Nexa Resources is a large-scale, integrated polymetallic mining and smelting company, with zinc as its core product. Nexa operates five underground and open-pit mines — two in Peru and two in Brazil — producing zinc, copper, lead, silver, and gold in concentrate form. Nexa also owns three zinc smelters, two in Brazil and one in Peru, that convert zinc concentrate into refined metallic zinc and by-products. Nexa's smelters are the only ones of their kind in Latin America outside Mexico, and Cajamarquilla in Peru is the largest zinc smelter in the Americas. On the mining side, Nexa earns a margin on metal sold at LME prices, with cash costs significantly offset by by-product credits from copper, silver, and lead. On the smelting side, profitability is driven by treatment charges — the fees smelters charge miners to process concentrate — which compressed sharply in 2025 as global concentrate tightened, squeezing smelting EBITDA margins to roughly 6% versus 42% in mining. About half of smelter feedstock comes from Nexa's own mines, providing a partial natural hedge. Near-term growth focuses on ramping up the Aripuanã mine in Brazil to full capacity and integrating two adjacent Peruvian mines into the Cerro Pasco Complex to extend mine life. Nexa also holds a silver streaming agreement at Cerro Lindo that steps down around mid-2026, which management estimates will add $70–75M in annual cash flow at current silver prices.