Nexa | Guidance 2026-2028
Nexa has updated its 2026 guidance on costs and CapEx, as disclosed in our 3Q26 Earnings Release. The 2026-2028 consolidated mining production guidance for zinc, copper, lead and silver, the zinc (metallic and oxide) sales guidance, and the 2026 guidance on other operating expenses remain unchanged, as originally disclosed in our press release dated February 6, 2026.
Guidance is based on several assumptions and estimates, including but not limited to metal prices, operational performance, maintenance and input costs, and exchange rates.
Nexa continues to monitor global macroeconomic and operational risks that could affect our business. These include commodity price volatility, inflationary pressures, supply chain constraints, and potential changes to political or regulatory environments in the jurisdictions where we operate. In addition, community-related events or extreme weather may impact production and cost pressures. We remain focused on mitigating these risks through operational discipline, proactive stakeholder engagements, and flexibility in our capital allocation.
Production and Sales
| Metal contained (in concentrate) |
2026e |
2027e | 2028e | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Zinc | kt | 310 | – | 360 | 335 | – | 389 | 333 | – | 398 | |||
| Cerro Lindo | 77 | – | 85 | 73 | – | 85 | 70 | – | 80 | ||||
| El Porvenir | 48 | – | 55 | 67 | – | 75 | 61 | – | 79 | ||||
| Atacocha | 12 | – | 15 | 16 | – | 18 | 17 | – | 22 | ||||
| Vazante | 128 | – | 145 | 120 | – | 140 | 120 | – | 143 | ||||
| Aripuanã | 45 | – | 60 | 60 | – | 70 | 65 | – | 74 | ||||
| Copper | kt | 26 | – | 30 | 25 | – | 30 | 23 | – | 27 | |||
| Cerro Lindo | 22 | – | 25 | 22 | – | 25 | 21 | – | 23 | ||||
| El Porvenir | 0.3 | – | 0.3 | 0.3 | – | 0.4 | 0.4 | – | 0.5 | ||||
| Aripuanã | 3.6 | – | 4.4 | 2.2 | – | 4.3 | 2.0 | – | 3.4 | ||||
| Lead | kt | 60 | – | 67 | 63 | – | 77 | 60 | – | 72 | |||
| Cerro Lindo | 8 | – | 10 | 9 | – | 11 | 9 | – | 12 | ||||
| El Porvenir | 21 | – | 24 | 22 | – | 23 | 17 | – | 21 | ||||
| Atacocha | 14 | – | 15 | 11 | – | 13 | 8 | – | 9 | ||||
| Vazante | 0.6 | – | 0.7 | 0.5 | – | 0.6 | 0.5 | – | 0.7 | ||||
| Aripuanã | 17 | – | 19 | 20 | – | 29 | 26 | – | 29 | ||||
| Silver | MMoz | 10 | – | 11 | 10 | – | 12 | 9 | – | 11 | |||
| Cerro Lindo | 3.0 | – | 3.3 | 3.1 | – | 3.4 | 3.0 | – | 3.6 | ||||
| El Porvenir | 4.2 | – | 4.7 | 4.0 | – | 4.6 | 3.0 | – | 3.8 | ||||
| Atacocha | 1.3 | – | 1.4 | 0.9 | – | 1.1 | 0.7 | – | 0.9 | ||||
| Vazante | 0.2 | – | 0.3 | 0.2 | – | 0.3 | 0.2 | – | 0.3 | ||||
| Aripuanã | 1.2 | – | 1.6 | 1.7 | – | 2.3 | 2.0 | – | 2.4 | ||||
For the forecasted periods, consolidated average zinc grade is expected to range between 2.93% and 3.33%, consolidated average copper grade is expected to range between 0.26% and 0.30%, and consolidated average lead grade is expected to range between 0.62% and 0.70%.
| Smelting sales | 2026e | 2027e | 2028e | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Zinc metal | kt | 535 | – | 560 | 545 | – | 565 | 545 | – | 565 |
| Cajamarquilla | 325 | – | 335 | 325 | – | 335 | 325 | – | 335 | |
| Três Marias | 140 | – | 145 | 145 | – | 150 | 145 | – | 150 | |
| Juiz de Fora | 70 | – | 80 | 75 | – | 80 | 75 | – | 80 | |
| Zinc oxide | kt | 35 | – | 40 | 35 | – | 40 | 35 | – | 40 |
| Três Marias | 35 | – | 40 | 35 | – | 40 | 35 | – | 40 | |
| Metal Sales | kt | 570 | – | 600 | 580 | – | 605 | 580 | – | 605 |
2026 Cash costs
Mining Cost ROM was revised upwards, mainly reflecting the appreciation of the Brazilian real against the U.S. dollar and higher operating costs at Aripuanã, while the mining cash cost guidance was revised downwards, mainly reflecting substantially higher by-product prices than previously assumed. For the smelting segment, Conversion cost and Cash cost net of by-products credits guidance was revised upwards, mainly reflecting the appreciation of the Brazilian real against the U.S. dollar and higher fixed operating costs. The cash cost guidance was also revised upwards, mainly reflecting higher raw material costs on higher zinc prices and BRL appreciation, partially offset by higher by-product prices.
The revised estimates are based on several key assumptions, including but not limited to:
- Mining production volumes, smelting sales volumes and zinc treatment charges (“TCs”) of approximately US$175/t reaffirmed;
- Updated commodity price assumptions:
- 2026e: Zinc (US$1.62/lb), Copper (US$6.14/lb), Lead (US$0.87/lb), Silver (US$71.6/oz), and Gold (US$4,528/oz);
- 4Q26e: Zinc (US$1.69/lb), Copper (US$6.28/lb), Lead (US$0.88/lb), Silver (US$66.0/oz), and Gold (US$4,450/oz);
- Previous assumptions for the full-year and 4Q: Zinc (US$1.29/lb), Copper (US$4.54/lb), Lead (US$0.91/lb), Silver (US$42.0/oz), and Gold (US$3,775/oz).
- Updated foreign exchange rate assumptions: BRL/US$: 5.18 and PEN/US$: 3.39 for 2026e, and BRL/US$: 5.25 and PEN/US$: 3.35 for 4Q26e, compared with BRL/US$: 5.50 and PEN/US$: 3.47 previously.
| Mining operating costs1 | Guidance 2026 (Previous) | Guidance 2026 (Updated) | |||||
|---|---|---|---|---|---|---|---|
| Cost ROM (US$/t) | 49.5 | – | 57.2 | 50.0 | – | 58.0 | |
| Cerro Lindo | 40.1 | – | 45.3 | 40.1 | – | 45.3 | |
| El Porvenir | 64.2 | – | 71.9 | 64.2 | – | 71.9 | |
| Atacocha | 33.9 | – | 38.0 | 33.9 | – | 38.0 | |
| Vazante | 57.1 | – | 62.7 | 57.1 | – | 63.5 | |
| Aripuanã | 69.1 | – | 92.0 | 73.0 | – | 97.0 | |
| Cash Cost (US$/lb) | (0.11) | – | 0.08 | (0.54) | – | (0.20) | |
| Cerro Lindo | (0.73) | – | (0.43) | (1.53) | – | (0.91) | |
| El Porvenir | (0.58) | – | (0.41) | (1.64) | – | (1.16) | |
| Atacocha | (1.76) | – | (1.37) | (3.24) | – | (2.51) | |
| Vazante | 0.61 | – | 0.69 | 0.61 | – | 0.69 | |
| Aripuanã | (0.05) | – | 0.23 | (0.05) | – | 0.23 | |
(1) C1 Weighted Cash cost net of by-products credits is measured with respect to zinc sold per mine.
| Smelting operating costs2 | Guidance 2026 (Previous) | Guidance 2026 (Updated) | |||||
|---|---|---|---|---|---|---|---|
| Conversion Cost (US$/lb) | 0.31 | – | 0.34 | 0.32 | – | 0.36 | |
| Cajamarquilla | 0.28 | – | 0.30 | 0.28 | – | 0.31 | |
| Três Marias | 0.28 | – | 0.33 | 0.33 | – | 0.37 | |
| Juiz de Fora | 0.48 | – | 0.55 | 0.48 | – | 0.55 | |
| Cash Cost (US$/lb) | 1.15 | – | 1.34 | 1.41 | – | 1.62 | |
| Cajamarquilla | 1.04 | – | 1.13 | 1.35 | – | 1.47 | |
| Três Marias | 1.29 | – | 1.62 | 1.46 | – | 1.83 | |
| Juiz de Fora | 1.32 | – | 1.59 | 1.51 | – | 1.81 | |
(2) C1 Weighted Cash cost net of by-products credits is measured with respect to zinc sold per smelter.
2026 CAPEX
Beginning in 2026, investments related to tailings dam management and mine development have been reclassified from sustaining capital into newly defined categories (detailed below). This provides enhanced clarity into strategic and compliance-related expenditures.
Total CapEx guidance for 2026 has been revised to US$420 million, up 10%, from the US$381 million disclosed in our press release dated February 6, 2026. The revision mainly reflects the acceleration of mine development at Aripuanã, the bring-forward of investments in the Cerro Pasco Integration Project, and the appreciation of the Brazilian real against the U.S. dollar, with the full-year average exchange rate now expected at around BRL5.18/US$, compared with BRL5.50/US$ assumed in the original guidance.
Sustaining capital is expected to total US$130 million, compared with US$129 million previously.
Mine development investments are projected at US$149 million, up US$27 million from US$122 million previously, of which approximately US$24 million relates to Aripuanã, where development is being accelerated to increase the number of available mining fronts and operational flexibility, supporting the higher processing rates enabled by the fourth tailings filter. Mine development also continues to support operational flexibility, performance enhancements, and life-of-mine extensions at Vazante.
Investments in TSF are expected to total US$105 million, up US$16 million from US$89 million previously, mostly related to the tailings pumping system of the Cerro Pasco Integration Project (Phase I), for which 2026 guidance was revised to US$41 million from US$31 million.
HS&E remains at US$27 million.
Other non-expansion capital expenditures are expected to total US$7 million, compared with US$8 million previously, primarily consisting of investments at Pollarix (maintenance of electric generation rights and control equipment modernization). The remainder is allocated to automation projects across our units.
Expansion projects are now estimated at US$2 million, compared with US$5 million previously, primarily allocated to the Extremo Norte mine deepening project at Vazante.
| CAPEX (US$ million) |
2026 Guidance (Previous) |
2026 Guidance (Updated) | |
|---|---|---|---|
| Non Expansion | 375 | 418 | |
| Sustaining (1) | 129 | 130 | |
| Mine Development | 122 | 149 | |
| Tailings Storage Facilities (“TSF”) | 89 | 105 | |
| HS&E | 27 | 27 | |
| Others (2) | 8 | 7 | |
| Expansion projects | 5 | 2 | |
| TOTAL | 381 | 420 |
(¹) Investments in tailing dams and mine development are now excluded from sustaining expenses.
(²) Modernization, innovation, energy and others corporate investments.
2026 Exploration & Project Evaluation and Other Expenses
As part of our long-term strategy to replace and expand our mineral reserves and resources, we continue to advance our disciplined exploration program focused on identifying new orebodies and upgrading resource classifications through infill drilling campaigns.
During 2026, we plan to invest US$68 million in exploration. Of this, US$49 million is allocated to mineral exploration expenses, primarily targeting greenfield and brownfield projects.
Our project evaluation expense guidance is set at US$18 million, which includes IT initiatives to enhance cybersecurity solutions and optimize systems, as well as funding for the implementation of a new tailings stockpile in Aripuanã. The remaining amount will be allocated to corporate IT programs, potential growth projects assessments, and other strategic efforts across our business units.
In addition, we plan to allocate US$5 million for technology investments aimed at enhancing operational efficiency, and US$11 million to support the social and economic development of our host communities.
In 2026, approximately US$15 million of the total planned for Other Operating Expenses is dedicated to initiatives that advance Nexa’s ESG strategy, with primary allocations to the Project Evaluation, Technology, and Communities categories.
| Other operating expenses (US$ million) |
2026 Guidance |
||||||
|---|---|---|---|---|---|---|---|
| Exploration | 68 | ||||||
| Mineral exploration | 49 | ||||||
| Mineral rights | 8 | ||||||
| Sustaining (mine development) | 11 | ||||||
| Project Evaluation | 18 | ||||||
| Exploration & Project Evaluation | 86 | ||||||
| Other | 16 | ||||||
| Technology | 5 | ||||||
| Communities | 11 | ||||||
Note: Exploration and project evaluation expenses consider several stages of development, from mineral potential definition, R&D, and subsequent scoping and pre-feasibility studies (FEL1 and FEL2).