Nexa Resources SA (NEXA) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Nexa Resources first quarter 2025 earnings conference call. (Operator Instructions) Now I would like to turn the conference over to Mr. Rodrigo Cammarosano, Head of Investor relations and treasury, for his opening remarks. Please go ahead, sir.

女士們、先生們，早安，歡迎參加 Nexa Resources 2025 年第一季財報電話會議。（操作員指示）現在，我想將會議交給投資者關係和財務主管 Rodrigo Cammarosano 先生致開幕詞。先生，請繼續。

Good morning everyone and welcome to Next of Resources first quarter 2025 earnings conference call. Thank you for joining us today. During this call, we will discuss the company's performances as outlined in our earnings release issued yesterday.

大家早安，歡迎參加 Next of Resources 2025 年第一季財報電話會議。感謝您今天加入我們。在本次電話會議中，我們將討論昨天發布的收益報告中概述的公司表現。

We encourage you to follow along with the on-screen presentation through the webcast. Before we begin, I would like to draw your attention to slide number 2, where we outline our forward-looking statements about our business. Please refer to the disclaimer regarding these statements and their associated conditions.

我們鼓勵您透過網路廣播關注螢幕上的演示。在我們開始之前，我想提請您注意第二張投影片，其中我們概述了有關我們業務的前瞻性陳述。請參閱有關這些聲明及其相關條件的免責聲明。

Now it is my pleasure to introduce our speakers. Joining us today CEO, Ignacio Rosado; our CFO, Jose Carlos del Valle; and our Senior Vice President of Mining Operations, Leonardo Coelho. I will turn the call over to Ignacio for his comment. Ignacio, please go ahead.

現在我很高興介紹我們的演講者。今天加入我們 執行長 Ignacio Rosado；我們的財務長 Jose Carlos del Valle；以及我們的採礦營運資深副總裁 Leonardo Coelho。我將把電話轉給伊格納西奧，請他發表評論。伊格納西奧，請繼續。

Thank you, Rodrigo and good morning everyone. Thank you for joining us today as we review our first quarter 2025 results.

謝謝你，羅德里戈，大家早安。感謝您今天加入我們，回顧 2025 年第一季的業績。

Let's move to slide number 3 where we highlight our results for the quarter. Before discussing our quarterly performance, I want to briefly acknowledge the current macro environment. The past few months have been marked by significant volatility with concerns over global economic slowdown, geopolitical tensions, inflation, and supply chain disruptions.

讓我們轉到投影片 3，其中我們重點介紹本季的業績。在討論我們的季度業績之前，我想先簡單介紹一下當前的宏觀環境。過去幾個月，全球經濟放緩、地緣政治緊張、通貨膨脹和供應鏈中斷等問題引發巨大波動。

While the environment remains challenging, we continue to see a strong medium and long-term fundamentals for zinc, copper, and other key metals supported by demand drivers like infrastructure development, and industrial revitalization supply constraints and historically low sync treatment charges persist, but we believe new demand opportunities will continue to emerge.

儘管環境依然充滿挑戰，但我們仍然看到鋅、銅和其他主要金屬的中長期基本面強勁，受到基礎設施建設和工業振興等需求驅動因素的支撐，供應限制和歷史低位同步處理費用持續存在，但我們相信新的需求機會將繼續出現。

Nexa is well positioned to navigate this environment, focus on improving margins through discipline operational performance and cost control. In the first quarter of 2025, we faced some operational challenges at certain sites which led to production volumes slightly below our initial estimates.

Nexa 已做好充分準備應對這種環境，並專注於透過嚴格的營運績效和成本控制來提高利潤率。2025 年第一季度，我們在某些​​工廠面臨一些營運挑戰，導致產量略低於我們最初的估計。

In the mine segment this was mainly due to a typically heavy rainfall in the Pasco region impacting El Porvenir and Atacocha’s performance as well as Aripuana where precipitation levels were approximately 30% above historical averages.

在礦場領域，這主要是由於帕斯科地區的典型強降雨影響了埃爾波韋尼爾 (El Porvenir) 和阿塔科查 (Atacocha) 的表現，以及阿里普阿納 (Aripuana) 的表現，那裡的降雨量比歷史平均水平高出約 30%。

Although our smelters also operated slightly below our budget, we remain in line with our 2025 guidance which anticipates a year over year reduction of approximate 15,000 tons to reflect a more volatile market environment and lower diseases.

儘管我們的冶煉廠的營運成本也略低於預算，但我們仍將遵循 2025 年的指導方針，預計將年減約 15,000 噸，以反映更加動蕩的市場環境和更低的疾病。

Despite these challenges, we deliver an adjusted EBITDA of $125 million with margins remaining within historical ranges. Our consolidated net revenues total $627 million up 8% compared to the first quarter of last year, even with lower smelting sales volumes.

儘管面臨這些挑戰，我們仍實現了 1.25 億美元的調整後 EBITDA，利潤率仍保持在歷史範圍內。儘管冶煉銷售量較低，但我們的綜合淨收入總計 6.27 億美元，與去年第一季相比成長了 8%。

Net leverage stood at 2.1 times at the end of the first quarter, temporarily impacted by seasonal working capital intensity, which is higher early in the year. We expect to normalize these variations over the coming quarters.

第一季末，淨槓桿率為 2.1 倍，暫時受到季節性營運資本強度的影響，年初營運資本強度較高。我們預計未來幾季內這些變化將會正常化。

Turning to Aripuana The heavy rains affected the performance of our tennis filters. I would like to confirm the acquisition of the 4 filter has been completed. It is currently under construction. We are confident that this filter will pave the way to utilization capacity increase and better support the operation during the rainy season.

轉向 Aripuana 大雨影響了我們的網球過濾器的性能。我想確認 4 個過濾器的取得已經完成。目前正在建設中。我們相信，該過濾器將為提高利用率鋪平道路，並更好地支援雨季的運作。

In line with our growth strategy and commitment to extend the life of our assets, phase one of the Cerro Pasco Integration focused on the tailings pumping and piping system is progressing well. I will share more details later in this presentation.

根據我們的成長策略和延長資產壽命的承諾，塞羅帕斯科整合專案第一階段的尾礦泵送和管道系統進展順利。我將在本次演講的後面分享更多細節。

Now let's move to slide number 4 to discuss our operating performance. Turning to the operating performance of our mining segment, sync production in the first quarter of 2025 reached 67,000 tons, down 23% year-over-year and 8% quarter-over-quarter. The year-over-year

現在讓我們轉到投影片 4 來討論我們的營運績效。談到我們採礦部門的經營業績，2025年第一季同步產量達6.7萬噸，年減23%，季減8%。同比

The year-over-year comparison was also impacted by the cessation of operations at Morro Agudo. In addition, lower output at El Porvenir, Atacocha, Aripuana, mainly due to heavy rainfall contributed to the decrease, while Vazante experienced restricted access to higher grade areas during this period.

與去年同期相比，Morro Agudo 的營運停止也產生了影響。此外，埃爾波韋尼爾（El Porvenir）、阿塔科查（Atacocha）、阿里普阿納（Aripuana）的產量也出現下降，主要是因為強降雨導致產量下降，而瓦贊特（Vazante）在此期間進入高品位地區受到限制。

Looking at cash cost, our mining cash cost significantly dropped to $0.11 per pound compared to $0.26 per pound in the same period last year. This reduction was mainly driven by higher by contributions, lower treatment charges, and foreign exchange gains, partially offset by lower zinc volumes.

從現金成本來看，我們的採礦現金成本大幅下降至每磅 0.11 美元，去年同期為每磅 0.26 美元。減少的主要原因是貢獻增加、處理費用降低以及外匯收益，但鋅產量下降部分抵消了這一減少。

Compared to the previous quarter, the mining cash cost increased by $0.12 per pound due to lowering volumes, which was partially offset by higher byproduct prices and lower treatment charges. Our cost per run of mine in the quarter was $48 per ton, up 7% year-over-year and 8% quarter-over-quarter, mainly due to lower treated or volumes and the inclusion of Aripuana in the consolidated run of mine from the quarter. excluding Aripuana runoff mine cost remain flat in both comparisons.

與上一季相比，由於產量下降，採礦現金成本每磅增加了 0.12 美元，但副產品價格上漲和處理費用下降部分抵消了這一影響。本季我們的每次採礦成本為每噸 48 美元，比去年同期增長 7%，比上一季增長 8%，這主要是由於處理量減少以及從本季度起將 Aripuana 納入合併採礦成本。不包括 Aripuana 的採礦成本在兩次比較中保持穩定。

Now let's move to slide number 5. Turning to our smelting segment, the total sales in the first quarter reached 130,000 tons, decreased by 6% year over year and 14% quarter over quarter. This reduction was primarily driven by lower production at Tres Marias and the for.

現在我們來看第 5 張投影片。冶煉板塊，第一季總銷量13萬噸，較去年同期下降6%，季減14%。產量下降的主要原因是 Tres Marias 和 for 產量下降。

The year over year decline was partially offset by better operational performance at Cajamarquilla. Our 2025 guidance has already anticipated a reduction in smelter volume to accommodate a more volatile market environment and overall lower treatment charges.

卡哈馬基拉 (Cajamarquilla) 的營運表現改善部分抵銷了同比下降的影響。我們的 2025 年指導方針已經預計到冶煉廠產量將減少，以適應更動盪的市場環境和整體更低的處理成本。

Looking at costs, consolidated the melting cash cost in the quarter was $1.17 per pound, up from 1$0.98 per pound in the same period last year. This was mainly due to higher raw material costs driven by increasing prices and lower diseases.

從成本來看，本季合併熔煉現金成本為每磅 1.17 美元，高於去年同期的每磅 0.98 美元。這主要是由於價格上漲和疾病減少導致原物料成本上升。

These impacts were partially offset by higher by contribution and positive foreign exchange variations. Compared to the previous quarter, cash cost decreased by 7%, mainly reflecting lowering prices and reduced operational costs. However, these effects were partially offset by lower volumes and continued pressures from low disease.

這些影響被更高的貢獻和積極的外匯變化部分抵消。與上一季相比，現金成本下降了7%，主要反映了價格下降和營運成本減少。然而，這些影響被較低的產量和持續的低疾病壓力部分抵消。

Our conversion cost for the first quarter was $0.33 per pound compared to the $0.30 per pound in the same period last year. This is slightly increase was mainly due to higher variable costs and maintenance expenses partially offset by foreign exchange gains.

我們第一季的轉換成本為每磅 0.33 美元，而去年同期為每磅 0.30 美元。這一小幅成長主要是由於變動成本和維護費用增加，但被外匯收益部分抵銷。

Compared to the previous quarter, conversion costs rose by 11%, driven by lower volumes and higher variable costs. Let's move to slide number 6, where we will begin discussing Aripuana. In the first quarter, Ariana's production volume declined due to intense rainfall in the region, with precipitation volumes 30% higher than in previous years.

與上一季相比，由於產量下降和變動成本上升，轉換成本上漲了 11%。讓我們翻到第 6 張投影片，開始討論 Aripuana。第一季度，由於該地區降雨量較大，阿麗亞娜產量下降，降水量比往年高出30%。

This led to a temporary reduction in production to stabilize operations and prevent overloading the dry stacking process. Treated or volumes also decrease quarter over quarter as planned downtime increase due to preventive and corrective stoppages carried out during this period.

這導致產量暫時減少，以穩定運作並防止乾堆過程超載。由於此期間實施的預防性和糾正性停工措施導致計畫停機時間增加，處理量也逐季減少。

Concentrate quality remain stable and within commercial specifications while metallurgical recoveries improve performing at target levels. Regarding costs reported for the first time since the start of the operations, they stayed within the 2025 guidance range.

精礦品質保持穩定並符合商業規格，同時冶金回收率提高至目標水準。關於自營運開始以來首次報告的成本，它們仍保持在2025年的指導範圍內。

We anticipate a reduction in unitary costs in the upcoming quarters as we enhance plant capacity and increase sales volume, thereby improving operational efficiency and cost effectiveness. As previously announced, Aripuana mine life increased to 15 years compared to 13 years in 2023.

隨著我們提高工廠產能和增加銷售量，從而提高營運效率和成本效益，我們預計未來幾季的單位成本將會降低。正如先前宣布的那樣，到 2023 年，Aripuana 礦山的礦山壽命將從 13 年延長至 15 年。

This reflects our successful efforts to replace and expand mineral reserves year over year reinforcing the assets strength and sustainability. This year's exploration strategy for Aripuana includes drilling programs to validate the continuity of mineralization and enhance geological confidence at the Massaranduba target located in the southeast area of the mine.

這反映了我們逐年成功替換和擴大礦產儲量的努力，增強了資產實力和永續性。今年 Aripuana 的勘探策略包括鑽探計劃，以驗證礦化的連續性並增強位於礦場東南地區的 Massaranduba 目標的地質信心。

As disclosed last quarter, we approved the acquisition of a fourth tailing filter. This investment will improve operational efficiency by enhancing our filtering capacity and supporting food production.

正如上個季度所揭露的那樣，我們批准收購第四台尾礦過濾器。這項投資將透過增強我們的過濾能力和支援食品生產來提高營運效率。

We expect the filter to be delivered and installed in 2025 with commissioning plan for the first quarter of 2026. We expect to deliver higher adjusted EBITDA and operating cash flow in 2025, supported by our ongoing efforts to reduce costs and improve margins.

我們預計過濾器將於 2025 年交付和安裝，並計劃於 2026 年第一季投入使用。我們預計，在持續降低成本和提高利潤率的努力下，2025 年的調整後 EBITDA 和經營現金流將有所提高。

Let's move to slide number 7 to discuss the latest advancements in the Cerro Pasco integration project. On this slide, I would like to highlight our progress with a server passcode integration project. During the quarter we advanced on phase one which comprises the tailings pumping and piping system.

讓我們轉到第 7 張投影片來討論 Cerro Pasco 整合專案的最新進展。在這張投影片上，我想強調我們在伺服器密碼整合專案方面取得的進展。本季度，我們在第一階段取得了進展，其中包括尾礦泵送和管道系統。

Engineering activities for the tailing infrastructure at El Porvenir and Atacocha proceeded on a schedule and major equipment manufacturing is underway. With construction scheduled to commence during the second quarter of this year.

埃爾波韋尼爾和阿塔科查尾礦基礎設施的工程活動正在按計劃進行，主要設備製造正在進行中。該工程預計今年第二季動工。

Preparatory work for the phase two, including technical assessments of the Picasso shaft and the underground integration is also progressing as planned. As mentioned before, phase one involves the construction of a tailing's treatment plant at El Porvenir, along with a 6-kilometer tailings piping connecting the El Porvenir processing plant to the Atacocha tailings storage facilities.

第二階段的準備工作，包括畢卡索豎井的技術評估和地下整合，也依照計畫進行。如前所述，第一階段包括在埃爾波韋尼爾 (El Porvenir) 建造一座尾礦處理廠，以及一條 6 公里長的尾礦管道，連接埃爾波韋尼爾 (El Porvenir) 處理廠和阿塔科查 (Atacocha) 尾礦儲存設施。

The primary goal is to significantly extend the operational capacity of the attaining storage infrastructure, ensuring long term sustainability at the Pasco complex. This phase also lays the groundwork for subsequent stages of the project, which includes integrating the underground mines and upgrading the or shaft at El Porven.

主要目標是大幅擴展現有儲存基礎設施的營運能力，確保帕斯科綜合設施的長期可持續性。這一階段也為計畫的後續階段奠定了基礎，包括整合地下礦井和升級 El Porven 的礦井。

Now let's move to slide number 8 where we will discuss some of the key value drivers of the project. A key value driver is access to high quality mineral resources in the underground section of Atacocha, unlocking its economic potential through a highly attractive net smelter return.

現在讓我們翻到第 8 張投影片，我們將在其中討論該專案的一些關鍵價值驅動因素。一個關鍵的價值驅動因素是獲取阿塔科查地下部分的高品質礦產資源，透過極具吸引力的淨冶煉回報釋放其經濟潛力。

Tapping into these resources will boost mineral resources and reserves, improve average head grades, and provide greater operational flexibility for the asset. Moreover, our exploration focus remains on the integration target, a region with exceptional geological potential and a highly promising upside for the project.

開發這些資源將增加礦產資源和儲量，提高平均品位，並為資產提供更大的營運彈性。此外，我們的勘探重點仍然放在整合目標上，該地區具有特殊的地質潛力，並且對該專案具有很高的前景。

Ultimately, the combination of these levers adds substantial value and paves the way for long term success at the Cerro Pasco complex. We remain confident in the project's progress and most importantly in its potential value addition. I will turn the call over to Jose Carlos Del Valle, our CFO, who will walk us through our financial results. Jose, please go ahead.

最終，這些槓桿的結合增加了巨大的價值，並為 Cerro Pasco 綜合體的長期成功鋪平了道路。我們對該專案的進展充滿信心，最重要的是對其潛在的增值充滿信心。我將把電話轉給我們的財務長 Jose Carlos Del Valle，他將向我們介紹我們的財務表現。何塞，請繼續。

Thank you, Ignacio. Good morning, everyone. I will now continue with slide number 9. Starting with the chart on the upper left, total consolidated net revenues for the first quarter increased by 8% year over year. This growth was mainly driven by higher metal prices except for lead.

謝謝你，伊格納西奧。大家早安。我現在繼續講第 9 張投影片。從左上角的圖表開始，第一季的合併淨收入總額年增了 8%。這一增長主要得益於鉛以外的金屬價格上漲。

These gains were partially offset by lower smelting sales volumes. However, compared to the fourth quarter of 2024, net revenues declined by 15%, mainly due to lower smelting sales volumes and decreased sinc and lead prices.

這些收益被冶煉銷量的下降部分抵消。不過，與 2024 年第四季相比，淨收入下降了 15%，主要原因是冶煉銷售量下降以及錫和鉛價格下降。

Moving on to profitability, our consolidated adjusted EBITDA for the first quarter reached $125 million representing a 3% decrease year over year. This decline was primarily driven by lower smelting sales volumes, partially offset by higher sink prices, increased by poor contribution and foreign exchange gains.

談到獲利能力，我們第一季的綜合調整後 EBITDA 達到 1.25 億美元，年減 3%。這一下降主要是由於冶煉銷售下降，但被水槽價格上漲、不良貢獻和外匯收益等因素部分抵消。

Compared to the fourth quarter of 2024, adjusted EBITDA decreased by 36%, mainly due to lower sales volumes in both the smelting and the mining segments, higher cost and expenses, and lower TCs paid by third party concentrate suppliers. Finally, our consolidated adjusted EBITDA margin reached 20% in the period, 2% points lower than in the same period a year ago.

與 2024 年第四季相比，調整後 EBITDA 下降了 36%，主要原因是冶煉和採礦部門的銷售量下降、成本和費用增加以及第三方精礦供應商支付的交易費用降低。最後，我們的合併調整後 EBITDA 利潤率在該期間達到 20%，比去年同期下降 2 個百分點。

Let's move on to slide number 10. Looking at the top left of the slide in the first quarter of 2025, we invested $50 million in CapEx with nearly all of this amount directed toward sustaining activities, including mine development, maintenance, and tailing storage facilities. Additionally, investments related to phase one of the Cerro del Pasco integration project total $1 million in line with the project's execution plan.

讓我們繼續看第 10 張投影片。從 2025 年第一季幻燈片的左上角看，我們在資本支出上投資了 5000 萬美元，其中幾乎所有金額都用於維持活動，包括礦山開發、維護和尾礦儲存設施。此外，根據專案實施計劃，塞羅德爾帕斯科一體化專案第一階段的相關投資總額為 100 萬美元。

As previously is closed in our annual guidance, the total investment expected for this project in 2025 is $44 million. Accordingly, our 2025 CapEx guidance for the year remains unchanged at $347 million with disbursements expected to accelerate in the upcoming quarters.

正如我們之前在年度指導中所言，該項目 2025 年的預計總投資為 4,400 萬美元。因此，我們 2025 年的資本支出指引保持不變，仍為 3.47 億美元，預計未來幾季的支出將加速。

With respect to mineral exploration and project evaluation, we invested a total of $16 million. Of this amount, $12 million was specifically allocated to mineral exploration and mine development to support ongoing exploration activities.

在礦產勘探和專案評估方面，我們共投資了1,600萬美元。其中，1200萬美元專門用於礦產勘探和礦山開發，以支持正在進行的勘探活動。

We expect investments in these areas to also accelerate in the upcoming quarters. Reason why we are reaffirming our 2025 guidance for exploration and project evaluation at $$88 million. Now, let's move on to the next slide to discuss our cash flow generation for the quarter.

我們預計未來幾季這些領域的投資也將加速。我們重申 2025 年勘探和項目評估指導金額為 8800 萬美元的原因。現在，讓我們進入下一張幻燈片，討論本季的現金流量產生情況。

Starting from the left with our $125 million of adjusted EBITDA net of non-operational items, Nexa generated a healthy operating cash flow before working capital variations of $158 million for the core. From this amount we paid $76 million in interest and taxes and invested $51 million in CapEx across our operations. Additionally, loans and investments had a positive net impact of $4 million.

從左邊開始，Nexa 的調整後 EBITDA 扣除非經營性項目後為 1.25 億美元，在營運資本變動之前，其核心營運現金流為 1.58 億美元，表現穩健。我們從中支付了 7,600 萬美元的利息和稅款，並在我們的營運中投資了 5,100 萬美元的資本支出。此外，貸款和投資產生了 400 萬美元的淨正影響。

We also saw a positive impact of $4 million related to foreign exchange variations, primarily due to the appreciation of the Brazilian real against the US dollar. Finally, we experience a negative working capital impact of $265 million. This is in line with the typical payment cycle observed in the first quarter of each year, reflecting our established payment terms and annual tax and labor obligations in the jurisdictions where we operate.

我們也看到與外匯變化相關的 400 萬美元的正面影響，這主要是由於巴西雷亞爾兌美元升值。最後，我們遭受了 2.65 億美元的負面營運資本影響。這與每年第一季的典型付款週期一致，反映了我們在經營所在地既定的付款條款和年度稅務和勞動義務。

As in previous years, we reaffirm our focus on implementing initiatives to optimize nexus working capital cycle, such as enhanced res and payments management. We expect this working capital position to gradually reverse in the following quarters. Combining all these factors, our total free cash flow in the first quarter of 2025 was negative at $226 million.

與往年一樣，我們重申專注於實施優化營運資金週期的舉措，例如加強資源和支付管理。我們預計這種營運資金狀況將在接下來的幾季內逐漸扭轉。綜合所有這些因素，我們 2025 年第一季的總自由現金流為負 2.26 億美元。

Now, let's move to slide number 12. As you can see, our liquidity position remains healthy, allowing us to maintain a solid balance sheet and improved and extended debt maturity profile. At the end of the first quarter of 2025, our available liquidity stood at approximately $721 million including our undrawn $320 million sustainability linked revolving credit facility.

現在，我們來看第 12 張投影片。如您所見，我們的流動性狀況依然健康，這使我們能夠保持穩健的資產負債表以及改善和延長的債務到期狀況。截至 2025 年第一季末，我們的可用流動資金約為 7.21 億美元，其中包括未提取的 3.2 億美元可持續發展掛鉤循環信貸額度。

Looking at our debt profile, the average maturity at the end of the first quarter of 2025 was 5.3 years, with an average cost of debt of 6.3%. Importantly, as of March 31st, our total cash position was sufficient to cover all obligations maturing over the next three years.

從我們的債務狀況來看，2025 年第一季末的平均債務期限為 5.3 年，平均債務成本為 6.3%。重要的是，截至 3 月 31 日，我們的現金總額足以支付未來三年到期的所有債務。

In terms of leverage, our net debt to adjusted EBITDA ratio increased from 1.7 times at the end of 2024 to 2.1 times at the end of the first quarter of 2025. This increase was primarily due to the seasonal decrease of $226 million in our cash balance quarter over quarter and to a lesser extent to a slightly lower adjusted EBITDA over the last 12 months.

在槓桿率方面，我們的淨負債與調整後 EBITDA 的比率從 2024 年底的 1.7 倍增加到 2025 年第一季末的 2.1 倍。這一增長主要是由於我們的現金餘額環比減少了 2.26 億美元，其次是過去 12 個月調整後的 EBITDA 略有下降。

As previously disclosed and in line with our proactive approach to liability management. In April, Nexa successfully extended its debt maturity profile from 5.3 years to approximately eight years through a new bond issuance and through tender offers for the existing notes due in 2027 and 2028.

如同先前所揭露的，這符合我們積極主動的負債管理方法。今年 4 月，Nexa 透過發行新債券以及對 2027 年和 2028 年到期的現有票據進行要約收購，成功將其債務期限從 5.3 年延長至約 8 年。

The new $500 million 12-year bond carries a 6.6% coupon and allowed us to repurchase around $105 million and $289 million of the existing 2027 and 2028 notes respectively. Additionally, as announced on April 23rd, the remaining 2027 notes of approximately $110 million are planned to be fully redeemed via make call option to be executed on May 23rd.

新的 5 億美元 12 年期債券的票面利率為 6.6%，使我們能夠分別回購約 1.05 億美元和 2.89 億美元的現有 2027 年和 2028 年票據。此外，正如 4 月 23 日宣布的那樣，剩餘的 2027 年票據約 1.1 億美元計劃透過 5 月 23 日執行的看漲期權全部贖回。

These transactions mark a significant milestone for the company, extending Nexus debt maturity profile, enhancing financial flexibility, reinforcing our solid credit metrics and our investors' confidence, and reducing near-term refinancing risk.

這些交易標誌著公司的一個重要里程碑，延長了 Nexus 債務期限，增強了財務靈活性，增強了我們穩健的信用指標和投資者的信心，並降低了近期再融資風險。

We continue to evaluate opportunities to further optimize our capital structure, diversify our funding sources, and strengthen our liquidity. As I have mentioned before, maintaining a debt maturity profile that is aligned with the long life of our assets while securing the most competitive financing costs remain a top priority.

我們將繼續評估進一步優化資本結構、多元化資金來源和增強流動性的機會。正如我之前提到的，保持與我們資產的長期壽命一致的債務到期狀況，同時確保最具競爭力的融資成本仍然是我們的首要任務。

In line with this, we consistently explore strategic initiatives to extend maturities, reduce our average cost of debt, and assess financing alternatives, all with the goal of enhancing our financial position and long-term resilience.

為此，我們不斷探索策略舉措，以延長債務期限、降低平均債務成本並評估融資替代方案，所有這些都是為了增強我們的財務狀況和長期韌性。

Now moving to slide number 13. Regarding zinc market fundamentals, in the first quarter, the LME zinc price averaged $2,838 per ton, reflecting a 16% increase year over year and a 10% decrease quarter over quarter. The quarter was marked by volatility, driven by geopolitical tensions and macroeconomic uncertainties, including concerns over a potential global economic slowdown and speculation about the impact of tariffs.

現在轉到第 13 張投影片。就鋅市場基本面而言，第一季度，倫敦金屬交易所鋅均價為每噸 2,838 美元，較去年同期上漲 16%，較上季下降 10%。本季市場波動劇烈，受地緣政治緊張局勢和宏觀經濟不確定性影響，包括對全球經濟可能放緩的擔憂以及對關稅影響的猜測。

Despite this, zinc market fundamentals remain resilient and continue to support prices. On the supply side, concentrate inventory levels remain limited, reflecting the ongoing tight market and even considering some restocking after the Chinese New Year, they still remain constrained, reinforcing expectations of lower refined metal production ahead.

儘管如此，鋅市場基本面依然保持彈性並持續支撐價格。供應方面，精礦庫存水準仍然有限，反映出市場持續緊張，即使考慮到農曆新年後的一些補貨，庫存仍然受到限制，這強化了未來精煉金屬產量下降的預期。

Spot TCs in China started to timidly recover from the negative territory seen last year, turning slightly positive in January and reaching $79 per ton in March, a sign of market improvement, although the environment remains tight.

中國現貨 TC 價格開始從去年的負值區域謹慎回升，1 月略微轉正，3 月達到每噸 79 美元，這是市場好轉的跡象，儘管市場環境依然緊張。

Meanwhile, benchmarking negotiations resulted in a sharply lower TC of $80 per ton, down 52% from 2024. This level is critical for smelter martins and may lead to further constraints in the refined metal supply. Looking ahead, we maintain a positive mid to long-term outlook with continued support for Zinc prices.

同時，基準談判導致關稅大幅下降至每噸 80 美元，較 2024 年下降 52%。這一水準對於冶煉廠來說至關重要，可能會導致精煉金屬供應進一步受限。展望未來，我們對中長期前景保持樂觀，並將繼續支持鋅價。

Moving now to slide number 14. During the first quarter, the LME copper price averaged $9340 per ton, up 11% year-over-year and 2% quarter-over-quarter. The US investigation on copper imports triggered accelerated buying and boosted premiums. Copper market fundamentals continue to be strong, and prices are expected to remain supportive.

現在轉到第 14 張投影片。一季度，LME銅均價為每噸9,340美元，較去年同期上漲11%，較上季上漲2%。美國對銅進口的調查引發了購買加速，並推高了溢價。銅市場基本面持續強勁，預計價格仍將維持支撐。

As for silver, the LME price averaged $32 per ounce, up 37% year over year and 2% quarter over quarter. Short term fundamentals for silver remain positive, largely driven by concerns around future availability and supported by its role as a safe haven asset. Over the mid to long term, the outlook is expected to remain bullish as demand continues to outpace supply expectations.

至於白銀，倫敦金屬交易所白銀平均價格為每盎司 32 美元，較去年同期上漲 37%，較上季上漲 2%。白銀的短期基本面仍然積極，主要是受到對未來供應的擔憂以及其作為避險資產的作用的支持。從中長期來看，由於需求持續超過供應預期，預計前景仍將保持樂觀。

Looking ahead, metal prices in general are likely to remain volatile amid ongoing trade tensions and macroeconomic uncertainty. For me base metals in particular, strong fundamentals are expected to continue to sustain prices in 2025, driven by low inventories, challenge melter production, and their role in the global energy transition. I will now hand the presentation back to Ignacio for his final remarks.

展望未來，在持續的貿易緊張局勢和宏觀經濟不確定性的背景下，金屬價格總體可能仍將保持波動。對我來說，特別是基本金屬，預計強勁的基本面將在 2025 年繼續維持價格，這得益於低庫存、冶煉廠生產挑戰及其在全球能源轉型中的作用。現在我將演講稿交還給伊格納西奧，請他做最後的演講。

Thank you, Jose Carlos. I would like to briefly highlight our key priorities for 2025 and where we are focusing our efforts. Starting with growth, the Cerro Pasco Integration project is moving forward as planned. Construction of the tailings pumping system should begin in the 2nd quarter and that project will support us in extending operations for over 10 years, adding substantial value.

謝謝你，何塞·卡洛斯。我想簡要介紹一下我們 2025 年的重點工作以及我們的努力重點。從成長開始，塞羅帕斯科一體化計畫正在按計劃推進。尾礦泵送系統的建設將於第二季度開始，該項目將支持我們延長營運 10 多年，增加巨大的價值。

At Aripuana, we're working to increase production, improve filter performance, and make the mind more flexible while keeping our cost efficiency efforts in place. This will support better margins and a stronger cash flow going forward.

在 Aripuana，我們致力於提高產量、改善過濾性能、使思維更加靈活，同時保持成本效益。這將支持未來更好的利潤率和更強勁的現金流。

Exploration remains a key pillar of our long term strategy. We are working to extend the life of our assets, particularly by advancing geological studies in Aripuana, progressing in the integration zone in Pasco, and deepening our efforts at Cerro Lindo.

探索仍然是我們長期策略的重要支柱。我們正在努力延長資產的使用壽命，特別是推動阿里普阿納的地質研究、推進帕斯科的整合區建設以及深化塞羅林多的建設。

On the EHG front, we continue to track our progress towards public commitment activity. I want to mention that we have just published our 2024 annual report, which brings a comprehensive view of our performance and progress on a strategic fronts. The report is available on our investor relations website.

在 EHG 方面，我們將繼續追蹤公眾承諾活動的進展。我想提一下，我們剛剛發布了 2024 年年度報告，該報告全面介紹了我們在策略方面的表現和進展。該報告可在我們投資者關係網站上查閱。

Financially, we are continuing to execute our liability management and delivering a strategy aiming to improve financial flexibility. A quick reminder that our annual general meeting will be held in Luxembourg on May 8th. The convening notice of proxy card have already been made available to shareholders.

在財務方面，我們將繼續執行負債管理並實施旨在提高財務靈活性的策略。溫馨提醒，我們的年度股東會將於 5 月 8 日在盧森堡舉行。股東會通知及代理卡已發放給股東。

Finally, we remain guided by financial and operating discipline, prioritizing cash generation and smart capital allocation in line with our long-term strategy. In a dynamic and currently volatile environment, this discipline approach continues to be the foundation of our strategy and resilience.

最後，我們將繼續遵循財務和營運紀律，根據我們的長期策略優先考慮現金創造和明智的資本配置。在當前充滿活力和動盪的環境中，這種紀律方法仍然是我們策略和韌性的基礎。

Thank you all for again for joining us today. We appreciate your continued support and confidence in exit operator, please open the line for questions.

再次感謝大家今天的參與。感謝您一直以來對出口業者的支持與信任，請開通熱線以解答疑問。

Thank you. We will now begin the question-and-answer session. (Operator Instructions) Our first question comes from Camilla Barder with Bradesco BBI. You can open your microphone.

謝謝。我們現在開始問答環節。（操作員指示）我們的第一個問題來自 Bradesco BBI 的 Camilla Barder。您可以打開麥克風。

We cannot listen. Camila, we cannot listen.

我們聽不進去。卡米拉，我們聽不進去。

I think Camila is having some trouble. I'm going to pass the first question to Hernan Kisluk with MetLife. You can open your microphone, sir.

我認為卡米拉遇到了一些麻煩。我將把第一個問題交給大都會人壽的 Hernan Kisluk。先生，您可以打開麥克風了。

Hello, good morning. Thank you for taking my question. I was wondering maybe if you can provide more color on what you mean by geotechnical issues that you're having at Vazante and also we have been monitoring several indoors production levels and in the last two quarters it has been below historical averages.

你好早安。感謝您回答我的問題。我想知道您是否可以提供更多有關您在 Vazante 遇到的岩土問題的詳細信息，並且我們一直在監測多個室內生產水平，並且在過去兩個季度中，它一直低於歷史平均水平。

So if you can also provide some color on what is happening there, so particularly focusing in the near term if you think production will recover in upcoming quarters and also particularly at Vante. These geotechnical issues have consequences for the minimal long term operations of the mine.

因此，如果您可以提供一些關於那裡發生的情況的信息，那麼請特別關注短期內的情況，如果您認為產量將在未來幾個季度恢復，尤其是在 Vante。這些岩土問題對礦山的長期最低限度運作產生了影響。

Yeah, sure. No, the tech technical issues related to a stock that we have that one of the pillars that support the stock collapse. This was isolated and unlike what happened is that the mineral contained in that stope had a very high grade.

是的，當然。不，與股票相關的技術問題是支撐股票崩盤的支柱之一。這是孤立的，與實際發生的情況不同的是，該礦場所含礦物的品位非常高。

So we have to isolate the zone and we couldn't extract the mineral to provide that in the coming months to the plant to have a higher grade that was anticipated in our mining plant. The idea is that we recover, some, of the production of a Vazante We're still working on recovering the mineral from the, this stock, but the idea is that we recover part of the production of Vazante in the year, okay? And that is the main explanation. In the case of the other mines.

因此，我們必須隔離該區域，並且無法提取礦物，以便在未來幾個月內為工廠提供比我們採礦廠預期更高的品位。我們的想法是，恢復部分 Vazante 的產量。我們仍在努力從這些庫存中回收礦物，但我們的想法是，恢復今年 Vazante 的部分產量，好嗎？這就是主要的解釋。就其他礦井而言。

In the case of the other mines in Pasco, the rainy season, as we said, impacted the pit of Atacocha.. It's not raining anymore, so, we, the projections show that we will recover, all of our production, that we couldn't have in the first quarter through the year. And then that is going to be the same for Porvenir.

就帕斯科的其他礦場而言，正如我們所說，雨季影響了阿塔科查礦場。現在不再下雨了，所以，預測顯示，我們將恢復今年第一季無法實現的所有產量。這對 Porvenir 來說也是一樣的。

Porvenir is going to recover also full production. Through the year. In the case of a, it Aripuana more difficult because this is, this, as I said before, this has been a very difficult project to build and the only bottleneck that we have today are the tailing filters.

Porvenir 也將恢復全面生產。全年。在這種情況下，Aripuana 會更加困難，因為正如我之前所說，這是一個非常困難的項目，而我們今天遇到的唯一瓶頸就是尾礦過濾器。

And as I said in the last quarter, these tailing filters really perform but it's difficult to maintain them. It's difficult to change parts when we have to change parts. So we have capacity constraints. That with the rainy season it deteriorates even more.

正如我在上個季度所說的那樣，這些尾部過濾器確實有效，但維護起來很困難。當我們需要更換零件時，更換零件很困難。所以我們有容量限制。隨著雨季的到來，情況會變得更糟。

The four filter will solve that problem, but it's coming in the first quarter of next year. So Aripuana might be in the lower range of the guidance. So if you add Vazante mid to lower range of the guidance, achieving guidance in the other two minds, Cerro lindo going very well and Aripuana, a low range, the average should be that we will be in the mid, around the mid-range of the guidance. So that's what we're expecting.

四個過濾器將解決這個問題，但它將於明年第一季推出。因此，Aripuana 的業績可能處於指導值的較低範圍內。因此，如果將 Vazante 的中段添加到指導的較低範圍，實現另外兩個方面的指導，Cerro lindo 進展順利，而 Aripuana 處於較低範圍，則平均值應該是我們處於中間，在指導的中段附近。這就是我們所期待的。

We, I mean, we are putting all the measures to make sure that the second quarter is better and the rest of the year we we will show this improvement.

我的意思是，我們正在採取一切措施確保第二季度表現更好，並且在今年剩餘時間內我們將展現出這種改善。

Thank you, Ignacio.

謝謝你，伊格納西奧。

I have Camilla Barder with Bradesco BBI here again on the line. Please, you can open your microphone.

我再次邀請了 Bradesco BBI 的 Camilla Barder 來電。請打開你的麥克風。

Hello, can you hear me now?

你好，現在能聽到我說話嗎？

Yes.

是的。

Yes. Okay, so sorry for that. So, good morning and thank you for taking my questions. Two questions on my side. First on TC, I just wanted to hear a little bit about your views on the impact of the recent trend on TCRCs for next.

是的。好的，很抱歉。早上好，感謝您回答我的問題。我有兩個問題。首先關於 TC，我只是想聽聽您對最近的趨勢對下一步 TCRC 的影響的看法。

I know you have some fixed contracts for next year, but you still have some exposure, so I just wanted to get your thoughts on that. and the second question is about leverage. So Nexa has done a good job on its leverage path over the past quarter, but, last quarter leverage went up following a compressed free cash flow, at that, as you mentioned, should be reversed.

我知道您明年有一些固定合同，但您仍然有一些風險敞口，所以我只是想聽聽您對此的看法。第二個問題是關於槓桿。因此，Nexa 在過去一個季度的槓桿路徑上做得很好，但是，上個季度，隨著自由現金流壓縮，槓桿率上升，正如您所提到的，應該逆轉。

So my question is, how do you see leverage evolving in next quarters and what would you consider as a reasonable target for the end of the year? Thank you.

所以我的問題是，您認為下一季的槓桿率將如何演變？您認為年底的合理目標是什麼？謝謝。

Okay, so I will talk about the thesis and then I will let Jose Carlos answer the question on the leverage. So this is, it was a surprise to have this $80 TC agreed between Teck and Korea Zinc. We, as you said, we closed most of our contracts already, for the year and one thing that we have is that we have breach contracts which account that the conditions of our diseases have a 3 year program so we have also conditions on disease of the previous two years that were better and we will be affected by this year's disease.

好的，我將討論該論點，然後讓 Jose Carlos 回答有關槓桿的問題。因此，Teck 和 Korea Zinc 之間達成 80 美元的交易成本協議令人感到意外。正如您所說，我們已經完成了今年的大部分合同，但我們遇到的一件事是，我們違反了合同，這說明我們的疾病狀況有一個 3 年計劃，因此前兩年的疾病狀況較好，但今年的疾病會對我們造成影響。

Having said that, between our minds we use a benchmark. So, the bench we used before was above $100. Today is $80 but, between our among our mines, it doesn't matter because it will go from one packet to another packet.

話雖如此，我們的思想之間還是使用一個基準。所以，我們之前使用的工作台價格超過 100 美元。今天是 80 美元，但在我們的礦山之間，這並不重要，因為它會從一個包轉移到另一個包。

So the mines will benefit and the smelters will be hit by this $40 difference that we have. In the case of the rest of the concentrate that we buy for Cajamarquia and the smelters in Brazil. As I was saying, we already have close contracts so and they are not exposed, most of them are not exposed to benchmark so we believe that in that regard for us this year that TCs are a sort of under control. We don't have a lot of spot sales or purchasing concentrate for our smelters this year.

因此，礦山將受益，而冶煉廠將受到這 40 美元差額的打擊。其餘精礦我們購買給卡哈馬基亞和巴西的冶煉廠。正如我所說的，我們已經簽訂了合同，因此它們沒有暴露，大多數都沒有暴露在基準之下，因此我們相信，在這方面，今年我們的 TC 處於可控範圍內。今年我們的冶煉廠沒有大量的現貨銷售或購買精礦。

Having said that, I would like to commend that with this TC of $80. With the prices of zinc today as 2,600 and premiums that they were already low last year and this year as well. The cap the smelters profitability in the world are going to suffer very much.

話雖如此，我還是想讚揚一下 80 美元的 TC。目前鋅價為 2,600 美元，而溢價率在去年和今年都已經很低了。全球冶煉廠的獲利能力將受到嚴重影響。

Stocks are low today, so we will see that evolution during the first half of this year and we will see, we expect to see a reduction in metal as well because these are very low numbers for the market. We don't know what will happen with the supply. And that's also something that we would have to wait because we don't know what will happen.

如今庫存很低，因此我們將在今年上半年看到這種變化，我們預計金屬庫存也會減少，因為對於市場而言這些數字非常低。我們不知道供應情況會怎樣。這也是我們必須等待的事情，因為我們不知道會發生什麼事。

But in any case, with this context, smelters are going to be hard by profitability and Our view if the supply remains is that in the second quarter, the zinc price is going to go up substantially because otherwise won't be metal, won't be inventories and the market will react and have an impact on prices.

但無論如何，在這種背景下，冶煉廠的盈利能力將面臨困難，我們認為，如果供應保持不變，那麼在第二季度，鋅價將大幅上漲，因為否則就不會有金屬，就不會有庫存，市場就會做出反應並對價格產生影響。

So that's more or less the context, that's more or less the context on our smelters and mines. Jose Carlos. Please go ahead with the leverage.

所以這或多或少就是背景，這或多或少就是我們的冶煉廠和礦場的背景。何塞·卡洛斯。請繼續使用槓桿。

Yes, thank you, Ignacio, and thank you for the question. In terms of leverage, you're right, we have seen an increase in leverage from 1.7% at the end of 2024 to 2.1% at the end of the first quarter. This is something that we expected because of the seasonality that we have in our first quarters related mostly to working capital.

是的，謝謝你，伊格納西奧，謝謝你的提問。關於槓桿率，您說得對，我們看到槓桿率從 2024 年底的 1.7% 上升到第一季末的 2.1%。這是我們預料到的事情，因為我們第一季的季節性主要與營運資金有關。

However, we do expect that we will, as we have done in the last couple of years, that this trend will reverse, throughout the year, and the expectation is that at prices similar to the ones we had in the first quarter, we should have leverage at the end of the year that is equal or slightly lower than what we had at the end of 2024. So we continue to believe that will be the case. I hope that answers your question.

然而，正如過去幾年所做的那樣，我們確實預計，這一趨勢將在全年發生逆轉，並且預計，以與第一季類似的價格，我們在年底的槓桿率應該等於或略低於 2024 年底的水平。因此我們仍然相信情況會如此。我希望這能回答你的問題。

Very clear. Thank you very much.

非常清楚。非常感謝。

Sure. Our next question comes from Carlos de Alba with Morgan Stanley. You can open your microphone.

當然。我們的下一個問題來自摩根士丹利的卡洛斯·德阿爾巴。您可以打開麥克風。

Yeah, good morning. Thank you very much for the comments. Just, on just following on, up on the prior comment on working capital. Yeah, so look, the negative working capital in the quarter was $265 million.

是的，早安。非常感謝您的評論。只是，繼續之前關於營運資金的評論。是的，所以你看，本季的負營運資本為 2.65 億美元。

I understand the seasonality of the first quarter, but this was like twice as negative as we have seen in the first quarter of prior years. And as you have been mentioning, the market is challenging with the prices and TCRCs, so. Do you expect at this point in time to fully reverse that $265 million working capital in the year and finish 2025 with a cash inflow from working capital?

我了解第一季的季節性，但這比前幾年第一季的負成長幅度高出一倍。正如您所提到的，市場在價格和 TCRC 方面面臨挑戰。您是否預計目前能夠完全扭轉今年 2.65 億美元的營運資金，並在 2025 年底實現營運資金現金流入？

Thank you, Carlos. I can comment on that. For planning purposes, what we normally assume is that working capital should be flat. On an annual basis. So, despite these fluctuations within the year that we see, that we have been seeing in the last few years, our assumption is that it will be flat, no.

謝謝你，卡洛斯。我可以對此發表評論。出於規劃目的，我們通常假設營運資本應該保持不變。每年一次。因此，儘管我們看到了年內這些波動，而且我們在過去幾年中也看到了這些波動，但我們的假設是它將保持平穩，不是嗎？

So it should be net 01 particular aspect that affected, the net network, the working capital in the first quarter, I would say is related to taxes. Taxes. Because we had better profitability in 2024 compared to prior years. We had to pay more taxes, and this all happens in the first quarter. And there was one non-recurring item, that, is mentioned in an earnings release. We paid $61 million related to some of the tax contingencies that we have to take advantage of discounts on interests, and penalties. And there's an amnesty related to one of the years that we also had pending related to Atacocha and el Porvenir. So this was a one-off effect of $61 million that by itself is already a significant difference. So, the combination of those two factors is what has in a way enhanced this volatility that we see in the first quarter. So we continue to expect that throughout the year, we will be able to reverse that and then, close to flat.

因此，應該是淨 01 特定方面受到影響，淨網絡，第一季的營運資本，我想說與稅收有關。稅收。因為與前幾年相比，我們 2024 年的獲利能力更好。我們不得不繳納更多的稅，而這一切都發生在第一季。並且有一項非經常性項目在收益報告中被提及。我們支付了 6,100 萬美元，用於應對一些稅務意外事件，以便享受利息和罰款折扣。其中一年我們還在等待與阿塔科查和埃爾波維尼爾有關的大赦。因此，這是 6,100 萬美元的一次性效應，其本身已經是一個顯著的差異。因此，這兩個因素的結合在某種程度上增強了我們在第一季看到的這種波動性。因此，我們繼續預計，全年我們將能夠扭轉這種局面，然後接近持平。

All right, thank you. And, my second question is, so if during the remainder of the year, seeing prices don't improve too much, but the way the market works out, the current tough situation for melters is for TCs to improve spot to improve and the benchmark contract next year to improve, and therefore, that improves the profitability of the smelters, that would be. Not the best scenario for next, am I right, on this view, you would benefit more if seeing prices go up. That if only TCs go up, right?

好的，謝謝。我的第二個問題是，如果在今年剩餘時間內，價格沒有太大的提高，但按照市場的運作方式，目前冶煉廠面臨的艱難處境是，現貨 TC 價格提高，明年的基準合約價格提高，因此，這將提高冶煉廠的盈利能力。這不是下一步的最佳情況，對嗎？從這個角度來看，如果價格上漲，你會受益更多。如果只有 TC 上升的話，對嗎？

Yes. As I was saying, we already closed our thesis. So, we will have a lot of impacts if they if the spot price improves, we won't have a lot of impact this year. However, we start negotiating as as I was saying, we have big contracts, so we will start negotiating for next year and next year will be a net benefit for for but for this year we will mostly benefit for better prices, okay?

是的。正如我所說，我們已經完成了論文。因此，如果現貨價格上漲，我們將會受到很大的影響，但今年不會受到太大的影響。然而，正如我所說，我們開始談判，我們有大合同，所以我們將開始為明年進行談判，明年將獲得淨收益，但今年我們主要受益於更好的價格，好嗎？

Having. Say that, Carlos, you see that we also produce a silver and copper and the price of silver today is at $33 and we produce 12 million ounces of silver and then almost 30,000 tons of copper and price of copper is also up. So, that is something that is going to help us mitigate this price levels of zinc that we have today.

有。卡洛斯，您看，我們也生產銀和銅，今天銀的價格是 33 美元，我們生產了 1200 萬盎司銀，然後生產了近 30,000 噸銅，銅的價格也在上漲。所以，這將有助於我們降低目前鋅的價格水準。

In any case, we are, concentrating our efforts on what we can control, which is the operational, improvement of our minds. We are aware that this quarter was really bad and we acknowledge that and we believe that we have the rest of the year to show the market that most of our operations are going to improve and the Aripuana.

無論如何，我們都在集中精力於我們能夠控制的事情，即我們思想的運作和改善。我們知道這個季度的情況確實很糟糕，我們承認這一點，我們相信我們在今年剩餘的時間裡可以向市場證明我們的大部分業務都會改善，Aripuana 也是如此。

We have to wait for the fourth filter, but it still it is going to improve because in the dry season, the filters will perform as expected. Thank you very much.

我們必須等待第四個過濾器，但它仍然會改善，因為在旱季，過濾器將按預期運行。非常感謝。

Okay, now I would like to turn the call over to the company for the written questions. Please go ahead.

好的，現在我想將電話轉給公司，詢問書面問題。請繼續。

Thank you, operator. So thank you everybody for the questions. So, I will start with a question, actually, it was a question from Henrique Braga from Morgan Stanley about the impacts on working capital, but I believe that it was already addressed by Jose Carlos and also about the production which was also addressed by Ignacio.

謝謝您，接線生。感謝大家的提問。因此，我將從一個問題開始，實際上，這是摩根士丹利的 Henrique Braga 提出的關於對營運資金的影響的問題，但我相信 Jose Carlos 已經回答過這個問題，Ignacio 也回答過關於生產的問題。

The second question comes from Declan Hanlon from Santander and it's basically the first part of the question which is in regards to the working capital was already answered, and the second part is still an expectation the reversing the majority of this working capital in the par in the following quarters already addressed.

第二個問題來自桑坦德銀行的 Declan Hanlon，基本上是問題的第一部分，即關於營運資本的問題，已經得到解答，而第二部分仍然是預期在接下來的幾個季度中扭轉大部分營運資本，這一點已經得到解決。

The second part of the question is, if the company can talk about the tariffs, risks. And how the company is managing the expectations over the those risks and contingency plans that the company may have, if the scenario deteriorates.

問題的第二部分是，公司是否可以談談關稅和風險。如果情況惡化，公司將如何管理這些風險的預期以及公司可能面臨的應急計劃。

Yeah, so about tariffs, as we have been saying this, we are not exposed to tariffs in terms of zinc today. As I was saying, most of our contracts are already closed, and, the relationship we have with the states is mainly through Cajamarquilla in Peru. Peru has, the US has applied a 10% tariff on Peru, but, there is an exception on zinc.

是的，關於關稅，正如我們一直在說的，今天我們不會受到鋅關稅的影響。正如我所說，我們的大部分合約已經完成，我們與各州的關係主要透過秘魯的 Cajamarquilla 進行。秘魯，美國對秘魯徵收了10%的關稅，但是鋅除外。

The zinc market in the US is around 1 million tons. They demand 1 million tons. Most of it comes from Canada and Mexico, okay? And we provide the states with almost 8% of what they demand. So we are not expecting a drop in our demand for our zinc there.

美國鋅市場規模約100萬噸。他們需求100萬噸。大部分來自加拿大和墨西哥，好嗎？我們向各州提供了其需求的近8%。因此我們預計那裡對鋅的需求不會下降。

Having said that, we don't know what will happen, but the comment that I can make that is that if there is no recession this year in the US, this 1 million tons demand is going to be there and they will demand that they will have to pay more and given that Mexico has been.

話雖如此，我們不知道會發生什麼，但我可以發表的評論是，如果今年美國沒有出現經濟衰退，那麼這 100 萬噸的需求就會存在，他們會要求支付更多，就像墨西哥已經這樣做了。

Has a tariff today on zinc. I think, I believe it's 25% and Canada as well. I don't see American companies buying zinc from other parts of the world's world because as I was saying, there is no zinc available. So most of the measures that the states put is hurting the customers in the US.

今天對鋅徵收關稅。我認為，我相信這個比例是 25%，加拿大也是。我沒有看到美國公司從世界其他地方購買鋅，因為正如我所說，那裡沒有可用的鋅。因此，各州採取的大多數措施都在損害美國消費者的利益。

In terms of, let's say, consumables at the mines, we don't have tariffs. We are not, tariffs. We don't, we don't import more, most from the states and we don't have tariffs there. So all the logistics chain hasn't been interrupted.

就礦山的消耗品而言，我們沒有關稅。我們不是關稅。我們沒有進口更多產品，大部分進口自美國，而且我們在那裡沒有關稅。所以整個物流鏈都沒有中斷。

So, for this year, we are only tracking, I would say expectations, which is something that is in influence the think price mainly and so far, the there is resistance for the sin at 2,600. We'll see what happens next of the year and we are monitoring that.

因此，對於今年來說，我們只追蹤預期，這是主要影響價格的因素，到目前為止，2,600 點處存在阻力。我們將觀察今年接下來會發生什麼，並且我們正在對此進行監控。

Monitoring that means that we want to accomplish our operational budgets, but we are aware of cash flow as well. So we will benefit from probably better prices on silver and copper, but we will be heard from prices on zinc. So the idea is we take measures to TRY to stabilize our cash flow and reach levels that will help us with the leverage that Jose Carlos has been explained.

監控意味著我們要完成我們的營運預算，但我們也了解現金流。因此，我們可能會從銀和銅價格上漲中受益，但我們也會受到鋅價格上漲的影響。因此，我們的想法是採取措施，嘗試穩定我們的現金流，並達到有助於我們利用何塞卡洛斯所解釋的槓桿作用的水平。

So this is more or less what we do through the year. We keep control every two weeks of what is going on. We make sure that, our minds are, always being tracked on production cost and CapEx. So this is the only thing we can do. So we'll see what happens in the coming months and yes, we are aware of all of that.

所以這或多或少就是我們全年所做的事情。我們每兩週對正在發生的事情進行一次監控。我們確保我們始終專注於生產成本和資本支出。所以這是我們唯一能做的事。因此，我們將拭​​目以待未來幾個月會發生什麼，是的，我們知道這一切。

Thank you. This concludes the question-and-answer session. I would now like to hand the call over to Mr. Ignacio Rosado for his closing remarks. Please go ahead, sir.

謝謝。問答環節到此結束。現在，我請伊格納西奧·羅薩多先生致閉幕詞。先生，請繼續。

Okay. Thank you very much for attending the call. As I said before, we are aware that we had a tough quarter in terms of our operations.

好的。非常感謝您參加此次電話會議。正如我之前所說，我們知道我們的營運經歷了一個艱難的季度。

We are working on the measures to make sure that we recover most of the production for the rest of the year. We are also aware that we have a volatility environment and we are prepared to face that environment in the coming months.

我們正在採取措施，確保在今年剩餘時間內恢復大部分生產。我們也意識到我們處於一個波動的環境，我們已準備好在未來幾個月內應對這種環境。

We are very proud that the Cerro Pasco project is going, as expected on time and on CapEx and also we are confident that we will, have the S4 filter of Aripuana in the first quarter of next year. Even if this year it has this volatility and this uncertainty, as next that we work on the long term.

我們非常自豪 Cerro Pasco 專案能夠按時、按資本支出按預期進行，並且我們有信心在明年第一季擁有 Aripuana 的 S4 過濾器。即使今年存在這種波動性和不確定性，我們下一步仍將著眼於長期發展。

And what we want to make sure is that we finish the CapEx of the expansion CapEx of the projects, we extend the life of the mines. So in the coming years, given the fundamentals of sync, we start bringing the cash flow, to start lowering the debt, to start giving dividends, and also to start looking for other acquisitions as well.

我們要確保的是，我們完成專案擴建的資本支出，延長礦場的壽命。因此，在未來幾年，考慮到同步的基本面，我們開始帶來現金流，開始降低債務，開始派發股息，並開始尋找其他收購。

Thank you very much for attending. We will look forward to, have you, have this call in three months. Have a good day.

非常感謝您的出席。我們期待您在三個月後接到這通電話。祝你有美好的一天。

Thank you. This concludes today's conference call. We appreciate your participation and interest in Nexa. You may disconnect now.

謝謝。今天的電話會議到此結束。我們感謝您對 Nexa 的參與和關注。您現在可以斷開連線。