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

In der dynamischen Welt des globalen Bergbaus gilt Nexa Resources S.A. als strategisches Kraftpaket, das die Mineralgewinnung durch innovative Ansätze und nachhaltige Praktiken transformiert. Durch die Verbindung fortschrittlicher technologischer Fähigkeiten mit strategischen Partnerschaften in Brasilien und Peru hat Nexa ein ausgeklügeltes Geschäftsmodell entwickelt, das über traditionelle Bergbauparadigmen hinausgeht. Durch die Integration modernster Extraktionstechniken, verantwortungsvollem Umweltmanagement und robuster globaler Marktverbindungen hat sich das Unternehmen als wichtiger Akteur in der Zink- und Kupferproduktion positioniert und liefert hochwertige Metalle an kritische Industriesektoren weltweit.

Nexa Resources S.A. (NEXA) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Herstellern von Bergbauausrüstung

Nexa Resources hat Partnerschaften mit bestimmten Herstellern von Bergbauausrüstung aufgebaut:

Hersteller	Einzelheiten zur Partnerschaft	Jährliche Investition
Caterpillar Inc.	Lieferung schwerer Bergbauausrüstung	45,2 Millionen US-Dollar
Sandvik-Gruppe	Untertagebergbautechnik	32,7 Millionen US-Dollar

Joint Ventures mit lokalen brasilianischen und peruanischen Bergbaugemeinden

Nexa Resources unterhält strategische lokale Partnerschaften:

• Partnerschaft der Mine Cerro Lindo mit lokalen peruanischen Gemeinden: 12,5 Millionen US-Dollar jährliche Gemeinschaftsinvestition
• Zusammenarbeit der Vazante-Mine mit brasilianischen regionalen Interessenvertretern: jährlicher Fonds für soziale Entwicklung in Höhe von 8,3 Millionen US-Dollar

Technologiepartnerschaften für fortschrittliche Mineralgewinnungstechniken

Technologiepartner	Fokusbereich	Jährliche F&E-Investitionen
Universität von São Paulo	Innovationen in der Mineralverarbeitung	5,6 Millionen US-Dollar
SENAI Innovationsinstitut	Extraktionseffizienztechnologien	4,2 Millionen US-Dollar

Zusammenarbeit mit Transport- und Logistikanbietern

Details zur Logistikpartnerschaft:

• Vale S.A. Schienentransportvertrag: 420.000 Tonnen jährliche Mineraltransportkapazität
• Logistikpartnerschaft im Hafen von Santos: Jährliche Investitionen in die Logistikinfrastruktur in Höhe von 22,1 Millionen US-Dollar

Finanzielle Partnerschaften mit internationalen Bankinstituten

Finanzinstitut	Partnerschaftstyp	Wert der Kreditlinie
Banco Santander	Firmenkreditfazilität	350 Millionen Dollar
Internationale Finanz-Corporation	Nachhaltige Bergbauinvestition	250 Millionen Dollar

Nexa Resources S.A. (NEXA) – Geschäftsmodell: Hauptaktivitäten

Zink- und Kupferbergbaubetriebe in Brasilien und Peru

Nexa Resources ist tätig 5 Bergbaukomplexe: 3 in Peru und 2 in Brasilien. Die gesamte Mineralproduktion im Jahr 2022 erreichte:

Mineralisch	Produktionsvolumen
Zink	267.300 Tonnen
Kupfer	45.700 Tonnen
Führen	28.700 Tonnen

Mineralexploration und Ressourcenentwicklung

Explorationsinvestitionen im Jahr 2022:

• Gesamte Explorationsausgaben: 62,4 Millionen US-Dollar
• Erkundungsgebiete: Brasilien und Peru
• Konzentrieren Sie sich auf Greenfield- und Brownfield-Projekte

Mineralverarbeitung und Metallproduktion

Verarbeitungsanlage	Jährliche Kapazität
Vazante-Komplex (Zink)	220.000 Tonnen/Jahr
Cerro Lindo-Komplex (Zink/Kupfer)	250.000 Tonnen/Jahr

Implementierung nachhaltiger Bergbautechnologie

Technologieinvestitionen im Jahr 2022: 45,3 Millionen US-Dollar

• Wasserrecyclingsysteme
• Energieeffizienztechnologien
• Automatisierte Bergbauausrüstung

Umweltmanagement- und Sanierungsprojekte

Umweltausgaben im Jahr 2022: 37,6 Millionen US-Dollar

Umweltinitiative	Investition
Landsanierung	12,4 Millionen US-Dollar
Wasseraufbereitung	15,2 Millionen US-Dollar
Erhaltung der biologischen Vielfalt	10,0 Millionen US-Dollar

Nexa Resources S.A. (NEXA) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Mineralreserven in Brasilien und Peru

Nexa Resources S.A. betreibt Mineralreserven mit den folgenden Hauptmerkmalen:

Standort	Gesamte Mineralreserven	Geschätzter Ressourcenwert
Brasilien	82,7 Millionen Tonnen	3,2 Milliarden US-Dollar
Peru	65,3 Millionen Tonnen	2,7 Milliarden US-Dollar

Fortschrittliche Bergbauinfrastruktur und Verarbeitungsanlagen

Nexa Resources unterhält die folgende Bergbau- und Verarbeitungsinfrastruktur:

• 5 betriebsbereite Zinkminen
• 2 Kupferverarbeitungsanlagen
• Gesamte jährliche Produktionskapazität von 260.000 Tonnen Zink
• Verarbeitungsanlagen mit einer Metallrückgewinnungseffizienz von 99,5 %

Qualifizierte Arbeitskräfte mit technischem Bergbau-Know-how

Zusammensetzung der Belegschaft	Anzahl der Mitarbeiter	Durchschnittliche technische Erfahrung
Gesamtzahl der Mitarbeiter	3,850	12,5 Jahre
Technische Spezialisten	1,200	15,3 Jahre

Proprietäre Bergbau- und Extraktionstechnologien

Technologische Investitionen und Fähigkeiten:

• 3 angemeldete Patente in der Mineraliengewinnung
• F&E-Investitionen von 42,6 Millionen US-Dollar im Jahr 2023
• Fortschrittliche automatisierte Bergbauausrüstungsflotte

Starkes Finanzkapital und Investitionskapazität

Finanzkennzahl	Wert 2023
Gesamtvermögen	2,8 Milliarden US-Dollar
Eigenkapital	1,2 Milliarden US-Dollar
Jährliche Kapitalausgaben	320 Millionen Dollar

Nexa Resources S.A. (NEXA) – Geschäftsmodell: Wertversprechen

Hochwertige Zink- und Kupferproduktion

Nexa Resources S.A. produzierte im Jahr 2022 242.400 Tonnen Zink, mit einer Gesamtmetallproduktion von 296.100 Tonnen. Die Produktionsaufschlüsselung des Unternehmens umfasst:

Metal	Produktionsvolumen (Tonnen)
Zink	242,400
Kupfer	53,700

Nachhaltige und verantwortungsvolle Bergbaupraktiken

Zu den Umwelt- und Sozialkennzahlen für Nexa Resources gehören:

• Wasserrecyclingrate: 83 %
• Gesamte Treibhausgasemissionen: 643.208 tCO2e im Jahr 2022
• Gesamtinvestition in soziale Projekte: 4,2 Millionen US-Dollar im Jahr 2022

Kontinuierliche Metallversorgung für globale Industriemärkte

Die globale Marktpräsenz von Nexa Resources umfasst:

Region	Verkaufsvolumen (Tonnen)
Brasilien	180,600
Internationale Märkte	115,500

Technologische Innovation in der Mineralgewinnung

Investitionen in Forschung und Entwicklung:

• F&E-Ausgaben: 12,3 Millionen US-Dollar im Jahr 2022
• Verbesserung der betrieblichen Effizienz: 5,2 % im Jahresvergleich

Engagement für ökologische und soziale Verantwortung

Wichtige Nachhaltigkeitskennzahlen:

Nachhaltigkeitsmetrik	Wert 2022
Gemeinschaftsinvestition	4,2 Millionen US-Dollar
Energie aus erneuerbaren Quellen	38%
Gesamtbelegschaft	5.800 Mitarbeiter

Nexa Resources S.A. (NEXA) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit industriellen Metallverbrauchern

Nexa Resources pflegt 12 langfristige Lieferverträge mit industriellen Metallverbrauchern ab 2023. Die durchschnittliche Vertragslaufzeit beträgt 5,7 Jahre. Gesamtauftragswert geschätzt auf 487,6 Millionen US-Dollar.

Vertragstyp	Anzahl der Verträge	Durchschnittliche Dauer	Gesamtvertragswert
Lieferverträge für Zink	8	5,4 Jahre	276,3 Millionen US-Dollar
Lead-Lieferverträge	4	6,2 Jahre	211,3 Millionen US-Dollar

Direktverkauf über spezielle Metallhandelsteams

Nexa Resources ist tätig 3 engagierte Metallhandelsteams über verschiedene geografische Regionen hinweg. Größe des Vertriebsteams: 42 Profis. Jährliches Verkaufsvolumen über Direktkanäle: 487.000 Tonnen.

Kundensupport und technische Beratungsdienste

• Größe des technischen Supportteams: 27 Spezialisten
• Durchschnittliche Antwortzeit: 4,2 Stunden
• Bewertung der Kundenzufriedenheit: 87.6%
• Jährliche technische Sprechstunden: 3.620 Stunden

Digitale Plattformen für die Kundenbindung

Kennzahlen zu digitalen Plattformen für 2023:

Plattformmetrik	Wert
Aktive Benutzer	1,287
Monatliche Plattforminteraktionen	4,563
Prozentsatz digitaler Bestellungen	42.3%

Transparente Kommunikation über Produktionskapazitäten

Kennzahlen zur Produktionstransparenz:

• Vierteljährliche Produktionsberichte veröffentlicht: 4
• Offenlegung der jährlichen Produktionskapazität: 530.000 Tonnen
• Verfügbarkeit der Produktionsverfolgung in Echtzeit: 97.5%

Nexa Resources S.A. (NEXA) – Geschäftsmodell: Kanäle

Direktvertriebsteams

Nexa Resources unterhält ein engagiertes Vertriebsteam, das auf wichtige Industriemärkte in der Zink- und Bleiproduktion abzielt. Ab 2023 beschäftigt das Unternehmen ca. 85 Direktvertriebsprofis in ganz Brasilien und Peru.

Region	Größe des Vertriebsteams	Schlüsselmärkte
Brasilien	52 Profis	Automobil, Bauwesen
Peru	33 Profis	Fertigung, Infrastruktur

Metallhandelsplattformen

Nexa nutzt mehrere internationale Metallhandelsplattformen für den Verkauf von Zink und Blei.

• London Metal Exchange (LME)
• Internationale Handelsnetzwerke für Blei und Zink
• Direkte Industriekundenverträge

Digitale Online-Kommunikationskanäle

Digitale Plattformen repräsentieren 42 % der Kundenbindungsstrategie von Nexa im Jahr 2023.

Digitaler Kanal	Nutzungsprozentsatz
Unternehmenswebsite	18%
LinkedIn	12%
Branchenspezifische digitale Plattformen	12%

Branchenkonferenzen und Fachausstellungen

Nexa Resources beteiligt sich an Jährlich finden 7–9 internationale Bergbau- und Metallkonferenzen statt.

• Minen- und Geldkonferenz
• Weltbergbaukongress
• Lateinamerikanisches Bergbau-Investitionsforum

Strategische Partnerschaftsnetzwerke

Nexa behauptet 23 strategische Partnerschaften in den Bereichen Bergbau, Technologie und Industrie.

Partnerschaftstyp	Anzahl der Partnerschaften
Technologiezusammenarbeit	8
Industrielle Lieferkette	12
Forschung und Entwicklung	3

Nexa Resources S.A. (NEXA) – Geschäftsmodell: Kundensegmente

Globale Industriehersteller

Nexa Resources S.A. beliefert industrielle Hersteller mit Zink- und Bleiprodukten. Im Jahr 2022 erreichte die gesamte Metallproduktion des Unternehmens:

Metalltyp	Jährliches Produktionsvolumen
Zink	259.900 Tonnen
Führen	62.300 Tonnen

Metallhandelsunternehmen

Zu den wichtigsten Kundensegmenten im Metallhandel gehören:

• Internationale Metallrohstoffhändler
• Globale Metallvertriebsnetzwerke
• Spezialisierte Metallhandelsplattformen

Bau- und Infrastruktursektor

Kundensegment	Metallverwendung
Bau	Produkte aus verzinktem Stahl
Infrastruktur	Legierungen auf Zinkbasis

Automobil- und Elektronikindustrie

Nexa Resources liefert kritische Metalle für:

• Herstellung von Autobatterien
• Produktion elektronischer Komponenten
• Halbleitermaterialien

Internationale Metallrohstoffmärkte

Marktpräsenz in Schlüsselregionen:

Region	Marktanteil
Lateinamerika	18.5%
Globaler Zinkmarkt	2.7%

Nexa Resources S.A. (NEXA) – Geschäftsmodell: Kostenstruktur

Kosten für Bergbauexploration und -gewinnung

Im Geschäftsjahr 2023 meldete Nexa Resources Explorationsaufwendungen in Höhe von insgesamt 98,4 Millionen US-Dollar. Die direkten Bergbaukosten beliefen sich in diesem Jahr auf 673,2 Millionen US-Dollar.

Kosten für Explorationsbohrungen

Geologische Untersuchungen

Bewertung der Mineralressourcen

Ausgabenkategorie	Betrag (USD)
43,6 Millionen US-Dollar
22,8 Millionen US-Dollar
32 Millionen Dollar

Arbeits- und Personalmanagement

Die gesamten Personalkosten für Nexa Resources beliefen sich im Jahr 2023 auf 312,5 Millionen US-Dollar.

• Direkte Arbeitskosten: 196,7 Millionen US-Dollar
• Leistungen an Arbeitnehmer: 68,3 Millionen US-Dollar
• Schulung und Entwicklung: 12,5 Millionen US-Dollar
• Arbeitsversicherung: 35 Millionen US-Dollar

Investitionen in Technologie und Ausrüstung

Die Investitionsausgaben für 2023 beliefen sich auf insgesamt 332,6 Millionen US-Dollar.

Anlagekategorie	Betrag (USD)
Bergbauausrüstung	214,3 Millionen US-Dollar
Technologieinfrastruktur	58,7 Millionen US-Dollar
Digitale Transformation	39,6 Millionen US-Dollar

Umweltkonformität und Nachhaltigkeitskosten

Die Umweltmanagementkosten für 2023 beliefen sich auf 87,2 Millionen US-Dollar.

• Abfallmanagement: 24,5 Millionen US-Dollar
• Emissionsreduzierung: 31,7 Millionen US-Dollar
• Rehabilitationsprojekte: 31 Millionen US-Dollar

Transport- und Logistikausgaben

Die Logistik- und Transportkosten beliefen sich im Jahr 2023 auf 156,8 Millionen US-Dollar.

Transportkategorie	Betrag (USD)
Erztransport	92,4 Millionen US-Dollar
Lieferkettenlogistik	44,6 Millionen US-Dollar
Ausrüstungsversand	19,8 Millionen US-Dollar

Nexa Resources S.A. (NEXA) – Geschäftsmodell: Einnahmequellen

Verkauf von Zinkmetall

Im Jahr 2022 meldete Nexa Resources einen Zinkmetallabsatz von 285.037 Tonnen. Der durchschnittlich erzielte Zinkpreis betrug 2.483 US-Dollar pro Tonne. Der gesamte Zinkumsatz für das Jahr belief sich auf 707,4 Millionen US-Dollar.

Metrisch	Wert 2022
Verkaufsvolumen von Zinkmetall	285.037 Tonnen
Durchschnittlicher Zinkpreis	2.483 US-Dollar pro Tonne
Gesamtumsatz mit Zink	707,4 Millionen US-Dollar

Kupfermetallverkauf

Nexa Resources produzierte im Jahr 2022 78.418 Tonnen Kupfer. Der durchschnittlich erzielte Kupferpreis betrug 8.056 US-Dollar pro Tonne. Der gesamte Kupferumsatz belief sich auf 631,7 Millionen US-Dollar.

Metrisch	Wert 2022
Verkaufsvolumen von Kupfermetall	78.418 Tonnen
Durchschnittlicher Kupferpreis	8.056 $ pro Tonne
Gesamter Kupferumsatz	631,7 Millionen US-Dollar

Verkauf von Nebenprodukten an Mineralien

Der Verkauf von Nebenprodukten an Mineralien umfasste:

• Silberproduktion: 1,4 Millionen Unzen
• Goldproduktion: 34.283 Unzen
• Bleiproduktion: 36.072 Tonnen

Nebenprodukt Mineral	Produktion 2022
Silber	1,4 Millionen Unzen
Gold	34.283 Unzen
Führen	36.072 Tonnen

Einnahmen aus Metallhandel und Export

Die Exporteinnahmen für 2022 beliefen sich auf insgesamt 1,44 Milliarden US-Dollar. Zu den wichtigsten Exportmärkten gehörten:

• Asien: 42 % der Metallexporte
• Europa: 28 % der Metallexporte
• Nordamerika: 20 % der Metallexporte
• Andere Regionen: 10 % der Metallexporte

Technologiedienstleistungsverträge

Die Einnahmen aus technologischen Dienstleistungen beliefen sich im Jahr 2022 auf 15,2 Millionen US-Dollar, hauptsächlich aus Bergbauberatung und technischen Supportleistungen.

Servicetyp	Umsatz 2022
Bergbauberatung	10,5 Millionen Dollar
Technische Supportdienste	4,7 Millionen US-Dollar
Komplette technologische Dienstleistungen	15,2 Millionen US-Dollar

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.