Nexa Resources SA (NEXA) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Nexa Resources' fourth quarter and full year 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 containing the webcast is available for download as well as a replay of the conference call following its conclusions.

各位女士、先生，早安，歡迎參加 Nexa Resources 2025 年第四季暨全年財報電話會議。請注意，今日活動將錄音，並透過 Zoom 進行直播，同時亦可透過 Nexa 投資人關係網站收看。包含網路直播內容的簡報可供下載，會議結束後亦將提供電話會議重播。

(Operator Instructions) Writing 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.

（接線員指示）在會議期間未獲回覆的書面提問，將由投資人關係團隊於會後回覆。媒體單位的提問將由企業事務團隊另行處理。

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.

現在我想將會議交給投資人關係與財務部主管 Rodrigo Cammarosano 先生，請他致開場詞。請開始。

Good day, everyone, and welcome to Nexa Resources' fourth quarter and full year 2025 earnings conference call. We appreciate your time and participation today. During the call, we will discuss Nexa's performance as detailed in the earnings release issued yesterday. We encourage you to follow along with the presentation available through the webcast. Before we begin, please turn to slide number 2, which contains our forward-looking statements disclaimer.

各位好，歡迎參加 Nexa Resources 2025 年第四季暨全年財報電話會議。感謝各位今日撥冗參與。在本次會議中，我們將討論 Nexa 的營運表現，內容詳見昨日發布的財報新聞稿。我們鼓勵各位搭配網路直播提供的簡報一同觀看。在開始之前，請翻到第 2 頁投影片，其中包含我們對前瞻性陳述的免責聲明。

We ask that you review the information regarding these statements and the associated risk factors. Joining us today are our CEO, Ignacio Rosado; our CFO, Jose Carlos del Valle; and our Senior Vice President of Mining Operations, Leonardo Coelho.

我們請各位審閱與這些陳述相關的資訊及其風險因素。今日與會者包括執行長 Ignacio Rosado、財務長 Jose Carlos del Valle，以及採礦營運資深副總裁 Leonardo Coelho。

With that, I will now turn the call over to Ignacio for his remarks. Ignacio, please go ahead.

接下來，我將把電話會議交給 Ignacio 發表談話。Ignacio，請開始。

Thank you, Rodrigo. Good day, everyone, and thank you for joining us today. starting on slide number 3. Nexa delivered a strong finish to the year with our fourth quarter results demonstrating consistent operational execution and the benefits of our disciplined focus on safety, efficiency and cost management, all within a supportive pricing environment. On the mining side, zinc production reached 91,000 tonnes, a solid increase both quarter-over-quarter and year-over-year. This performance was driven by stronger results across all our operations with Aripuana standing out as it achieved its highest quarterly production to date, a clear reflection of its growing operational stability.

謝謝你，Rodrigo。各位好，感謝各位今天加入我們。從第 3 頁投影片開始。Nexa 以強勁表現為今年畫下句點；我們第四季的成果展現了穩健一致的營運執行力，以及在有利的價格環境下，我們對安全、效率與成本管理的紀律性聚焦所帶來的效益。在採礦方面，鋅產量達到 91,000 公噸，無論季增或年增皆有穩健提升。此表現來自我們所有營運據點的更佳成果，其中 Aripuanã 表現尤為突出，創下迄今最高的單季產量，清楚反映其營運穩定性持續提升。

In our smelting division, total zinc sales were 142,000 tonnes, while Cajamarquilla continued to deliver a stable output, the sequential volume was constrained by lower production at our Brazilian smelters and softer demand for zinc oxide. Financially, the operational performance translated into our strongest quarter of the year. We reported net revenues of $903 million and adjusted EBITDA of $300 million, with both metrics showing relevant improvement across all comparable periods. This was underpinned by higher realized prices for zinc and our key byproducts, combined with our increased mining volumes.

在冶煉事業部方面，鋅總銷量為 142,000 公噸；Cajamarquilla 持續維持穩定產出，但由於巴西冶煉廠產量下降以及氧化鋅需求較疲弱，導致銷量較前一季受限。在財務面，營運表現帶動我們繳出全年最強勁的一季。我們淨營收為 9.03 億美元，調整後 EBITDA 為 3.00 億美元，兩項指標在所有可比較期間皆呈現顯著改善。此成果主要受惠於鋅及主要副產品的實現價格上升，以及採礦產量增加。

We recorded a net income of $81 million or $0.38 per share and generated $51 million in free cash flow. As a result, our net leverage improved to 1.7 times, further strengthening our balance sheet. Looking now at the full year 2025, zinc production totaled 316,000 tonnes, successfully achieving our consolidated mining production guidance with all individual metals also landing within their respective target ranges. In smelting, total metal sales reached 567,000 tonnes, which is in line with the midpoint of our guidance. From a financial perspective, full year net revenues were $3 billion, while adjusted EBITDA reached $772 million, one of the strongest levels in the company's history.

我們錄得淨利 8,100 萬美元（每股 0.38 美元），並創造 5,100 萬美元自由現金流。因此，我們的淨槓桿比改善至 1.7 倍，進一步強化資產負債表。再看 2025 全年，鋅產量合計 316,000 公噸，成功達成合併採礦產量指引；各項金屬亦皆落在各自目標區間內。在冶煉方面，金屬總銷量達 567,000 公噸，符合指引中位數水準。從財務角度，全年淨營收為 30 億美元，調整後 EBITDA 達 7.72 億美元，為公司歷史上最強勁的水準之一。

This performance reflects solid operational execution, combined with a favorable pricing environment for zinc and key byproducts. Net income for the year was $223 million or $1 per share. Free cash flow was negative $105 million, which included debt reductions and dividends. The combination of a supportive pricing environment and disciplined cost management allowed us to reduce gross debt and reinforce our financial flexibility.

此表現反映了穩健的營運執行力，以及鋅與主要副產品的有利價格環境。全年淨利為 2.23 億美元（每股 1 美元）。自由現金流為負 1.05 億美元，其中包含債務償還與股利發放。在有利的價格環境與紀律性的成本管理相互結合下，我們得以降低總負債並強化財務彈性。

With that, let's move to slide number 4 to take a closer look at our mining performance. Our quarterly zinc production of 91,000 tonnes represents a 9% increase from the third quarter driven by enhanced operational performance at Vazante, Aripuana, Cerro Lindo and Atacocha. For the full year, our production of 316,000 tonnes of zinc met guidance. As we have previously discussed, volumes were impacted in the first half due to temporary operational constraints and lower grades.

接著，讓我們翻到第 4 頁投影片，更深入檢視採礦表現。本季鋅產量 91,000 公噸，較第三季增加 9%，主要由 Vazante、Aripuanã、Cerro Lindo 與 Atacocha 的營運表現提升所帶動。全年鋅產量 316,000 公噸，符合指引。如我們先前所提，上半年產量受到暫時性營運限制與品位較低的影響。

On costs, our consolidated mining cash costs net of byproducts, improved sequentially to negative $0.58 per pound, benefiting from stronger byproduct credits and lower treatment charges. For the full year, cash costs came in at negative $0.30 per pound below our guidance, reflecting our disciplined cost management and favorable price dynamics. The cost per tonne of run of mine was $56 in the quarter, a sequential increase, primarily due to higher operational costs at Aripuana as we continue to ramp up and stabilize the assets.

在成本方面，扣除副產品後的合併採礦現金成本，較前一季改善至每磅負 0.58 美元，受惠於更高的副產品抵減以及較低的冶煉加工費（treatment charges）。全年現金成本為每磅負 0.30 美元，優於我們的指引，反映我們紀律性的成本管理與有利的價格動態。本季原礦（run of mine）每噸成本為 56 美元，較前一季上升，主要因 Aripuanã 在持續擴產爬坡並穩定資產的過程中，營運成本較高。

On a full year basis, this cost was in line with our guidance. Financially, the Mining segment delivered a robust performance, with net revenues of $532 million, and adjusted EBITDA of $266 million in the quarter, translating to a strong 50% EBITDA margin. This was fueled by higher metal prices and improved operational execution.

以全年來看，該成本符合我們的指引。在財務面，採礦事業部本季表現強勁，淨營收 5.32 億美元、調整後 EBITDA 2.66 億美元，對應 EBITDA 利潤率達 50%。此表現主要由較高的金屬價格與更佳的營運執行所推動。

For the full year 2025, the segment generated approximately $1.6 billion in net revenues and $658 million in adjusted EBITDA, a 42% margin that clearly demonstrates the earnings resilience of our mining portfolio. With that, let's move to slide number 5 for a closer look at Aripuana's operational progress. In the fourth quarter, Aripuana achieved its highest production level to date. A direct result of enhanced operational reliability, reduced plant downtime and lower workforce turnover.

2025 全年，該事業部創造約 16 億美元淨營收與 6.58 億美元調整後 EBITDA，利潤率 42%，清楚展現我們採礦資產組合的獲利韌性。接著，讓我們翻到第 5 頁投影片，更深入了解 Aripuanã 的營運進展。第四季，Aripuanã 達成迄今最高的產量水準。這是營運可靠性提升、廠區停機時間降低，以及人員流動率下降所帶來的直接成果。

The fourth tailings filter arrived on site in early November and its installation is progressing as planned. We achieved key structural and mechanical milestones during the quarter, keeping the project firmly on schedule. Commissioning remains on track for the first half of 2026, positioning us to reach full operational capacity in the second half of the year. This is a critical step towards unlocking the plant's full potential and securing long-term cash flow generation. On exploration, recent drilling has confirmed new mineralized extensions, reinforcing our confidence in the asset's geological upside and its potential for further life of mine extensions.

第四套尾礦過濾設備於 11 月初運抵現場，安裝作業正按計畫推進。本季我們達成多項關鍵結構與機械里程碑，使專案穩健維持在既定時程上。試車（commissioning）仍按計畫於 2026 年上半年進行，並使我們可在下半年達到全面營運產能。這是釋放工廠全部潛力並確保長期現金流創造能力的關鍵一步。在探勘方面，近期鑽探已確認新的礦化延伸，進一步強化我們對該資產地質上行空間的信心，以及其延長礦山壽命的潛力。

Now please turn to slide number 6 for an update on the Cerro Pasco integration project. In parallel with our operational progress, we have advanced preparatory studies for Phase 2, including technical assessments of the Picasso Shaft and several underground integration alternatives. Our goal is to define the most efficient long-term configuration to maximize value from this highly prospective mineral district. Looking ahead to 2026, we will intensify Phase 1 construction and commissioning activities with a strong focus on disciplined and consistent execution. The Cerro Pasco Integration Project remains a key strategic driver, supporting a potential life of mine extension of over 15 years, enhancing profitability and solidifying Nexa's long-term presence in one of Peru's most important mining districts.

現在請翻到第 6 頁投影片，了解 Cerro Pasco 整合專案的最新進度。在推進營運進展的同時，我們也已推動第 2 階段的前期研究，包括對 Picasso 立井的技術評估，以及數個地下整合替代方案。我們的目標是界定最有效率的長期配置，以最大化此高潛力礦區的價值。展望 2026 年，我們將加速第 1 階段的建設與試車活動，並高度聚焦於紀律且一致的執行。Cerro Pasco 整合專案仍是關鍵策略驅動因素，支持礦山壽命可望延長逾 15 年、提升獲利能力，並鞏固 Nexa 在秘魯最重要礦區之一的長期布局。

Next, on slide number 7, I would like to highlight the continued progress of our exploration program. Our 2025 exploration plan delivered solid results across our key assets, reaffirming their geological potential. In slide number 7, you can see deep intersections with high metal grades across all mines.

接下來，在第 7 張投影片，我想強調我們勘探計畫持續取得的進展。我們 2025 年的勘探計畫在各項核心資產上交出穩健成果，再次確認其地質潛力。在第 7 張投影片中，您可以看到所有礦山皆出現深部見礦，且金屬品位偏高。

At Cerro Lindo, activities focused on expanding known ore bodies in the Southeast region. Drilling confirmed the continuity of mineralized zones, particularly in Orebody 8C, which supports the mine's long-term production profile. At Aripuana, exploration concentrated on the Massaranduba target, where drilling confirmed new mineralized areas, including peak high-grade intersections in a recently identified structure.

在 Cerro Lindo，相關工作聚焦於擴展東南區既有礦體。鑽探確認了礦化帶的連續性，特別是在 8C 礦體，這支持礦山的長期產量曲線。在 Aripuana，勘探集中於 Massaranduba 目標區，鑽探確認了新的礦化區域，包括在近期識別出的構造中出現的高品位峰值見礦。

At Vazante, brownfield exploration advanced near existing infrastructure, confirming extensions of known zones and enhancing operational flexibility within the current mine plan. Finally, at Pasco, exploration continued delivering positive results around the integration target, which remains a strategic upside for the Cerro Pasco Integration Project. Together, these results reinforce our resource and reserve inventory, paving the way for further life of mine extensions.

在 Vazante，棕地勘探在既有基礎設施附近推進，確認了已知礦化帶的延伸，並提升現行礦山計畫內的營運彈性。最後，在 Pasco，圍繞整合目標的勘探持續交出正面成果，該目標仍是 Cerro Pasco 整合專案的重要策略性上行空間。綜合而言，這些成果強化了我們的資源量與儲量庫存，為進一步延長礦山壽命奠定基礎。

Now let's turn to slide number 8 to review our smelting performance in more detail. Turning to the smelting segment. Sales were 142,000 tonnes for the quarter and 567,000 tonnes for the full year, in line with our 2025 guidance. The sequential decline was primarily driven by lower production at our Brazilian smelters and softer demand for zinc oxide. From a cost perspective, the quarterly cash cost was $1.41 per pound. This reflects the impact of higher zinc prices and lower treatment charges, which impact margins in an environment of tight concentrate supply.

現在讓我們看第 8 張投影片，更詳細檢視我們的冶煉表現。轉到冶煉事業部。本季銷量為 142,000 噸，全年為 567,000 噸，符合我們 2025 年的指引。環比下滑主要是由於我們巴西冶煉廠產量較低，以及氧化鋅需求轉弱所致。從成本角度來看，本季現金成本為每磅 1.41 美元。這反映了鋅價上升與加工費下降的影響；在精礦供應吃緊的環境下，這些因素會壓縮利潤率。

For the full year, cash cost was $1.28 per pound in line with our guidance. Conversion cost was $0.34 per pound in the quarter, slightly lower sequentially. On a year-over-year basis, the increase is attributable to higher operational costs and unfavorable foreign exchange valuations at our Brazilian units. For the full year, conversion costs remain below our annual guidance, demonstrating disciplined cost control despite a challenging environment. From a financial standpoint, the segment generated net revenues of $573 million and adjusted EBITDA of $34 million in the quarter, reflecting the challenging market environment and operational constraints.

全年現金成本為每磅 1.28 美元，符合我們的指引。本季轉換成本為每磅 0.34 美元，環比略有下降。以年對年來看，增加主要歸因於營運成本上升，以及我們巴西單位不利的外匯估值變動。全年轉換成本仍低於年度指引，顯示即使在具挑戰的環境下，我們仍維持嚴謹的成本控管。從財務面來看，本季該事業部淨營收為 5.73 億美元，調整後 EBITDA 為 3,400 萬美元，反映市場環境艱困與營運限制。

For the full year 2025, net revenues totaled approximately $2 billion with adjusted EBITDA of $113 million, corresponding to an EBITDA margin of 6%. Looking forward, increasing global mine supply is expected to lift treatment charges, supporting a gradual rebound in margins.

2025 全年淨營收約為 20 億美元，調整後 EBITDA 為 1.13 億美元，對應 EBITDA 利潤率為 6%。展望未來，全球礦山供給增加預期將推升加工費，支持利潤率逐步回升。

With that, I will now hand the call over to our CFO, Jose Carlos del Valle for a detailed review of our financial results. Jose, please go ahead.

接下來，我將把電話會議交給我們的財務長 Jose Carlos del Valle，請他詳細說明我們的財務結果。Jose，請開始。

Thank you, Ignacio, and good morning, everyone. Let's turn to slide number 9 for an overview of our financial performance. We closed the year with strong momentum in the fourth quarter driven by improved operational execution and supportive pricing environment. Starting with the upper left chart, in the fourth quarter of 2025, net revenues reached $903 million, up 18% sequentially and 22% year-over-year. This growth was fueled by higher average metal prices, stronger contribution from byproducts and improved mining performance.

謝謝你，Ignacio，各位早安。讓我們看第 9 張投影片，概覽我們的財務表現。在營運執行改善與有利的價格環境帶動下，我們在第四季以強勁動能為全年收官。先看左上圖表，2025 年第四季淨營收達 9.03 億美元，環比成長 18%，年增 22%。成長動能來自平均金屬價格上升、副產品貢獻增加，以及採礦表現改善。

For the full year, net revenues totaled $3 billion, a 9% increase compared to 2024. Moving to adjusted EBITDA. We reported $300 million in the quarter, a significant improvement, both quarter-over-quarter and year-over-year, translating to a 33% EBITDA margin. This reflects stronger price realization, combined with improved operating leverage from increased volumes. For the full year, adjusted EBITDA reached $772 million, up 8% versus 2024 with a margin of 26%.

全年淨營收合計 30 億美元，較 2024 年成長 9%。接著看調整後 EBITDA。本季我們達到 3 億美元，無論環比或年對年皆顯著改善，EBITDA 利潤率為 33%。這反映更佳的價格實現，加上產量提升帶來的營運槓桿改善。全年調整後 EBITDA 達 7.72 億美元，較 2024 年增加 8%，利潤率為 26%。

This demonstrates the resilience of our integrated mining and smelting portfolio across varying market conditions. Overall, the year reflects disciplined execution, pricing support and effective cost management across our segments.

這顯示我們整合式採礦與冶煉投資組合在不同市場條件下的韌性。整體而言，本年度反映了各事業部的嚴謹執行、價格支撐，以及有效的成本管理。

Now let's turn to slide number 10 for a closer look at our investments. For the full year 2025, total CapEx reached $352 million. The majority was directed towards sustaining activities, including mine development, maintenance and tailings storage facilities, all fully aligned with our operational priorities and commitment to asset integrity. CapEx execution came in slightly above our $347 million guidance, primarily due to the appreciation of the Brazilian real against the US dollar, which had an approximate impact of $7 million during the year.

現在讓我們看第 10 張投影片，更深入檢視我們的投資。2025 全年總資本支出（CapEx）達 3.52 億美元。其中大部分用於維持性活動，包括礦山開發、維護與尾礦庫設施，皆與我們的營運優先事項及資產完整性承諾完全一致。資本支出執行略高於我們 3.47 億美元的指引，主要因巴西雷亞爾兌美元升值，全年約造成 700 萬美元的影響。

In the fourth quarter, CapEx totaled $125 million, in line with our plan. Regarding the Cerro Pasco Integration Project, Phase 1 investments reached $12 million in the quarter and $42 million for the full year. This was slightly below the initial plan of $44 million, reflecting disciplined project execution and cost control. Moving to the lower section of the slide, exploration and project evaluation investments totaled $78 million for the year, below the initial plan of $88 million. This performance is consistent with our capital allocation framework, which aims to maintain our focus on mine life extension and portfolio optimization.

第四季資本支出合計 1.25 億美元，符合我們的計畫。就 Cerro Pasco 整合專案而言，第 1 階段投資本季達 1,200 萬美元，全年為 4,200 萬美元。這略低於原先 4,400 萬美元的計畫，反映專案執行嚴謹與成本控管。再看投影片下半部，全年勘探與專案評估投資合計 7,800 萬美元，低於原先 8,800 萬美元的計畫。此表現符合我們的資本配置框架，旨在維持對延長礦山壽命與投資組合最佳化的聚焦。

With that, let's turn to slide number 11 to review our cash flow generation. Starting from the $772 million of adjusted EBITDA and after adjusting nonoperational items, we can see that during 2025, we generated $846 million in operating cash flow before working capital and other variations. From this amount, we invested $354 million in CapEx across our operations and paid $254 million in interest and taxes, reflecting both our investment cycle and our capital structure. Working capital and other cash flow variations had a negative impact of $212 million. Operational working capital remained essentially flat with the movement largely explained by other cash items, including some one-offs.

接著讓我們看第 11 張投影片，檢視我們的現金流創造。以 7.72 億美元的調整後 EBITDA 為起點，並調整非營運項目後，可見 2025 年在營運資金及其他變動前，我們產生 8.46 億美元的營運現金流。在此基礎上，我們於各項營運投入 3.54 億美元資本支出，並支付 2.54 億美元的利息與稅款，反映我們的投資週期與資本結構。營運資金與其他現金流變動帶來 2.12 億美元的負面影響。營運資金整體基本持平，變動主要由其他現金項目所致，其中包含部分一次性因素。

We continue to advance initiatives to enhance our cash conversion cycle and further strengthen liquidity. Foreign exchange variations contributed positively by $30 million, mainly due to the appreciation of the Brazilian real. As a result, cash flow before loans, debt payments and dividends totaled $39 million.

我們持續推進各項措施，以提升現金轉換週期並進一步強化流動性。外匯變動帶來 3,000 萬美元的正面貢獻，主要因巴西雷亞爾升值。因此，在貸款、債務償付與股利之前的現金流合計為 3,900 萬美元。

On the financing side, we can see a net debt reduction of $96 million, reflecting our liability management efforts and consistency in our debt reduction strategy. Additionally, during the year, we successfully issued a 12-year bond in April and completed the full redemption and partial tender offer of two earlier maturity bonds. Towards the end of the year, we also executed early repayments of some debt facilities, along with our regular lease liability payments. These actions were essential to further strengthen our maturity profile and advance our overall debt reduction strategy. Furthermore, we also distributed $48 million in dividends, including share premium reimbursement and payments to noncontrolling interests.

在融資面，我們的淨負債減少 9,600 萬美元，反映我們的負債管理努力，以及一貫的降槓桿策略。此外，我們在 4 月成功發行一檔 12 年期債券，並完成兩檔較早到期債券的全額贖回與部分要約收購。在年底前，我們也執行了部分債務融資工具的提前償還，並進行例行的租賃負債付款。這些行動對於進一步強化到期結構並推進整體降債策略至關重要。另外，我們全年也發放 4,800 萬美元股利，包括股本溢價返還以及支付予非控制性權益的款項。

After these movements, free cash flow for the full year was negative $105 million. Importantly, this outcome reflects deliberate capital allocation decisions, including debt reduction and shareholder distributions while maintaining strong operating cash generation.

在完成這些資金流動後，全年自由現金流為負 1.05 億美元。重要的是，這一結果反映了我們有意識的資本配置決策，包括在維持強勁營運現金創造的同時，進行降債與股東回饋。

With that, let's move to slide number 12. As you can see, our liquidity position remains robust, supporting a solid balance sheet and an extended debt maturity profile. We closed the quarter with total liquidity of $842 million, including our undrawn $320 million sustainability-linked revolving credit facility.

接下來，我們看第 12 頁投影片。如各位所見，我們的流動性部位仍然穩健，支撐堅實的資產負債表以及更長的債務到期結構。本季末我們的總流動性為 8.42 億美元，其中包括我們尚未動用的 3.2 億美元永續連結循環信用額度（RCF）。

Our average debt maturity increased to 7.6 years compared to 5.6 years at the end of 2024 with an average cost of debt of 6.49%. This improvement reflects our proactive liability management actions during the year. Importantly, our available liquidity, excluding the RCF, covers all financial commitments over the next five years.

我們的平均債務到期年限提升至 7.6 年，相較於 2024 年底的 5.6 年；平均債務成本為 6.49%。這項改善反映了我們在年度內主動進行負債管理的作為。重要的是，我們可用的流動性（不含 RCF）足以涵蓋未來五年內的所有財務承諾。

Finally, net leverage improved to 1.7 times, down from 2.2 times in the previous quarter, supported by higher last 12-month EBITDA and a reduction in net debt. We continue to optimize our capital structure through funding diversification and disciplined liquidity management, maintaining a maturity profile that is aligned with the life of mine prospects of our assets remains a priority, while preserving our investment-grade rating and a competitive cost of capital. Looking ahead, we remain committed to further deleveraging and reducing gross debt over time with a target of lowering interest expenses and enhancing financial flexibility.

最後，淨槓桿改善至 1.7 倍，較上一季的 2.2 倍下降，主要受惠於過去 12 個月 EBITDA 提升以及淨負債下降。我們持續透過資金來源多元化與嚴謹的流動性管理來優化資本結構；同時，維持與資產礦山壽命前景相匹配的到期結構仍是優先事項，並在此過程中維持投資級評等與具競爭力的資本成本。展望未來，我們仍致力於進一步去槓桿，並隨時間降低總負債，以降低利息費用並提升財務彈性。

With that, I will now hand the call back to Rodrigo to discuss market fundamentals.

接下來，我把電話交回 Rodrigo，由他說明市場基本面。

Thank you, Jose Carlos. Turn now to the zinc and copper markets on slide number 13. As you can see, zinc prices remain well supported throughout 2025. This strength was largely driven by persistent concentrate tightness and substantially low LME inventories. Treatment charges, particularly in China, averaged negative levels during the year, a clear reflection of raw material scarcity.

謝謝你，Jose Carlos。現在請看第 13 頁投影片，談鋅與銅市場。如各位所見，2025 年鋅價整體仍獲得良好支撐。這股強勢主要由精礦供給持續偏緊以及 LME 庫存顯著偏低所驅動。加工費（TCs），特別是在中國，全年平均落在負值水準，清楚反映原料稀缺。

Imported TCs ended the year around $60 per tonne is still well below mid-cycle conditions. Structurally, the zinc market continues to reflect limited near-term mining supply growth relative to smelting capacity. This imbalance has supported prices even against the backdrop of macro and trade-related volatility.

進口精礦的加工費在年底約為每噸 60 美元，仍遠低於中周期水準。從結構面來看，鋅市場仍呈現短期礦山供給成長有限、相對於冶煉產能偏緊的狀況。即使在宏觀與貿易相關波動的背景下，這種失衡仍支撐了價格。

Looking ahead to 2026, we expect a gradual improvement of mining supply, which should support a modest recovery in treatment charges from the historically low levels seen in 2025. However, this recovery is likely to be regionally distinguished. In China, smelters are expected to calibrate capacity utilization based on domestic concentrate availability and TCs for imported concentrate. While outside China, high energy costs and sub-historical TCs may continue to constrain margin expansion in the near term. Overall, zinc prices should remain supportive, at least in the first half of 2026 by tight inventories, resilient demand and a softer US dollar environment.

展望 2026 年，我們預期礦山供給將逐步改善，這應可支撐加工費自 2025 年所見的歷史低點溫和回升。不過，這種回升可能呈現區域差異。在中國，冶煉廠預期將依據國內精礦供應情況以及進口精礦加工費，來調整產能利用率。而在中國以外地區，高能源成本與低於歷史水準的加工費，短期內可能仍會限制利潤率擴張。整體而言，至少在 2026 年上半年，鋅價應仍具支撐，主要來自庫存偏緊、需求具韌性以及美元走弱的環境。

Against this backdrop, Nexa integrated mine-to-smelter platform remains a key differentiator. It allows us to partially mitigate concentrate market volatility and preserve margin resilience across cycles. Turn now to copper. Prices appreciated in 2025 on the back of supply discipline and sustained demand driven mainly by electrification. While trade policy volatility added uncertainty during the year, the underlying structural fundamentals remain constructive. Incremental supply additions are unlikely to fully rebalance the market in the near term, meaning medium-term supply constraints remain a key theme supporting copper price.

在此背景下，Nexa 一體化的「礦山到冶煉」平台仍是關鍵差異化優勢。它使我們能部分緩解精礦市場波動，並在各景氣循環中維持利潤韌性。接著談銅。2025 年銅價在供給紀律與由電氣化主導的持續需求帶動下走升。雖然貿易政策波動在年度內增加不確定性，但其背後的結構性基本面仍偏正向。短期內新增供給不太可能完全使市場再平衡，意味著中期供給約束仍是支撐銅價的核心主題。

Now let's turn to slide number 14 for a look at precious metals. Moving now to silver and gold. Silver was one of the best-performing metals in the fourth quarter of 2025. The rally was supported by strong investment flows, monetary policy expectations and sustained industrial demand, especially from solar energy, electrification and AI-related infrastructure. Silver's dual role as both a monetary asset and an industrial input continues to support its demand profile.

現在請看第 14 頁投影片，了解貴金屬。接著談白銀與黃金。白銀是 2025 年第四季表現最佳的金屬之一。這波漲勢受到強勁的投資資金流、對貨幣政策的預期，以及持續的工業需求所支撐，尤其來自太陽能、電氣化與 AI 相關基礎設施。白銀同時具備貨幣資產與工業投入品的雙重角色，持續支撐其需求結構。

Importantly, for Nexa, we produced around 11 million ounces of silver annual, which provides meaningful precious metals exposure within our base metals portfolio. And beginning in the second quarter of 2026, this is a key point. Our silver streaming agreement steps down from 65% to 25%. This materially increases our realized exposure to silver prices and enhances EBITDA leverage going forward. It is a relevant structural catalyst for our earnings profile.

重要的是，對 Nexa 而言，我們年產白銀約 1,100 萬盎司，使我們在基本金屬投資組合中具備有意義的貴金屬曝險。並且自 2026 年第二季起，這是一個重點。我們的白銀串流協議比例將由 65% 下調至 25%。這將實質提高我們對白銀價格的實現曝險，並在未來提升 EBITDA 的槓桿效應。這是影響我們獲利結構的重要結構性催化因素。

Turning to gold. Prices traded near record levels in the fourth quarter, supported by Central Bank buying, ETF inflows, a softer US dollar environment and elevated geopolitical uncertainty. Gold continues to provide portfolio diversification and countercyclical support. Looking ahead, US monetary policy and geopolitical developments remain key drivers for precious metals price.

接著談黃金。第四季金價接近歷史高位，受央行買盤、ETF 資金流入、美元走弱環境以及地緣政治不確定性升高所支撐。黃金持續提供投資組合分散效果與逆景氣循環的支撐。展望未來，美國貨幣政策與地緣政治發展仍是貴金屬價格的關鍵驅動因素。

Now on slide 15, I will comment on the development of our ESG agenda. Let me briefly turn to ESG. In 2025, we continued to advance our ESG strategy as an integral component of our business management. On climate and decarbonization, we consolidated renewable energy supply across our operations and continued implementing operational efficiency initiatives aimed at managing emissions intensity. We also advanced circular economy initiatives reinforcing our focus on waste reduction and resource efficiency across our units.

接著在第 15 頁，我將說明我們 ESG 議程的進展。我先簡要談 ESG。2025 年，我們持續推進 ESG 策略，並將其作為企業管理不可或缺的一部分。在氣候與去碳化方面，我們整合了各營運據點的再生能源供應，並持續推動以管理排放強度為目標的營運效率提升措施。我們也推進循環經濟倡議，強化我們在各單位減廢與資源效率上的重點。

From a governance standpoint, we maintained our CDP rating at B for both climate change and water security and further reinforced the integration of our ESG criteria into our enterprise risk management framework. Community engagement also remain a focus with continued investments in local infrastructure and structural development programs, both in Brazil and Peru. Our participation at COP30 reinforced our long-term commitment to climate action and responsible mining.

在公司治理方面，我們在氣候變遷與水安全兩項的 CDP 評等皆維持在 B，並進一步強化將 ESG 準則納入企業風險管理架構的整合。社區參與仍是重點，我們持續投資於巴西與秘魯的在地基礎建設與結構性發展計畫。我們參與 COP30 也強化了我們對氣候行動與負責任採礦的長期承諾。

Now I would like to address an important governance development. Over recent months, we conducted a structured review of our public ESG targets. The objective was to enhance methodological consistency, improve transparency and ensure alignment with operational realities and updated baseline.

現在我想說明一項重要的治理進展。在過去幾個月，我們對外公布的 ESG 目標進行了結構化檢視。其目標是提升方法論一致性、改善透明度，並確保與營運現況及更新後的基準一致。

As a result of this process, we are proposing recalibrated targets grounded in three pillars. First, technical robustness and including refined baselines and third-party verification. Second, strategic transparency with recognition of operational constraints and industry dynamics. And third, sustainability of commitments, ensuring that targets remain realistic, measurable and aligned with long-term business performance. We will disclose the full methodology and detailed targets in our sustainability report and 2026 materials.

基於此流程的結果，我們提出以三大支柱為基礎的重新校準目標。第一，技術嚴謹性，包括更精煉的基準與第三方驗證。第二，策略透明度，承認營運限制與產業動態。第三，承諾的永續性，確保目標仍然務實、可衡量，並與長期企業績效一致。我們將在永續報告與 2026 年相關資料中揭露完整方法論與詳細目標。

Now moving to our final slide, our focus and priorities. I will now hand it back to Ignacio for his comments. Ignacio, the floor is yours.

現在進入最後一頁投影片，談我們的聚焦與優先事項。我現在把時間交回 Ignacio，請他發表評論。Ignacio，請開始。

Thank you, Rodrigo. Now turning to slide number 16. Before we open the floor for Q&A, let me close by reinforcing our strategic drivers and priorities. Aripuana continues to be a key near-term catalyst. The fourth filter is progressing on schedule and will unlock full production capacity in 2026, positioning the asset to further strengthen cash generation.

謝謝你，Rodrigo。現在請看第16頁投影片。在開放問答之前，讓我最後再次強調我們的策略驅動因素與優先事項。Aripuana 仍然是近期關鍵的催化劑。第四套濾機正按進度推進，將於2026年釋放全面產能，使該資產得以進一步強化現金創造能力。

Supported by a long reserve life and resource base, Aripuana is a core contributor to our long-term value creation. At Cerro Pasco, the integration project targets a relevant life of mine extension within a well-established mineral region. The project enhances asset integration, improves operational flexibility and enhances the profitability profile of the entire complex. Exploration continues to deliver across our assets, paving the way to further life of mine extensions and reinforcing the quality of our asset portfolio.

在長期儲量壽命與資源基礎的支撐下，Aripuana 是我們長期價值創造的核心貢獻者。在 Cerro Pasco，整合專案的目標是在成熟的礦產區域內，實現具重要意義的礦山壽命延長。該專案提升資產整合度、改善營運彈性，並提升整個園區的獲利結構。勘探工作持續在我們各項資產上交出成果，為進一步延長礦山壽命鋪路，並強化我們資產組合的品質。

At the same time, we remain disciplined in our approach to growth. We continue to evaluate value-accretive opportunities selectively. Operational and financial discipline remains central to our strategy. We are focused on generating sustainable cash flow to continue strengthening our balance sheet and to support a balanced capital allocation approach that includes deleveraging and shareholders' return.

同時，我們在成長策略上仍保持紀律。我們持續有選擇性地評估能增值的機會。營運與財務紀律仍是我們策略的核心。我們專注於創造可持續的現金流，以持續強化資產負債表，並支持包含去槓桿與股東回報在內的均衡資本配置方針。

Finally, ESG continues to evolve as a core pillar of how we manage the business at Nexa. In 2025, we enhanced our governance framework, improved methodological consistency in our public targets and reinforced the alignment between sustainability commitments and operational realities. Our goal is clear, increase transparency and ensure ESG execution strengthens the long-term sustainability of the business. As we look ahead, we enter 2026 with improved operational stability disciplined capital allocation and a well-defined set of priorities, focus on business resilience and consistent shareholder returns.

最後，ESG 持續演進，成為 Nexa 經營管理的核心支柱。在2025年，我們強化了治理架構、提升對外公開目標的方法一致性，並加強永續承諾與營運現實之間的對齊。我們的目標很明確：提高透明度，並確保 ESG 的落實能強化企業的長期永續性。展望未來，我們以更佳的營運穩定性、具紀律的資本配置與明確的優先事項進入2026年，聚焦於業務韌性與穩定的股東回報。

With that, let's open the floor for your questions.

接下來，我們開放各位提問。

(Operator Instructions)

(接線員指示)

Pedro Mello, Citi.

Pedro Mello，花旗。

My question relates to the seasonal rainy period at the Aripuana assets this quarter. Could you provide some color on the evolution of the asset production throughout this year given the seasonal context of the first quarter and the inauguration of the fourth filter affecting the second half of the year, please?

我的問題與本季 Aripuana 資產的季節性雨季有關。考量第一季的季節性因素，以及第四套濾機啟用對下半年造成的影響，能否請您補充說明今年整體資產產量的變化情況？

Yes. Yes, it's a very good question. In January, we have -- to give you an idea and based on some numbers, the bottleneck that we have with these three filters, the tailings filters takes the plant around 140,000 tonnes to 145,000 tonnes per month, okay? We have been delivering production at this rate during the last six months. In the last three years, the rainy season that was very heavy caused a lot of pressure on the filters, and that's why we needed to slower this throughput because the filters were not performing at this capacity, okay?

是的。是的，這是個非常好的問題。以1月為例，為了讓你有個概念，根據一些數字，我們目前三套濾機的瓶頸——尾礦濾機——使得選礦廠每月處理量約在14萬噸到14.5萬噸之間，好嗎？過去六個月我們一直以這個速率交付產量。在過去三年，雨季非常強烈，對濾機造成很大壓力，因此我們必須降低處理量，因為濾機無法在這個產能下運作，好嗎？

In the case of January, we had a rate of 140,000 again, and given that we are mining a high-grade zone, we produce a very high zinc equivalent production. So we are in the same rate as previous six months that were wet season. In February, went also very well, we needed to reduce the throughput a little bit because we want to make sure that we pass the rainy season in a very smooth way. But we maintained the silver equivalent production and actually, we increased it because also we were accessing zones of higher grades.

以1月而言，我們又回到14萬噸的速率，而且由於我們正在開採高品位礦段，因此鋅當量產量非常高。所以我們的速率與前六個月（同樣是雨季）一致。2月也進展得很好；我們稍微降低了處理量，因為我們希望確保能非常平順地度過雨季。但我們維持了白銀當量產量，實際上還提高了，因為我們也在進入品位更高的區域。

This is going to be the case for March, which is important. So compared to previous years, this plant shows that with this rainy season that we are facing, this plant is starting to stabilize at these levels, okay? In April, we're going to implement the fourth filter that is going to be ramping up between April, May and June. And with that and the capacity of these filters, we should be able to reach full capacity in the second half of this year. So we see that the rainy season is no longer a bottleneck, and we are confident that Aripuana finally is going to be at full capacity.

3月也會是同樣的情況，這點很重要。因此，與前幾年相比，這座選礦廠顯示在目前面對的雨季條件下，開始在這些水準上趨於穩定，好嗎？4月我們將導入第四套濾機，並在4月、5月與6月之間逐步爬坡。有了它以及濾機的產能，我們應該能在今年下半年達到滿產。因此我們認為雨季不再是瓶頸，並且有信心 Aripuana 終於將達到全面產能。

The next question came in by phone. Please state your name and company before asking your question.

下一個問題是透過電話提出的。請在提問前說明您的姓名與公司。

This is Orest Wowkodaw with Scotiabank. Can you hear me?

我是豐業銀行（Scotiabank）的 Orest Wowkodaw。聽得到我嗎？

Orest, we can hear you clearly.

Orest，我們聽得很清楚。

My question is around your silver. Obviously, there's been a ton of interest in the market with silver pricing really having moved up. We've seen some really extraordinary valuations out there for silver streams. I'm just curious, I know you have an existing stream, but I'm curious if you're at all contemplating doing additional silver streaming that could potentially bring you significant cash to just fully delever the balance sheet fairly quickly.

我的問題是關於你們的白銀。顯然，市場對白銀價格大幅上漲非常關注。我們也看到市場上對白銀串流（stream）出現一些非常驚人的估值。我只是好奇，我知道你們已有一份既有的串流合約，但想請問你們是否有在考慮再做額外的白銀串流，這可能帶來可觀現金，讓你們相當快就能把資產負債表完全去槓桿？

Orest, thank you for the question. You're right. We are an important producer of silver, produce around 11 million ounces. So this certainly has a strong contribution in our results and in our valuation as well. As you mentioned, we do have a prevailing silver streaming agreement in Cerro Lindo that actually has a step down in -- probably in May of this year when we reached a milestone of 19 million ounces.

Orest，謝謝你的問題。你說得對。我們是重要的白銀生產商，年產約1,100萬盎司。因此這確實對我們的業績與估值都有很強的貢獻。如你所提，我們在 Cerro Lindo 確實有一份現行的白銀串流協議，當我們達到1,900萬盎司的里程碑時，該協議的比例將會下調——大概在今年5月左右。

So that in itself is going to bring some additional benefit to our annual results. To your specific question, whether we are considering this, I mean no, we're always looking for the best options to have a strong balance sheet and to maximize the balance of having strong financials, investment grade rating and the needed cash, but we are confident with the structure that we have today. We view positively the recent trend in prices, not just on silver. So we're confident that with that, we will be able to generate strong cash flow and continue with our commitment of reducing debt in the coming years.

因此，這本身就會為我們的年度業績帶來一些額外的助益。針對你具體的問題，我們是否在考慮這件事——我的意思是，沒有；我們一向都在尋找最佳選項，以維持強健的資產負債表，並在強勁財務、投資級評等與所需現金之間取得最佳平衡，但我們對目前的架構有信心。我們正面看待近期的價格趨勢，不僅是白銀。因此我們有信心，憑藉這些因素，我們將能產生強勁的現金流，並持續履行未來幾年降低負債的承諾。

Okay. So it's not something that's a high priority right now.

好的。所以這不是你們目前的高優先事項。

No, it's not.

對，不是。

(Operator Instructions)

(接線員指示)

Camilo Huaccha, Kallpa.

Camilo Huaccha，Kallpa。

My name is Camilo Huaccha. I'm at Kallpa Securities, Peru. And my question is related to the one before. And it is, how should we think about the cash flow impact of the Cerro silver -- the Cerro Lindo silver stream in 2026 and 2027, if applicable, considering that deliveries are priced at a fixed percentage of spot.

我叫 Camilo Huaccha。我在秘魯的 Kallpa Securities。我的問題與前一題相關。也就是，考量交付價格是以現貨的一個固定百分比計價，如果適用的話，我們應該如何看待2026年與2027年 Cerro Lindo 白銀串流對現金流的影響？

Yes. Thank you for the question. Yes, as I mentioned, we've had this silver streaming agreement for a while, and there's a step down that is reached when we deliver 19 million ounces. So this is going to happen in the next few months. And we -- and these percentages that are committed to the silver streaming agreement will go down from 65% of the Cerro Lindo silver production to 25% of the Cerro Lindo silver production. So there's 40% that in the past had to be delivered to the streamer and now will stay within Nexa. So you can do the math at the current prices, what the impact of that would be.

是的。謝謝你的問題。是的，如我提到的，我們這份白銀串流協議已經存在一段時間，而當我們交付達到1,900萬盎司時，就會觸發一次下調。所以這會在接下來幾個月發生。而且——這些在白銀串流協議中承諾的比例，將從 Cerro Lindo 白銀產量的65%降至 Cerro Lindo 白銀產量的25%。因此，有40%在過去必須交付給串流方，現在將留在 Nexa。所以你可以用目前的價格自行計算其影響會是什麼。

Now I would like to turn the call over to Mr. Rodrigo for the writing question. Please go ahead.

現在我想把電話會議交給 Rodrigo 先生來回答書面提問。請開始。

Thank you, operator. We have one first question here from the audience. The question is, recently, there has been some news related to strong rains in Peru, so can you comment if there has been any incident or an incident in any of our operations or logistics?

謝謝，接線員。我們這裡有觀眾的第一個問題。問題是，最近有一些與秘魯強降雨相關的新聞，請問我們的任何營運或物流是否發生任何事件或事故？

Yes. There were -- yes, Peru's facing again, the El Nino phenomenon. And we are not facing any impact on production on logistics now. We have been working through the years in this. We had some events in Cerro Lindo of summer heavy rain. Nothing happened, and we are managing that and production hasn't been impacted and in the case of Pasco as well. So we are well prepared today for those events. We don't know what will happen in the future. But so far, we haven't been impacted by that.

是的。確實——是的，秘魯再次面臨聖嬰現象。目前我們在生產或物流方面沒有受到任何影響。多年來我們一直在應對這類情況。我們在 Cerro Lindo 曾遇到夏季豪雨的一些事件。沒有發生任何狀況，我們也在管理之中，生產未受影響，Pasco 的情況也是如此。因此，我們今天對這些事件已做好充分準備。我們不知道未來會發生什麼。但到目前為止，我們沒有受到影響。

Thank you, Ignacio. The first question was from Orlando Barriga from Credicorp Capital. So we have a second question here is, can you provide color on Phase 2 of the Cerro de Pasco integration project? and especially in regards to the start-up date and when we expect to have access to high-grade reserves at Atacocha?

謝謝你，Ignacio。第一個問題來自 Credicorp Capital 的 Orlando Barriga。我們這裡有第二個問題：你能否就 Cerro de Pasco 整合專案第二階段提供更多說明？特別是關於投產日期，以及我們何時預期能取得 Atacocha 的高品位儲量？

Yes. This is a very good question, and this is a very good problem to have, I would say. We don't have any specific date because we are already starting on planning this second phase because we have been drilling heavily in the intersection of the two mines. And because of that, we have been funding a lot of resources with very high grade. And because of that, we decided to postpone this Phase 2.

好的。這是一個非常好的問題，我會說，這也是一個很好的「煩惱」。我們沒有任何具體日期，因為我們已經開始規劃第二階段，原因是我們一直在兩座礦山交會區域進行大量鑽探。也因此，我們發現了大量品位非常高的資源。因此，我們決定延後第二階段。

Having said that, we will still drill this intersection. And in, I would say, in one or two years, we will have an inventory of reserves that is more important for us and with that, we will build a mine plan. So we don't have any specific date to access high grades at Atacocha. They are good grades, but probably the intersection have higher grades, the NSR is higher. So we will know eventually when we will have the mine plan. So we will keep the market informed, but for the time being, it's a very good problem to have. And specifically, we don't have a date, and we will have some color in the next one or two years.

話雖如此，我們仍會持續在這個交會區鑽探。我想在一到兩年內，我們將擁有對我們更重要的儲量庫存，並據此制定礦山計畫。因此，我們沒有任何具體日期可以進入 Atacocha 的高品位區。那裡的品位不錯，但交會區可能品位更高，NSR 也更高。所以最終我們會在完成礦山計畫後知道時間點。我們會持續向市場更新，但就目前而言，這是一個很好的問題。具體來說，我們沒有日期，並會在接下來一到兩年提供更多說明。

Thank you, Ignacio. We have another question from the audience. Is there -- there is this ambition of the management to use the instrument, I believe, it is the one that Jose Carlos mentioned, to lock in the benefits of currently high silver prices.

謝謝你，Ignacio。我們還有一個來自觀眾的問題。管理層是否有意使用某種工具——我相信是 Jose Carlos 提到的那個——來鎖定目前白銀高價所帶來的收益？

Yes. As I mentioned, we're not considering silver streaming as an option today, it's not a priority. We always listen to proposals, obviously there's a lot of interest in silver. It's currently not a priority.

是的。如我所提到的，我們目前不把白銀串流（silver streaming）視為選項，這不是優先事項。當然我們一向會聽取提案，顯然市場對白銀有很大興趣。但目前不是優先事項。

Thank you, Jose Carlos. We have another question that comes from Omara Vaneda from Vinci Compass. Can you provide an update on Magistral project and Tinka Resources investment?

謝謝你，Jose Carlos。我們還有一個問題，來自 Vinci Compass 的 Omara Vaneda。你能否提供 Magistral 專案以及對 Tinka Resources 投資的最新進展？

Yes. Well, Magistral, we said before, it's a very good project. And we are always assessing what we're going to do with this project. The environmental impact study was disapproved, and we are now at the stage that we have to sit with the government to see how we perceive this asset -- this important project going forward. So for the time being, we don't have any specific action for that, especially only sitting with them and see how can we envision this in the coming years.

好的。嗯，Magistral，我們之前說過，這是一個非常好的專案。我們一直在評估要如何推進這個專案。環境影響評估（EIA）未獲核准，我們目前處於需要與政府坐下來討論的階段，以了解我們如何看待這項資產——這個重要專案——未來的推進方向。因此，就目前而言，我們沒有任何具體行動，主要就是與他們會談，看看未來幾年我們可以如何規劃。

In the case of Tinka, there was a follow-up on equity that we didn't -- we decided not to go through because we believe that is a very important asset, but we have other priorities. So we got diluted, okay? I guess there is another question in that around the elections.

至於 Tinka，我們原本有一個後續的股權增資（equity）機會，但我們——我們決定不參與，因為我們認為那是一項非常重要的資產，但我們有其他優先事項。所以我們的持股被稀釋了，好嗎？我想那裡還有另一個與選舉相關的問題。

Yes. Let me read the question again. So -- and there is a sequential question from Walmart, which is can you comment on current electoral environment in Peru and the company talks on this matter?

是的。我再把問題讀一次。另外還有一個來自 Walmart 的延伸問題：你能否評論秘魯目前的選舉環境，以及公司對此議題的看法？

Yes. Well, it's a shame that we have another president that is going to stay for the next three months in Peru. And the last one lasted only four months. And there is a lot of political noise around this, and it's very, very difficult to digest, especially for people outside Peru. Having said that, I would say that the economic context of the country is very strong and the economic development of the country in a sense, does not follow this a political problem that we face, okay?

好的。嗯，很遺憾的是，秘魯又有一位總統將在接下來三個月任職。而上一位只任職了四個月。圍繞這件事有很多政治雜音，確實非常、非常難以消化，尤其是對秘魯以外的人而言。話雖如此，我會說，該國的經濟背景非常強勁，而某種程度上，國家的經濟發展並不會跟著我們所面臨的政治問題走，好嗎？

Regarding the new president that will come, it's very difficult to say. We have to wait until the first round that is happening in April. But in any case, in all of these years, Peru has been a stable country from an economic point of view with a stable exchange rate, growing and the political environment does not impact most of the economic development of the country.

至於即將上任的新總統，現在很難說。我們必須等到四月舉行的第一輪投票。但無論如何，這些年來，從經濟角度看秘魯一直相對穩定，匯率穩定、持續成長，而政治環境並未影響該國大部分的經濟發展。

In the mining sector, specifically, we -- our surroundings, our stakeholders, especially communities. We have very good relationship with them in most cases. And they also don't follow this political problems that we are facing. Actually, the relationship that we have with them and the way we treat that relationship from an economic point of view is the thing that matters, okay? So that's why this new president won't influence in the next three to four months in the way we -- our relationship with communities.

就礦業部門而言，特別是我們——我們的周邊利害關係人，尤其是社區。在大多數情況下，我們與他們的關係非常良好。他們也不會跟著我們所面臨的這些政治問題起舞。事實上，我們與他們的關係，以及我們從經濟角度如何經營這段關係，才是重要的事情，好嗎？因此，這位新總統在接下來三到四個月內，不會影響我們——我們與社區的關係。

So we'll see what happens in April, and we will -- we'll come back to that question later on, okay?

所以我們會看看四月會發生什麼，之後我們——我們會再回到這個問題，好嗎？

Thank you, Ignacio. We got another question. So from Orlando from Credicorp Capital. So you amortize around $120 million in gross debt during the 4Q. How much are you planning on paying down in 2026 and 2027?

謝謝你，Ignacio。我們又收到一個問題。來自 Credicorp Capital 的 Orlando。你們在第四季償還了約 1.2 億美元的總負債（gross debt）。你們計畫在 2026 年與 2027 年分別償還多少？

Thanks for the question. Orlando. Yes, as we have been mentioning in our last calls, debt repayment is a priority. So in the absence of any major changes, the idea is that any excess cash that we generate, we will use to pay dividends according to our dividend policy, and the rest will go to pay down debt. So that's the plan.

謝謝你的問題。Orlando。是的，正如我們在最近幾次電話會議中提到的，償債是優先事項。因此，在沒有任何重大變化的情況下，我們的想法是：我們產生的任何超額現金，將依照股利政策用於發放股利，其餘則用於償還債務。這就是計畫。

Thank you, Jose. We got another question. So this is more specific in regards to the hedge of silver and gold. So could you provide details on the floor and upper limit of the hedging program for silver and gold.

謝謝你，Jose。我們收到另一個問題。這個問題更具體是關於白銀與黃金的避險。請問你們能否提供白銀與黃金避險計畫的下限（floor）與上限（cap）的細節？

Yes. Thank you for the question. That's true. We did a small -- we hedged a small portion of our silver production also taking into consideration that we have the silver streaming agreement. So it was a small portion of our silver production, mainly in Peru. The floor is around $52, and the cap is around $84.

是的。謝謝你的提問。沒錯。我們做了一小部分——我們也對一小部分白銀產量進行了避險，同時考量到我們有白銀串流（streaming）協議。因此，避險僅涵蓋我們白銀產量的一小部分，主要在秘魯。下限大約是52美元，上限大約是84美元。

Thank you, Jose. We have another question here from the audience comes from Pedro Mello from Citibank. So the question is more related to the medium-term strategy for the company. So if the company managed to implement the fourth filter for Aripuana, execute a turnaround by reducing leverage and gross debt with the extension of mine life being constant, I mean, the replenish of the mine life such as the Cerro de Pasco complex project. So what should be the company's next step for long-term investments?

謝謝你，Jose。我們還有一個來自聽眾的問題，來自花旗銀行（Citibank）的Pedro Mello。這個問題較偏向公司中期策略。如果公司能夠為Aripuana導入第四道濾器、透過降低槓桿與總負債來完成轉型，同時礦山壽命延長保持持續（也就是持續補充礦山壽命），例如Cerro de Pasco綜合體專案。那麼，公司在長期投資方面的下一步應該是什麼？

Yes. Very good question. As Jose Carlos mentioned, the idea is that with these price levels and the stability on operations that we are showing now, especially with Aripuana, we generate significant cash flow this year, and we try to start reducing in a significant way our debt. This debt was accumulated because of the Aripuana project. Based on that and the other fronts going forward, Aripuana is stabilizing and growing, Cerro Pasco is stabilizing and growing and Cerro Lindo being stable and Vazante as well. And the smelters recovering part of the profitability with a market that is changing. Nexa with the current assets is in a solid position exposed to very good prices and bringing down debt.

是的。非常好的問題。如Jose Carlos所提到的，在目前這樣的價格水準以及我們現在展現出的營運穩定性之下，特別是Aripuana，我們今年將產生可觀的現金流，並嘗試以顯著的幅度開始降低我們的負債。這些負債是因Aripuana專案而累積的。基於此以及未來其他面向，Aripuana正在穩定並成長，Cerro Pasco正在穩定並成長，Cerro Lindo維持穩定，Vazante亦然。同時，冶煉廠在市場變化之下也正恢復部分獲利能力。以目前的資產組合來看，Nexa處於穩健位置，受惠於非常好的價格，同時也在降低負債。

With that, I would say that the next step is that we are very active looking for opportunities in the market, especially in copper. We have a list of alternatives that we have assessed and are very close to, and I would say that if that happens through this year, we will be more active looking for these opportunities because the balance sheet that we will have is going to be more flexible to try to achieve those. So it's very simple, a solid company exposed to prices and trying to look for the opportunity in copper.

在此基礎上，我會說下一步是我們正非常積極地在市場上尋找機會，特別是在銅方面。我們已評估一系列替代方案，也有幾個非常接近的標的；我會說，如果今年內條件成熟，我們將更積極地尋找這些機會，因為我們的資產負債表將更具彈性，以便嘗試達成這些目標。所以很簡單：成為一家穩健、受惠於價格的公司，並努力尋找銅的機會。

Thank you, Ignacio. So I will hand it back to the operator. So I believe we have some -- a couple of questions from -- through the phone.

謝謝你，Ignacio。那我把時間交回給接線員。我相信我們還有一些——透過電話進來的幾個問題。

Henrique Braga, Morgan Stanley.

Henrique Braga，摩根士丹利（Morgan Stanley）。

I just wanted to follow up on Cerro Pasco. If you could give additional details on your CapEx disbursement that you have envisioned for the project this year and the next?

我想就Cerro Pasco再追問一下。你們能否提供更多關於今年以及明年該專案預計的資本支出（CapEx）撥付／支出安排的細節？

This is Rodrigo. I can take this question. So we are on track with the execution of the Phase 1. The CapEx that we spent last year was pretty much in line with the expectation for the year, around $42 million. So we believe that the CapEx for this year should be the same amount because the idea is to complete the Phase 1 this year, and this will pave the way for Phase 2 just like Ignacio mentioned. So execution is on track and CapEx so far is on budget.

我是Rodrigo。我可以回答這個問題。我們第一期（Phase 1）的執行進度符合計畫。我們去年投入的資本支出基本符合當年度預期，約4,200萬美元。因此我們認為今年的資本支出應該會是相同的金額，因為目標是在今年完成第一期，這也將如Ignacio所提到的，為第二期（Phase 2）鋪路。所以執行進度符合計畫，截至目前資本支出也在預算內。

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

問答環節到此結束。接下來我想把電話交給Ignacio Rosado先生作結語。Rosado先生，請開始。

Thank you very much. Before we conclude, I would like to briefly address the recent intense rainfall in Juiz de Fora here in Brazil. We recognize the impact that these weather conditions have had on the municipality and express our solidarity with the local community. We reaffirm that our dam structures continue to be closely monitored and remain safe with no change in their stability levels.

非常感謝。在結束之前，我想簡要談一下近期巴西Juiz de Fora的強降雨。我們理解這些天候狀況對該市造成的影響，並向當地社區表達我們的聲援。我們再次確認，我們的壩體結構持續受到密切監測，並保持安全，穩定性水準沒有任何變化。

Safety remains our top priority, and we reaffirm our ongoing commitment to the integrity of our operations, our employees and the communities that we operate. In this case specifically, we are providing full support to employees who have been affected by the situation and the community in general.

安全仍然是我們的首要優先事項，我們也再次重申，將持續致力於維護我們營運的完整性、我們的員工以及我們所營運地區的社區。就此事件而言，我們正為受影響的員工以及整體社區提供全力支持。

Regarding our first quarter, we are looking forward to have a strong quarter from an operational point of view. Hopefully, we close the quarter, exposed again with these prices. And we look forward to speaking with you again during next quarter. Have a great day, and thank you very much again.

關於第一季，我們期待在營運面有一個強勁的季度表現。希望我們在季末結束時，能再次以這些價格水準受惠。也期待在下一季再次與各位交流。祝各位有美好的一天，再次非常感謝。

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

謝謝。今天的電話會議到此結束。感謝各位參與並關注Nexa。您現在可以掛線。