Nexa Resources S A : BMO Conference 2020 - Miami

From the world of mining to the world of people

February, 2020

Disclaimer

Important information concerning this presentation

This presentation, prepared by Nexa Resources S.A. (formerly VM Holding S.A., herein referred to as the "Company" or "Nexa"), is solely for informational purposes. Disclosure of this presentation, its contents, extracts or abstracts to third parties is not authorized without express and prior written consent from the Company.

Certain statements disclosed herein are "forward-looking statements" in which statements contained herein that the information is not clearly historical in nature are forward- looking, and the words "anticipate," "believe," "continues," "expect," "estimate," "intend," "strategy," "project" and similar expressions and future or conditional verbs such as "will," "would," "should," "could," "might," "can," "may," or similar expressions are generally intended to identify forward-looking such statements. These forward-looking statements speak only as of the date hereof and are based on the Company's current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond the Company's control. As a consequence, current plans, anticipated actions, and future financial position and results of operations may differ significantly from those expressed in any forward-looking statements in the presentation. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented herein and we do not intend to update any of these forward-looking statements.

This presentation includes the Company's unaudited non-IFRS measures, including: adjusted EBITDA; net debt; working capital. The Company presents non-IFRS measures when we due to the belief that the additional information is useful and meaningful to investors. Non-IFRS measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-IFRS measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board.

The information and opinions contained herein should not be construed as a recommendation to potential investors and no investment decision should be based on the truthfulness, timeliness or completeness of such information or opinions. None of the advisors to the Company or any parties related to them or their representatives shall be liable for any losses that may result from the use or contents of this presentation.

This presentation also contains information concerning the Company's industry that are based on industry publications, surveys and forecasts. The information contained herein involves and assumes a number of assumptions and limitations, and the Company did not independently verified the accuracy or completeness of such information.

All dollar amounts referenced in this presentation, unless otherwise indicated, are expressed in United States dollars. The contents hereof should not be construed as investment, legal, tax or other advice and you should consult your own advisers as to legal, business, tax and other related matters concerning an investment in the Company. The Company is not acting on your behalf and does not regard you as a customer or a client. It will not be responsible to you for providing protections afforded to clients or for advising you on the relevant transaction. There is no obligation to update the information included in this presentation.

Certain information contained in this presentation with respect to the Company's Morro Agudo, Shalipayco, Magistral and Florida Canyon Zinc projects are preliminary economic assessments within the meaning of NI 43-101 (as defined herein). Such preliminary economic assessments are preliminary in nature, including certain information as of inferred mineral resources that are too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that such preliminary economic assessments will be realized. The bases for such preliminary economic assessments (including certain qualifications and assumptions) are described in the Company's documents filed with the SEC and in each of the provinces and territories of Canada.

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We are

Nexa

#4 largest global zinc producer*

Unique position in Latin America

Solid Capital

Structure

Sustainable value creation

US$ 2.3 billion

Net revenue

564kt	621kt
equivalent zinc	metal sold

US$ 402 million

Adjusted EBITDA

(excluding non-recurring)

Cash dividend payment of

US$50 million

*According to Wood Mackenzie. 2019 numbers

Strategic objectives

Grow steadily in Zinc and Copper in the Americas, ensuring long-lastingvalue creation with optimal capital allocation

Growth

100%

Zn mine-smelting

integration

Life of mine extension

Brownfield projects

Greenfield projects

New business development

• Replace and increase mineral reserves and resources.
• Improve productivity with attractive returns
• Expand its mine footprint focusing on operational efficiency and cash cost competitiveness (C1)
• Search for opportunities in both Zinc and Copper through JV's or acquisitions
• 'Unlock' Nexa's value

4

Mining segment

Portfolio of efficient, low cost, cash generating mines

Peru	Brazil
Pasco
Complex

• Large scale, modern and mechanized, increasing productivity
• New projects should further improve our position in the global cash cost curve

Cerro Lindo

Morro Agudo

Vazante

Wood Mackenzie 2018Zinc Consolidated Mining C1 Normal Cash Cost Curve ($/t) - By Company 2

Production per mine 2019

Zinc Equivalent¹ (kt)

564 kt Zn Eq.

		Zn				Cu
	Zn	67%			16%		Ag	Pb	Au
Per metal					Cu
64%			16%		7%	10%	2%
	69%								31%
Per mine	CL		EP	ATA		VZ		MA
44%		17%	8%		25%		5%

3.000
2.000
1.000
0
0%	10%	20%	30%	40%	50%	60%	70%	80%	90%	100%
-1.000
-2.000						52%
-3.000
-4.000
-5.000
-6.000
-7.000
-8.000				Greenfield projects
-9.000

Cumulative Production (%)

5 1. 2019 figures; assuming 2019 LME average benchmark prices: Zn: US$1.16/lb; Cu: US$2.72/lb; Pb: US$0.91/lb; Ag: US$16.2/oz; Au: US$1,393/oz.; based on 2019 total production

2. Source: Wood Mackenzie - Dataset 2019 Q4

Smelting overview

Locations and efficiency of our smelters are key to our competitive advantage

Smelters Located Near Mines, Ports and Major Population Centers Smelters Provide Strategic Advantages

 Cajamarquilla is 5th largest smelter globally and the largest smelter in the Americas

Cajamarquilla

 Located in proximity to infrastructure and core markets: we benefit from higher premiums

Tres Marías

Juiz de Fora

Smelting Products

Smelting Breakdown(1)
58%	585kt Metallic Zinc	42%
CJM		TM	JDF
58%		27%	15%

• Integration grants value capture on the distribution chain, eliminating intermediaries
• Access to reliable and very competitive power supply
• 1. Consolidated Smelter Normal Cash Cost Curve ($/t)

2.500			24%
2.000
1.500
1.000
500
0
0%	10%	20%	30%	40%	50%	60%	70%	80%	90%	100%

Cumulative Production (%)

6 1. 2019 figures. It does not includes zinc oxide.

2. Wood Mackenzie 2019 Zinc

Main projects portfolio

Development timeline

Peru

		ESTIMATED TIMELINE		Magistral
PROJECTS			Hilarión
								Lima
								Pukaqaqa
2017	2018	2019	2020	2021	2022	2023	2024	2025
Aripuanã					+120kta
Polymetallic
							CONSTRUCTION PHASE

Magistral

Copper | Molybdenum

Pukaqaqa

Copper | Molybdenum

Hilarión

Polymetallic (Zn-Pb)

EXPLORATION AND	FEASIBILITY	EXECUTION
PRE FEASIBILITY

Brazil

Aripuanã

Sao Paulo

Nexa Greenfield Projects

Robust project

pipeline located in

low-risk mining

jurisdictions should

support Nexa's

growth strategy and value creation for all its stakeholders

7	a) Annual zinc equivalent production	Note: Estimated timeline as of February 2020. Hilarión is still in Exploration Stage - feasibility studies pipeline to be confirmed

Aripuanã | Project

Competitive cash cost position with attractive returns

Project overview

Key financials

Aripuanã

• 13 years LOM¹ with excellent potential to extend mine by up to 6 years
• Zinc equivalent³ average production¹ 120kt/yr
• Sustainable project:
• • Tailings disposal: 50% dry stacks and 50% cement paste backfill
  • 100% process water recirculation, with minimal discharge to the environment

Highlights

• ~76% of the total project capex was already committed
• Over 1,400 people working in the main construction areas
• 28% of physical progress by year-end 2019
• A new rebaseline schedule is expected in 2Q20.
• Ramp tunnels for the Arex and Link orebodies concluded
• ~500 people received professional qualifications in 2019

	Morro Agudo
• Estimated Capex: US$392 million	Vazante	Três Marias
	Juiz de Fora

• 2020e: US$220 million

• NPV: US$129 million
• • Discount rate of 9%
• IRR of 15.8%

8	1Based only on current mineral reserves; ²Based on significant currently inferred mineral resources and Nexa's good track record of conversion to indicated resources; 3Consolidated mining production in kton of zinc
equivalent calculated by converting copper, lead, silver and gold contents to a zinc equivalent grade based on consensus LT forecasts

We are reinventing ourselves

Environmental management

• ~80% of our total tailings are no longer disposed in wet tailing dams
• About 80% of the energy consumption of our operations comes from renewable sources

Legacy

We are shaping a future together with our host communities

• Social agenda
• Local development
• Community members as protagonists of their own development

Circular economy

• Paracatu: zero waste
• Vazante: solution to reprocess tailings disposal waste

Nexa Way

Transformational program to optimize performance

Consistently deliver growth and attractive returns

Changes in organizational culture

At least US$120 million in Adj

EBITDA gain from 2019 initiatives

Potential new initiatives under analysis should generate additional gains

Manufacturing

Productivity

Procurement

Commercial	Corporate &
Projects

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people

Agility to find new ways

Enthusiasm to transform

Sense of ownership

the solid basis for the transformation we need

Plurality

Key factor for innovation

Aripuanã (Brazil):

effort to have women comprising 50% of the workforce

Why Nexa?

#4 largest zinc producer and #5 largest zinc metal producer

Solid shareholder structure | Votorantim is a Brazilian company with more than 100 years of experience Strong balance sheet even during investment cycle

Leading producer in Latin America and well positioned to capture market growth

Share prices under valued

We remain positive in industry fundamentals and we're confident

Nexa has a unique position to generate value for all its stakeholders

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thank you

IR Contact:

[e-mail]

https://ir.nexaresources.com