Nexa Resources S.A.

Good morning, ladies and gentlemen, and welcome to Nexa Resources' first quarter 2026 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 currently 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 at the bottom of your screen. Please include your name and company when submitting your question. For participants joining by phone, press star, follow it by 9 to raise or lower your hand. Once announced, press star, follow it by 6 to mute or unmute your microphone. Written questions that are not addressed during this 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 Camarosano, Head of Investor Relations and Treasury, for his opening remarks. Please go ahead.

Good morning, everyone, and welcome to Next Resources' first quarter 2026 earnings conference call. Thank you for joining us today. During the call, we will discuss Nexa's performance as detailed in the earnings release yesterday. We encourage you to follow along with the presentation available through the webcast. Before we begin, please turn to slide number two, which contains our forward-looking statement disclaimer. We ask that you review the information regarding these statements and the associated risk factors. Joining the call today are our CEO, Ignacio Rossado, our CFO, José Carlos Del Valle, and our Senior Vice President of Mining Operations, Leonardo Coelho. With that, I will turn it over to Inácio.

Thank you, Rodrigo, and good morning, everyone. Starting on slide number three, our main highlights. The first quarter of 2026 was a strong start to the year. Adjusted EBITDA more than double year over year to $283 million with a margin of nearly 32%. Net income was $118 million or $0.67 per share. And net leverage continued to come down, closing the quarter at 1.59 times, half a turn lower than where we were a year ago, benefited by a strong last 12 months adjusted EBITDA. Three things drove the results. a constructive price environment across our entire metal mix, most notably silver, where prices averaged 164% above the first quarter of 2025, higher sales volumes in both segments, and operating performance that continues to improve, particularly at Alipona, which delivered another quarterly production record. The quarter was not without challenges. heavy rainfall at Cerro Lindo, an illegal community blockade at Atacocha, and a shaft constraint at El Porvenir all impacted the Peruvian production sequentially. Those issues have been addressed, and the affected operations returned to normal run rates. In mining, zinc production reached 79,000 tons, up 18% year-over-year, with all five mines benefiting from improved ore grades. In smelting, zinc metal and oxide sales total 147,000 tons, up year-over-year and quarter-over-quarter, supported by ongoing operations and improvements at our Brazilian smelters and continued solid performance at Cajamarquilla. The negative free cash flow in the quarter is consistent with our typical first quarter seasonality, reflecting working capital buildup and tax payments. We expect this to unwind over the coming quarters, reinforcing expectations of strong free cash flow generation in 2026. Let me move to slide number four for a closer look at the mining segment. Year over year, the 18% increase in zinc production reflects better ore grades across all of our operations. Quarter over quarter, the decline was driven by the temporary constraints at the Peruvian mines. Cash cost net of byproducts came in at negative 76 cents per pound, well below our 2026 guidance range, driven by stronger byproduct grades following from higher zinc, copper, silver, and gold prices. Cost per run of mine was $57 per ton. In line with guidance, the year-over-year increase was driven by the appreciation of the Brazilian Real, higher maintenance costs, and higher variable costs in specific operations. The financial picture for the segment is strong. Net revenues of $460 million and adjusted EBITDA of $231 million, translating into a 50% EBITDA margin. The kind of operating leverage we expect when prices and volumes both move in the right direction. On slide number 5, I will talk about Adipo now. Adipona was the standout asset of that quarter. We produced 13,000 tons of zinc, a quarterly record since the operation reached commercial production, supported by higher grades, better plant utilization, and improved operational stability. On the fourth tailings filter, construction and installation were completed in late April. Commission is started now in early May and is expected to be concluded in the second quarter. Once fully operational, the filter materially reduces our exposure to weather-driven throughput disruptions during the rainy season. Exploration continues to deliver encouraging results in the quarters. At Masaranduba, we hit a 16.6-meter intercept, grading 9.6% sink and 3% lead, additional confirmation of the long-term potential of the district. Now to slide number six for the Cerro Pasco integration project. Phase one of the Cerro Pasco integration project remained firmly on schedule during the quarter. We completed slope stabilization at the construction site, started civil works and structural assembly of the pump building, and concluded the manufacturing, testing, and packaging of the main equipment, including the thickener and pumps, as you can see in the picture on the bottom of the slide. These are important technical milestones. Looking ahead, We expect civil works to be completed and electromechanical assembly to progress through the 2026. Construction is targeted for completion in the third quarter of this year, with full project finalization expected in the fourth quarter of this year. We then begin the operating authorization process, which positions the start of the pumping for the second quarter of 2027. On the broader regulatory front, the second MEA for El Porvenir and the third for Atacocha are under evaluation by SENACI, and we currently expect both approvals in the first quarter of 2027. Preparatory studies for phase two, including the Picasso shaft assessment, also continue to advance during the quarter. This is one of the most important strategic levers in our portfolio. The integration extends life of mine at the Cerro Pasco complex beyond 15 years, lifts the average NSR of the life of the operation, and consolidates our position in one of Peru's most prospective polymetallic districts. Now, on slide number 7, I will talk about our smelting segment. In smelting, zinc, metal, and oxide cells of 147,000 tons were up year over year and quarter over quarter. The Brazilian units are recovering their production pattern, with Juiz de Fora producing 56% more zinc than in the first quarter of last year, and Tres Marias 17%. Caja Marquilla continue to operate at solid levels. Cash cost net of byproducts was $1.40 per pound, slightly above the upper end of our annual guidance, reflecting higher zinc LME prices and lower disease-impacting concentrate purchases. We expect this to ease modestly over the next quarters as our Peruvian operations return to normal run rates, reducing third-party concentrate need. Conversion cost was 34 cents per pound in line with our 2026 guidance. Starting this quarter, we have expanded our earnings release to include by-product sales performance, sulfuric acid, silver content, and copper cement. As by-products become a more expressive part of segment economics, we want to make those drivers more transparent for the market. Net revenues for the segment were $609 million with adjusted EBITDA of $51 million, an 8% margin. The margin reflects the structural pressure on global smelter economics from very low PCs. With that, I will hand the call over to Jose Carlos del Valle, our CFO, for the financial review.