Nexa Resources S.A.

Good morning, ladies and gentlemen, and welcome to Nexa Resources' third quarter 2025 earnings conference call. Please note that today's event is being recorded and broadcast live via Zoom, with access also through Nexa's Investor Relations website. A slide presentation accompanying the webcast is available for download, as well as a replay of the conference call following its conclusion. As a reminder, all participants are in listen-only mode. Following today's presentation, we will open the floor for questions. To ask a question, if you are joining via Zoom, please click the Raise Hand button. If your question is answered, you can lower your hand by clicking Put Hand Down button. You may also submit your question via the Q&A icon. Please include your name and company when submitting your question. For participants joining by phone, press star, followed by 9 to raise or lower your hand. Once announced, press star, followed by 6 to mute or unmute your microphone. Reading questions that are not addressed during the call will be answered afterwards by the Investor Relations team. Questions from media outlets will be handled separately by our Corporate Affairs team. Now, I would like to turn the conference over to Mr. Rodrigo Camarrosano, Head of Investor Relations and Treasury, for his opening remarks. Please go ahead.

Good morning, everyone, and welcome to Nexa Resources' third quarter 2025 earnings conference call. Thank you for joining us today. During the call, we will discuss Nexus Performance as per our earnings release issued yesterday. We encourage you to follow the on-screen presentation through the webcast. Before we begin, I would like to highlight slide number two, which outlines forward-looking statements about our business. Please refer to the disclaimer regarding these statements and their conditions. Now, it is my pleasure to introduce our speakers. Joining us today are our CEO, Ignacio Rosado, our CFO, José Carlos Del Valle, and our Senior VP of Mining Operations, Leonardo Coelho. I will now hand the call over to Ignacio for his comments. Ignacio, please go ahead.

Thank you Rodrigo. Good morning everyone and thank you for joining us today. Before we dive into our third quarter results, I would like to highlight the strategic catalysts that are strengthening Nexus competitive position and underpinning our long-term value creation. We are executing our strategy across five key business catalysts. building a more resilient portfolio for long-term sustainable cash generation. Starting with Aripuana, we are pleased to share that the fourth tailings filter is in route to the mine site. Installation begins in the fourth quarter of this year, enabling commissioning in early 2026. This is a critical step to achieving full production capacity. We will provide more details shortly. In Peru, the Cerro Pasco integration project advances on plan. It leverages a well-known high-potential mineral district with over 15 years of potential mine life and meaningful net smelter return uplift. Our integrated mine smelter model remains a core differentiator. It mitigates volatility during down cycles, captures stronger margins in supportive pricing environments, and enhances value retention across the sink chain. Finally, our growth strategy involves actively evaluating accretive opportunities in mining-friendly jurisdictions. Any investment will be grounded in disciplined capital allocation, prioritizing returns, operational excellence, and sustainability. Together, these catalysts reinforce our strategic position and lay a strong foundation for long-term performance. Let's begin with a review of our strong third-quarter performance on slide number four. NEXA delivered robust operational and financial results this quarter, driven by disciplined execution, improved mining output, and a constructive price environment. Mining production reached 84,000 tons of zinc, a sequential and year-over-year increase. This was driven mainly by a record quarter at Alipuana, and a solid recovery at Basante following the disruptions at the beginning of the year. In smelting, total zinc sales were 150,000 tons, reflecting stronger performance across all units, with Cajamarquilla also achieving its highest quarterly output to date. Financially, this translates into net revenues of $764 million, unadjusted EBITDA of $186 million, both improving in all comparable periods, supported by higher volumes and stronger byproducts prices. We recorded an income of $100 million, or $0.52 per share, and a free cash flow of $52 million, up versus the previous quarter, strengthening our balance sheet with net leverage slightly decreasing to 2.2 times. Now let's dive deeper into our mining performance on slide number five. Our quarterly sink production of 84,000 tons was up 14% from the second quarter. This was powered by a solid recovery at Basante and a record quarter increase at Aripuaná, which produced 10,000 tons of zinc, a 70% sequential increase. For the first nine months of 2025, zinc production reached 225,000 tons, reflecting lower treated volumes and grades in the first half of this year. Our consolidated mining cash cost net of byproducts strongly improved to minus 49 cents per pound, driven by higher byproduct credits and lower TCs. Year-to-date cash costs were minus 18 cents per pound better than our guidance. Our cost per run of mine was $51 per ton, stable quarter over quarter, and in line with our guidance. As we previously highlighted, the year-over-year increase mainly reflects conditions at Aripuana earlier in the year. Excluding Aripuana, costs were broadly in line with the prior year. Financially, the mining segment delivered net revenues of 372 million and adjusted EBITDA of 164 million, with a 44% EBITDA margin. supported by stronger prices and improved operational performance. With that, let's move to slide number 6 for more on Aripuaná's quarterly milestone. Adipona delivered its best performance since ramp-up, reflecting a more stable operation and a higher throughput in this period. The arrival of the fourth tailings filter is a critical step. We expect this upgrade to enable reaching mainframe capacity by the second half of 2026, securing long-term operational stability and cash generation. On cost performance, we saw a notable quarterly improvement, supported by higher treated ore volumes and ongoing optimization. And finally, exploration continues to enhance future potential. Recent drilling results confirm new mineralized extensions, reinforcing our confidence in the geological upside and the potential to keep extending the life of the asset. Let's move to slide number seven to review the latest developments on the Cerro Pasco integration project. In the third quarter, we made a strong progress on phase one, which focuses on the new tailings pumping and piping system. Site mobilization is now complete and we are progressing well with earthworks and civil construction on key areas including the plant platform tailings thickener and drive pipe channel. Major procurement packages are secured with two key packages fully manufactured this quarter. In parallel, we are advancing with phase two studies, which include technical assessment for the Picasso shaft and underground integration to define the most efficient long-term configuration. This project remains a strategic enabler for Cerro de Pasco's long-term sustainability, supporting future production in this important mineral district. Let's move to slide number eight to review our smelting operating performance in more detail. In our smelting segment, sales reached 150,000 tons in the quarter, a 3% sequential increase driven by higher production across all units, including a record quarter at Cajamarquilla, a continued recovery at Tres Marias. For the first nine months of 2025, sales total 425,000 tons in line with our sales guidance, which reflected lower production earlier in the year. Financially, in the third quarter of this year, the segment delivered net revenues of 541 million and adjusted EBITDA of 23 million, reflecting the current margin environment and cost dynamics. Our cost performance in the quarter was in line with expectations, with a cash cost of $1.32 per pound, driven by higher zinc prices and lower TCs. Year-to-date cash costs were $1.24 per pound, well aligned with our revised guidance. Our conversion cost was 35 cents per pound, stable quarter over quarter, and slightly below guidance year to date. The year-over-year comparison reflects lower sales volumes and higher operational costs, as expected. With that, I will hand the call over to our CFO, José Carlos del Valle, for a detailed review of our financial results. José, please go ahead.