Nexa Resources S A : Sustainability Annual Report 2023

2023

Annual Report

Contents

3

ABOUT THIS REPORT

4

MESSAGE FROM THE BOARD OF DIRECTORS

5

MESSAGE

FROM THE CEO

6

ABOUT NEXA

• Operations map
• Materiality assessment
• Our Business Strategy
• ESG Strategy
• Commitments to society
• Awards and recognition in 2023

16

PERFORMANCE

• Mining and processing
• Smelting
• Commercial
• Governance
• Ethics and compliance
• Risk management
• Investor relations

31

GROWTH

• Mineral exploration
• Business diversification

36

CULTURE

• Nexa Culture
• Nexa workforce profile
• Plurality
• Valuing Nexa employees
• Health, safety and well-being
• Technology, automation and innovation

50

ESG

• Suppliers
• Clients
• Society
• The environment

70

APPENDICES

• Appendices
• GRI, SASB and TCFD content index

92

ASSURANCE

REPORT

94

CORPORATE

INFORMATION

2023 Annual Report

2

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ABOUT THIS REPORT

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About this report

This 2023 Annual Report of Nexa Resources S.A. presents our work, initiatives and outcomes in the environmental, social and

governance (ESG) spheres for the period from January 01, 2023 to December 31, 2023.

We are agents of transformation and development, aligned with our purpose of integrating mining into an ever-changing world as an opportunity for sustainable development.

Thus, we organized the chapters of this report according to our four strategic pillars - Performance, Growth, Culture, and ESG. Each chapter contains information of interest to our employees, communities, suppliers, shareholders, and other stakeholders, about the ESG pillars and our material topics, which were reviewed in 2023 (see more in the chapter We are Nexa).

This report has been prepared in accordance with the Standards of the International Integrated Reporting Framework, the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB and recommendations from the Task Force on Climate-Related Financial Disclosure (TCFD). Financial disclosures are consistent with International Financial Reporting Standards (IFRS).

The content used in the preparation of this report can be viewed on our website.The information presented here has undergone external assurance by Bureau Veritas Brazil. The report was submitted

to our Sustainability Committee and approved by the Board of Directors.

The consolidated financial statements and the independent audit report are available for download on our dedicated investor relations websites (ri.nexaresources.comand riperu. nexaresources.com), on the Results Center page. The previous edition of this report, for the year 2022, was published in May 2023 and is available here.

To enhance and enrich your reading experience, at the beginning of each chapter and throughout the text, we provide references to relevant disclosures, standards, pillars, or the capital underpinning value creation.

• Learn more athttps://www.globalreporting.org/;https://www.sasb.organd https://relatointegradobrasil.com.br/

2023 Annual Report

3

MESSAGE FROM THE BOARD OF DIRECTORS

Making our mining more sustainable than ever

In 2023, Nexa embarked on a journey of progress, opportunities and challenges. Every day, we strive

to maintain high levels of operational performance, a safe and healthy environment, co-creating value for all our stakeholders: communities, employees, partners and investors. This journey is underpinned on the premise of reconciling productive financial stability with high standards of sustainability and safety to all employees and contractors.

Our ESG governance continued to advance steadily, with significant developments in strategy accross

all units and for all employees. This requires acknowledgment of our teams' engagement, including the leadership at the forefront of initiatives and projects, present in Brazil and Peru, in pursuit of fulfilling our environmental and social commitments.

As one of the top five global zinc producers, Nexa is committed to its role as an agent to help improve people's lives and reduce or mitigate environmental impacts. The company has been demonstrating its ability to innovate in projects and invest

in technological solutions aimed at emission reduction, including

spearheading certain movements within the mineral sector.

Nexa remains effectively committed to seeking alternatives to the challenges arising from external environments and those inherent to the mining and smelting segment. The year 2023 provided us with important learnings in this regard, which will be crucial for addressing potential future adversities.

We continue to believe and invest in the countries where we operate, supported by a solid and mature governance, engaged and motivated

teams, with a transparent and ethical communication with host communities.

And we therefore remain committed to our purpose of integrating mining into an ever-changing world as an opportunity for sustainable development.

We hope you find our report useful and informative..

Jaime Ardila

Chairman of the

Board of Directors

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4

MESSAGE FROM THE CEO

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A journey of overcoming challenges

Nexa is a company determined to evolve and overcome challenges. This was the predominant message of 2023, resonating with each of us

individually and as a team.

Throughout the year, we advanced our ESG strategy by undertaking decarbonization projects, promoting diversity, and addressing climate change. We reinforced our organizational culture, strengthening business strategic pillars and pursuing the safety of our people. We also made significant progress in managing social matters in Peru and Brazil, aiming to strength our relationships with host communities.

Despite an atypical and challenging year, marked by abrupt drops in international zinc prices and high interest rates aimed at curbing inflation, we responded swiftly to minimize impacts, implementing necessary measures to prevent more severe losses.

We achieved significant operational improvements and gained consistency in our operations through processes review in several areas and fronts, which resulted in considerable cost optimization and eco-efficiency.

Internally, we faced operational challenges in certain assets, requiring additional efforts and resources to end the year close to expectations. For instance, our Cerro Lindo unit was significantly affected by rainfall, disrupting the mine's production plan for a period.

However, due to our teams dedication and efforts, we successfully recovered production levels.

Our newest operation in Aripuanã continued its ramp-up, presenting countless operational challenges and providing valuable insights regarding people and community relations. In 2024, we aim to achieve full capacity.

We tackled challenges head-on through concrete actions, enhancing our maturity, safety and reliability levels. In 2024, we will remain committed to advancing projects that we believe will elevate Nexa to a new level, while steadfastly upholding sustainability across all processes. We emerge from this year strengthened and resilient.

Once again, I extend my gratitude to the Board of Directors for their collaboration and to all our employees for their unwavering dedication, which is essential to our mission of mining that changes with the world.

Thank you!

Ignacio Rosado

Chief Executive Officer

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About Nexa

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We stand proudly among the top five zinc producers in the world, a testament to our nearly seven decades of experience

in developing and operating mining and smelting assets across Latin America. In addition to metallic zinc and its by-products, we produce silver, gold, copper and lead concentrates.

Nexa Resources S.A. was formed from the merger of Brazilian and Peruvian operations in 2017 and is part of the conglomerate of investees of Votorantim S.A., our main shareholder, holding 64.68% of the total capital.

At the heart of our operations lies zinc, a cornerstone element with myriad applications crucial for energy transition, fostering a low-carbon economy, and enhancing quality of life. Because of its versatility, the zinc we produce is used in applications ranging from agriculture to aerospace manufacturing. Moreover, the copper concentrate we produce is used in diverse sectors, from infrastructure development to battery production.

Since 2017, our shares have been traded on the New York Stock Exchange (NYSE), while Nexa Peru's shares are traded on the Lima Stock Exchange in Peru (BVL). We are headquartered in Luxembourg City (Luxembourg) and we maintain administrative offices in São Paulo (Brazil) and Lima (Peru). We also have sales offices in Brazil, Peru, the U.S. and Luxembourg.

We operate six polymetallic mines, with three located in Peru (Cerro Lindo, El Porvenir and Atacocha), and 3 mines in Brazil, 2 of them in the state of Minas Gerais (Vazante e Morro Agudo), and the newest in the state of Mato Grosso (Aripuanã), also in Brazil. In 2023, approximately 13 million tons were treated in total at our mines.

We also operate three zinc smelters (refineries): Cajamarquilla in Peru, and Três Marias and Juiz de Fora in Brazil, which produce metallic zinc, zinc oxide and several co-products. Furthermore, we have ongoing mineral exploration Programs in Peru, Brazil, and Namibia.

Our Cajamarquilla operation is among the seven largest zinc smelters in the world by volume produced and is the largest in the Americas.

In 2023, we sold 589,800 metric tons of products-including 555,900 metric tons of metallic zinc and 33,900 metric tons of zinc oxide-to customers worldwide in various sectors such as transportation, energy, agriculture, healthcare, and consumer goods.

Mining that changes with the world

Our purpose is to integrate mining into an ever-changing world as an opportunity for sustainable development.

2023 Annual Report

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About Nexa

What truly distinguishes us in the market is the seamless integration of our mine and smelter operations. At the heart of this integration lies the processing of zinc concentrate from the Vazante and Morro Agudo mines at the Três Marias smelter, while the Juiz de Fora smelter processes concentrate and secondary feed materials (such as scrap and electric arc furnace dust) to produce zinc. With consolidation efforts underway in Aripuanã,

our newly integrated mining assets and smelters are poised to enhance operational synergy further. Notably, the majority of zinc concentrate produced from the Cerro Lindo, El Porvenir and Atacocha mines is processed at the Cajamarquilla smelter.

Net revenue was US$2.8 billion and Adjusted EBITDA was US$ 391.2 million in 2023.

At year-end, our workforce comprised 5,770 direct employees (excluding interns and apprentices). Additionally, we engaged 8,784 permanent contractors and

8,946 temporary contractors. This diverse workforce is primarily dedicated to pivotal roles in technology operating our mines and smelters as well deployment and automation, engineering,

and mineral exploration.

numbers	GRI 2-7,2-8 SASB EM-MM-000.B
Nexa by the

US$ 2.8 billion

in consolidated net revenue

US$ 391.2

million

in adjusted EBITDA

8,784

permanents

contractors

8,946

temporary

contractors

5,770

employees

engaged

US$ 309 million

in CAPEX investment

US$ 39 million

invested in mineral exploration

4.3%

of global zinc

production

2023 Annual Report

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About Nexa

OPERATIONS MAP

Mining and		Smelter
processing		Brazil
Brazil		• Três Marias
• Vazante		• Juiz de Fora
• Morro Agudo		Peru
• Aripuanã		• Cajamarquilla
Peru
• Cerro Lindo
• El Porvenir
• Atacocha

UNITED STATES

PERU

BRAZIL

Offices		Mineral exploration
Luxembourg		programs
• Luxembourg City		Brazil
(headquarters and head & sales office)		• Aripuanã
Brazil		• Vazante
• São Paulo		Peru
(head & sales office),		• Cerro Lindo
• Belo Horizonte		• Pasco Complex
(administrative)		• Florida Canyon
Peru		• Magistral
• Lima		• Hilarión
(head & sales office)		Namibia
United States		• North Namibia
• Houston		•Otavi
(commercial)

	Magistral
	Project
	Florida Canyon
	Project
Cajamarquilla	Hilarión Project
Pasco Complex
Lima	Atacocha

El Porvenir

Cerro Lindo

Aripuanã

MT

Morro Agudo

Vazante

Três Marias

SP

São Paulo

LUXEMBOURG

NAMIBIA

Luxembourg

City

MG

Belo Horizonte

Juiz de

Fora

North
Namibia
Otavi
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About Nexa

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Materiality

In 2023, we made progress in revising our materiality matrix. This process, which occurs every four years or as necessary, was conducted

by an external consultancy firm, adhering closely to the standards outlined by prominent organizations such as the Global Reporting Initiative (GRI), the International Council on Mining and Metals (ICMM), Ecovadis, the Down Jones Sustainability Index (DJSI), and the Sustainability Accounting Standards Board (SASB), among others. Through this rigorous evaluation, we ensured alignment with industry best practices and stakeholders' evolving expectations, further enhancing our commitment to transparency and sustainability

Materiality is the process of identifying relevant economic, environmental and/ or social topics that impact an organization and significantly influence the evaluations and decisions of its stakeholders. These material topics are pivotal in fostering value creation and effectively managing risks and opportunities. Furthermore, they aid in delineating the limits of the subjects addressed in this report, ensuring a focused and comprehensive approach to communication.

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About Nexa

In total, 7 topics were deemed priority and 1 was identified as cross-cutting:

The materiality review engaged over 600 participants, representing a diverse array of stakeholders including employees, clients, shareholders, investors, suppliers, government entities, sectoral agencies and host communities. Through a combination of online surveys, interviews and 30 discussion rounds held in Brazil and Peru, valuable insights were gathered. Following this inclusive process, the number

of material topics was reduced from 12 to 8, reflecting Nexa's ongoing streamlining. This reduction was achieved by assessing the current and potential impacts of each topic, considering both environmental and financial impacts (double materiality), in accordance with our values

and 2030 Commitments and in line with the United Nations' 2030 Agenda for Sustainable Development Goals (SDGs).

• 3 environmental

1. Climate change
2. Water resource stewardship
3. Management of dams,

tailings and waste

3 social

1. Social Management
2. Health, safety and well-being
3. Diversity

1 governance

7 Governance and reputation

1 cross-cutting

8 Innovation.

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