:

• Taxa de reciclagem de água: 83%
• Emissões totais de gases de efeito estufa: 643.208 TCO2E em 2022
• Investimento total em projetos sociais: US $ 4,2 milhões em 2022

Fornecimento de metal consistente para mercados industriais globais

A presença do mercado global da Nexa Resources inclui:

Região	Volume de vendas (toneladas)
Brasil	180,600
Mercados internacionais	115,500

Inovação tecnológica em extração mineral

Investimentos de pesquisa e desenvolvimento:

• Despesas de P&D: US $ 12,3 milhões em 2022
• Melhoria da eficiência operacional: 5,2% ano a ano

Compromisso com a responsabilidade ambiental e social

Métricas principais de sustentabilidade:

Métrica de sustentabilidade	2022 Valor
Investimento comunitário	US $ 4,2 milhões
Energia de fontes renováveis	38%
Força de trabalho total	5.800 funcionários

NEXA Resources S.A. (Nexa) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com consumidores de metais industriais

Os recursos da Nexa mantém 12 contratos de fornecimento de longo prazo com os consumidores de metais industriais a partir de 2023. A duração média do contrato é 5,7 anos. Valor total do contrato estimado em US $ 487,6 milhões.

Tipo de contrato	Número de contratos	Duração média	Valor total do contrato
Acordos de fornecimento de zinco	8	5,4 anos	US $ 276,3 milhões
Acordos de suprimento de chumbo	4	6,2 anos	US $ 211,3 milhões

Vendas diretas através de equipes de negociação de metal dedicadas

A Nexa Resources opera 3 equipes de negociação de metal dedicadas em diferentes regiões geográficas. Tamanho da equipe de vendas: 42 profissionais. Volume anual de vendas através de canais diretos: 487.000 toneladas métricas.

Serviços de suporte ao cliente e consulta técnica

• Tamanho da equipe de suporte técnico: 27 especialistas
• Tempo médio de resposta: 4,2 horas
• Classificação de satisfação do cliente: 87.6%
• Horário anual de consulta técnica: 3.620 horas

Plataformas digitais para envolvimento do cliente

Métricas de plataforma digital para 2023:

Métrica da plataforma	Valor
Usuários ativos	1,287
Interações mensais da plataforma	4,563
Porcentagem de pedidos digitais	42.3%

Comunicação transparente sobre recursos de produção

Métricas de transparência de produção:

• Relatórios trimestrais de produção publicados: 4
• Divulgação anual da capacidade de produção: 530.000 toneladas métricas
• Disponibilidade de rastreamento de produção em tempo real: 97.5%

NEXA Resources S.A. (Nexa) - Modelo de Negócios: Canais

Equipes de vendas diretas

A Nexa Resources mantém uma força de vendas dedicada direcionada aos principais mercados industriais em zinco e produção de chumbo. A partir de 2023, a empresa empregou Aproximadamente 85 profissionais de vendas diretas em todo o Brasil e Peru.

Região	Tamanho da equipe de vendas	Mercados -chave
Brasil	52 profissionais	Automotivo, Construção
Peru	33 profissionais	Fabricação, infraestrutura

Plataformas de negociação de metal

A Nexa utiliza várias plataformas internacionais de negociação de metal para vendas de zinco e leads.

• London Metal Exchange (LME)
• Redes internacionais de liderança e comércio de zinco
• Contratos diretos de clientes industriais

Canais de comunicação digital online

As plataformas digitais representam 42% da estratégia de envolvimento do cliente da Nexa em 2023.

Canal digital	Porcentagem de uso
Site corporativo	18%
LinkedIn	12%
Plataformas digitais específicas do setor	12%

Conferências da indústria e exposições comerciais

NEXA Resources participa de 7-9 Conferências internacionais de mineração e metal anualmente.

• Conferência de Minas e Dinheiro
• Congresso de Mineração Mundial
• Fórum de Investimento de Mineração Latino -Americana

Redes de parceria estratégica

Nexa mantém 23 parcerias estratégicas em setores de mineração, tecnologia e industrial.

Tipo de parceria	Número de parcerias
Colaboração de tecnologia	8
Cadeia de suprimentos industriais	12
Pesquisa e desenvolvimento	3

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

Fabricantes industriais globais

A Nexa Resources S.A. atende fabricantes industriais com zinco e produtos principais. A partir de 2022, a produção total de metal da empresa atingiu:

Tipo de metal	Volume anual de produção
Zinco	259.900 toneladas métricas
Liderar	62.300 toneladas métricas

Empresas de comércio de metal

Os principais segmentos de clientes de negociação de metal incluem:

• Comerciantes de commodities metal internacionais
• Redes globais de distribuição de metal
• Plataformas de negociação de metal especializadas

Setores de construção e infraestrutura

Segmento de clientes	Uso de metal
Construção	Produtos de aço galvanizado
Infraestrutura	Ligas à base de zinco

Indústrias automotivas e eletrônicas

A Nexa Resources fornece metais críticos para:

• Fabricação de baterias automotivas
• Produção de componentes eletrônicos
• Materiais semicondutores

Mercados internacionais de commodities metálicas

Presença de mercado em regiões -chave:

Região	Quota de mercado
América latina	18.5%
Mercado global de zinco	2.7%

NEXA Resources S.A. (Nexa) - Modelo de negócios: estrutura de custos

Despesas de exploração e extração de mineração

A partir de 2023, o NEXA Resources reportou despesas totais de exploração de US $ 98,4 milhões. Os custos de extração de mineração direta foram de US $ 673,2 milhões no ano.

Custos de perfuração de exploração

Pesquisas geológicas

Avaliação de Recursos Minerais

Categoria de despesa	Quantidade (USD)
US $ 43,6 milhões
US $ 22,8 milhões
US $ 32 milhões

Gerenciamento de mão -de -obra e força de trabalho

As despesas totais de pessoal para os recursos da NEXA em 2023 foram de US $ 312,5 milhões.

• Custos de mão -de -obra direta: US $ 196,7 milhões
• Benefícios dos funcionários: US $ 68,3 milhões
• Treinamento e desenvolvimento: US $ 12,5 milhões
• Seguro da força de trabalho: US $ 35 milhões

Investimentos de tecnologia e equipamentos

As despesas de capital para 2023 totalizaram US $ 332,6 milhões.

Categoria de investimento	Quantidade (USD)
Equipamento de mineração	US $ 214,3 milhões
Infraestrutura de tecnologia	US $ 58,7 milhões
Transformação digital	US $ 39,6 milhões

Custos de conformidade ambiental e sustentabilidade

As despesas de gestão ambiental para 2023 foram de US $ 87,2 milhões.

• Gerenciamento de resíduos: US $ 24,5 milhões
• Redução de emissões: US $ 31,7 milhões
• Projetos de reabilitação: US $ 31 milhões

Despesas de transporte e logística

Os custos de logística e transporte em 2023 totalizaram US $ 156,8 milhões.

Categoria de transporte	Quantidade (USD)
Transporte de minério	US $ 92,4 milhões
Logística da cadeia de suprimentos	US $ 44,6 milhões
Envio de equipamentos	US $ 19,8 milhões

NEXA Resources S.A. (Nexa) - Modelo de negócios: fluxos de receita

Vendas de metal de zinco

Em 2022, a Nexa Resources reportou vendas de metais de zinco de 285.037 toneladas métricas. O preço médio realizado de zinco foi de US $ 2.483 por tonelada métrica. A receita total de zinco do ano atingiu US $ 707,4 milhões.

Métrica	2022 Valor
Volume de vendas de metal de zinco	285.037 toneladas métricas
Preço médio de zinco	US $ 2.483 por tonelada
Receita total de zinco	US $ 707,4 milhões

Vendas de metal de cobre

Os recursos da Nexa produziram 78.418 toneladas métricas de cobre em 2022. O preço médio realizado no cobre foi de US $ 8.056 por tonelada métrica. A receita total de cobre totalizou US $ 631,7 milhões.

Métrica	2022 Valor
Volume de vendas de metal de cobre	78.418 toneladas métricas
Preço médio de cobre	US $ 8.056 por tonelada
Receita total de cobre	US $ 631,7 milhões

Vendas minerais de subproduto

As vendas minerais de subproduto incluíram:

• Produção de prata: 1,4 milhão de onças
• Produção de ouro: 34.283 onças
• Produção de chumbo: 36.072 toneladas métricas

Mineral de subproduto	2022 Produção
Prata	1,4 milhão de onças
Ouro	34.283 onças
Liderar	36.072 toneladas métricas

Receitas de negociação e exportação de metal

As receitas de exportação para 2022 totalizaram US $ 1,44 bilhão. Os mercados de exportação primários incluídos:

• Ásia: 42% das exportações de metal
• Europa: 28% das exportações de metal
• América do Norte: 20% das exportações de metal
• Outras regiões: 10% das exportações de metal

Contratos de Serviço Tecnológico

A receita do serviço tecnológico em 2022 foi de US $ 15,2 milhões, principalmente dos serviços de consultoria de mineração e suporte técnico.

Tipo de serviço	2022 Receita
Consultoria de mineração	US $ 10,5 milhões
Serviços de suporte técnico	US $ 4,7 milhões
Total de serviços tecnológicos	US $ 15,2 milhões

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.