Nexa Resources S.A.

Good morning, ladies and gentlemen, and welcome to Nexa Resources' third 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. If you are joining via Zoom, please click the Raise Hand button. If your question is answered, you can lower your hand by clicking the Put Hand Down button. You may also submit your questions 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 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 afterward 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 Cammarosano, Head of Investor Relations and Treasury, for his open remarks. Please go ahead.

Good morning, everyone, and welcome to Nexo Resources' third quarter 2026 earnings call. Thank you for joining us. Today, we will walk through the results we released yesterday. The presentation is available through the webcast if you would like to follow along. Before we begin, please take a moment to look at slide number two, which contains our forward look statements disclaimer. We encourage you to review it along with the related risk factors. Here with me today are Ignacio Rosado, our CEO, José Carlos del Valle, our CFO, and Leonardo Coelho, our Senior Vice President of Mining Operations. Ignacio, over to you.

Thank you, Rodrigo, and good morning, everyone. Let me start on slide number three. The third quarter marked another step forward for Nexo. Adjusted EBITDA reached $301 million. Our highest of the year up 62% from a year ago and 5% from the second quarter with a 32% margin. We generated 73 million in free cash flow and net leverage decreased to 1.2 times down from 1.4 times in June and 2.2 times a year ago. On the bottom line, we reported a net loss of 47 million mainly due to a 124 million non-cash impairment of our Juiz de Fora and Tres Maria system units in Brazil. It has no impact on cash and José Carlos will provide you with more details in a few minutes. So, what drove the quarter? Three things. First, higher sink prices and, compared with last year, a much stronger by-product contribution, especially from silver and copper. Second, our Peruvian operations continue to normalize and ARIPONA stepped up with the fourth tailing filter, operating as expected. And third, Caja Marquilla, operated normally throughout the quarter after the May fire and sales volumes recovered. In mining, zinc production reached 85,000 tons, up 7% from the second quarter, driven mainly by aripuera. In smelting, production jumped 28% to 159,000 tons as Casamarquilla processed most of the cathode inventory buildup After the fire, sales grew 9% to 146,000 tons, slower than production, as part of the output was allocated to fourth quarter sales. Looking ahead, three factors support the fourth quarter. At Aripona, plant utilization averaged 84% for the quarter and reached 90% in September. We expect utilization to continue to improve in the next quarter. In smelting, the metal inventory at Cajamarquilla positioned us to meet seasonally stronger demand in the fourth quarter. And at Cerro de Pasco, the integration project is on track for mechanical completion in December. On guidance, we raised our 2026 CAPEX to $420 million mainly to advance mine development at Aripona, bring forward investments at Cerro Pasco and reflect the stronger Brazilian real. We also updated our cost guidance to reflect higher metal prices and a stronger real. Our production and sales guidance for the year remains unchanged. Now let's move to slide number four for a closer look at mining. Sink production rose 7% from the second quarter to 85,000 tons on higher throughput and grades. Aripuana, Basante, and El Porvenir drove the increase with higher sink production. Compared with last year, production was up 1%. Our production guidance for all metals remains unchanged, and we expect the fourth quarter to be our stronger quarter of the year. For copper, given the lower grades at Cerro Lindo, we expect to finish at the lower end of the range. On costs, cash cost net of byproducts was negative 64 cents per pound, better than both the second quarter and last year. versus the second quarter, which reflects smart-to-market adjustments on lead and copper concentrates, lower costs, and higher sink sales at Aripona. The year-over-year change is mainly driven by a stronger by-product contribution. We lowered our 2026 cash cost guidance, reflecting much higher by-product prices, So far this year, we are negative at 45 cents per pound towards the lower end of the new range. Cost per ton of run of mine was $54, down 5% from the second quarter and up 7% from last year. We adjusted the guidance mainly due to the stronger Brazilian real and higher costs at Aripona. For the first nine months, we are at $55.07 near the top of the range, and we expect this to improve in the fourth quarter with higher volumes. Financially, mining had a stronger quarter. Net revenues were $454 million, and adjusted EBITDA was $236 million, up 7% from the second quarter, and 44% year over year. Margin reached 52% up 10 points from the second quarter. Now let's move to Aripuana on slide number five. Aripuana had a very good quarter, treated or reached a record 471,000 tons up 18% from the second quarter and zinc production rose 48% to 13,000 tons matching its best quarter driven by higher throughput and better grades. The fourth filter is performing well. It handled 61% of all the tailings filter in the quarter. Plant utilization averaged 84% up from 71% in the second quarter and Rich 90% in September. For the fourth quarter, we expect higher utilization and improved recoveries. Sink production should remain stable as higher throughput offset lower grades in the mine plant. We are also accelerating mine development at Aripuana to open more mining fronts and support higher throughput in 2027. Now to Cerro Pasco on slide number six. At Cerro Pasco, phase one construction is advancing as planned. During the quarter, we completed all civil works, the major equipment assembly, the access road, and the race of the Atacocha DAP. Pre-commissioning and commissioning are already underway. We expect mechanical completion in December, followed by commissioning activities in the first quarter of 2027. The operating authorization for the pumping system is expected in the second quarter, and we expect to start pumping in the early third quarter of 2027 as planned. On permitting, the environmental impact study modifications for El Porvenir and Atacocha are still under review by SENACE, and we now expect approvals in March and April 2027. On CAPEX, we invested 15 million in the quarter and 31 million so far this year. We raised the project's 2026 budget to 41 million, up from 31 million as we bring forward investments. Now let's move to smelting on the slide number seven. In smelting, production reached 159,000 tons Up 28% from the second quarter and 8% from last year, driven by the recovery at Cajamarquilla and the processing of the cathode inventory buildup after the fire. Sales were 146,000 tons, up 9% from the second quarter. Compared with last year, sales were down 2%. The inventory we built up in Cajamarquilla, together with seasonally stronger demand in the fourth quarter, supports our unchanged full-year sales case. Biodegradable products are becoming more important. Sulfuric acid sales rose 18% from the second quarter to 178,000 tons and Silver and Copper Cement Sales were both up 14%. On costs, cash cost net of byproducts was $1.65 per pound, up 15% from the second quarter as higher sink prices raised the cost of the concentrate we purchased. We raised the guidance range considering higher sink prices and a strong real. Partially offset by higher by-product prices. For the nine months, we had $1.50 per pound within the new range. Conversion cost was $0.36 per pound in the quarter and $0.35 per pound for the first nine months. We adjusted the guidance mainly for currency and higher fixed costs. Higher volumes in the fourth quarter should dilute fixed costs and keep us within the new range. Financially, the segment generated net revenues of $696 million and adjusted EBITDA of $65 million, which was broadly stable for the second quarter and nearly three times higher than a year ago. The year-over-year improvement was mainly driven by byproducts, Highers in prices and higher realized treatment charges. The EBITDA margin was 9%. With that, I will hand it over to José Carlos, our CFO for the financial.