About Us Reserves and Resources

In 2017, we designed a detailed process for the preparation of technical reports required for the declaration of our mineral reserves and mineral resources in all of our mines and greenfield projects, which were in accordance with the standards set forth in Canada’s National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) and the U.S. Securities and Exchange Commission (“SEC”) Industry Guide 7.

In October 2018, the Securities and Exchange Commission (“SEC”) adopted amendments to its current disclosure rules to modernize the mineral property disclosure requirements for mining registrants. The amendments include the adoption of a new subpart 1300 of regulation S-K (“S-K 1300”), which will govern disclosure for mining registrants (the “SEC Mining Modernization Rules”). The SEC Mining Modernization Rules replace the historical property disclosure requirements for mining registrants that were included in the SEC’s Industry Guide 7 and better align disclosure with international industry and regulatory practices, including the NI 43-101.

Nexa notes that it has voluntarily adopted the SEC’s new disclosure requirements for mining reserves and resources under S-K 1300 for the financial year ended December 31, 2020, which are required to be adopted by registrants in annual reports for the fiscal year beginning on or after January 1, 2021.

We are always working on the updated of our mineral reserves and mineral resources, as presented below. The technical reports, mining reports and press releases related to mineral reserves and mineral resources are available on www.sedar.com and www.sec.gov.

Mineral Reserves and Mineral Resources 

Nexa Resources announced in March 2021 the publication of updated information relating to mineral reserves and resources as of December 31, 2020. All Mineral Reserve and Mineral Resource estimates of the Company disclosed or referenced in this news release have been prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards on Mineral Reserves and Mineral Resources dated May 10, 2014 (“2014 CIM Definition Standards”), whose definitions are incorporated by reference in NI 43-101, for the metals indicated per mine and project. Accordingly, such information may not be comparable to the information that is presented in our annual report on Form 20-F prepared in accordance with S-K 1300.

Mineral Reserves - NI 43-101
  Grade Contained Metal 

 

Asset

 

 

Ownership

Interest (1)(%)

 

Class

 

Tonnage Zinc Copper Silver Lead Gold Zinc Copper Silver Lead Gold
(Mt) (%) (%) (g/t) (%) (g/t) (kt) (kt) (koz) (kt) (koz)

Cerro Lindo Mine (2)

80.16%

Proven 29.37 1.71 0.60 20.9 0.23 - 501.5 177.3 19,702 66.1 -
Probable 22.73 1.08 0.62 21.6 0.18 - 246.4 141.8 15,770 40.0 -
Subtotal 52.10 1.44 0.61 21.2 0.20 - 747.9 319.1 35,472 106.1 -

Vazante Mine (3)

100%

Proven 8.44 8.40 - 15.2 0.24 - 708.8 - 4,125 20.6 -
Probable 8.24 8.83 - 12.2 0.21 - 727.9 - 3,241 17.4 -
Subtotal 16.68 8.61 - 13.7 0.23 - 1,436.7 - 7,367 38.0 -

El Porvenir Mine (4)

80.16%

Proven 3.76 3.76 0.25 62.9 0.98 - 141.3 9.5 7,602 36.9 -
Probable 10.09 3.74 0.22 62.8 0.85 - 377.6 22.4 20,364 85.5 -
Subtotal 13.85 3.75 0.23 62.8 0.88 - 518.9 31.9 27,966 122.4 -

Aripuanã Project (5)

100%

Proven 10.08 3.74 0.31 36.0 1.39 0.29 376.7 31.3 11,676 140.1 94.5
Probable 13.42 3.60 0.21 32.9 1.33 0.33 483.1 28.4 14,211 178.9 141.5
Subtotal 23.51 3.66 0.25 34.3 1.36 0.31 859.8 59.7 25,887 319.0 236.1

Total

Proven 51.65 3.35 0.42 26.00 0.51 0.06 1,728.3 218.1 42,105 263.7 94.5
Probable 54.49 3.37 0.35 30.60 0.59 0.08 1,835.1 192.6 53,586 321.8 141.5
Total 106.14 3.36 0.39 28.30 0.55 0.07 3,563.4 410.8 96,691 585.5 236.1

Notes: The estimation of Mineral Reserves involves assumptions as to future commodity prices and as to technical mining matters. Numbers and totals may not sum due to rounding. The qualified persons responsible for the Mineral Reserves estimates are not aware of any mining, metallurgical, infrastructure, permitting, or other relevant factors that could materially affect the mineral reserve estimate.

(2)    Cerro Lindo Mine 
The qualified person for the Mineral Reserves estimate is Normand L. Lecuyer, P.Eng., a Roscoe Postle Associates Inc. (now a part of SLR Consulting Ltd), employee.
Bulk density varies depending on mineralization domain.
Mineral Reserves are estimated at NSR cut-off values of US$33.56/t processed for SLS and US$49.90/t processed for C&F stoping. A number of incremental stopes (down to US$26.16/t NSR value) are included in the estimate.
Mineral Reserves are estimated using average long term metal prices of Zn: US$2,494.90/t (US$1.13/lb); Pb: US$1,956.00/t (US$0.89/lb); Cu: US$6,457.90/t (US$2.93/lb); Ag: US$16.85/oz with all costs in US dollars.
A minimum mining width of 5.0 m and 4.0 m was used for SLS stopes and C&F stopes respectively.

 (3)    Vazante Mine    
The qualified person for the Mineral Reserves estimate is Normand L. Lecuyer, P.Eng., a Roscoe Postle Associates Inc. (now a part of SLR Consulting Ltd), employee.
Mineral Reserves are estimated at a cut-off NSR value of US$47.49/t processed.
Average Bulk density of 3.1 t/m3.
Mineral Reserves are estimated using average long term metal prices of Zn: US$2,494.90/t (US$1.13/lb); Pb: US$1,956.00/t (US$0.89/lb); and Ag: US$16.85/oz and a R$/US$ exchange rate of 4.84.
A minimum mining width of 4.0 m was applied.

 (4)    El Porvenir Mine 
The qualified person for the Mineral Reserves estimate is Steve Blaho, P. Eng., Roscoe Postle Associate Inc. (now a part of SLR Consulting Ltd), employee.
Average Bulk density of 3.12 t/m3.
NSR cut-off is calculated per zone and mining method. For C&F mining method, the values vary from US$59.75/t at Lower zone to US$63.37/t at Deepening zone. For SLS, the values vary from US$56.44/t at Lower zone to US$60.06/t at Deepening zone.
Mineral Reserves are estimated using average long term metal prices of Zn: US$2,494.90/t (US$1.13/lb); Pb: US$1,956.00/t (US$0.89/lb); Cu: US$6,457.90/t (US$2.93/lb); Ag: US$16.85/oz.
Minimum mining widths of 5.0 m were applied.

 (5)      Aripuanã Project
Mineral Reserves have an effective date as of September 30, 2020.
The qualified person for the Mineral Reserves estimate is Jason J. Cox, P.Eng., a Roscoe Postle Associates Inc. (now a part of SLR Consulting Ltd), employee.
Mineral Reserves are reported within engineered stope outlines assuming the following underground mining methods: Longitudinal longhole retreat (bench stoping) and Transverse longhole mining (VRM). Dilution and mining recovery are considered.
Mineral Reserves are estimated at a break-even cut-off NSR value of US$45.00/t processed. Some incremental material with values between US$40/t and US$45/t was included.
Mineral Reserves are estimated using average long term metal prices of Zn: US$2,494.90/t (US$1.13/lb); Pb: US$1,956.00/t (US$0.89/lb); Cu: US$6,457.90/t (US$2.93/lb); Ag: US$16.85/oz and Au: US$ 1,538/oz.
A minimum mining width of 4.0 m was applied.

Mineral Resources - NI 43-101 (Mines)
  Grade Contained Metal 

 

Asset

 

 

Ownership

Interest (1)(%)

 

Class

 

Tonnage Zinc Copper Silver Lead Gold Zinc Copper Silver Lead Gold
(Mt) (%) (%) (g/t) (%) (g/t) (kt) (kt) (koz) (kt) (koz)

Cerro Lindo Mine (2)

80.16%

Measured 4.40 2.00 0.67 19.6 0.20 - 87.8 29.4 2,774 8.9 -
Indicated 3.46 1.37 0.45 25.0 0.25 - 47.3 15.5 2,776 8.8 -
Subtotal 7.86 1.72 0.57 22.0 0.22 - 135.1 44.9 5,550 17.6 -
Inferred 8.71 1.28 0.33 31.2 0.35 - 111.1 29.1 8,748 30.6 -

Vazante Mine (3)

100%

Measured 3.40 6.91 - 8.4 0.18 - 235.0 - 918 6.2 -
Indicated 2.88 6.84 - 5.6 0.14 - 197.3 - 523 4.0 -
Subtotal 6.28 6.88 - 7.1 0.16 - 432.3 - 1,441 10.2 -
Inferred 13.85 6.86 - 9.5 0.18 - 950.2 - 4,216 25.6 -

El Porvenir Mine (4)

80.16%

Measured 0.23 2.59 0.23 63.5 0.99 - 6.0 0.5 471 2.3 -
Indicated 1.33 2.93 0.20 63.3 0.89 - 39.0 2.6 2,715 11.9 -
Subtotal 1.56 2.87 0.20 63.4 0.91 - 45.0 3.2 3,186 14.2 -
Inferred 8.47 3.60 0.23 78.4 0.95 - 305.0 19.8 21,345 80.8 -

Atacocha Mine
(Underground) (5)

72.94%

Measured 3.47 4.83 - 100.0 1.97 - 167.2 - 11,141 68.4 -
Indicated 4.04 4.13 - 73.4 1.39 - 166.8 - 9,527 56.0 -
Subtotal 7.50 4.45 - 85.7 1.66 - 334.1 - 20,669 124.3 -
Inferred 7.71 4.45 - 81.6 1.26 - 342.8 - 20,236 97.2 -

Atacocha Mine
(Open Pit) (6)

72.94%

Measured 4.34 1.17 - 30.0 0.87 0.22 50.6 - 4,191 37.7 31.2
Indicated 5.53 1.03 - 30.0 0.89 0.21 57.2 - 5,336 49.4 36.7
Subtotal 9.87 1.09 - 30.0 0.88 0.21 107.9 - 9,527 87.2 67.9
Inferred 1.31 0.97 - 30.5 0.83 0.26 12.8   1,291 10.9 10.9

Morro Agudo Mine (7)

100%

Measured - - - - - - - - - - -
Indicated 17.28 3.25 - - 0.64 - 561.7 - - 111.1 -
Subtotal 17.28 3.25 - - 0.64 - 561.7 - 111.1
Inferred 4.70 3.27 - - 0.52 - 154.0 - - 24.3 -

Total Zinc Mines

Measured 15.84 3.45 0.19 38.3 0.78 0.06 546.6 29.9 19,495 123.5 31.2
Indicated 34.52 3.10 0.05 18.8 0.70 0.03 1,069.3 18.2 20,877 241.2 36.7
Total 50.35 3.21 0.10 24.9 0.72 0.04 1,616.1 48.1 40,373 364.6 67.9
Inferred 44.75 4.19 0.11 38.8 0.60 0.01 1,875.9 48.9 55,836 269.4 10.9

 

 

Mineral Resources - NI 43-101 (Zinc Projects)
  Grade Contained Metal 

 

Asset

 

 

Ownership

Interest (1)(%)

 

Class

 

Tonnage Zinc Copper Silver Lead Gold Zinc Copper Silver Lead Gold
(Mt) (%) (%) (g/t) (%) (g/t) (kt) (kt) (koz) (kt) (koz)

Aripuanã Project (8)

100%

Measured 2.92 2.50 0.38 29.8 0.93 0.29 72.9 11.1 2,795 27.3 27.4
Indicated 5.17 1.86 0.27 18.2 0.63 0.43 96.3 13.9 3,021 32.4 71.0
Subtotal 8.09 2.09 0.31 22.4 0.74 0.38 169.2 25.1 5,816 59.7 98.4
Inferred 39.45 3.31 0.33 33.8 1.22 0.58 1,306.6 131.3 42,906 482.1 736.5

Hilarión Project (9)

80.16%

Measured 24.73 3.43 - 32.8 0.72 - 847.2 - 26,107 177.3 -
Indicated 34.23 3.61 - 25.7 0.58 - 1,237.0 - 28,326 197.7 -
Subtotal 58.96 3.53 - 28.7 0.64 - 2,084.1 - 54,433 374.9 -
Inferred 25.34 3.52 - 28.4 0.69 - 891.2 - 23,144 174.9 -

Florida Canyon Project (10)

48.90%

Measured 0.81 11.32 - 15.4 1.40 - 91.7 - 402 11.3 -
Indicated 1.63 10.28 - 14.9 1.31 - 167.6 - 779 21.4 -
Subtotal 2.44 10.63 - 15.1 1.34 - 259.4 - 1,181 32.7 -
Inferred 14.86 9.63 - 11.3 1.26 - 1,431.0 - 5,394 187.2 -

Shalipayco Project (11)

60.12%

Measured 3.78 4.18 - 28.9 0.46 - 158.0 - 3,512 17.4 -
Indicated 5.69 4.61 - 32.6 0.50 - 262.3 - 5,955 28.5 -
Subtotal 9.47 4.44 - 31.1 0.48 - 420.3 - 9,467 45.8 -
Inferred 32.38 4.13 - 31.1 0.47 - 1,337.3 - 32,345 152.2 -

Caçapava do Sul Project (12)

56.00%

Measured 4.90 1.52 - 10.0 2.11 - 74.5 - 1,575 103.4 -
Indicated 8.11 1.08 0.08 27.0 1.89 - 87.6 6.5 7,040 153.3 -
Subtotal 13.01 1.24 0.05 20.6 1.97 - 161.3 6.5 8,612 256.3 -
Inferred 13.25 0.86 0.12 21.0 1.94 - 114.0 15.9 8,946 257.1 -

Total Zinc Projects

Measured 37.14 3.35 0.03 28.8 0.91 0.02 1,244.3 11.1 34,391 336.7 27.4
Indicated 54.83 3.38 0.04 25.6 0.79 0.04 1,850.8 20.4 45,121 433.3 71.0
Subtotal 91.97 3.36 0.03 26.9 0.84 0.03 3,094.3 31.6 79,509 769.4 98.4
Inferred 125.28 4.05 0.12 28.0 1.00 0.18 5,080.1 147.2 112,735 1,252.9 736.5

Total (Mines and Projects)

Measured 52.98 3.38 0.08 31.6 0.87 0.03 1,790.9 41.0 53,886 460.2 58.6
Indicated 89.35 3.27 0.04 23.0 0.75 0.04 2,920.1 38.5 65,998 674.5 107.7
Subtotal 142.32 3.31 0.06 26.2 0.80 0.04 4,710.4 79.7 119,882 1,134.0 166.3
Inferred 170.03 4.09 0.12 30.8 0.90 0.14 6,956.0 196.1 168,571 1,522.3 747.4

 

 

Mineral Resources - NI 43-101 (Copper Projects)
  Grade Contained Metal 

 

Asset

 

 

Ownership

Interest (1)(%)

 

Class

 

Tonnage Zinc Copper Silver Lead Gold Zinc Copper Silver Lead Gold
(Mt) (%) (%) (g/t) (%) (g/t) (kt) (kt) (koz) (kt) (koz)

Magistral Project (13)

80.16%

Measured 84.24 - 0.56 3.00 - - - 471.7 8,017 - -
Indicated 121.08 - 0.50 3.00 - - - 605.4 11,523 - -
Subtotal 205.32 - 0.52 3.00 - - - 1,067.6 19,540 - -
Inferred 50.57 - 0.43 2.60 - - - 217.5 4,178 - -

Pukaqaqa Project (14)

80.16%

Measured 107.30 - 0.43 - - - - 461.4 - - -
Indicated 201.70 - 0.39 - - - - 786.6 - - -
Subtotal 309.00 - 0.41 - - - - 1,266.9 - - -
Inferred 40.10 - 0.34 - - - - 136.3 - - -

Total Copper Projects

Measured 191.54 - 0.49 1.3 - - - 933.1 8,017 - -
Indicated 322.78 - 0.43 1.1 - - - 1,392.0 11,523 - -
Total 514.32 - 0.45 1.2 - - - 2,325.1 19,540 - -
Inferred 90.67 - 0.39 1.4 - - - 353.8 4,178 - -

Notes: The estimation of mineral resources involves assumptions as to future commodity prices and as to technical mining matters. Numbers and totals may not sum due to rounding. Mineral Resources are reported exclusive of those Mineral Resources that were converted to Mineral Reserves, and Mineral  Resources are not Mineral Reserves and do not have demonstrated economic viability.

(1)    The tonnage and content amounts presented in this table have not been adjusted to reflect our ownership interest. The information presented in this table includes 100% of the mineral resource estimates of our consolidated subsidiaries and of our joint ventures, certain of which are not wholly-owned, as set out in this ownership interests column.

(2)    Cerro Lindo Mine 
The Qualified Person for the Mineral Resources estimate is Rosmery J. Cárdenas Barzola, P.Eng., MAusIMM CP (Geo), a Roscoe Postle Associates Inc. (now a part of SLR Consulting Ltd), employee.
Mineral Resources are estimated at a NSR cut-off value of US$33.56/t for SLS and US$49.90/t for C&F
Forecast long term metal prices used for the NSR calculation are: Zn: US$2,869.14/t (US$1.30/lb); Pb: US$ 2,249.40/t (US$1.02/lb); Cu: US$7,426.59/t (US$3.37/lb), and Ag: US$19.38/oz, and metallurgical recoveries are based on recovery curves derived from historical processing data.
A minimum mining width of 5.0 m and 4.0 m was used to create SLS and C&F resource shapes respectively.
Bulk density varies depending on mineralization domain.

 (3)    Vazante Mine    
The Qualified Person for the Mineral Resources estimate is Reno Pressacco, P.Geo., a Roscoe Postle Associates Inc. (now a part of SLR Consulting Ltd) employee.
Mineral Resources are estimated at various NSR cut-off values appropriate to the mineralization style.
Forecast long term metal prices used for the NSR calculation are: Zn: US$2,869.14/t (US$1.30/lb); Pb: US$ 2,249.40/t (US$1.02/lb) and Ag: US$19.38/oz, and metallurgical recoveries are based on recovery curves derived from historical processing data. An average long-tern US$/BRL exchange rate of 4.84 was used.
Mineral Resources are reported within underground mining shapes with minimum mining width of 3.0 m for willemite mineralization.
Density was assigned based on rock type.

 (4)    El Porvenir Mine 
The Qualified Person for the Mineral Resources estimate is Rosmery J. Cárdenas Barzola, P.Eng., MAusIMM CP (Geo), a Roscoe Postle Associates Inc. (now a part of SLR Consulting Ltd), employee.
Mineral Resources are estimated at NSR cut-off values of US$60.06/t for the Upper Zone, US$61.09/t for the Intermediate Zone, US$59.75/t for the Lower Zone, and US$63.37/t for the Mine Deepening Zone for C&F resource shapes.
Mineral Resources are estimated using an average long-term metal prices of Zn: US$2,869.14/t (US$1.30/lb); Pb: US$2,249.40/t (US$1.02/lb); Cu: US$7,426.59/t (US$3.37/lb); and Ag: US$19.38/oz, and metallurgical recoveries are based on recovery curves derived from historical processing data.
A minimum mining width of 4.0 m was used for C&F resource stopes.
Bulk density varies depending on mineralization domain.

 (5)      Atacocha Mine (Underground)
The qualified person for the mineral resources estimate is José Antonio Lopes, B.Geo., MAusIMM (CP) Geo , a Nexa Resources employee.
Mineral resources are estimated at a NSR cut-off value of US$ 55.05/t for C&F mining method.
Mineral resources are estimated using an average long-term metal prices of Zn: US$2,869.14/t (US$1.30/lb); Pb: US$2,249.40/t (US$1.02/lb); and Ag: US$19.38/oz, and metallurgical recoveries are based on recovery curves derived from historical processing data.
A minimum mining width of 4.0 m was used for C&F resource stopes.

 (6)      Atacocha Mine (Open Pit)
The Qualified Person for the mineral resources estimate is José Antonio Lopes, B.Geo., MAusIMM (CP) Geo, a Nexa Resources employee.
Mineral Resources are reported within optimized pitshell.
Mineral Resources are estimated at a NSR cut-off of US$19.46/t processed.
Mineral Resources are estimated using an average long-term metal prices of Zn: US$2,869.14/t (US$1.30/lb); Pb: US$2,249.40/t (US$1.02/lb); Au: US$1,768/oz; and Ag: US$19.38/oz, and metallurgical recoveries are based on recovery curves derived from historical processing data.
Density was assigned based on rock type.

 (7)      Morro Agudo Mine
The Qualified Person for the Mineral Resources estimate is José Antonio Lopes, B.Geo., MAusIMM (CP) Geo , a Nexa Resources employee.
Mineral Resources are reported within underground mining shapes.
The NSR cut-offs are calculated based on the LOM costs for each mine. Morro Agudo: US$ 37.95/t and Bonsucesso: US$ 46.22/t.
Mineral Resources are estimated using an average long-term metal prices of Zn: US$2,869.14/t (US$1.30/lb) and Pb: US$2,249.40/t (US$1.02/lb); and metallurgical recoveries are based on historical processing data.
A minimum thickness of 3.0 m was  applied for Bonsucesso and 4.5 m for Morro Agudo underground.
Density was assigned based on rock type.

 (8)      Aripuanã Project
The Qualified Person for the Mineral Resources estimate is Sean Horan, P. Geo.,  a Roscoe Postle Associates Inc. (now a part of SLR Consulting Ltd), employee.
Mineral Resources have effective date as of September 30, 2020.
Mineral Resources are reported using a US$45/t cut-off value for transverse longhole mining and longitudinal longhole retreat areas and US$55/t cut-off value for C&F areas.
Forecast long term metal prices used for the NSR calculation are: Zn: US$2,869/t (US$1.30/lb); Pb: US$ 2,249/t (US$1.02/lb); Cu: US$7,427/t (US$3.37/lb); Au: US$1,768/oz, and Ag: US$19.38/oz.

 (9)      Hilarion Project
The Qualified Person for the Mineral Resources estimate is José Antonio Lopes, B.Geo., MAusIMM (CP) Geo, a Nexa Resources employee.
Mineral Resources have an effective date as of December 31,2019.
Mineral Resources are estimated at a NSR cut-off value of US$35.00/t for SLS resource shapes for Hilarión deposit, and an NSR cut-off value of US$45.00/t for SLS resource shapes and US$50.00/t for Room and Pillar (R&P) resource shapes for El Padrino deposit.
Mineral Resources are estimated at average long-term metal prices of Zn: US$2,956.65/t (US$1.34/lb); Pb: US$2,303.14/t (US$1.04/lb); Cu: US$7,523.30/t (US$3.41/lb); and Ag: US$19.61/oz.
A minimum mining width of 3.0 m was used for Hilarión and El Padrino.
Bulk density varies depending on mineralization domain.

 (10)      Florida Canyon Project
The Qualified Person for the mineral resources estimate is José Antonio Lopes, B.Geo., MAusIMM (CP) Geo, a Nexa Resources employee.
Mineral Resources have an effective date as of October 30, 2020.
Mineral Resources are reported using a cut-off values US$41.40/t NSR for SLS, US$42.93/t for C&F and US$40.61/t for R&P mine areas.
Forecast long term metal prices used for the NSR calculation are: Zn: US$2,816t (US$1.27/lb); Pb: US$ 2,249/t (US$1.02/lb) and Ag: US$19.40/oz.

 (11)      Shalipayco Project 
The Qualified Person for the Mineral Resources estimate is José Antonio Lopes, B.Geo., MAusIMM (CP) Geo, a Nexa Resources employee.
Mineral Resources have an effective date as of December 31, 2018.
Mineral Resources are estimated at an NSR cut-off value of US$45 with metallurgical recovery of 88.0% for zinc and 77.5% for lead.
Mineral Resources are estimated using a long-term zinc price of US$3,034.28/t, lead price of US$2,529.54/t and silver price of US$21.58/oz.
A minimum mining width of 2.0 m was used. 

 (12)      Caçapava do Sul Project
The Qualified Person for the Mineral Resources estimate is José Antonio Lopes, B.Geo., MAusIMM (CP) Geo, a Nexa Resources employee.
Mineral Resources have effective date as March 17, 2017.
Mineral Resources are reported at a NSR cut-off value of US$13.25/t.
NSR metal price assumptions: Zn US$1.26/lb; Pb US$1.01/lb; Cu US$3.08/lb; and Ag US$21.78/oz.
A minimum thickness was not applied.
Mineral Resources are constrained by preliminary pit shells.

 (13)      Magistral Project
The Qualified Person for the Mineral Resources estimate is José Antonio Lopes, B.Geo., MAusIMM (CP) Geo, a Nexa Resources employee.
Mineral Resources have an effective date as of June 30, 2017.
Mineral Resources are reported using a 0.2% Cu cut-off grade for the material inside the pit shell design.
Mineral Resources are estimated based on metal prices of US$2.68 per lb Cu and US$18.94 per ounce Ag.
Density was assigned based on rock type.

 (14)      Pukaqaqa Project
The Qualified Person for the Mineral Resources estimate is José Antonio Lopes, B.Geo., MAusIMM (CP) Geo, a Nexa Resources employee.
Mineral Resources have an effective date as of July 31, 2017.
Mineral Resources were reported inside a preliminary Whittle pit using a 0.20% Cu block cut-off grade.
Mineral Resources are estimated using a copper price of US$2.59/lb and an exchange rate of US$0.80 to C$1.00.

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