Nexa Resources SA (NEXA) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Nexa Resources' first-quarter 2026 earnings conference call. (Operator Instructions)

各位女士、先生，早安，歡迎參加 Nexa Resources 2026 年第一季財報電話會議。（接線員指示）

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 morning, everyone, and welcome to Nexa Resources' first-quarter 2026 earnings conference call. Thank you for joining us today. During the call, we will discuss Nexa's performance as detailed in the earnings release issued yesterday. We encourage you to follow along with the presentation available through the webcast.

各位早安，歡迎參加 Nexa Resources 2026 年第一季財報電話會議。感謝各位今天加入。我們將在會議中討論 Nexa 的營運表現，詳情已載於昨日發布的財報新聞稿。我們也鼓勵各位透過網路直播同步觀看簡報。

Before we begin, please turn to slide 2, which contains our forward-looking statements disclaimer. We ask that you review the information regarding these statements and the associated risk factors.

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。請各位審閱與這些陳述及相關風險因素有關的資訊。

Joining the call today are our CEO, Ignacio Rosado; our CFO, Jose Carlos del Valle; and our Senior Vice President of Mining Operations, Leonardo Coelho.

今天與會者包括我們的執行長 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 turn it over to Ignacio.

接下來，我把時間交給 Ignacio。

Thank you, Rodrigo, and good morning, everyone. Starting on slide 3, our main highlights. The first quarter of 2026 was a strong start to the year. Adjusted EBITDA more than doubled year over year to $283 million with a margin of nearly 32%. Net income was $118 million or $0.67 per share. And net leverage continued to come down, closing the quarter at 1.59 times, half a turn lower than where we were a year ago, benefited by a strong last 12 months adjusted EBITDA.

謝謝你，Rodrigo，各位早安。從第 3 頁投影片開始，先看我們的重點摘要。2026 年第一季為今年帶來強勁開局。調整後 EBITDA 年增逾一倍至 2.83 億美元，利潤率接近 32%。淨利為 1.18 億美元，或每股 0.67 美元。淨槓桿也持續下降，季末為 1.59 倍，較一年前降低 0.5 倍，主要受惠於過去 12 個月強勁的調整後 EBITDA。

Three things drove the results: a constructive price environment across our entire metal mix, most notably silver, where prices averaged 164% above the first quarter of 2025; higher sales volumes in both segments; and operating performance that continues to improve, particularly at Aripuana, which delivered another quarterly production record.

有三項因素推動本季成果：我們整體金屬組合的價格環境有利，尤其是白銀，平均價格較 2025 年第一季高出 164%；兩大事業部門的銷售量皆增加；以及營運表現持續改善，特別是 Aripuana 再度創下單季產量新高。

The quarter was not without challenges. Heavy rainfall at Cerro Lindo, an illegal community blockade at Atacocha, and a shaft constraint at El Porvenir all impact the Peruvian production sequentially. Those issues have been addressed, and the affected operations returned to normal run rates.

本季也並非沒有挑戰。Cerro Lindo 的豪雨、Atacocha 的非法社區封鎖，以及 El Porvenir 的豎井限制，皆使秘魯產量較前一季下滑。這些問題已獲處理，受影響的營運已恢復至正常產能水準。

In mining, zinc production reached 79,000 tonnes, up 18% year over year, with all five mines benefiting from improved ore grades. In smelting, zinc metal and oxide sales totaled 147,000 tonnes, up year over year and quarter over quarter, supported by ongoing operational improvements at our Brazilian smelters and continued solid performance at Cajamarquilla. The negative free cash flow in the quarter is consistent with our typical first-quarter seasonality, reflecting working capital build-up and tax payments. We expect this to unwind over the coming quarters, reinforcing expectations of strong free cash flow generation in 2026.

在採礦方面，鋅產量達 79,000 公噸，年增 18%，五座礦山皆受惠於礦石品位提升。在冶煉方面，鋅金屬與氧化鋅銷售合計 147,000 公噸，年增且季增，主要由巴西冶煉廠持續的營運改善，以及 Cajamarquilla 持續穩健的表現所支撐。本季自由現金流為負，符合我們第一季典型的季節性特徵，反映營運資金增加與稅款支付。我們預期未來幾季將回轉，進一步強化我們對 2026 年強勁自由現金流創造的預期。

Let me move to slide 4 for a closer look at the Mining segment. Year over year, the 18% increase in zinc production reflects better ore grades across all of our operations. Quarter over quarter, the decline was driven by the temporary constraints at the Peruvian mines.

接著看第 4 頁投影片，更深入檢視採礦事業部。年比年來看，鋅產量增加 18% 反映我們所有營運據點的礦石品位改善。季比季來看，下滑主要由秘魯礦山的暫時性限制所致。

Cash cost net of byproducts came in at negative $0.76 per pound, well below our 2026 guidance range, driven by stronger byproduct credits, following from higher zinc, copper, silver, and gold prices. Cost per run of mine was $57 per tonne. In line with guidance, the year-over-year increase was driven by the appreciation of the Brazilian Real, higher maintenance costs, and higher variable costs in specific operations.

扣除副產品後的現金成本為每磅負 0.76 美元，顯著低於我們 2026 年指引區間，主要受更強的副產品抵減所帶動，源於鋅、銅、白銀與黃金價格上漲。每噸原礦成本為 57 美元。與指引一致，年比年的上升主要由巴西雷亞爾升值、維修成本提高，以及特定營運據點較高的變動成本所驅動。

The financial picture for the segment is strong. Net revenues of $460 million and adjusted EBITDA of $231 million, translating into a 50% EBITDA margin, the kind of operating leverage we expect when prices and volumes both move in the right direction.

該事業部的財務表現強勁。淨營收為 4.60 億美元，調整後 EBITDA 為 2.31 億美元，換算 EBITDA 利潤率 50%；這正是當價格與銷量同向改善時，我們所預期的營運槓桿效果。

On slide 5, I will talk about Aripuana. Aripuana was the standout asset of the quarter. We produced 13,000 tonnes of zinc, a quarterly record since the operation reached commercial production, supported by higher grades, better plant utilization, and improved operational stability.

在第 5 頁投影片，我將談 Aripuana。Aripuana 是本季最突出的資產。我們生產 13,000 公噸鋅，自達到商業化生產以來創下單季新高，受惠於更高品位、更佳的選礦廠稼動率，以及營運穩定性提升。

On the fourth tailings filter, construction and installation were completed in late April. Commission started now in early May and is expected to be concluded in the second quarter. Once fully operational, the filter materially reduces our exposure to weather-driven throughput disruptions during the rainy season. Exploration continued to deliver encouraging results in the quarter. At Massaranduba, we hit a 16.6-meter intercept, grading 9.6% zinc and 3% lead, additional confirmation of the long-term potential of the district.

關於第四座尾礦濾餅機，工程建造與安裝已於 4 月下旬完成。試車已於 5 月上旬開始，預計在第二季完成。一旦全面運轉，該設備將大幅降低雨季因天候造成的處理量中斷風險。勘探方面，本季也持續帶來令人鼓舞的成果。在 Massaranduba，我們取得 16.6 公尺的礦段，品位為鋅 9.6%、鉛 3%，進一步驗證該礦區長期潛力。

Now to slide 6 for the Cerro Pasco Integration project. Phase 1 of the Cerro Pasco integration project remained firmly on schedule during the quarter. We completed slope stabilization at the construction site; started civic works and assembly of the pump building; and concluded the manufacturing, testing, and packaging of the main equipment, including the thickener and pumps, as you can see in the picture on the bottom of the slide.

接著看第 6 頁投影片，Cerro Pasco 整合專案。Cerro Pasco 整合專案第一階段在本季仍穩健按計畫推進。我們完成施工現場的邊坡穩定工程；啟動土建工程與泵站建物的組裝；並完成主要設備（包括濃密機與泵浦）的製造、測試與包裝，如投影片下方照片所示。

These are important technical milestones. Looking ahead, we expect civil works to be completed and electromechanical assembly to progress through the 2026. Construction is targeted for completion in the third quarter of this year, with full project finalization expected in the fourth quarter of this year.

這些都是重要的技術里程碑。展望未來，我們預期土建工程將完成，機電組裝也將在 2026 年持續推進。施工目標是在今年第三季完成，整體專案最終完成預計在今年第四季。

We then begin the operating authorization process, which positions the start of the pumping for the second quarter of 2027. On the broader regulatory front, the second MEIA for El Porvenir and the third for Atacocha are under evaluation by SENACE, and we currently expect both approvals in the first quarter of 2027.

之後我們將啟動營運許可程序，預計抽排作業可於 2027 年第二季開始。在更廣泛的法規面，El Porvenir 的第二份 MEIA 與 Atacocha 的第三份 MEIA 正由 SENACE 審查中，我們目前預期兩項核准皆可於 2027 年第一季取得。

Preparatory studies for Phase 2, including the Picasso shaft assessment, also continue to advance during the quarter. This is one of the most important strategic levers in our portfolio. The integration extends life of mine at the Cerro Pasco complex beyond 15 years, lifts the average NSR of the life of the operation, and consolidates our position in one of Peru's most prospective polymetallic districts.

第二階段的前期研究（包括 Picasso 豎井評估）在本季也持續推進。這是我們投資組合中最重要的策略槓桿之一。該整合將使 Cerro Pasco 礦區的礦山壽命延長至 15 年以上，提高整體營運期間的平均 NSR，並鞏固我們在秘魯最具前景的多金屬礦區之一的地位。

Now, on slide 7, I will talk about our Smelting segment. In smelting, zinc, metal, and oxide sales of 147 thousand tonnes were up year over year and quarter over quarter. The Brazilian units are recovering their production pattern, with Juiz de Fora producing 56% more zinc than in the first quarter of last year, and Tres Marias, 17%. Cajamarquillas continue to operate at solid levels.

接著在第 7 頁投影片，我將談冶煉事業部。在冶煉方面，鋅金屬與氧化鋅銷售量為 147,000 公噸，年增且季增。巴西廠區正恢復其生產節奏，其中 Juiz de Fora 的鋅產量較去年第一季增加 56%，Tres Marias 增加 17%。Cajamarquilla 仍維持穩健的營運水準。

Cash cost net of byproducts was $1.40 per pound, slightly above the upper end of our annual guidance, reflecting higher zinc LME prices and lower TCs impacting concentrate purchases. We expect this to increase modestly over the next quarters as our Peruvian operations return to normal run rates, reducing third-party concentrate need. Conversion cost was $0.34 per pound, in line with our 2026 guidance.

扣除副產品後的現金成本為每磅 1.40 美元，略高於我們全年指引上緣，反映鋅 LME 價格較高以及較低的加工費（TCs）對精礦採購造成影響。我們預期未來幾季該成本將小幅上升，因秘魯營運恢復正常產能後，將降低對第三方精礦的需求。轉換成本為每磅 0.34 美元，符合我們 2026 年指引。

Starting this quarter, we have expanded our earnings release to include byproduct sales performance, sulfuric acid, silver content, and copper cement. As byproducts become a more expressive part of segment economics, we want to make those drivers more transparent for the market. Net revenues for the segment were $609 million with adjusted EBITDA of $51 million, an 8% margin. The margin reflects the structural pressure on global smelter economics from very low TCs.

自本季起，我們擴充財報新聞稿內容，納入副產品銷售表現，包括硫酸、含銀量與銅水泥。隨著副產品在事業部經濟性中的占比日益提高，我們希望讓市場更清楚了解這些驅動因素。該事業部淨營收為 6.09 億美元，調整後 EBITDA 為 5,100 萬美元，利潤率 8%。此利潤率反映全球冶煉產業因加工費（TCs）極低而承受的結構性壓力。

With that, I will hand the call over to Jose Carlos Del Valle, our CFO, for the financial review.

接下來，我把電話交給我們的財務長 Jose Carlos Del Valle，進行財務回顧。

Thank you, Ignacio, and good morning, everyone. Let's turn to slide 8 for an overview of our financial performance. We started the year carrying momentum from our fourth quarter of 2025, a favorable price environment combined with stronger operational execution.

謝謝你，Ignacio，各位早安。請翻到第 8 頁投影片，概覽我們的財務表現。我們在 2025 年第四季的動能延續下展開新的一年，有利的價格環境結合更強的營運執行力。

Net revenues totaled $888 million, up 42% year over year and down 2% sequentially. The year-over-year increase was driven by higher metal prices across our portfolio, evidencing a $158 million larger byproduct contribution and improved performance in both the mining and smelting segments. The sequential decline reflects low mining sales volumes, partially offset by higher smelting sales and stronger byproduct pricing.

淨營收合計 8.88 億美元，年增 42%，季減 2%。年比年的增加主要由我們投資組合中各金屬價格上漲所驅動，體現在副產品貢獻增加 1.58 億美元，並且採礦與冶煉兩大事業部表現皆改善。季比季的下滑反映採礦銷售量偏低，部分被冶煉銷售增加與副產品價格走強所抵銷。

Adjusted EBITDA came in at $283 million, up 126% year over year with a margin of 31.8%. The year-over-year improvement reflects price realization, operational leverage from higher volumes in both segments, and stronger byproduct credits.

調整後 EBITDA 為 2.83 億美元，年增 126%，利潤率 31.8%。年比年的改善反映價格實現、兩大事業部在更高銷量下帶來的營運槓桿，以及更強的副產品抵減。

Sequentially, EBITDA was 6% lower, driven mainly by higher unit costs from increased third-party concentrate consumption required to compensate for the temporarily lower output at our own Peruvian mines this quarter. We expect this to normalize as those operations return to full run rates.

按季比較，EBITDA 下降 6%，主要受單位成本上升所致，原因是本季為彌補我們自有秘魯礦山暫時較低的產量，而增加了第三方精礦的消耗。我們預期隨著這些營運恢復至滿載運轉水準，相關情況將趨於正常化。

Now to investments on slide 9. We invested $72 million in CapEx during the first quarter, about 19% of our full-year guidance, in line with the typical 20% to 25% first-quarter pace. The bulk went into sustaining activities, mine development, and tailing storage facilities.

接著看第 9 頁的投資。我們在第一季投入 7,200 萬美元資本支出（CapEx），約占全年指引的 19%，符合第一季通常 20% 至 25% 的投入節奏。資金主要用於維持性活動、礦山開發以及尾礦庫設施。

Phase 1 of the Cerro Pasco integration project accounted for $8 million in the quarter versus a $31 million guidance for the full year. We reaffirm our total 2026 CapEx guidance of $381 million, with disbursements weighted toward the back of the year as project execution intensifies, particularly for Cerro Pasco Phase 1.

Cerro Pasco 整合專案第一期本季支出 800 萬美元，相較全年指引 3,100 萬美元。我們重申 2026 年總資本支出指引為 3.81 億美元，且隨著專案執行加速（尤其是 Cerro Pasco 第一期），資金支出將偏向於下半年。

On exploration and project evaluation, we invested $16 million in the quarter, mainly in exploration, drilling, and mine development. We also reaffirm our full-year guidance of $86 million. With that, let's turn to slide 10 to review our cash flow for the quarter.

在勘探與專案評估方面，我們本季投入 1,600 萬美元，主要用於勘探、鑽探與礦山開發。我們也重申全年指引為 8,600 萬美元。接下來請看第 10 頁，回顧本季現金流。

Starting with our adjusted EBITDA of $283 million and adjusting for non-operational items, our operating cash flow before working capital was strong at $308 million. From there, $72 million went to CapEx and $81 million went to pay interest and taxes. Working capital and other variations were negative $283 million in the quarter, in line with what we typically see in the first quarter of every year.

從調整後 EBITDA 2.83 億美元出發，並調整非營運項目後，扣除營運資金前的營運現金流表現強勁，達 3.08 億美元。其後，7,200 萬美元用於資本支出，8,100 萬美元用於支付利息與稅款。本季營運資金及其他變動為負 2.83 億美元，符合我們每年第一季通常看到的情況。

Furthermore, this quarter, we made significant tax payments related to the stronger results we had in 2025, paid out annual bonuses and settled year-end confirming payables across our jurisdictions. As before, we expect this to reverse substantially over the coming quarters, both as part of the natural intra-year seasonality and as we push initiatives to continue to improve our cash conversion cycle.

此外，本季我們支付了與 2025 年較佳業績相關的大額稅款，發放年度獎金，並在各司法管轄區結清年末確認的應付帳款。如同以往，我們預期未來幾季將大幅回轉，這既反映年度內自然的季節性，也來自我們持續推動改善現金轉換週期的各項措施。

Moving along, we also see that foreign exchange added a positive $6 million. And on the financing side, in Brazil, we drew a new $40 million six-month loan at a very competitive interest rate. This was partially offset by regular debt service and lease payments, resulting in a net cash inflow of $21 million. In addition, we distributed $25 million in dividends to non-controlling interest.

再往下看，外匯帶來 600 萬美元的正面貢獻。在融資方面，我們在巴西以極具競爭力的利率新增提取 4,000 萬美元、為期六個月的貸款；部分被例行的債務償付與租賃付款所抵銷，淨現金流入為 2,100 萬美元。此外，我們向非控股權益分配了 2,500 萬美元股利。

With that, free cash flow for the quarter closed negative $126 million. Let's move to slide 11 to discuss liquidity, indebtedness, and credit rating. Our liquidity position remains healthy. We ended the quarter with $716 million in total liquidity, including the undrawn $320 million sustainability-linked revolving credit facility.

因此，本季自由現金流為負 1.26 億美元。接著請看第 11 頁，討論流動性、負債與信用評等。我們的流動性狀況仍然健康。本季末總流動性為 7.16 億美元，其中包含尚未動用的 3.2 億美元永續連結循環信用額度。

As you can see, our cash on hand alone is enough to cover pretty much all financial commitments over the next four years. Average debt maturity stood at 7.2 years at quarter end with an average cost of debt of 6.27%, an improvement from the 6.49% at the end of 2025.

如各位所見，僅我們手上現金就足以覆蓋未來四年幾乎所有的財務承諾。季末平均債務到期年限為 7.2 年，平均債務成本為 6.27%，較 2025 年底的 6.49% 進一步改善。

Net leverage continued to come down at 1.59 times versus 1.69 times in the prior quarter and 2.09 times a year ago. The improvement was driven primarily by stronger last 12-month EBITDA of $929 million. Looking ahead, we remain committed to discipline deleveraging, focusing on reducing gross debt over time, lowering interest expense, and maintaining net leverage below 1.7 times throughout 2026, while preserving our investment-grade rating and competitive cost of capital.

淨槓桿持續下降，從前一季的 1.69 倍降至 1.59 倍，亦低於一年前的 2.09 倍。改善主要來自過去 12 個月 EBITDA 增至 9.29 億美元。展望未來，我們仍致力於有紀律地去槓桿，聚焦於逐步降低總負債、降低利息費用，並在 2026 年全年度將淨槓桿維持在 1.7 倍以下，同時維持投資級評等與具競爭力的資金成本。

With that, I'll hand it back to Rodrigo for the Market Fundamentals section.

接下來我把時間交回 Rodrigo，進入市場基本面（Market Fundamentals）部分。

Thank you, Jose Carlos. Turning now to the zinc and copper markets on slide number 12, zinc prices remain supported by persistent concentrate tightness and low LME refined inventories. The LME zinc price was up 4% during the period, closing at $3,185 per tonne. At the same time, smelter margins remain compressed.

謝謝你，Jose Carlos。接著看第 12 頁的鋅與銅市場。鋅價仍受精礦持續偏緊與 LME 精煉鋅庫存偏低所支撐。期間 LME 鋅價上漲 4%，收於每噸 3,185 美元。同時，冶煉廠利潤空間仍然受壓。

Spot treatment charges in China, both domestic and imported, continue at historically low levels, which highlights how acute the concentrate shortage is. While key smelting byproducts, such as sulfuric acid, have provided some partial relief to margins, they have not been sufficient to fully offset the impact of lower disease. Looking into 2026, we do not expect a material recovery in TCs, particularly given that the annual benchmark has been settled at $85 per tonne. As a result, smelter margins are likely to likely to remain under pressure.

中國現貨加工費（TC），不論國內或進口，仍處於歷史低位，凸顯精礦短缺的嚴重程度。雖然部分關鍵冶煉副產品（如硫酸）對利潤提供了一些緩解，但仍不足以完全抵銷較低加工費的影響。展望 2026 年，我們不預期 TC 會出現實質性回升，特別是在年度基準已定為每噸 85 美元的情況下。因此，冶煉廠利潤很可能仍將承受壓力。

On the price front, zinc should continue to find support from solid fundamentals, including tight concentrate availability. Low exchange inventories, and resilient demand from galvanizing and infrastructure-related end uses. On copper, supply fundamentals remain tight, with ongoing concentrate scarcity and negative spot TC and RCs. Copper price presented some short-term volatility in the quarter, linked to trade policies and inventory dynamics. But the structural setup remains constructive over the medium to long term, supported by bullish demand expectations.

在價格面，鋅價應可持續獲得穩健基本面支撐，包括精礦供給偏緊、交易所庫存偏低，以及來自鍍鋅與基礎建設相關終端用途的韌性需求。至於銅，供給基本面仍然緊俏，精礦持續短缺，現貨 TC 與 RC 仍為負值。銅價本季出現一些短期波動，與貿易政策及庫存動態相關，但中長期的結構性格局仍偏正面，受惠於偏多的需求預期。

Now, let's turn to slide 13 for a look at precious metals. Silver prices reached a multi-year high during the quarter, briefly trading above $120 per ounce before retracting. The fundamentals continue to be supportive, a sixth consecutive year of structural deficit combined with strong industrial demand from solar PV, electric vehicles, AI infrastructure and data center build-outs. This carries greater significance for Nexa as we produce roughly 11 million ounces of silver per year, making us a meaningful player in the global silver market.

接著看第 13 頁的貴金屬。白銀價格本季觸及多年高點，一度短暫交易於每盎司 120 美元以上後回落。基本面仍具支撐：結構性供給缺口已連續第六年，加上來自太陽能光電（PV）、電動車、AI 基礎設施與資料中心建置的強勁工業需求。這對 Nexa 更具意義，因為我們每年約生產 1,100 萬盎司白銀，是全球白銀市場的重要參與者。

Furthermore, in April, we reached a delivery threshold under our Cerro Lindo silver streaming agreement. As a result, the streamed share of Cerro Lindo's production stepped down from 65% to 25%, with the remaining 75% now to be sold at prevailing market prices. At current silver levels, these represent an important recurring additional contribution to our cash generation from the second quarter onward.

此外，我們在 4 月達成 Cerro Lindo 白銀串流協議下的交付門檻。因此，Cerro Lindo 產量中串流比例由 65% 下調至 25%，其餘 75% 將以當前市場價格出售。在目前白銀價格水準下，這將自第二季起為我們的現金創造帶來重要且可重複的額外貢獻。

Gold prices also remain well supported through the quarter, driven by safe haven flows, sustained central bank purchases, a weaker US dollar, and elevated geopolitical uncertainty. Looking ahead, both metals should continue to contribute strongly to our cash generation and to provide diversification and counter-cyclical support to our polymetallic portfolio.

黃金價格在本季同樣維持良好支撐，主要受避險資金流入、央行持續買盤、美元走弱，以及地緣政治不確定性升高所推動。展望未來，兩種金屬預期將持續為我們的現金創造做出強勁貢獻，並為我們的多金屬資產組合提供分散效果與逆週期支撐。

Now on slide 14 on ESG, we have made progress across our main priorities on the quarter. We expanded community and inclusion programs in Brazil and Peru, advanced education and infrastructure projects with local communities near Cajamarquilla and Aripuana, and continued our operational efficiency and low-carbon initiatives across the operations, including a backfill optimization project at Cerro Lindo that delivered meaningful reductions in cement and water consumption.

接著看第 14 頁的 ESG，本季我們在主要優先事項上取得進展。我們在巴西與秘魯擴大社區與共融計畫，與 Cajamarquilla 與 Aripuana 附近的在地社區推進教育與基礎建設專案，並在各營運據點持續推動營運效率與低碳倡議，包括 Cerro Lindo 的回填優化專案，顯著降低水泥與用水消耗。

We also strengthened eight. S&E and ESG governance, including leadership-level engagement and continued progress on environmental permitting at our Peruvian assets. Finally, in late April, we published our 2025 annual sustainability report, our most comprehensive disclosure to date on environmental, social, and governance performance. It is available on our Investors Relations website.

我們也強化了健康、安全與環境（HSE）以及 ESG 治理，包括領導層參與度提升，並持續推進秘魯資產的環境許可作業。最後，我們於 4 月下旬發布 2025 年度永續報告，這是迄今對環境、社會與治理績效最全面的揭露，可於我們的投資人關係網站取得。

With that, I will hand it back to Ignacio for the closing remarks.

接下來我把時間交回 Ignacio 作結語。

Thank you, Rodrigo. Before we open for questions, let me close on slide 15 with a quick recap of our priorities and key business drivers. First, Aripuana. The fourth filter commissioning is being completed this month, which positions us to reach full production capacity in the second half of 2026. Combined with our long reserve life, the asset is one of the central pillars of our long-term cash flow generation.

謝謝你，Rodrigo。在開放提問前，讓我在第 15 頁快速回顧我們的優先事項與關鍵業務驅動因素。第一，Aripuana。第四套濾機的試車投運將於本月完成，使我們有望在 2026 年下半年達到滿產能。結合我們較長的儲量年限，該資產是我們長期現金流創造的核心支柱之一。

Second, Cerro Pasco integration. Phase 1 is on schedule for project finalization in the fourth quarter, setting up the start of pumping in the second quarter of 2027. The project extends the life of the mine beyond 15 years and improves the profitability of the complex.

第二，Cerro Pasco 整合。第一期按計畫將於第四季完成專案收尾，並為 2027 年第二季開始抽送作業做好準備。該專案將礦山壽命延長至 15 年以上，並提升該綜合體的獲利能力。

Third, exploration. The 2025 reserve update extended life of mine across all of our operations. We are not just replacing depletion; we are growing the reserve and resource base. And this year, on back of strong drilling results, we have revised our 2026 program upwards to nearly 67,000 meters, about 12% above the original plan, with the increase concentrated at the Cerro Pasco Complex and other exploration projects.

第三，勘探。2025 年儲量更新延長了我們所有營運據點的礦山壽命。我們不僅是在補回耗竭，更是在擴大儲量與資源基礎。今年在強勁鑽探成果的帶動下，我們已將 2026 年計畫上修至接近 67,000 公尺，較原計畫高約 12%，增量主要集中於 Cerro Pasco 綜合體及其他勘探專案。

Fourth, growth. We continue to evaluate value-accretive opportunities in mining-friendly jurisdictions. Underlying all of this is a consistent set of priorities: financial and operational discipline, a stronger balance sheet, balanced capital allocation that includes shareholders' returns and an active ESG strategy, and most importantly, our absolute commitment to safety for our people and our communities.

第四，成長。我們持續在採礦友善的司法管轄區評估具增值效益的機會。貫穿上述各項的是一套一致的優先事項：財務與營運紀律、更強健的資產負債表、兼顧股東回報與積極 ESG 策略的均衡資本配置，以及最重要的——我們對員工與社區安全的絕對承諾。

Before we move to questions, I would like to take a moment to recognize Mauro Boletta, our Senior Vice President of Smelting and Commercial, who is retiring at the end of this month after more than 40 years with the Votorantim Group. Mauro has been instrumental in shaping our smelting and commercial operations. And on behalf of the entire Nexa team, I want to thank him for his contribution and wish him the very best.

在我們進入提問之前，我想花一點時間表揚 Mauro Boletta——我們的冶煉與商務資深副總裁——他將於本月底在 Votorantim 集團服務超過 40 年後退休。Mauro 在塑造我們的冶煉與商務營運方面扮演了關鍵角色。我也代表整個 Nexa 團隊，感謝他的貢獻，並祝福他一切順利。

With the first quarter Peruvian constraints behind us, the Aripuana filter commission is underway and the Cerro Lindo silver streaming transition now in effect, we are entering the rest of the year with a strong momentum and a clear set of priorities.

隨著第一季秘魯的限制因素已成過去、Aripuanã 濾機投運作業正在進行，以及 Cerro Lindo 白銀串流合約的轉換現已生效，我們正以強勁動能與明確的優先事項進入今年剩餘時間。

With that, let's open the line for questions.

那麼，我們開放電話線進行提問。

(Operator Instructions)

（接線員指示）

Pedro Mello, Citi.

Pedro Mello，花旗。

My first question is regarding Cerro Pasco integration project. So Phase 1 of the projects remains on schedule with tailings pumping started start. It's made for to quill 27. However, the two environmental approvals for El Porvenir and Atacocha are only expected for next year's first quarter, leaving a very tidy window.

我的第一個問題是關於 Cerro Pasco 整合專案。因此，專案第一階段仍按計畫進行，尾礦泵送已開始啟動。目標是於 2027 年第二季投運。然而，El Porvenir 與 Atacocha 的兩項環境許可預計要到明年第一季才會取得，使得時間窗口非常緊。

So, my question is, what are the key execution and permitting risks that could delay the 2Q '27 start? And regarding Phase 2, when do you expect to have a clear investment decision on the Picasso shaft and underground integration alternatives? So, this is the first one.

所以我的問題是：哪些關鍵的執行與許可風險可能導致 2027 年第二季的投運延後？另外，關於第二階段，你們預計何時會就 Picasso 立井以及地下整合替代方案做出明確的投資決策？以上是第一個問題。

And the second one relates to Smelting segment where we saw a great improvement of results. Could you give us more color in what you expect in terms of driver for this segment results in the next quarters and why? And if we should expect this level of EBITDA near to $50 million per quarter going ahead? Thank you.

第二個問題與冶煉事業部有關，我們看到業績大幅改善。你們能否更詳細說明，未來幾季該事業部業績的主要驅動因素會是什麼、原因為何？以及未來是否可預期 EBITDA 能維持接近每季 5,000 萬美元的水準？謝謝。

Okay. Well, thank you for your questions. Regarding Cerro Pasco, what we said is the pumping system is going to finish this year. So December this year, the pumping will be up and operational. And the permits, the modification on the environmental impact studies for at Atacocha and El Porvenir will be ready in the first half of next year, okay?

好的。謝謝你的提問。關於 Cerro Pasco，我們先前提到泵送系統將在今年完工，也就是今年 12 月泵送將可啟用並投入運作。而 Atacocha 與 El Porvenir 的環境影響評估變更許可，將在明年上半年準備就緒，好嗎？

So there is going to be an overlap. And what is key here is that we have more than a year of life of mine of our tailings capacity. So we keep track of the permits permanently, and we are very confident that the permits are going to come in the first quarter of next year. And given that we finished the construction and we have this cushion on capacity, it shouldn't be a problem for us to continue operating El Porvenir and Atacocha, okay? So we don't see any issues in that regard.

因此會有一段重疊期。關鍵在於，我們現有尾礦處置容量的礦山壽命仍超過一年。我們會持續追蹤許可進度，並且非常有信心許可會在明年第一季取得。鑑於我們將完成建設且在容量上有緩衝，我們持續營運 El Porvenir 與 Atacocha 應該不會有問題，好嗎？因此我們在這方面看不到任何疑慮。

Regarding smelting, it's a very important question because what happened last year is that we have some problems in -- operational problems in Juiz de Fora and in Tres Marias in Brazil. That impacted their production. We started an assessment and a fast-track improvement on operations during the last quarter of last year.

至於冶煉，這是非常重要的問題。去年發生的情況是，我們在巴西的 Juiz de Fora 與 Três Marias 出現一些——營運上的問題，影響了產量。我們在去年第四季開始進行評估，並對營運展開快速改善。

And now, we are producing more because recoveries are high, because we're making sure that all these bottlenecks in the operation are being taken care of. So, the operation is going to evolve in the next three quarters, probably a little bit better than what we had in the first quarter. So we believe that this is a continuous improvement to come back to KPIs, operational KPIs that we had in 2024 and 2023.

現在我們的產量提高了，因為回收率更高，且我們確保營運中的各項瓶頸都在被處理。因此，接下來三個季度的營運表現會持續改善，可能會比第一季略好。我們相信這是一個持續改善的過程，目標是回到我們在 2024 年與 2023 年的營運 KPI 水準。

Having said that, it's important to mention that all the smelters, Cajamarquilla is performing really well. But as we were saying in the call and I think in our press release, all of our smelters are facing profitability problems in terms of the TCs. China is demanding a lot of concentrate. And even if we are improving operations, negative TCs or very low TCs are affecting all of our operations, which, and this is very important for us as well, is being compensated by by-products.

話雖如此，也必須提到所有冶煉廠——Cajamarquilla 的表現非常好。但正如我們在電話會議以及我想在新聞稿中所說，我們所有冶煉廠在加工費（TC）方面都面臨獲利壓力。中國對精礦需求很強。即使我們改善營運，負的 TC 或非常低的 TC 仍在影響我們所有的營運；而這一點對我們也非常重要，因為這部分正由副產品所補償。

The sulfuric acid market is very tight today. We are in a very good position for our production, especially for '27, because '26 is already being sold at a high part, and we close our spot sale in very, very important terms, silver and copper, no? So these byproducts more than affect the problem that we have in the TC front. It's difficult to see how the smelting market is going to perform in 2027 or in the next few months, because I believe that profitability drivers are going to change.

目前硫酸市場非常吃緊。就我們的產量而言，我們處於非常有利的位置，尤其是 2027 年，因為 2026 年的產量已經以較高比例售出，而我們的現貨銷售也以非常、非常有利的條件成交，包含白銀與銅，對吧？因此，這些副產品的貢獻足以抵消我們在 TC 端面臨的問題。很難判斷 2027 年或未來幾個月冶煉市場會如何表現，因為我認為獲利驅動因素將會改變。

But in any case, what we can be focused is only on operational improvements that are happening. And as I was saying, the second quarter is going to be better than the first one. And we will come back to normal levels, the ones that you have been seeing in 2024.

但無論如何，我們能專注的只有正在發生的營運改善。正如我所說，第二季會比第一季更好。我們也會回到你們在 2024 年所看到的正常水準。

Adam Smiarowski, please go ahead.

Adam Smiarowski，請發問。

The Lower Silver Stream at Cerro Lindo, I was just going to see maybe how some of that extra revenue is going to be reinvested, whether you're looking at capital returns or M&A or other sort of changes in capital allocation? Are you able to comment on that?

關於 Cerro Lindo 較低的白銀串流比例，我想了解這部分額外收入可能會如何再投資——你們是否會考慮資本回饋、併購（M&A）或其他資本配置上的調整？你們能否評論一下？

Thank you for the questions. To give some context, as you rightly mentioned, starting in the second quarter, we will begin to see the impact of the step-down in the Silver Stream, which is going from 65% to 25% of the Cerro Lindo production. And to give you a sense of the impact, this is -- assuming Cerro Lindo produces, I would say, 3.6 million ounces per year, at current prices, that's about $100 million more per year of cash generation, just to give you a sense of the magnitude of the impact.

謝謝你的提問。提供一些背景，正如你提到的，從第二季開始，我們將開始看到白銀串流比例下調的影響，該比例將從 Cerro Lindo 產量的 65% 降至 25%。為了讓你了解影響程度——假設 Cerro Lindo 每年產出約 360 萬盎司，以目前價格計算，這大約意味著每年多出 1 億美元的現金創造能力，僅供你掌握其量級。

Having said that, this does not change our capital allocation strategy. As we have mentioned a number of times, our key goal is to reduce our gross debt. So this will help us to accelerate that process. And the idea is that any excess cash that we generate in this favorable price scenario will allow us to do this in a faster timeframe. So, this is consistent with our overall strategy that we have been communicating to the market in the past, and there's no change to that.

話雖如此，這不會改變我們的資本配置策略。正如我們多次提到的，我們的核心目標是降低總負債。因此，這將有助於我們加速該進程。我們的想法是，在這個有利的價格情境下所產生的任何額外現金，都將使我們能在更短時間內完成這件事。因此，這與我們過去對市場溝通的整體策略一致，並沒有改變。

[Peter Varga, AAM].

[Peter Varga，AAM]。

A couple of questions. Do you have an explicit leverage target you want to reach and over what timeframe? And also would like to ask your CapEx plan and maintenance and expansion CapEx in details for the coming quarters and how that can be influenced by smelting margins and zinc prices and basically -- and metal prices?

有幾個問題。你們是否有明確的槓桿目標要達成，以及預計在什麼時間範圍內達成？另外也想請教你們的資本支出（CapEx）計畫，包含未來幾季維持性與擴張性資本支出的細項，以及這些是否會受到冶煉利差、鋅價以及整體——金屬價格的影響？

Yes, our capital allocation strategy has not changed despite the silver streaming step down. In terms of CapEx, we are reaffirming our guidance. So the fact that we are generating higher cash flow in this favorable price scenario is not going to change that. So, that's something to keep in mind.

是的，即使白銀串流比例下調，我們的資本配置策略也沒有改變。就資本支出而言，我們重申我們的指引。因此，在這個有利的價格情境下，我們產生較高的現金流並不會改變這一點。這是需要記住的。

And in terms of leverage, as we have mentioned before, well, we want this to have the flexibility and -- so that we can go through different cycles. So, part of the strategy of reducing the debt on one hand is to reduce interest expense, which is high for a company of the size of Nexa, but we want to have this financial flexibility because prices can change and we want to have that additional buffer.

至於槓桿，如同我們之前提到的，我們希望具備彈性——以便能夠度過不同的景氣循環。因此，一方面降低負債的策略，是為了降低利息費用；對 Nexa 這樣規模的公司而言，利息費用偏高。但我們也希望擁有這種財務彈性，因為價格可能變動，而我們希望有額外的緩衝。

We don't know how fast we will be able to do this because we don't control prices, but we are certainly optimistic in this price scenario that we will be able to achieve this faster. I would say that reaching an overall net leverage of one time would give us a lot of comfort so that we would have that buffer to go through the different cycles. It will depend again on prices, but we are confident that we will be able to accelerate this with this stable production performance that we're having and with the supportive prices that we're seeing.

我們不知道能多快做到，因為我們無法控制價格，但在目前的價格情境下，我們確實樂觀，認為可以更快達成。我會說，若能將整體淨槓桿降至 1 倍，將讓我們非常安心，因為我們就能有緩衝來度過不同的景氣循環。這仍取決於價格，但我們有信心，憑藉目前穩定的產量表現以及我們所看到的有利價格，我們能加速達成。

Okay, thank you very much. And also probably one question, we have seen some market rumors that your parent is looking to divest the company and look -- and there were rumors that some European buyers are around. Can you comment on this, please?

好的，非常感謝。另外可能還有一個問題：我們看到一些市場傳聞，說你們的母公司正在考慮出售公司——而且傳聞有一些歐洲買家在接觸。你們能否對此評論？

Yeah, I mean, we have rumors all the weeks, every week; and actually, we don't comment on rumors. What I can emphasize is that we are very active on looking for opportunities to grow Nexa, and we have a very dedicated team to make sure that we grow the company, not only in research and resources that we are being very successful. But also on opportunities that are in the market, especially in corporate.

是的，我的意思是，我們每週、每個禮拜都有各種傳聞；而且我們其實不評論傳聞。我能強調的是，我們非常積極尋找讓 Nexa 成長的機會，我們有一支非常專注的團隊，確保公司成長——不僅是在勘探與資源方面，我們也非常成功；同時也在市場上的機會，特別是在公司層面的機會。

So that means that you're looking for [M&D], but I mean, you already mentioned your net leverage goal. I mean, there's one times to reach over time you mentioned, but how can fit that M&D goal into the deleveraging goal? I mean, you want to finance that probably, issuing new shares, or what kind of financing can we expect if there is an M&D?

所以這表示你們在尋找［併購（M&D）］，但我的意思是，你們已經提到你們的淨槓桿目標。我是說，你們提到隨時間推進要達到 1 倍，但要如何把這個［併購（M&D）］目標納入去槓桿目標之中？我的意思是，你們可能會為此融資，例如發行新股，或如果真的有［併購（M&D）］，我們可以預期會採用什麼樣的融資方式？

Yeah, with this price environment, as Jose Carlos was saying and some internal actions that are happening, which is a certain industry, we might expedite reducing the debt at a level that we are comfortable. And in the interim, the strategy is going to be looking for these accretive opportunities in the market. The timing depends on how much we reduce the debt and how fast and how -- what opportunities we find in the market.

是的，在目前這樣的價格環境下，正如 Jose Carlos 所說，以及一些正在發生的內部行動（在特定產業中），我們可能會加速把債務降到我們覺得舒適的水準。同時，我們的策略會是在市場上尋找這些具增值性的機會。時點取決於我們能把債務降低多少、降低得多快，以及我們在市場上能找到什麼樣的機會。

We keep track. We have in our radar a lot of opportunities. It's a difficult market today because it's very expensive. So I would say it will be a combination of reducing the debt and making sure that we can use our balance sheet, mainly our balance sheet, to start looking for these opportunities. And given that could be an overlap, we have to be creative and we have been doing that. So I believe that it could be done and we'll see what happens in the coming months.

我們一直在追蹤。我們的雷達上有很多機會。今天的市場很困難，因為估值非常昂貴。所以我會說，這將會是降低負債與確保我們能運用資產負債表（主要是資產負債表）來開始尋找這些機會的組合。而且鑑於兩者可能會有重疊，我們必須有創意，而我們也一直在這麼做。所以我相信這是可以做到的，我們會看看未來幾個月會發生什麼。

Okay, thank you. And probably the last question, what do you expect from the new Peruvian government? I mean, we have heard some -- I mean, it depends which party or which President will be at the end. But how do we expect the licensing and especially the environmental licensing for the operations going forward? I mean, do you have any view how left being presidency can affect their operation? And then do you have any plans for that scenario?

好的，謝謝。可能最後一個問題，你們對秘魯新政府有什麼期待？我的意思是，我們聽到一些——我是說，這取決於最後是哪個政黨或哪位總統勝出。但就未來營運而言，許可證核發，尤其是環境許可方面，你們預期會如何？我的意思是，你們是否有任何看法，偏左的總統任期可能如何影響你們的營運？另外，針對那種情境你們有任何計畫嗎？

Yeah, I guess it's early days. We're not even in the second round today and they're still debating who is going to go with the Fujimori party to the second round. But in any case, the way we see it is that we were already exposed to President Castillo. And I think they realized that two things. One is that the central bank is independent.

是的，我想現在還太早。我們今天甚至還沒進入第二輪，他們仍在辯論誰會與藤森（Fujimori）陣營一起進入第二輪。但無論如何，我們的看法是，我們之前已經面對過 Castillo 總統。我想他們意識到兩件事。第一，中央銀行是獨立的。

And changing that, you will need to change the constitution; and to change the constitution, you will have to go to the to the Diputados Camara and Senatores Camara, and it's going to be very difficult for them to approve any change. So this is a lockup that we have. So the economy -- and if you see that the political noise is very difficult to affect the economy. That's one thing. The second one that is very important is that any President, regardless of their views on how they manage the country, starts to know that most of the income that comes through taxes are from the mining sector.

而要改變這一點，你需要修改憲法；要修改憲法，你必須提交到眾議院（Diputados Camara）與參議院（Senatores Camara），而要他們批准任何變更將非常困難。所以這對我們而言是一個鎖定機制。因此，經濟——如果你看到政治噪音，其實很難影響經濟。這是一點。第二點也非常重要：任何總統，不論其治國觀點如何，最後都會明白，大部分透過稅收而來的收入都來自礦業部門。

So if they really want to finance some, let's say, projects or activities or actions that are against the mining sector, they will start losing this income and they cannot afford to -- this happened to Castillo. So, the Ministry of Finance or the Ministry of Economy is very robust in that regard. And it's very clear that if income comes down, they won't have actions that differ from making sure that the country is growing, okay? So, that's the second one.

所以如果他們真的想要資助一些——比方說——對礦業部門不利的計畫、活動或行動，他們就會開始失去這些收入，而他們承受不起——Castillo 就遇到過這種情況。因此，財政部或經濟部在這方面非常強健。而且很清楚的是，如果收入下降，他們就不會採取偏離「確保國家成長」的行動，好嗎？所以，這是第二點。

And the last one is that we mining companies are used to this sort of situations. And the most important part here is that you have good relations with your communities. So having good relations with them means that you have good agreements that benefit them, that benefit you, that are long-term, and that create an economic scenario for the two of us that is not affected by the political environment. So, we don't see -- this has been the case for the last years.

最後一點是，我們這些礦業公司已經習慣這類情況。這裡最重要的是，你要和社區維持良好關係。與他們維持良好關係意味著你有良好的協議：對他們有利、對你也有利、是長期的，並且為我們雙方創造一個不受政治環境影響的經濟情境。所以，我們不認為——過去幾年一直都是如此。

Many Presidents have been impeached, which is a shame for Peruvians, for we Peruvians. But if you can see that, and you can see there is no link to the economic performance of the country, you can see that the mining sector's managing communities effectively. It won't be affected that much by this noise in the political arena, okay? So that's more or less where we are. We'll see what happens. And we have to be prepared to any scenario and this has been the case for many years.

許多總統被彈劾，這對秘魯人、對我們秘魯人來說是一件憾事。但如果你觀察就會發現，這與國家的經濟表現並沒有連結；你也會看到礦業部門在有效管理社區關係。它不會被政治場域的這些噪音影響太多，好嗎？所以大致上我們就是這樣看。我們會看看會發生什麼。而且我們必須為任何情境做好準備，這些年來一直都是如此。

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

現在我想把電話會議交回公司，回答書面提問。請開始。

Thank you, operator. We have one question from the audience. The question is, is there any estimated date for a construction decision for the Stage 2 or Phase 2 of the Cerro de Pasco integration project? And will this Phase 2 require additional permitting?

謝謝，接線員。我們有一個來自聽眾的問題。問題是：Cerro de Pasco 整合專案第 2 階段或第 2 期（Stage 2 / Phase 2）的建設決策是否有任何預估日期？以及這個第 2 期是否需要額外的許可？

Yeah, very important question. I think there was a question that was asked before. I apologize for not answering that. The Phase 2 part of the project is integrating the two mines and making sure that we produce more ore. As we were saying in the presentation, we have a very dedicating team in the exploration that started a strategy some years ago to start drilling heavily our mines. So we said many times that we are finding a lot of resources that have higher NSR and very important opportunities in the intersection and in Atacocha and El Porvenir in underground parts.

是的，非常重要的問題。我想之前也有人問過。我很抱歉當時沒有回答。專案第 2 期的部分是整合兩座礦山，並確保我們能生產更多礦石。正如我們在簡報中所說，我們在勘探方面有一個非常投入的團隊，幾年前就開始了一項策略，對我們的礦山進行大量鑽探。所以我們多次提到，我們正在發現大量 NSR 較高的資源，以及在交會帶、Atacocha 與 El Porvenir 的地下部分有非常重要的機會。

The reason why we decided to delay the Phase 2 is because we are trying to make sure that we build a life of mine plan that is more effective and is more profitable for these two mines, and this is going to take some time. So I would say, we be able to tell the market, I would say in the next in the second half of this year, how are we going to manage that? Our Board is also waiting for that and this is a priority. And the good thing is that the permits that we will have for El Porvenir and Atacocha that will be approved in the first half of next year also apply for this integration. So we won't have a bottlenecking problem in these approvals.

我們決定延後第 2 期的原因，是因為我們想確保能為這兩座礦山建立一個更有效、也更有利可圖的礦山壽命（life of mine）計畫，而這需要一些時間。所以我會說，我們應該能在今年下半年向市場說明我們將如何管理這件事。我們的董事會也在等待這個結果，而這是優先事項。好消息是，我們將為 El Porvenir 與 Atacocha 取得的許可（預計在明年上半年核准）也同樣適用於這項整合。因此，在這些核准上我們不會遇到瓶頸問題。

So I think we are right on track, and we have a very good problem because the endowment that we used to approve the second phase has been increased significantly. That's why we are saying that we have more than 15 years. And today is a matter of, how are we going to build this new life of man plans to make sure that profitability or NAV drives this evaluation, okay? So we'll keep you posted in what are we going to do in the following months.

所以我認為我們進度完全符合預期，而且我們遇到的是一個很好的問題：我們原本用來核准第二期的資源禀賦已大幅增加。這就是為什麼我們說我們有超過 15 年的礦山壽命。而今天的問題在於：我們要如何建立這些新的礦山壽命計畫，以確保這次評估是由獲利能力或 NAV 來驅動，好嗎？所以接下來幾個月我們會持續向各位更新我們的作法。

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

問答環節到此結束。現在我想把電話會議交給 Ignacio Rosado 先生作結語。Rosado 先生，請開始。

Thank you. I would like to emphasize that the closing of last year, we had very strong results and we were exposed to prices, to very good prices. This has been the case for the first quarter of this year. Unfortunately, we had some problems in our Peruvian operations that already have been resolved.

謝謝。我想強調的是，在去年年底收官時，我們的業績非常強勁，而且我們受惠於價格、非常好的價格。今年第一季也是如此。不幸的是，我們在秘魯的營運遇到了一些問題，但目前都已經解決。

But the message I would like to convey is that for the rest of the year. We are very committed to have very stable operations. We are very committed to offset some problems that we have in costs regarding oil, regarding inflation in the market, regarding the effects in Brazil, try to make sure that we sort of offset those with productivity measures.

但我想傳達的訊息是，在今年剩下的時間裡，我們非常致力於維持非常穩定的營運。我們也非常致力於抵消我們在成本方面遇到的一些問題，包括油價、市場通膨、以及巴西的影響，並嘗試透過生產力措施來確保我們能在某種程度上抵消這些因素。

So we built a very robust operating profit from our mines and smelters in the rest of the year, not only because we have these very good prices, because we take care of the main variables of the mines and smelters. So we look forward to speaking to you towards the end of the second quarter, and we are confident that we're going to deliver on our commitments and our guidance. So thank you very much for attending the call. And again, we look forward to speak to you in a few months.

因此，在今年剩下的時間裡，我們將從礦山與冶煉廠建立非常穩健的營業利潤，不僅因為我們有非常好的價格，也因為我們會管理好礦山與冶煉廠的主要變數。我們期待在第二季末再與各位交流，我們也有信心能履行我們的承諾與指引。非常感謝各位參與本次電話會議。再次，我們期待在幾個月後再與各位對話。

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。我們感謝各位對 Nexa 的參與與關注。您現在可以掛線。