NEXA RESOURCES S.A.

TECHNICAL REPORT ON THE

ARIPUANÃ ZINC PROJECT, STATE OF
MATO GROSSO, BRAZIL

NI 43-101 Technical Report

Qualified Persons:
Jason J. Cox, P.Eng.
Sean Horan, P.Geo.
Brenna J.Y. Scholey, P.Eng.
Luis Vasquez, P.Eng.

November 17, 2020

55 University Ave. Suite 501 I Toronto, ON, Canada M5J 2H7 I T + 1 (416) 947 0907 www.rpacan.com
Report Control Form

Document Title Technical Report on the Aripuanã Zinc Project, State of

Mato Grosso, Brazil

Client Name & Address Nexa Resources S.A.

Rua Guaicui, 20-14°Andar
Belo Horizonte, Mato Grosso
Brazil 30380-380

Document Reference Project # 3252 Status & FINAL

Issue No. Version

Issue Date November 17, 2020

Lead Author Jason J. Cox (Signed)

Sean Horan (Signed)
Brenna J.Y. Scholey (Signed)
Luis Vasquez (Signed)

Peer Reviewer Luke Evans (Signed)

Deborah A. McCombe (Signed)

Project Manager Approval Lance Engelbrecht (Signed)

Project Director Approval Jason J. Cox (Signed)

Report Distribution Name No. of Copies

Client

RPA Filing 1 (project box)

Roscoe Postle Associates Inc.

now part of SLR Consulting Ltd
55 University Avenue, Suite 501
Toronto, ON M5J 2H7
Canada
Tel: +1 416 947 0907
Fax: +1 416 947 0395
[email protected]
 www.rpacan.com

TABLE OF CONTENTS
PAGE

1 SUMMARY ........................................................................................................................ 1-1

Executive Summary ......................................................................................................... 1-1
Economic Analysis .......................................................................................................... 1-8
Technical Summary ....................................................................................................... 1-15
2 INTRODUCTION ............................................................................................................... 2-1
Sources of Information .................................................................................................... 2-2
List of Abbreviations ........................................................................................................ 2-4
3 RELIANCE ON OTHER EXPERTS ................................................................................... 3-1
4 PROPERTY DESCRIPTION AND LOCATION ................................................................. 4-1
Location ........................................................................................................................... 4-1
Land Tenure .................................................................................................................... 4-1
Mineral Rights .................................................................................................................. 4-5
Surface Rights ................................................................................................................. 4-5
Royalties and Other Encumbrances ................................................................................ 4-8
5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND
PHYSIOGRAPHY ................................................................................................................. 5-1
Accessibility ..................................................................................................................... 5-1
Climate ............................................................................................................................ 5-1
Local Resources .............................................................................................................. 5-1
Infrastructure ................................................................................................................... 5-2
Physiography ................................................................................................................... 5-2
6 HISTORY........................................................................................................................... 6-1
History ............................................................................................................................. 6-1
Exploration and Development History ............................................................................. 6-2
Historical Resource Estimates ......................................................................................... 6-2
Past Production ............................................................................................................... 6-2
7 GEOLOGICAL SETTING AND MINERALIZATION ........................................................... 7-1
Regional Geology ............................................................................................................ 7-1
Local Geology .................................................................................................................. 7-4
Property Geology ............................................................................................................. 7-4
Mineralization .................................................................................................................. 7-7
8 DEPOSIT TYPES .............................................................................................................. 8-1
9 EXPLORATION ................................................................................................................. 9-1
1999 to 2002 Exploration ................................................................................................. 9-1
Nexa Exploration ............................................................................................................. 9-2
Exploration Potential ........................................................................................................ 9-4
10 DRILLING ...................................................................................................................... 10-1

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Previous Drilling ............................................................................................................. 10-1

Recent Drilling ............................................................................................................... 10-2
11 SAMPLE PREPARATION, ANALYSES, AND SECURITY ........................................... 11-1
Sample Method and Approach ...................................................................................... 11-1
Density Analysis ............................................................................................................ 11-1
Sample Preparation ....................................................................................................... 11-2
Sample Analysis ............................................................................................................ 11-2
Database Management ................................................................................................. 11-3
Sample Security ............................................................................................................ 11-4
Quality Assurance and Quality Control (QA/QC) ........................................................... 11-4
12 DATA VERIFICATION ................................................................................................... 12-1
Nexa .............................................................................................................................. 12-1
RPA Audit of Drill Hole Database .................................................................................. 12-2
13 MINERAL PROCESSING AND METALLURGICAL TESTING ..................................... 13-1
Introduction .................................................................................................................... 13-1
Metallurgical Sampling .................................................................................................. 13-2
Metallurgical Testing ...................................................................................................... 13-5
Summary ..................................................................................................................... 13-40
14 MINERAL RESOURCE ESTIMATE .............................................................................. 14-1
Summary ....................................................................................................................... 14-1
Comparison with Previous Estimate .............................................................................. 14-6
Net Smelter Return Cut-Off Value ................................................................................. 14-8
Topography ................................................................................................................... 14-9
Arex, Link, and Ambrex ............................................................................................... 14-10
Babaçú ........................................................................................................................ 14-42
15 MINERAL RESERVE ESTIMATE ................................................................................. 15-1
Summary ....................................................................................................................... 15-1
Dilution ........................................................................................................................... 15-2
Extraction ....................................................................................................................... 15-3
Cut-off Grade ................................................................................................................. 15-3
16 MINING METHODS ....................................................................................................... 16-1
Mine Design ................................................................................................................... 16-1
Mining Method ............................................................................................................... 16-6
Underground Mining Fleet ............................................................................................. 16-7
Geotechnical Considerations ....................................................................................... 16-10
Ventilation .................................................................................................................... 16-17
Backfill ......................................................................................................................... 16-18
Production Schedule ................................................................................................... 16-19
17 RECOVERY METHODS ............................................................................................... 17-1
Process Description ....................................................................................................... 17-1
18 PROJECT INFRASTRUCTURE .................................................................................... 18-1
Waste Management ...................................................................................................... 18-1
Waste Production .......................................................................................................... 18-1

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Water Collection and Treatment .................................................................................... 18-8

Power Supply ................................................................................................................ 18-9
Water Supply ................................................................................................................. 18-9
Site Access .................................................................................................................. 18-10
19 MARKET STUDIES AND CONTRACTS ....................................................................... 19-1
Markets .......................................................................................................................... 19-1
Contracts ....................................................................................................................... 19-5
20 ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITY IMPACT
............................................................................................................................................ 20-1
Environmental Setting ................................................................................................... 20-1
Corporate Policy and Commitments .............................................................................. 20-4
Environmental Studies ................................................................................................... 20-4
Emergency Preparedness and Response ..................................................................... 20-9
Mine Waste Management .............................................................................................. 20-9
Water Management ..................................................................................................... 20-11
Project Permitting ........................................................................................................ 20-12
Social or Community Requirements ............................................................................ 20-13
Mine Closure Requirements ........................................................................................ 20-32
21 CAPITAL AND OPERATING COSTS ........................................................................... 21-1
Capital Costs ................................................................................................................. 21-1
Operating Costs ............................................................................................................. 21-4
22 ECONOMIC ANALYSIS ................................................................................................ 22-1
Economic Criteria .......................................................................................................... 22-1
Cash Flow Analysis ....................................................................................................... 22-6
Sensitivity Analysis ........................................................................................................ 22-6
23 ADJACENT PROPERTIES ........................................................................................... 23-1
24 OTHER RELEVANT DATA AND INFORMATION ......................................................... 24-1
25 INTERPRETATION AND CONCLUSIONS ................................................................... 25-1
26 RECOMMENDATIONS ................................................................................................. 26-1
27 REFERENCES .............................................................................................................. 27-1
28 DATE AND SIGNATURE PAGE ................................................................................... 28-1
29 CERTIFICATE OF QUALIFIED PERSON ..................................................................... 29-1

LIST OF TABLES
PAGE
Table 1-1 After-Tax Cash Flow Summary ........................................................................ 1-10
Table 1-2 Sensitivity Analyses .......................................................................................... 1-15
Table 1-3 Mineral Resources – September 30, 2020 ....................................................... 1-19
Table 1-4 Mineral Reserves – September 30, 2020 ......................................................... 1-20

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Table 1-5 Pre-Production Capital Cost Estimate .............................................................. 1-24

Table 1-6 Operating Cost Estimate .................................................................................. 1-25
Table 4-1 Exploration Authorization Permits ...................................................................... 4-2
Table 4-2 Surface Rights .................................................................................................... 4-6
Table 4-3 Royalty Data ....................................................................................................... 4-8
Table 9-1 Anglo American and Karmin Exploration – 1999 to 2002 ................................... 9-1
Table 9-2 Babaçú NW Exploration Target Potential – September 30, 2020 ...................... 9-5
Table 10-1 Drill Hole Database ........................................................................................ 10-1
Table 11-1 Certified Reference Materials ......................................................................... 11-6
Table 12-2 Summary of RPA Audits of the Resource Database ...................................... 12-3
Table 13-1 Phase 1 - LCT 2 Results ................................................................................ 13-6
Table 13-2 CWi Results .................................................................................................... 13-8
Table 13-3 SMC Results .................................................................................................. 13-8
Table 13-4 SPI Results ..................................................................................................... 13-9
Table 13-5 BWi Results .................................................................................................. 13-10
Table 13-6 Ai Results ..................................................................................................... 13-11
Table 13-7 RWi Results .................................................................................................. 13-11
Table 13-8 Summary of Key Optimization LCT Results ................................................. 13-14
Table 13-9 LCT 028 Conditions and Results– Arex Stratabound Master Composite..... 13-16
Table 13-10 LCT 011 Conditions and Results– Arex Stringer Master Composite ......... 13-17
Table 13-11 LCT 025 Conditions and Results– Arex Stringer Master Composite ......... 13-18
Table 13-12 LCT 030 Conditions and Results– Arex Blended (75% Stratabound, 25%
Stringer) ............................................................................................................................ 13-19
Table 13-13 LCT 009 Conditions and Results– Ambrex Stratabound Master Composite.......
.......................................................................................................................................... 13-20
Table 13-14 LCT 029 Conditions and Results– Ambrex Stratabound Master Composite.......
.......................................................................................................................................... 13-21
Table 13-15 Summary of Settling Tests Using Magnafloc 10 Flocculant (3 g/t) ............. 13-23
Table 13-16 Summary of Filtration Test Work Conducted by Andritz ............................ 13-27
Table 13-17 LCT 003F2 Conditions and Results – Link Stringer Composite ................. 13-29
Table 13-18 LCT 004F2 Conditions and Results – Stringer Global Composite ............. 13-30
Table 13-19 LCT 005F2 Conditions and Results – Link Stratabound Composite .......... 13-31
Table 13-20 LCT 006F2 Conditions and Results – Ambrex Stringer Composite ........... 13-32
Table 13-21 LCT 007F2 Conditions and Results – Ambrex Stratabound Composite .... 13-33
Table 13-22 LCT 008F2 Conditions and Results – Strata Global Composite ................ 13-34
Table 13-23 2018 Pilot Plant Samples ........................................................................... 13-35
Table 13-24 Head Assays – Quarterly Composites ....................................................... 13-37
Table 13-25 Head Assays and Test Results – Quarterly Composite BLEND ................ 13-38
Table 13-26 Comminution Data Used for Grinding Circuit Simulations .......................... 13-39
Table 14-1 Summary of Mineral Resources – September 30, 2020 ................................ 14-2
Table 14-2 Mineral Resources by Type and Area - September 30, 2020 ........................ 14-3
Table 14-3 Comparison With Previous Mineral Resource Estimates ............................... 14-7
Table 14-4 Mineralization Zones by Area - Arex, Link, and Ambrex .............................. 14-12
Table 14-5 Arex, Link, and Ambrex Grade Capping Levels ........................................... 14-18
Table 14-6 Arex, Link, and Ambrex Uncapped versus Capped Assay Statistics ........... 14-19
Table 14-7 Arex, Link, and Ambrex Composite Statistics .............................................. 14-22
Table 14-8 Arex, Link, and Ambrex Correlogram Parameters ....................................... 14-25
Table 14-9 Arex, Link, and Ambrex Block Model Setup ................................................. 14-29
Table 14-10 Arex, Link, and Ambrex Sample Selection Strategy ................................... 14-30
Table 14-11 Nexa Search Ellipse Ranges for Classification Criteria - Arex, Link, and
Ambrex ............................................................................................................................. 14-31
Table 14-12 Babaçú Grade Capping Levels .................................................................. 14-44

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Table 14-13 Babaçú Uncapped versus Capped Assay Statistics .................................. 14-45
Table 14-14 Babaçú Composite Statistics ...................................................................... 14-48
Table 14-15 Babaçú Block Model Setup ........................................................................ 14-49
Table 14-16 Babaçú Sample Selection Strategy ............................................................ 14-50
Table 14-17 Comparison Between ID³ and NN Means - Babaçú ................................... 14-52
Table 15-1 Mineral Reserves – September 30, 2020 ....................................................... 15-1
Table 15-2 Dilution ........................................................................................................... 15-2
Table 15-3 Extraction Percentage .................................................................................... 15-3
Table 15-4 NSR Data ....................................................................................................... 15-5
Table 16-1 Development Dimensions .............................................................................. 16-6
Table 16-2 Main Underground Mining Fleet ..................................................................... 16-8
Table 16 3 Backfill Specification ..................................................................................... 16-19
Table 16-4 Production Schedule .................................................................................... 16-20
Table 17-1 Key Process Design Criteria .......................................................................... 17-1
Table 20-1 Environmental Impacts and Management Measures (GeoMinAs, 2017) ....... 20-6
Table 20-2 Socio-economic Impacts and Management Measures (GeoMinAs, 2017) .. 20-17
Table 20-3 Impacts on Indigenous Communities and Identified Management Measures
(Comtexto Consulting, 2018) ............................................................................................ 20-30
Table 20-4 Summary of pre-closure, closure and post-closure activities (SETE, 2018) 20-35
Table 21-1 Pre-Production Capital Cost Estimate ............................................................ 21-2
Table 21-2 Sustaining Capital Cost Estimate ................................................................... 21-2
Table 21-3 Operating Cost Estimate ................................................................................ 21-4
Table 22-1 After-Tax Cash Flow Summary ...................................................................... 22-3
Table 22-2 Sensitivity Analyses ........................................................................................ 22-8

LIST OF FIGURES
PAGE
Figure 1-1 Pre-Tax Sensitivity Analysis Example ............................................................. 1-14
Figure 4-1 Location Map ..................................................................................................... 4-3
Figure 4-2 Property Map ..................................................................................................... 4-4
Figure 4-3 Surface Rights ................................................................................................... 4-7
Figure 7-1 Regional Geology .............................................................................................. 7-2
Figure 7-2 Geological Map of the Amazonian Shield ......................................................... 7-3
Figure 7-3 Property Geology .............................................................................................. 7-6
Figure 8-1 Target Model ..................................................................................................... 8-2
Figure 9-1 Location of Babaçú NW Exploration Target ...................................................... 9-6
Figure 9-2 Conceptual Vertical Section Showing the Babaçú NW Exploration Target ....... 9-7
Figure 10-1 Drill Hole Collar Map – Arex, Link, and Ambrex ............................................ 10-4
Figure 11-1 Control Chart for CRM AP0004: Zinc ............................................................ 11-7
Figure 11-2 Control Chart for CRM AP0004: Lead ........................................................... 11-8
Figure 11-3 Control Chart for CRM AP0001: Copper ....................................................... 11-8
Figure 11-4 2005 to 2020 Results of Blank Samples (Zinc, Lead, and Copper) ............ 11-10
Figure 11-5 Analysis of Field Duplicate Data (Lead) ...................................................... 11-11
Figure 11-6 Analysis of Coarse Rejectduplicate Data (Zinc) .......................................... 11-11
Figure 11-7 Analysis of Pulp Reject Duplicate Data (Copper) ........................................ 11-12
Figure 11-8 Analysis of External Laboratory Checks (Zinc) ........................................... 11-13
Figure 12-1 Density Measurements at Ambrex by Rock Unit ........................................... 12-4
Figure 12-2 Density Measurements at Arex by Rock Unit ................................................ 12-5

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Figure 13-1 Location of 2017 Arex Metallurgical Samples ............................................... 13-3

Figure 13-2 Location of 2017 Ambrex Metallurgical Samples .......................................... 13-4
Figure 13-3 Simplified Sequential Flotation Circuit ......................................................... 13-13
Figure 13-4 Variation of Metal Assays in Flotation Products .......................................... 13-24
Figure 13-5 Variation of Metal Assays in Flotation Products .......................................... 13-25
Figure 13-6 Yield Stress versus Solids Percentage ....................................................... 13-26
Figure 13-7 Viscosity versus Solids Percentage ............................................................ 13-26
Figure 14-1 Isometric View Showing the Potentially Mineable Shapes Used for Reporting
............................................................................................................................................ 14-5
Figure 14-2 3D Isometric View of the Arex, Link, and Ambrex Wireframes.................... 14-13
Figure 14-3 Arex Geological Model ................................................................................ 14-14
Figure 14-4 Link Geological Model ................................................................................. 14-15
Figure 14-5 Ambrex Geological Model ........................................................................... 14-16
Figure 14-6 Capping Analysis for Body=117 (Arex) ....................................................... 14-20
Figure 14-7 Cu Capping Analysis for Body=606 (Ambrex Stringer) ............................... 14-21
Figure 14-8 Comparison of Histograms for Assay and Composite Length - Arex, Link, and
Ambrex ............................................................................................................................. 14-23
Figure 14-9 Correlation Matrices by Type and Area - Arex, Link, and Ambrex .............. 14-24
Figure 14-10 Arex Stratabound Correlograms (Plotted as Variograms) ......................... 14-27
Figure 14-11 Ambrex Stringer Correlograms (Plotted as Variograms) ........................... 14-28
Figure 14-12 Global Variograms Used for Classification Criteria - Arex and Ambrex .... 14-32
Figure 14-13 Arex, Link, and Ambrex Final Classification Designation .......................... 14-33
Figure 14-14 Comparison Between OK and NN Means (Stratabound) - Arex, Link, and
Ambrex ............................................................................................................................. 14-35
Figure 14-15 Comparison Between OK And NN Means (Stringer) - Arex, Link, and Ambrex
.......................................................................................................................................... 14-36
Figure 14-16 Swath Plot – Stratabound – Easting .......................................................... 14-37
Figure 14-17 Swath Plot – Stringer – Easting ................................................................ 14-38
Figure 14-18 Arex Vertical Section Showing Zn and Cu Block versus Composite Grades .....
.......................................................................................................................................... 14-39
Figure 14-19 Link Vertical Section Showing Zn and Cu Block versus Composite Grades ......
.......................................................................................................................................... 14-40
Figure 14-20 Ambrex Vertical Section Showing Zn and Cu Block versus Composite Grades
.......................................................................................................................................... 14-41
Figure 14-21 Plan View of Ambrex and Babaçú Mineralization Wireframes .................. 14-43
Figure 14-22 Babaçú Capping Analysis for Stringer ...................................................... 14-46
Figure 14-23 Histograms for Assay (Left) and Composite (Right) Lengths - Babaçú..... 14-47
Figure 14-24 Correlation Matrices by Mineralization Type - Babaçú .............................. 14-49
Figure 14-25 Babaçú Final Classification Designation ................................................... 14-51
Figure 14-26 Babaçú Zn Stratabound Swath Plot – Easting .......................................... 14-53
Figure 14-27 Babaçú Pb Stratabound Swath Plot – Easting .......................................... 14-53
Figure 14-28 Babaçú Ag Stratabound Swath Plot – Easting .......................................... 14-54
Figure 14-29 Babaçú Cu Stringer Swath Plot – Easting ................................................. 14-54
Figure 14-30 Babaçú Au Stringer Swath Plot – Easting ................................................. 14-55
Figure 14-31 Babaçú Vertical Sections Showing Zn Block versus Composite Grades .. 14-56
Figure 14-32 Babaçú Vertical Sections Showing Cu Block versus Composite Grades.. 14-57
Figure 16-1 Aripuanã Long Section .................................................................................. 16-2
Figure 16-2 Arex Long Section ......................................................................................... 16-3
Figure 16-3 Link Long Section .......................................................................................... 16-4
Figure 16-4 Ambrex Long Section .................................................................................... 16-5
Figure 16-5 Perspective 3D Solid Geomechanical Schematic ....................................... 16-12
Figure 16-6 Ventilation Requirements ............................................................................ 16-18

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Figure 17-1 Simplified Process Flow Sheet ...................................................................... 17-4

Figure 18-1 General Site Plan .......................................................................................... 18-3
Figure 18-2 TMF Stack 1 Plan View (End of Phase 3) ..................................................... 18-4
Figure 18-3 Double Lining and Leak Detection System for TMF (Stack 1) and Waste Rock
Facility (Stack 2) ................................................................................................................. 18-6
Figure 18-4 Engineered Wetlands Concept ..................................................................... 18-8
Figure 18-5 Aripuanã Wetland Water Treatment .............................................................. 18-9
Figure 19-1 Zinc Price Outlook (2020-2025) .................................................................... 19-3
Figure 19-2 Refined Copper Market Balance (2020-2025) .............................................. 19-4
Figure 19-3 Copper Price Outlook (2020-2025) ............................................................... 19-5
Figure 22-1 Pre-Tax Sensitivity Analysis Example ........................................................... 22-7

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1 SUMMARY
EXECUTIVE SUMMARY
Roscoe Postle Associates Inc. (RPA), now part of SLR Consulting Ltd (SLR), was retained by
Nexa Resources S.A. (Nexa) to prepare an independent Technical Report on the Aripuanã
Zinc Project (Aripuanã or the Project), located in the state of Mato Grosso, Brazil. The purpose
of this Technical Report is to support the disclosure of updated Mineral Resource and Mineral
Reserve estimates. This Technical Report conforms to National Instrument 43-101 Standards
of Disclosure for Mineral Projects (NI 43-101). RPA visited the property in February and June
2017.

Nexa is a publicly traded company on the Toronto Stock Exchange (TSX) and the New York
Stock Exchange (NYSE). It is a reporting issuer in all provinces and territories of Canada and
is under the jurisdiction of the Ontario Securities Commission.

Nexa is a large-scale, low-cost, integrated zinc producer with over 60 years of experience
developing and operating mining and smelting assets in Latin America. Nexa has a diversified
portfolio of polymetallic mines (zinc, lead, copper, silver, and gold) and also greenfield projects
at various stages of development in Brazil and Peru. In Brazil, Nexa owns and operates two
underground mines, Vazante and Morro Agudo (Zn and Pb). It also operates two zinc smelters
in Brazil (Três Marias and Juiz de Fora). In Peru, Nexa operates the El Porvenir (Zn, Pb, Cu,
Ag, and Au), Cerro Lindo (Zn, Cu, Pb, and Ag), and Atacocha (Zn, Cu, Pb, Au, and Ag)
underground mines, as well as the Cajamarquilla zinc smelter near Lima. Nexa’s development
projects in Peru include Magistral, Shalipayco, Florida Canyon (JV with Solitario), Hilarión, and
Pukaqaqa. In Brazil, Nexa is developing the Aripuanã Zinc Project (Zn, Pb, and Ag), which is
currently under construction. The Project is owned by Mineração Dardanelos Ltda.
(Dardanelos), a wholly-owned subsidiary of Nexa.

To date, the focus of exploration activities on the Project has been the Arex, Link, Ambrex, and
Babaçú deposits, which contain the current Mineral Resources and Mineral Reserves. A
feasibility study (FS) was completed in 2018, and construction began in July 2019. Earthworks
are complete, surface facilities are under construction, and underground development is

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underway, with mechanical completion expected in 4Q21 and production scheduled to begin
in 2022.

CONCLUSIONS
RPA offers the following conclusions for each area:

GEOLOGY AND MINERAL RESOURCES

• The Aripuanã deposits are located within the central-southern portion of the Amazonian
Craton, in which Paleoproterozoic and Mesoproterozoic lithostratigraphic units of the
Rio Negro-Juruena province (1.80 Ga to 1.55 Ga) predominate.
• The Aripuanã polymetallic deposits are typical volcanogenic massive sulphide (VMS)
deposits associated with felsic bimodal volcanism. Four main elongate mineralized
zones, Arex, Link, Ambrex, and Babaçú, have been defined in the central portion of the
Project.
• Two separate material types have been identified – massive sulphide stratabound Zn-
Pb mineralization, and Cu-Au bearing stringer mineralization found in the footwall of
the stratabound zones.
• The drilling, sampling, sample preparation, analysis, and data verification procedures
meet or exceed industry standard, and are appropriate for the estimation of Mineral
Resources.
• As prepared by Nexa and adopted by RPA, the Aripuanã Measured and Indicated
Mineral Resources, effective as of September 30, 2020, comprise 8.1 million tonnes
(Mt) at 2.1% Zn, 0.7% Pb, 0.3% Cu, 0.4 g/t Au, and 22 g/t Ag for 169 thousand tonnes
(kt) of Zn, 60 kt of Pb, 25 kt of Cu, 98 thousand ounces (koz) of Au, and 5.8 million
ounces (Moz) of Ag. The Mineral Resources are exclusive of Mineral Reserves.
• Inferred Mineral Resources comprise 39.5 Mt at 3.3% Zn, 1.2% Pb, 0.3% Cu, 0.6 g/t
Au, and 34 g/t Ag for 1.3 Mt of Zn, 482 kt of Pb, 131 kt of Cu, 737 koz of Au, and 43
Moz of Ag.
• The Mineral Resource estimate is consistent with the Canadian Institute of Mining,
Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and
Mineral Reserves dated May 10, 2014 (CIM (2014) definitions) as incorporated by
reference into NI 43-101.
• Based on additional drilling completed since 2018, the Babaçú deposit has been
incorporated into the Project’s Mineral Resource estimate. The deposit remains open
and presents exploration potential beyond the current Mineral Resources. Limited
exploration has identified additional mineralized bodies including Massaranduba to the
south and Arpa to the north.

MINING AND MINERAL RESERVES

• The deposits support a production rate of 2.2 million tonnes per annum (Mtpa),
producing an average of 70 kt of zinc per year (zinc equivalent of 119 kt per year, after
converting other metals based on net revenue).

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• Deposit geometry and geomechanical properties are amenable to bulk longhole mining
methods, in primary/secondary or longitudinal retreat sequencing, depending on
thickness.
• As prepared by Nexa and adopted by RPA, the Aripuanã Proven and Probable Mineral
Reserves, effective as of September 30, 2020, comprise 23.5 Mt at grades of 3.7% Zn,
1.4% Pb, 0.25% Cu, 0.31 g/t Au, and 34 g/t Ag, containing 859.8 kt Zn, 319.0 kt Pb,
59.7 kt Cu, 236.1 koz Au, and 25.9 Moz Ag.
• The Mineral Reserve estimate is consistent with the CIM (2014) definitions as
incorporated by reference into NI 43-101.
• Dilution and extraction estimates include:
o Dilution – planned (captured within stope designs) and additional unplanned
dilution applied as factors ranging from 5% to 15%, by mining method.
 RPA’s preference is to apply dilution as a hangingwall/footwall distance, rather
than a global percentage (as has been done in estimating Mineral Reserves).
The percentage approach applies too much dilution to larger stopes and not
enough to smaller stopes.
 RPA reviewed the impact of this methodology and found that using percentage
dilution may introduce small inaccuracies to some individual stope estimates,
however, it has little impact on the overall estimate.
o Extraction – initial selection of resources by stope optimization and design, plus
additional factors of 85% to 100%, by mining method.
• The stope shapes are based on optimizer output, with some editing and manual
redesign. There will be opportunities to reduce planned dilution and increase extraction
after infill drilling and before mining as part of the short-term planning process.
• The Arex, Link, and Ambrex deposits are not directly connected underground, making
it difficult to share slow-moving mobile equipment efficiently. Fleet unit numbers are
adequate to achieve the proposed mine production with limited sharing.

MINERAL PROCESSING
• The results of the metallurgical test work form the basis for the current engineering
design of the sequential talc, copper, lead, and zinc flotation circuit.
• Stringer and stratabound mineralization have been tested separately and in blends of
various proportions. Different comminution results and recovery kinetics were
observed during bench-scale test work for the different mineralization. The decision
was initially made to process the two material types separately on a campaign basis,
however, continued test work on blends indicated that acceptable recoveries and
concentrate grades can be achieved when processing blended ore. Therefore, the
processing strategy has been changed to one of processing blended ore as produced
according to the mining schedule.
• Process performance is projected as:
o Stratabound Zinc – 89.5% recovery to Zn concentrate. Silver recovery to this
concentrate will be 10%.

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o Stratabound Lead – Variable recovery in the range of 80% to 90% with a life of
mine (LOM) average of 84.5% to Pb concentrate. Gold and silver recoveries to this
concentrate will be 20% and 55%, respectively.
o Stratabound Copper – 67.6% to Cu concentrate. Gold and silver recoveries to this
concentrate will be 50% and 20%, respectively.
o Stringer Copper – Variable recovery in the range of 85% to 95% with a LOM
average of 86.9% recovery to Cu concentrate. Gold and silver recoveries to this
concentrate will be 63% and 50%, respectively.
o Regression models have been developed from the test work to relate recovery to
head grade for each of the metals and have been used to estimate recovery in the
cash flow model for the LOM.
• Test work in late 2019 and early 2020 by SGS GEOSOL on composites representing
ore to be processed in the first nine quarters of operation (based on the FEL3 LOM
plan) confirmed that acceptable recoveries and concentrate grades could be achieved.
While zinc and copper recoveries were within expected ranges, lead recovery was
below expectations. However, since many of the locked cycle tests (LCT) using these
composites did not reach equilibrium, recoveries and concentrate grades need to be
verified.
• Pilot plant test work is being conducted by Nexa at its Vazante Mine using blended
(stratabound and stringer) bulk ore samples drawn from the run of mine (ROM)
stockpile at Aripuanã. Results from this test work were not available at the time of
writing this Technical Report.
• Grinding circuit simulations were conducted to evaluate the capacity of the grinding
circuit when processing different ore types. The simulations indicated that throughput
would be limited to 216 tonnes per hour (tph) (4,730 tpd) for stringer ore and 289 tph
(6,300 tpd) for stratabound ore, with throughput between these two cases for blends of
stringer and stratabound ore. RPA estimated that throughput of stringer ore of up 5,000
tpd could be achieved for ore corresponding to the 75th percentile of hardness values
determined during test work, rather than the higher hardness values used in the
grinding circuit simulations.
• Talc (non-sulphide fines) removal by flotation is sometimes required prior to sequential
flotation of Cu, Pb, and Zn. Copper losses to the talc concentrate can be recovered by
reverse copper flotation from the talc concentrate, which will be implemented in the
processing plant if required.
• Concentrates are expected to be generally clean without penalizable levels of
deleterious elements.

ENVIRONMENT
• Nexa reports that it has ISO systems in place and has committed to complying with all
relevant legal requirements.
• Nexa has assessed the environmental impacts of the Project in the 2017 Environmental
Impact Assessment (EIA) for all Project phases, taking into account the baseline
conditions. Management programs and monitoring plans were included in the EIA to
mitigate the identified impacts, and further detail on these programs and plans were
provided in a stand-alone Environmental Control Plan in 2018. The EIA and
subsequent management plans are comprehensive in the detail they provide. Some

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aspects such as resource use efficiency are yet to be considered by the developing
Project.

SOCIAL
• Nexa’s developing the Project contributes positively to community well-being and
development. The Project has provided assistance to the local authorities and
communities in responding to the current COVID-19 pandemic. Nexa has established
environmental and social management programs, as well as health and safety
programs for its employees. Corporate policies, procedures, and practices are
implemented in a manner consistent with relevant International Finance Corporation
(IFC) Performance Standards.

CONSTRUCTION PROGRESS
• Detailed engineering is 99% complete.
• Physical construction progress has been estimated by Nexa to be 51% as of the end
of August 2020.
• 70% of long-lead equipment has been delivered to site.
• Pre-commissioning and commissioning is scheduled for the second half of 2021, with
ramp-up to full production starting in 2022.
• Delays from the original schedule include:
o Delays in completion of detailed engineering and outcomes of detailed engineering
resulting in increases in quantities including earthworks and construction materials,
investment in mine development, consumables, and spare parts, among others;
o Additional infrastructure services due to issues experienced during earthworks
activities;
o Additional scope such as new equipment and infrastructure items in the process
plant and in the tailings dry stack piles;
o Increase in third-party services;
o Upgrades at the Dardanelos power substation;
o Logistics constraints on the upgrade of the Aripuanã river bridge;
o The COVID-19 pandemic.

COSTS AND ECONOMICS

• Pre-production capital costs remaining from 2021 onward total US$228 million.
• Contingency comprises 7.6% of direct and indirect capital costs.
• Operating costs average US$34.35 per tonne over the LOM, with higher unit costs at
the start and end when full production is not achievable.
• Long-term metal prices (from 2026 onwards) are based on Nexa’s projections. Nexa’s
long term price model uses multiple variables including supply (mine and refined),
demand, cost drivers, capital cost, and other key elements. The long-term prices
derived are in line with the consensus forecasts from banks and independent

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institutions and are as follows: US$1.11/lb Zn, US$0.87/lb Pb, US$3.01/lb Cu,
US$1,500/oz Au, and US$16.87/oz Ag.
• Smelter terms are projected by Nexa based on selling 46% of produced concentrates
directly to China and 54% to Nexa’s internal smelters, and are consistent with industry
benchmarks.
• Considering the Project on a stand-alone basis, the undiscounted after-tax cash flow
totals US$370 million over the mine life of 11 years (including mining activities from
2022 to 2032), and simple payback occurs 3.0 years from start of production. The
after-tax Net Present Value (NPV) at a 9% discount rate is $356 million, and the Internal
Rate of Return (IRR) is 31.9%.
• This NPV and IRR does not include capital expenditures to date. Capital costs up to
2Q20 amounted to US$201 million. Nexa has forecast expenditures of US$117 million
in 2H20, US$227 million in 2021 and US$1 million in 2022, totalling US$547 million.
An additional US$201 million of sustaining capital is estimated during the LOM, which
includes US$66 million in mine development and US$20 million in mine closure cost.
Considering capital expenditures to date, the Project’s after-tax NPV at a 9% discount
rate is $27 million, and the IRR is 9.8%.

RECOMMENDATIONS
RPA offers the following recommendations for each area:

GEOLOGY AND MINERAL RESOURCES

• Infill areas where poorly angled drill holes are driving the geological interpretation.
• Investigate the use of density weighting during compositing and interpolation.
• Following up with additional step out drilling at Babaçú to increase the Mineral
Resource.
• Drill the Babaçú NW Exploration Target to convert the exploration target to Mineral
Resources.
• Continue to review minor issues with certain Certified Reference Materials (CRMs)
used in analytical quality assurance procedures.

MINING
• Review and optimize stope shapes after infill drilling and before mining as part of the
short-term planning process.
• Implement a rigorous grade control program during operations, to assess the impact of
the various material grades and effectiveness of blending on the process recovery.

MINERAL PROCESSING
• Confirm the recovery and concentrate grade values derived from earlier test work that
have been used in project cash flow calculations by completing the ongoing pilot test
work at Nexa’s Vazante Mine using bulk blended ore samples simulating the
processing of stringer and stratabound material together. This test work may also

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provide opportunities to optimize flotation conditions to maximize recovery and

concentrate quality.
• Verify the talc flotation circuit configuration to minimize copper losses through pilot test
work at Vazante Mine.

ENVIRONMENT
• Develop and implement a project-specific environmental policy.
• Revise the management plans on a regular basis and improve them where relevant
based on feedback such as monitoring data or stakeholder comments. An action
should therefore be specifically included in the management plans which describes
how and when these plans will be revised and updated.
• Ensure that the environmental monitoring plans are being implemented according to
the Environmental Control Plan.
• Compare monitoring results to relevant international standards, e.g., IFC standards
specified in various guideline documents, in addition to local or national applicable
standards.
• Nexa has indicated that all third-party water users were identified, and the monitoring
program was developed taking these users into account. Information should be
maintained on potential sensitive receptors with respect to impacts such as dust
generation, noise and third-party water surface and groundwater users so that these
receptors can be monitored as relevant in order to ensure that all potential Project
impacts are adequately managed.

The following recommendations associated with tailings disposal are proposed for the next
phase of the design:
• Classify the tailings management facility (TMF) in terms of the Global Tailings Standard
or the Canadian Dam Association. The classification may require more conservative
design criteria in terms of flood management and seismic loading.
• Consider the stability assessment of the individual components of the double lined
system and the interface between the components in the stability analyses. In
particular, the interface between the smooth side of the geomembrane and the sand
leakage detection layer.
• Complete a deformation analysis to determine if the long-term strain of the high density
polyethylene geomembrane is within acceptable limits.
• Implement measures to control dust generation from the slopes of the TMF and internal
access roads and ramps during the dry season.
• Implement requirements to allow the progressive rehabilitation of the slopes.
• Implement deposition planning for the wet season and the associated logistical
requirements for the use and management of the inflatable warehouses.
• Investigate the extent of the colluvial layer within the foundation of the TMF to provide
a more accurate estimate of the volume of material that must be removed.

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• Carry out an initial assessment of the stability of the capping clay layer on the
intermediate bench slopes to determine if slope flattening is required for closure.
• Determine a source of clay with suitable quality for use as a lining and capping material.
• Complete a formal risk assessment.

SOCIAL
• Nexa has conducted extensive stakeholder engagement with communities in the area,
including Indigenous Communities. As the Project moves forward, Nexa should
develop a stakeholder engagement plan going forward and update this plan regularly.
A separate plan should be developed for engagement with Indigenous Communities
going forward. The Engagement with Indigenous Communities plan should specifically
determine if these stakeholders are satisfied with the risks, impacts, and management
measures identified for the Project. All stakeholder engagement plans should consider
the current COVID-19 pandemic in terms of how interaction with stakeholders can be
achieved both effectively and safely for as long as the pandemic is a factor.
• Revise the social management plans on a regular basis and improve where relevant,
based on feedback such as monitoring data or stakeholder comments. An action
should therefore be specifically included in the management plans which describes
how and when these plans will be revised and updated.
• Clearly document the socio-economic monitoring program and methods and include
benchmarks.
• Develop and implement site-specific occupational, health, and safety plans.
• Develop and implement a Chance Find procedure for heritage resources.
• Maintain clear records on any worker grievances or ethical violations, if not done
already.
• Consider implementing preferential hiring, training, and development of Indigenous
People specifically.

COSTS AND ECONOMICS

• Continuously monitor costs and exchange rates and lock in costs as soon as possible
to eliminate economic uncertainty.

ECONOMIC ANALYSIS
An after-tax Cash Flow Projection has been generated from the LOM production schedule and
capital and operating cost estimates and is summarized in Table 1-1. A summary of the key
criteria is provided below.

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ECONOMIC CRITERIA
REVENUE
• LOM processing of 23.5 Mt, grading 3.7% Zn, 1.4% Pb, 0.3% Cu, 34 g/t Ag, and 0.3 g/t
Au
• LOM average metallurgical recovery of 89% Zn, 83% Pb, 71% Cu, 75% Ag, and 67%
Au.
• LOM average metal payable of 85% Zn, 95% Pb, 96% Cu, 83% Ag, and 83% Au.
• LOM payable metal of 713 kt Zn, 251 kt Pb, 41 kt Cu, 16,654 koz Ag, and 131 koz Au.
• LOM metal prices derived from Nexa’s Internal Projection forecasts converging on
long-term prices of US$1.11/lb Zn, US$0.87/lb Pb, US$3.01/lb Cu, US$16.87/oz Ag,
and US$1,500/oz Au from 2026 onwards.
• All revenues are received in US$.
• Total gross revenue of US$3,028 million.
• Total offsite treatment, transportation, and refining charges of US$422 million.
• Total royalties of US$113 million.
• Net revenue of US$2,541 million.
• Average unit net revenue of US$94/t processed.
• Revenue is recognized at the time of production.

COSTS
• Mine life: 11 years.
• LOM production plan as summarized in Table 1-1.
• Pre-production capital remaining totals US$228 million from 2021 onward.
• Pre-production capital expected to be spent by the end of 2020 (since 2018) totals
US$318 million, US$121 million of which will be spent in the second half of 2020.
• Sustaining capital over the LOM totals US$201 million.
• Average operating cost over the mine life is US$34.35/t processed.
• Costs were estimated in Brazilian reais (R$) at an exchange rate of R$4.80:US$1.00.
The cash flow has incorporated an increased exchange rate compared to the long-term
forecast exchange rate of R$3.67:US$1.00 that was assumed during the design
process.

TAXATION AND ROYALTIES

RPA has relied on a Nexa taxation model for calculation of income taxes applicable to the cash
flow (Table 1-1).

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TABLE 1-1 AFTER-TAX CASH FLOW SUMMARY

Nexa Resources S.A. – Aripuanã Zinc Project

Cash Flow Summary Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16
Aripuanã Project
Inputs UNITS TOTAL 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
MINING
Underground
Operating Days 365 days 30 100 365 365 365 365 365 365 365 365 365 365 365 365 365
Tonnes mined per day tonnes / day 5,241.7 1,325 3,478 3,589 5,891 6,050 5,908 5,931 6,073 6,260 6,250 6,062 6,155 5,170 - -

Production '000 tonnes 23,507 40 348 1,310 2,150 2,208 2,157 2,165 2,217 2,285 2,281 2,213 2,247 1,887 - -
Zn Grade % 3.7% 1.6% 2.9% 3.2% 3.8% 3.9% 3.5% 3.6% 3.6% 4.0% 3.9% 3.3% 3.7% 3.8% 0.0% 0.0%
Pb Grade % 1.4% 0.4% 1.1% 1.2% 1.3% 1.4% 1.3% 1.3% 1.3% 1.6% 1.4% 1.3% 1.4% 1.4% 0.0% 0.0%
Cu Grade % 0.3% 0.9% 0.5% 0.7% 0.4% 0.3% 0.3% 0.3% 0.3% 0.1% 0.1% 0.2% 0.1% 0.1% 0.0% 0.0%
Ag Grade 34.25 oz/t 1.10 0.49 0.85 1.04 1.04 1.17 1.17 1.11 1.21 1.28 1.01 0.95 1.04 1.11 - -
Au Grade 0.31 oz/t 0.010 0.016 0.014 0.020 0.014 0.009 0.013 0.011 0.010 0.006 0.005 0.011 0.007 0.008 - -
Contained Metal in ROM
Zn 000 tonnes 860 0.6 10.1 42.5 81.5 85.6 75.5 77.1 79.6 91.6 88.2 73.0 82.5 71.9 - -
Pb 000 tonnes 319 0.2 3.8 15.3 28.8 30.4 28.3 28.5 28.7 36.6 31.3 28.4 32.4 26.3 - -
Cu 000 tonnes 60 0.4 1.9 9.5 9.7 6.1 7.4 6.2 7.1 2.2 1.6 3.4 2.3 2.0 - -
Ag kozs 25,887 19.4 296.4 1,364.1 2,233.5 2,575.9 2,528.8 2,407.4 2,689.8 2,925.9 2,314.3 2,102.1 2,335.1 2,094.1 - -
Au kozs 236 0.6 4.8 25.6 30.0 20.4 28.5 24.3 21.3 14.2 10.8 24.7 16.1 14.7 - -

PROCESSING
Mill Feed '000 tonnes 23,507 - - 1,698 2,150 2,208 2,157 2,165 2,217 2,285 2,281 2,213 2,247 1,887 - -
Head grade
Zn Grade % 3.7% 3.1% 3.8% 3.9% 3.5% 3.6% 3.6% 4.0% 3.9% 3.3% 3.7% 3.8% 0.0% 0.0%
Pb Grade % 1.4% 1.1% 1.3% 1.4% 1.3% 1.3% 1.3% 1.6% 1.4% 1.3% 1.4% 1.4% 0.0% 0.0%
Cu Grade % 0.3% 0.7% 0.4% 0.3% 0.3% 0.3% 0.3% 0.1% 0.1% 0.2% 0.1% 0.1% 0.0% 0.0%
Ag Grade oz/t 1.10 0.99 1.04 1.17 1.17 1.11 1.21 1.28 1.01 0.95 1.04 1.11 - -
Au Grade oz/t 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.01 - -
Contained Zn '000 tonnes 860 53.3 81.5 85.6 75.5 77.1 79.6 91.6 88.2 73.0 82.5 71.9 - -
Contained Pb '000 tonnes 319 19.3 28.8 30.4 28.3 28.5 28.7 36.6 31.3 28.4 32.4 26.3 - -
Contained Cu '000 tonnes 60 11.7 9.7 6.1 7.4 6.2 7.1 2.2 1.6 3.4 2.3 2.0 - -
Contained Ag koz 25,887 1,679.8 2,233.5 2,575.9 2,528.8 2,407.4 2,689.8 2,925.9 2,314.3 2,102.1 2,335.1 2,094.1 - -
Contained Au koz 236 31.1 30.0 20.4 28.5 24.3 21.3 14.2 10.8 24.7 16.1 14.7 - -
Net Recovery
Zn Recovery % 89.1% 88.4% 89.2% 89.3% 88.9% 89.1% 88.4% 89.3% 89.4% 89.3% 89.2% 89.3% 0.0% 0.0%
Pb Recovery % 83.0% 82.0% 83.5% 82.5% 83.5% 84.1% 80.7% 84.6% 81.9% 83.2% 83.5% 83.1% 0.0% 0.0%
Cu Recovery % 71.0% 77.9% 75.7% 70.3% 77.8% 78.0% 75.5% 47.8% 29.3% 62.1% 47.8% 48.5% 0.0% 0.0%
Ag Recovery % 75.2% 74.0% 75.0% 75.6% 74.7% 74.9% 74.9% 75.9% 75.9% 75.1% 75.6% 75.7% 0.0% 0.0%
Au Recovery % 67.4% 66.5% 67.5% 68.4% 66.2% 66.6% 67.6% 69.4% 69.4% 66.3% 68.5% 68.0% 0.0% 0.0%
Concentrate Production
Zn Concentrate '000 tonnes 1,380 84.8 131.0 137.6 121.0 123.7 126.8 147.5 142.0 117.5 132.6 115.8 - -
Zn % 55.50% 55.5% 55.5% 55.5% 55.5% 55.5% 55.5% 55.5% 55.5% 55.5% 55.5% 55.5% 55.5% 55.5%
Ag oz/t 1.09 1.10 0.98 1.10 1.19 1.12 1.22 1.19 0.98 1.04 1.04 1.07 - -
Pb Concentrate '000 tonnes 461 27.6 41.8 43.6 41.1 41.6 40.3 53.9 44.5 41.1 47.1 38.1 - -
Pb % 57.50% 57.5% 57.5% 57.5% 57.5% 57.5% 57.5% 57.5% 57.5% 57.5% 57.5% 57.5% 57.5% 57.5%
Ag oz/t 27.3 28.2 25.7 29.1 29.2 27.7 31.9 27.0 25.9 24.7 24.4 27.2 - -
Au oz/t 0.06 0.11 0.09 0.07 0.06 0.06 0.07 0.05 0.04 0.06 0.05 0.06 - -
Cu Concentrate I '000 tonnes 72 16.5 10.7 2.7 11.2 9.9 7.7 1.0 0.5 6.8 2.4 2.1 - -
Cu % 30.00% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
Ag oz/t 5.30 3.9 4.0 8.2 5.8 5.1 7.7 6.3 5.7 5.2 7.9 5.6 - -
Au oz/t 0.78 0.59 0.62 1.07 0.86 0.76 0.61 0.75 1.12 1.21 0.91 1.29 - -
Cu Concentrate II '000 tonnes 70 13.9 13.6 11.6 8.1 6.2 10.2 2.5 1.1 0.2 1.2 1.1 - -
Cu % 30.00% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%

www.rpacan.com
Ag oz/t 72.04 22.26 31.48 43.81 59.44 74.73 50.44 229.54 437.64 1,755.64 368.61 378.43 - -
Au oz/t 1.06 0.56 0.71 0.69 0.81 1.00 0.68 2.56 4.66 25.09 5.06 4.79 - -

TOTAL Recovered
Zn '000 tonnes 766.0 47.1 72.7 76.4 67.2 68.6 70.4 81.8 78.8 65.2 73.6 64.2 - -
Pb '000 tonnes 264.9 15.8 24.0 25.1 23.6 23.9 23.2 31.0 25.6 23.6 27.1 21.9 - -
Cu '000 tonnes 42.4 9.1 7.3 4.3 5.8 4.8 5.4 1.1 0.5 2.1 1.1 1.0 - -
Ag koz 19,476.8 1,243.5 1,675.3 1,946.3 1,888.0 1,803.3 2,013.5 2,220.4 1,757.3 1,578.9 1,764.8 1,585.4 - -
Au koz 159.1 20.7 20.3 14.0 18.9 16.1 14.4 9.8 7.5 16.4 11.0 10.0 - -
Page 1-10

Zn equivalent kt /year 1,307 108.3 132.8 124.4 118.5 122.6 125.6 130.2 116.8 110.3 116.6 100.9 - -
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Cash Flow Summary Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16
Aripuanã Project
Inputs UNITS TOTAL 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
REVENUES
Metal Prices
Zn price $1.26 US$/t $ 2,474.52 $ 2,298.00 $ 2,539.00 $ 2,720.00 $ 2,928.00 $ 2,449.00 $ 2,449.00 $ 2,449.00 $ 2,449.00 $ 2,449.00 $ 2,449.00 $ 2,449.00 $ 2,449.00 $ 2,449.00
Pb price $0.98 US$/t $ 1,928.56 $ 1,898.00 $ 1,957.00 $ 2,039.00 $ 2,247.00 $ 1,910.00 $ 1,910.00 $ 1,910.00 $ 1,910.00 $ 1,910.00 $ 1,910.00 $ 1,910.00 $ 1,910.00 $ 1,910.00
Cu price $3.22 US$/t $ 6,586.11 $ 6,137.00 $ 6,277.00 $ 6,351.00 $ 6,639.00 $ 6,627.00 $ 6,627.00 $ 6,627.00 $ 6,627.00 $ 6,627.00 $ 6,627.00 $ 6,627.00 $ 6,627.00 $ 6,627.00
Ag price US$/oz $ 16.85 $ 17.11 $ 16.95 $ 16.40 $ 16.40 $ 16.87 $ 16.87 $ 16.87 $ 16.87 $ 16.87 $ 16.87 $ 16.87 $ 16.87 $ 16.87
Au price US$/oz $ 1,503.63 $ 1,613.00 $ 1,553.00 $ 1,466.00 $ 1,466.00 $ 1,500.00 $ 1,500.00 $ 1,500.00 $ 1,500.00 $ 1,500.00 $ 1,500.00 $ 1,500.00 $ 1,500.00 $ 1,500.00
FX Rate BRL/USD $ 4.77 $ 5.25 $ 5.05 $ 4.84 $ 4.85 $ 4.80 $ 4.80 $ 4.80 $ 4.80 $ 4.80 $ 4.80 $ 4.80 $ 4.80 $ 4.80 $ 4.80 $ 4.80
Payable Metal
Zn '000 tonnes 713 43.8 67.7 71.1 62.5 63.9 65.5 76.2 73.4 60.7 68.5 59.8 - -
Pb '000 tonnes 251 15.0 22.8 23.8 22.4 22.7 22.0 29.4 24.3 22.4 25.7 20.7 - -
Cu '000 tonnes 41 8.8 7.1 4.1 5.6 4.7 5.2 1.0 0.5 2.1 1.1 0.9 - -
Ag kozs 16,654 1,058.5 1,425.6 1,671.0 1,618.8 1,542.0 1,735.3 1,899.6 1,500.5 1,343.7 1,502.9 1,356.5 - -
Au kozs 131 18.0 17.3 11.5 15.9 13.4 11.9 7.4 5.5 13.7 8.7 8.0 - -
Gross Revenue
Zn US$ '000 1,794,803 - 100,675 171,772 193,357 183,063 156,451 160,417 186,565 179,693 148,628 167,746 146,436 -
Pb US$ '000 491,016 - 28,505 44,544 48,429 50,362 43,335 41,952 56,139 46,363 42,732 49,037 39,620 -
Cu US$ '000 263,781 - 54,239 44,352 26,207 37,139 30,853 34,354 6,843 3,065 13,596 7,043 6,088 -
Ag US$ '000 279,783 - 18,111 24,164 27,405 26,548 26,014 29,275 32,046 25,313 22,668 25,354 22,884 -
Au US$ '000 198,971 - 29,069 26,850 16,833 23,382 20,162 17,859 11,078 8,258 20,508 12,991 11,981 -
TOTAL US$ '000 3,028,354 - 230,599 311,683 312,231 320,494 276,815 283,858 292,671 262,693 248,132 262,170 227,008 -

Zn Concentrate
Selling Price US$/t conc $ 1,097.73 $ 971.43 $ 1,099.02 $ 1,196.20 $ 1,306.01 $ 1,065.12 $ 1,064.97 $ 1,064.20 $ 1,064.26 $ 1,066.14 $ 1,070.07 $ 1,072.21 $ - $ -
Concentrate '000 tonnes 1,380 84.8 131.0 137.6 121.0 123.7 126.8 147.5 142.0 117.5 132.6 115.8 - -
Revenues US$ '000 $ 1,515,113 $ 82,386 $ 143,933 $ 164,611 $ 158,067 $ 131,721 $ 135,042 $ 156,939 $ 151,166 $ 125,254 $ 141,886 $ 124,109 $ - $ -
Pb Concentrate
Selling Price US$/t conc $ 1,386.20 $ 1,449.74 $ 1,408.01 $ 1,456.08 $ 1,563.16 $ 1,363.91 $ 1,444.10 $ 1,335.82 $ 1,312.59 $ 1,312.24 $ 1,302.28 $ 1,349.31 $ - $ -
Concentrate '000 tonnes 461 27.6 41.8 43.6 41.1 41.6 40.3 53.9 44.5 41.1 47.1 38.1 - -
Revenues US$ '000 $ 638,548 $ 39,949 $ 58,804 $ 63,456 $ 64,284 $ 56,780 $ 58,200 $ 72,042 $ 58,461 $ 53,868 $ 61,347 $ 51,356 $ - $ -
Cu Concentrate I
Selling Price US$/t conc $ 2,870.78 $ 2,555.52 $ 2,612.94 $ 3,231.42 $ 3,007.09 $ 2,874.22 $ 2,720.83 $ 2,883.01 $ 3,366.76 $ 3,486.20 $ 3,122.17 $ 3,593.96 $ - $ -
Concentrate '000 tonnes 72 16.5 10.7 2.7 11.2 9.9 7.7 1.0 0.5 6.8 2.4 2.1 - -
Revenues US$ '000 $ 205,528 $ 42,238 $ 28,002 $ 8,625 $ 33,742 $ 28,404 $ 20,893 $ 2,947 $ 1,819 $ 23,857 $ 7,551 $ 7,452 $ - $ -
Cu Concentrate II
Selling Price US$/t conc $ 4,225.31 $ 2,802.54 $ 3,152.25 $ 3,237.62 $ 3,715.23 $ 4,243.22 $ 3,446.38 $ 8,605.47 $ 14,502.56 $ 61,347.06 $ 14,021.56 $ 13,798.43 $ - $ -
Concentrate '000 tonnes 70 13.9 13.6 11.6 8.1 6.2 10.2 2.5 1.1 0.2 1.2 1.1 - -
Revenues US$ '000 $ 294,757 $ 39,090 $ 43,023 $ 37,428 $ 29,980 $ 26,188 $ 35,143 $ 21,843 $ 15,298 $ 14,189 $ 17,475 $ 15,101 $ - $ -

(=) TOTAL Gross Revenues US$ '000 $ 2,653,946 $ 203,663 $ 273,762 $ 274,119 $ 286,072 $ 243,093 $ 249,277 $ 253,771 $ 226,744 $ 217,168 $ 228,260 $ 198,018 $ - $ -
Zn Concentrate % 57% 40% 53% 60% 55% 54% 54% 62% 67% 58% 62% 63% 0% 0%
Pb Concentrate % 24% 20% 21% 23% 22% 23% 23% 28% 26% 25% 27% 26% 0% 0%
Cu Concentrate % 8% 21% 10% 3% 12% 12% 8% 1% 1% 11% 3% 4% 0% 0%

( - ) Royalties US$ '000 $ 112,641 $ 8,526 $ 11,278 $ 11,303 $ 12,081 $ 10,197 $ 10,442 $ 10,859 $ 9,709 $ 9,641 $ 9,969 $ 8,636 $ - $ -
Luiz Almeida US$ '000 $ 16,913 $ 2,439 $ 3,122 $ 2,928 $ 3,152 $ 2,065 $ 2,184 $ 748 $ 276 $ - $ - $ - $ - $ -
Anglo America US$ '000 $ 28,617 $ 2,276 $ 2,992 $ 2,981 $ 3,218 $ 2,635 $ 2,705 $ 2,667 $ 2,345 $ 2,328 $ 2,394 $ 2,076 $ - $ -
Garimpeiros US$ '000 $ 18,331 $ - $ 111 $ 355 $ 393 $ 1,011 $ 952 $ 2,814 $ 2,983 $ 3,326 $ 3,420 $ 2,965 $ - $ -
CFEM US$ '000 $ 48,782 $ 3,811 $ 5,053 $ 5,039 $ 5,318 $ 4,486 $ 4,601 $ 4,630 $ 4,106 $ 3,987 $ 4,154 $ 3,595 $ - $ -

(=) TOTAL Net Revenues US$ '000 $ 2,541,305 $ 195,137 $ 262,484 $ 262,816 $ 273,991 $ 232,895 $ 238,836 $ 242,912 $ 217,035 $ 207,527 $ 218,291 $ 189,382 $ - $ -

NSR US$/t ROM $ 94.0 $ 100.8 $ 106.8 $ 104.2 $ 112.9 $ 93.5 $ 93.8 $ 91.3 $ 81.4 $ 81.3 $ 83.6 $ 86.5 $ - $ -
OPERATING COST
Mining (Underground) US$ '000 $ 360,650 $ 35,657 $ 34,828 $ 34,803 $ 37,374 $ 37,346 $ 36,425 $ 31,932 $ 33,034 $ 34,322 $ 26,649 $ 18,278 $ - $ -
Processing + Tailings US$ '000 $ 312,962 $ 22,395 $ 28,394 $ 29,470 $ 28,704 $ 28,818 $ 29,563 $ 30,512 $ 30,465 $ 29,481 $ 29,978 $ 25,181 $ - $ -
G&A US$ '000 $ 133,852 $ 13,220 $ 13,333 $ 13,548 $ 13,792 $ 13,152 $ 12,612 $ 12,781 $ 12,431 $ 12,482 $ 9,575 $ 6,926 $ - $ -

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Total Operating Cost US$ '000 $ 807,464 $ 71,271 $ 76,555 $ 77,820 $ 79,871 $ 79,317 $ 78,600 $ 75,226 $ 75,931 $ 76,285 $ 66,202 $ 50,386 $ - $ -
Mining (Underground) US$ /t proc $ 15.34 $ 21.0 $ 16.2 $ 15.8 $ 17.3 $ 17.3 $ 16.4 $ 14.0 $ 14.5 $ 15.5 $ 11.9 $ 9.7 $ - $ -
Processing + Tailings US$ /t proc $ 13.31 $ 13.2 $ 13.2 $ 13.3 $ 13.3 $ 13.3 $ 13.3 $ 13.4 $ 13.4 $ 13.3 $ 13.3 $ 13.3 $ - $ -
G&A US$ /t proc $ 5.69 $ 7.8 $ 6.2 $ 6.1 $ 6.4 $ 6.1 $ 5.7 $ 5.6 $ 5.4 $ 5.6 $ 4.3 $ 3.7 $ - $ -
Total Operating Cost US$ /t proc $ 34.35 $ 42.0 $ 35.6 $ 35.2 $ 37.0 $ 36.6 $ 35.5 $ 32.9 $ 33.3 $ 34.5 $ 29.5 $ 26.7 $ - $ -

Cost/Zn eq. US$ /t Zn eq. $ 617.7 $ 657.9 $ 576.3 $ 625.6 $ 674.1 $ 646.7 $ 625.7 $ 577.6 $ 650.1 $ 691.8 $ 567.8 $ 499.2 $ - $ -

Selling Expenses US$ '000 $ 331,368 $ 24,088 $ 32,901 $ 32,671 $ 30,486 $ 30,409 $ 31,003 $ 34,195 $ 31,244 $ 27,667 $ 30,577 $ 26,126 $ - $ -
Zn Concentrate US$ '000 $ 221,301 $ 13,526 $ 20,874 $ 22,087 $ 19,426 $ 19,849 $ 20,353 $ 23,670 $ 22,798 $ 18,857 $ 21,282 $ 18,579 $ - $ -
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Pb Concentrate US$ '000 $ 84,251 $ 5,015 $ 7,596 $ 7,978 $ 7,529 $ 7,621 $ 7,378 $ 9,873 $ 8,154 $ 7,515 $ 8,624 $ 6,968 $ - $ -
Cu Concentrate US$ '000 $ 25,816 $ 5,547 $ 4,432 $ 2,605 $ 3,531 $ 2,939 $ 3,272 $ 652 $ 292 $ 1,295 $ 671 $ 580 $ - $ -

(=) Operating Cash Flow - EBITDA US$ '000 $ 1,402,473 $ 99,777 $ 153,027 $ 152,326 $ 163,634 $ 123,169 $ 129,232 $ 133,491 $ 109,860 $ 103,575 $ 121,511 $ 112,870 $ - $ -
EBITDA Margin % 53% 49% 56% 56% 57% 51% 52% 53% 48% 48% 53% 57% 0% 0%
Technical Report NI 43-101 – November 17, 2020
Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Cash Flow Summary Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16
Aripuanã Project
Inputs UNITS TOTAL 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
CAPITAL COST
Initial Capital Cost
Mining US$ '000 $ 92,264 $ 33,234 $ 29,664 $ 0
Plant & Infrastructure US$ '000 $ 280,391 $ 110,559 $ 115,210 $ 6
Total Direct Cost US$ '000 $ 372,655 $ 143,793 $ 144,874 $ 6
EPCM / Owners / Indirect Cost US$ '000 $ 157,818 $ 48,723 $ 66,154 $ 1,134
Subtotal Costs US$ '000 $ 530,473 $ 192,516 $ 211,027 $ 1,140
Contingency US$ '000 $ 16,040 $ - $ 16,040 $ -
(=) TOTAL Initial Capital US$ '000 $ 546,513 $ 192,516 $ 227,067 $ 1,140
Operating Capital Cost
Mine Development US$ '000 $ 65,772 $ - $ - $ 8,505 $ 10,653 $ 11,477 $ 8,229 $ 11,225 $ 5,373 $ 4,873 $ 4,337 $ 981 $ 119 $ - $ - $ -
Sustaining infrastructure US$ '000 $ 115,679 $ - $ - $ 23,793 $ 13,259 $ 22,742 $ 3,747 $ 11,676 $ 12,882 $ 4,354 $ 11,440 $ 8,955 $ 2,309 $ 523 $ - $ -
Closure and Other US$ '000 $ 19,940 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 3,226 $ 2,618 $ 2,727 $ 8,413 $ 2,956
Operational Working Capital US$ '000 $ - $ - $ - $ 9,606 $ 3,681 $ 1 $ 592 $ (2,199) $ 370 $ 209 $ (1,389) $ (525) $ 829 $ (1,366) $ (9,808) $ -
(=) TOTAL Operating Capital Cost US$ '000 $ 201,391 $ - $ - $ 41,903 $ 27,592 $ 34,219 $ 12,568 $ 20,701 $ 18,626 $ 9,436 $ 14,388 $ 12,636 $ 5,875 $ 1,883 $ (1,394) $ 2,956

CASH FLOW NPV

(+) Revenues US$ '000 $ 1,593,815 $ - $ - $ 203,663 $ 273,762 $ 274,119 $ 286,072 $ 243,093 $ 249,277 $ 253,771 $ 226,744 $ 217,168 $ 228,260 $ 198,018 $ - $ -
( - ) Royalties US$ '000 $ 67,301 $ - $ - $ 8,526 $ 11,278 $ 11,303 $ 12,081 $ 10,197 $ 10,442 $ 10,859 $ 9,709 $ 9,641 $ 9,969 $ 8,636 $ - $ -
( - ) Mining Costs US$ '000 $ 219,878 $ - $ - $ 35,657 $ 34,828 $ 34,803 $ 37,374 $ 37,346 $ 36,425 $ 31,932 $ 33,034 $ 34,322 $ 26,649 $ 18,278 $ - $ -
( - ) Processing Costs US$ '000 $ 183,777 $ - $ - $ 22,395 $ 28,394 $ 29,470 $ 28,704 $ 28,818 $ 29,563 $ 30,512 $ 30,465 $ 29,481 $ 29,978 $ 25,181 $ - $ -
( - ) G&A US$ '000 $ 81,756 $ - $ - $ 13,220 $ 13,333 $ 13,548 $ 13,792 $ 13,152 $ 12,612 $ 12,781 $ 12,431 $ 12,482 $ 9,575 $ 6,926 $ - $ -
( - ) Selling Expenses US$ '000 $ 196,385 $ - $ - $ 24,088 $ 32,901 $ 32,671 $ 30,486 $ 30,409 $ 31,003 $ 34,195 $ 31,244 $ 27,667 $ 30,577 $ 26,126 $ - $ -
(=) EBITDA US$ '000 $ 844,717 $ - $ (14,586) $ 99,262 $ 153,027 $ 152,326 $ 163,634 $ 123,169 $ 129,232 $ 133,491 $ 109,860 $ 103,575 $ 121,511 $ 112,870 $ - $ -

( - ) Initial Capital (net of taxes) US$ '000 $ 205,602 $ - $ 213,670 $ 1,073 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

( - ) Sustaining Capital (net of taxes) US$ '000 $ 107,813 $ - $ - $ 28,138 $ 20,832 $ 29,811 $ 10,433 $ 19,951 $ 15,905 $ 8,039 $ 13,745 $ 8,656 $ 2,115 $ 456 $ - $ -
( - ) Closure and Other US$ '000 $ 7,283 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 3,226 $ 2,618 $ 2,727 $ 8,413 $ 2,956
( +- ) Operational Working Capital US$ '000 $ -6,352 $ - $ - $ (9,606) $ (3,681) $ (1) $ (592) $ 2,199 $ (370) $ (209) $ 1,389 $ 525 $ (829) $ 1,366 $ 9,808 $ -
(=) Pre-Tax Cashflow US$ '000 $ 517,668 $ - $ (228,256) $ 60,446 $ 128,515 $ 122,514 $ 152,609 $ 105,418 $ 112,958 $ 125,243 $ 97,504 $ 92,218 $ 115,949 $ 111,054 $ 1,394 $ (2,956)
( - ) Income Tax US$ '000 $ 79,452 $ - $ - $ 4,575 $ 13,947 $ 13,375 $ 14,893 $ 8,265 $ 12,225 $ 12,939 $ 9,590 $ 8,540 $ 11,519 $ 32,995 $ - $ -
( - ) PIS/COFINS US$ '000 $ 64,583 $ 7,475 $ 9,532 $ 7,449 $ 7,023 $ 8,020 $ 6,185 $ 7,161 $ 6,735 $ 5,659 $ 6,322 $ 5,827 $ 4,604 $ 3,415 $ - $ -
( - ) ICMS US$ '000 $ 60,671 $ 4,700 $ 6,491 $ 7,320 $ 7,437 $ 7,957 $ 7,252 $ 7,698 $ 7,494 $ 6,770 $ 7,140 $ 6,937 $ 5,901 $ 4,476 $ - $ -
(+) Tax Recovery US$ '000 $ 57,010 $ - $ - $ 4,575 $ 13,947 $ 13,375 $ 14,893 $ 8,174 $ 7,053 $ 6,224 $ 6,390 $ 6,126 $ 5,218 $ 4,004 $ - $ -
(=) After-Tax Cashflow US$ '000 $ 369,972 $ (12,175) $ (244,279) $ 45,676 $ 114,055 $ 106,538 $ 139,172 $ 90,467 $ 93,557 $ 106,099 $ 80,843 $ 77,040 $ 99,143 $ 74,173 $ 1,394 $ (2,956)
495,908 50,092
$ 0.54
PROJECT ECONOMICS period -0.5 0.5 1.5 2.5 3.5 4.5 5.5 6.5 7.5 8.5 9.5 10.5 11.5 12.5 13.5
Pre-Tax
Pre-tax IRR % 45.0%
Pre-tax NPV at 7.82% discounting 8.00% US$ '000 $541,689 $ - $ (219,640) $ 53,855 $ 106,021 $ 93,584 $ 107,938 $ 69,037 $ 68,495 $ 70,320 $ 50,690 $ 44,391 $ 51,679 $ 45,831 $ 533 $ (1,046)
Pre-tax NPV at 9.00% discounting 9.00% US$ '000 $503,244 $ - $ (218,630) $ 53,116 $ 103,606 $ 90,614 $ 103,552 $ 65,625 $ 64,513 $ 65,623 $ 46,870 $ 40,669 $ 46,912 $ 41,222 $ 475 $ (923)
Pre-tax NPV at 10.00% discounting 10.00% US$ '000 $467,658 $ - $ (217,634) $ 52,393 $ 101,268 $ 87,763 $ 99,383 $ 62,410 $ 60,794 $ 61,279 $ 43,370 $ 37,290 $ 42,623 $ 37,112 $ 424 $ (816)

After-Tax
After-tax IRR % 31.9%
Pre-tax NPV at 7.82% discounting 8.00% US$ '000 $387,499 $ (12,653) $ (235,057) $ 40,696 $ 94,092 $ 81,381 $ 98,434 $ 59,246 $ 56,731 $ 59,571 $ 42,028 $ 37,084 $ 44,189 $ 30,611 $ 533 $ (1,046)
Pre-tax NPV at 9.00% discounting 9.00% US$ '000 $355,548 $ (12,711) $ (233,977) $ 40,138 $ 91,949 $ 78,797 $ 94,435 $ 56,318 $ 53,433 $ 55,592 $ 38,861 $ 33,975 $ 40,113 $ 27,532 $ 475 $ (923)
Pre-tax NPV at 10.00% discounting 10.00% US$ '000 $325,933 $ (12,769) $ (232,911) $ 39,592 $ 89,874 $ 76,318 $ 90,633 $ 53,559 $ 50,353 $ 51,912 $ 35,959 $ 31,152 $ 36,445 $ 24,787 $ 424 $ (816)

Discount factor 9.00% 1.04 0.96 0.88 0.81 0.74 0.68 0.62 0.57 0.52 0.48 0.44 0.40 0.37 0.34 0.31

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Regular Payback (after start-up) years 3.0 - - 1.0 1.0 1.0 - - - - - - - - - -
1/1/2022 Cumulative After-Tax Cashflow US$ '000 (19,597) (263,876) (218,199) (104,144) 2,394 141,566 232,032 325,590 431,689 512,532 589,572 688,714 762,887 764,281 761,325

Discounted Payback (after start-up) years 3.3 - - 1.0 1.0 1.0 0.3 - - - - - - - - -
Dicounted Casflow US$ '000 (12,711) (233,977) 40,138 91,949 78,797 94,435 56,318 53,433 55,592 38,861 33,975 40,113 27,532 475 (923)
Cumulative discounted Cashflow US$ '000 (21,170) (255,146) (215,009) (123,059) (44,262) 50,173 106,490 159,923 215,515 254,376 288,351 328,464 355,996 356,471 355,548
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CASH FLOW ANALYSIS

Considering the Project on a stand-alone basis, the undiscounted after-tax cash flow totals
US$370 million over the mine life, and simple payback occurs 3.0 years from the start of
production.

The Net Present Value (NPV) at a 9% discount rate is $356 million, and the Internal Rate of
Return (IRR) is 31.9%, not considering capital expenditures prior to 2021.

SENSITIVITY ANALYSIS
Project risks can be identified in both economic and non-economic terms. Key economic risks
were examined by running cash flow sensitivities:
• Metal price
• Head grade
• Metallurgical recovery
• Operating costs
• Capital costs

IRR sensitivity over the base case has been calculated for a variety of ranges depending on
the variable. The sensitivities are shown in Figure 1-1 and Table 1-2.

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FIGURE 1-1 PRE-TAX SENSITIVITY ANALYSIS EXAMPLE

Sensitivity Analysis
$700

$600
After-Tax NPV at 9% Discount Rate

$500
Head Grade
(US$ millions)

$400
Recovery
Metal Price
$300
Exchange Rate

$200 Operating Cost

Capital Cost
$100

$0
0.600 0.700 0.800 0.900 1.000 1.100 1.200 1.300
Percent Change From Base Case

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TABLE 1-2 SENSITIVITY ANALYSES

Nexa Resources S.A. – Aripuanã Zinc Project

Low Mid-Low Base Mid-High High

Description Units
Case Case Case Case Case
Head Grade (Zn) % Zn 2.9 3.3 3.7 4 4.4
Overall Recovery (Zn) % 80.2 84.6 89.1 90.9 92.7
Metal Prices (Zn) US$/lb Zn 1.01 1.13 1.26 1.38 1.51
Exchange Rate R$/US$ 3.63 4.27 4.77 5.27 5.78
Operating Costs US$/t 32.63 33.49 34.35 36.93 39.5
Capital Cost US$ millions 332 341 349 376 402

Adjustment Factor
Head Grade (ZnEq) % 80 90 100 110 120
Overall Recovery % 90 95 100 102 104
Metal Prices (Zn) % 80 90 100 110 120
Exchange Rate % 76 90 100 111 121
Operating Costs % 95 97.5 100 107.5 115
Capital Cost % 95 97.5 100 107.5 115

Post-Tax NPV @ 9%
Head Grade (ZnEq) US$ millions 84 225 356 476 595
Overall Recovery US$ millions 240 299 356 378 400
Metal Prices (Zn) US$ millions 39 206 356 498 641
Exchange Rate US$ millions 8 236 356 447 524
Operating Costs US$ millions 376 366 356 324 293
Capital Cost US$ millions 375 365 356 325 291

For head grade, recovery, and metal prices, factors were applied to all metals in the various
categories, however, in Table 1-2, values for zinc are shown because it provides the most
revenue.

The Project is most sensitive to changes in metal prices, and least sensitive to capital and
operating costs.

TECHNICAL SUMMARY
PROPERTY DESCRIPTION AND LOCATION
The Project is located in the state of Mato Grosso, western Brazil, 1,200 km northwest of
Brasilia, the capital city. The property is located at approximately 226,000 mE and 8,888,000
mN UTM 21L zone (South American 1969 datum).

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LAND TENURE
The Project consists of a contiguous block comprising one mining concession, two mining
applications, one right to apply for mining concession, thirteen exploration authorizations, and
three exploration applications covering a total area of 66,336.04 ha. The permits are wholly-
owned by Dardanelos.

EXISTING INFRASTRUCTURE
The current infrastructure includes:
• Mine support: access roads to the mines, infrastructure, and pastefill plant (construction
is ongoing)
• Processing plant: access roads, drainage systems, concrete structures, crushing circuit
electrical and mechanical assembly, semi-autogenous grinding (SAG) and ball mill,
thickener and tailings filter, pipe rack assembly and piping is currently under
construction.
• Water supply and waste and tailings deposition: the raw water supply dam and
overburden stockpile are expected to be completed in late 2020.
• Power supply: permanent 69 kV power line. Construction of the main substation and
secondary substations is underway.
• Administrative areas: civil works for administration buildings has commenced.

HISTORY
Gold mineralization was discovered in the area during the 1700s by prospectors. Although no
formal records exist, the area was likely prospected sporadically over the years.

Anglo American Brasil Ltda (Anglo American) began exploration over the property in 1995. At
the time, a small area including Expedito’s Pit, now part of the Project, was held by Madison
do Brasil (now Thistle Mining Inc.) and optioned to Ambrex Mining Corporation (now Karmin).

Dardanelos was created in 2000 to represent a joint venture, or “contract of association,”

between Karmin and Anglo American, with the intent of exploring for base and precious metals
in areas adjacent to the town of Aripuanã. Anglo American and Karmin held 70% and 28.5%
of Dardanelos, respectively, with remaining interest (1.5%) owned by SGV Merchant Bank.

In 2004, the initial agreement between Karmin and Anglo American was amended to allow VM
Holding S.A.’s (VMH) participation. VMH subsequently acquired 100% of Anglo American’s
interest in the Project. In 2007, Karmin purchased SGV Merchant Bank’s interests, raising its

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participation to 30%. In 2016, VMH increased its share holdings in Compañía Minera - Milpo
S.A.A. (Milpo) to a total of 80% of its shares.

In 2017, VMH rebranded to become Nexa Resources S.A., and listed on the New York and
Toronto stock exchanges.

In 2019, Nexa purchased Karmin’s interests in Aripuanã and is now the sole owner of the
Project.

GEOLOGY AND MINERALIZATION

The Aripuanã deposits are located within the central-southern portion of the Amazonian
Craton, in which Paleoproterozoic and Mesoproterozoic lithostratigraphic units of the Rio
Negro-Juruena province (1.80 Ga to 1.55 Ga) predominate.

The lithological assemblage strikes northwest - southeast and dips between 35° and near
vertical to the northeast.

The Aripuanã polymetallic deposits are typical VMS deposits associated with felsic bimodal
volcanism. Four main elongate mineralized zones, Arex, Link, Ambrex, and Babaçú have been
defined in the central portion of the Project. Limited exploration has identified additional
mineralized bodies including Massaranduba to the south and Arpa to the north.

The individual mineralized bodies have complex shapes due to intense tectonic activity.
Stratabound mineralized bodies tend to follow the local folds, however, local-scale, tight
isoclinal folds are frequently observed, usually with axes parallel to major reverse faults,
causing rapid variations in the dips.

Massive, stratabound sulphide mineralization as well as vein and stockwork-type discordant

mineralization have been described on the property. The stratabound bodies, consisting of
disseminated to massive pyrite and pyrrhotite, with well-developed sphalerite and galena
mineralization, are commonly associated with the contact between the middle volcanic and the
upper sedimentary units. Discordant stringer bodies of pyrrhotite-pyrite-chalcopyrite
mineralization are generally located in the underlying volcanic units or intersect the massive
sulphide lenses and have been interpreted as representing feeder zones.

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EXPLORATION STATUS
Between 2004 and 2007, VMH, a predecessor to Nexa, carried out geological, geochemical,
and geophysical surveys over the Project area to allow a more complete interpretation of the
regional and local geology and identification of local exploration targets.

Drilling on the property was carried out from 2004 to 2008, in 2012, and from 2014 to present.
The purpose of the drill program in 2004 to 2008 was to explore and delineate mineralization
on the property, and in 2012, to improve confidence and classification of the Mineral Resources
of the Arex and Ambrex deposits. The Link deposit, an area of mineralization connecting the
Arex and Ambrex deposits, and included in the Mineral Resource summary for Ambrex, was
discovered in 2014 and delineated in 2015.

Since 2018, the focus of exploration activities on the property has been the Babaçú deposit,
where drilling has been successful in upgrading this exploration target to an Inferred Mineral
Resource.

Drilling on the Project has been conducted in phases by several companies since 1993. Total
drilling at Arex, Link, Ambrex, and Babaçú consists of 718 diamond drill holes totalling 229,654
m. Of these, Nexa has completed 614 diamond drill holes totalling 203,553 m including 30
metallurgical drill holes totalling 5,899 m. Drilling at the other prospects on the property
consists of 35 diamond drill holes totalling 13,886 m.

MINERAL RESOURCES
The block models were completed by Nexa personnel using Datamine Studio RM (Datamine
Studio) and Seequent’s Leapfrog Geo (Leapfrog). Wireframes for geology and mineralization
were constructed in Leapfrog based on geology sections, assay results, lithological
information, and structural data. Assays were capped to various levels based on exploratory
data analysis and then composited to one metre lengths. Wireframes were filled with blocks
measuring 5 m by 5 m by 5 m for Arex, Link, and Ambrex, and 10 m by 5 m by 5 m for Babaçú
with sub-celling at wireframe boundaries. Blocks were interpolated with grade using ordinary
kriging (OK) and inverse distance cubed (ID³). Blocks estimates were validated using industry
standard validation techniques. Classification of blocks was based on distance based criteria.

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TABLE 1-3 MINERAL RESOURCES – SEPTEMBER 30, 2020

Nexa Resources S.A. – Aripuanã Zinc Project

Grade Metal Content

Classifica Tonnes (% (% (% (g/t (g/t Zn Pb Cu Au Ag
tion (Mt) Zn) Pb) Cu) Au) Ag) (kt) (kt) (kt) (koz) (Moz)
Stratabound
Measured 2.2 3.19 1.19 0.16 0.14 35.32 71 26 3 10 2.5
Indicated 3.5 2.71 0.90 0.08 0.14 23.05 95 32 3 16 2.6
M+I 5.7 2.90 1.01 0.11 0.14 27.80 166 58 6 25 5.1
Inferred 29.1 4.48 1.65 0.19 0.24 42.75 1,302 479 56 226 40.0
Stringer
Measured 0.7 0.31 0.13 1.09 0.78 12.30 2 1 8 18 0.3
Indicated 1.7 0.06 0.04 0.67 1.04 7.83 1 1 11 55 0.4
M+I 2.4 0.13 0.07 0.80 0.96 9.16 3 2 19 73 0.7
Inferred 10.4 0.04 0.03 0.72 1.53 8.78 4 3 75 510 2.9
Total
Measured 2.9 2.50 0.93 0.38 0.29 29.78 73 27 11 27 2.8
Indicated 5.2 1.86 0.63 0.27 0.43 18.17 96 32 14 71 3.0
M+I 8.1 2.09 0.74 0.31 0.38 22.36 169 60 25 98 5.8
Inferred 39.5 3.31 1.22 0.33 0.58 33.83 1,307 482 131 737 42.9

Notes:
1. CIM (2014) definitions were followed for Mineral Resources.
2. Mineral Resources are reported using a US$45/t cut-off value for transverse longhole mining and
longitudinal longhole retreat areas and US$55/t cut-off value for cut and fill areas.
3. The NSR is calculated based on metal prices: Zn: US$2,869/t (US$1.30/lb), Pb: US$ 2,249/t
(US$1.02/lb); Cu: US$7,427/t (US$3.37/lb); Au: US$1,768/oz, and Ag: US$19.38/oz.
4. Mineral Resources are reported exclusive of Mineral Reserves within potentially mineable shapes.
5. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
6. Numbers may not add due to rounding.

RPA is not aware of any environmental, permitting, legal, title, taxation, socio-economic,
marketing, political, or other relevant factors that could materially affect the Mineral Resource
estimate.

MINERAL RESERVES
The Aripuanã Mineral Reserves are based in three main orebodies, Arex, Link, and Ambrex.
The main commodities produced are zinc, lead, copper, silver, and gold. The Mineral Reserve
estimate for the Project as of September 30, 2020 is presented in Table 1-4.

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TABLE 1-4 MINERAL RESERVES – SEPTEMBER 30, 2020

Nexa Resources S.A. – Aripuanã Zinc Project

Tonnes Grade
Deposit/Category
(000 t) (% Zn) (% Pb) (% Cu) (g/t Au) (g/t Ag)
Arex
Proven 4,216 2.97 1.07 0.65 0.45 33.83
Probable 1,101 1.99 0.69 0.75 0.75 23.97
Proven & Probable 5,317 2.77 0.99 0.67 0.52 31.78

Link
Proven 1,370 4.63 1.73 0.13 0.27 37.78
Probable 5,342 3.95 1.32 0.22 0.32 32.31
Proven & Probable 6,713 4.09 1.40 0.20 0.31 33.42

Ambrex
Proven 4,495 4.18 1.59 0.05 0.15 37.55
Probable 6,982 3.59 1.44 0.12 0.27 34.81
Proven & Probable 11,477 3.82 1.50 0.09 0.22 35.88

Total
Proven 10,082 3.74 1.39 0.31 0.29 36.02
Probable 13,425 3.60 1.33 0.21 0.33 32.93
Proven & Probable 23,507 3.66 1.36 0.25 0.31 34.25

Notes:
1. CIM (2014) definitions were followed for Mineral Reserves.
2. Mineral Reserves are estimated at a break-even cut-off value of NSR = US$45.00/t processed. Some
incremental material with values between US$40/t and US$45/t was included.
3. Mineral Reserves are estimated using an average long-term zinc price of US$1.13/lb Zn, a long-term
lead price of US$0.89/lb Pb, a long-term copper price of US$2.93/lb Cu, a long-term silver price of
$16.85/oz Ag, and a long-term gold price of US$1,538/oz Au.
4. A minimum mining width of 4 m was used.
5. Numbers may not add due to rounding.

Contained metal in the Mineral Reserves consists of 859.8 kt Zn, 319.0 kt Pb, 59.7 kt Cu, 25.9
Moz Ag and 236.1 koz Au.

RPA is not aware of any mining, metallurgical, infrastructure, permitting, or other relevant
factors that could materially affect the Mineral Reserve estimate.

MINING METHOD
Currently, the Project is targeted on mining three main elongate mineralized zones, Arex, Link,
and Ambrex, that have been defined in the central portion of the Project.

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The Arex and Ambrex deposits are separate VMS deposits with differing mineral compositions
in stratabound and stringer forms and complex geometric shapes.

The deposit geometry is amenable to a number of underground mechanized mining techniques

including cut and fill and bulk stoping methods. A nominal production target of 6,065 tpd has
been used as the basis for the mine production schedule.

Mining will be undertaken using conventional mechanized underground mobile mining

equipment via a network of declines, access drifts, and ore drives. Access to the Arex, Link,
and Ambrex deposits will be from separate portals, which will access the deposits from the
most favourable topographic locations.

MINERAL PROCESSING
Based on the metallurgical test work program completed to date, the Aripuanã process
flowsheet has been developed using conventional technologies for treatment and the recovery
of copper, lead, and zinc as separate concentrates. Plant throughput is forecast to average
2.214 Mtpa of ROM ore over the LOM supplied from the Arex, Link, and Ambrex underground
mines. The plant will treat blended mineralization at up to 6,300 tpd (dry basis), with the
maximum achievable throughput being for ore consisting mainly of stratabound material. Key
elements of the process flowsheet include primary crushing, SAG followed by ball milling and
pebble crushing (SABC), talc pre-flotation, followed by sequential flotation of copper, lead, and
zinc.

PROJECT INFRASTRUCTURE
The planned infrastructure for the Project includes:
• Three underground mines, accessed by three portals and three ramps
• Dry Stack TMF
• Engineered wetlands for water collection and treatment
• Power supply by transmission line connected to the national grid
• Water storage dam
• Access and site roads
• Maintenance shops
• Fuel storage

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MARKET STUDIES
The principal commodities that will be produced at the Project are freely traded, at prices and
terms that are widely known, so that prospects for sale of any production are virtually assured.
Aripuanã zinc concentrate will be processed at Nexa’s Três Marias and Juiz de Fora zinc
refineries in Brazil (54%) and that not processed at Nexa’s refineries will be sold on the open
market (46%). Lead and copper concentrates will be sold on the open market. Sales contracts
for the lead and copper concentrates from the Project have not been negotiated yet.

Market information is based on the industry scenario analysis prepared by Nexa’s Market
Intelligence team in July 2020 using information sourced from different banks and independent
financial institutions.

ENVIRONMENTAL, PERMITTING AND SOCIAL CONSIDERATIONS

The Project is located in the Amazon Biome, within the South-Amazonian Ecotone Corridor.
The Project made efforts to reduce potential environmental and social impacts. The mining
method and the overall footprint were optimized, and efforts were made to place infrastructure
in areas already affected by anthropogenic activities.

The Project EIA was finalized in 2017 and the Project holds installation and operating
approvals. The 2017 EIA concludes that the most significant Project impacts are those that
will directly and indirectly affect, synergistically and cumulatively, vegetation cover and soils in
the Permanent Preservation Areas and water resources, as well as changes in fauna
communities, both terrestrial and aquatic, highlighting the relevance of local biodiversity, with
species of flora and fauna of the Amazon biome, including endangered species. The EIA
developed management and monitoring plans to address and monitor key indicators for the
identified impacts. A key mitigation measure with regard to encroachment on the Permanent
Preservation Areas will be the implementation of a compensation plan and programs aimed at
connectivity of habitat.

The 2017 EIA described two Indigenous villages located approximately 10 km to 12 km from
the Project: Arara do Rio Branco with an area of approximately 114,842 ha and Aripuanã with
an area of approximately 750,649 ha. Consultation with Indigenous Peoples regarding Project
impacts and mitigation were undertaken under the tutelage and consent of National Historical
and Artistic Heritage Institute (IPHAN) with National Indian Foundation (FUNAI) during the
preparation of the 2017 EIA. In 2018, Nexa commissioned a study on the Indigenous

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Component of the Indigenous Lands Aripuanã and Arara do Rio Branco. The study methods
were developed based on a Terms of Reference issued by FUNAI and through consultation
with the Indigenous Communities. The report identified and assessed potential impacts on the
Indigenous Communities and their lands, considered the perspectives of the Indigenous
Communities on the potential impacts, and developed management plans to mitigate these
impacts.

The Project will produce two types of mineralized waste, tailings and waste rock, which will
require disposal in dedicated facilities, a TMF and a waste rock facility (WRF). A double lined
storage facility with a leak detection system is required for both the TMF and WRF due to the
potential for poor quality leachate to be generated at these facilities. At closure, the TMF and
WRF will be capped with a clay layer and vegetated.

A Conceptual Mine Closure Plan has been developed for the Project. The main objective of
the plan is to present proposals and solutions to be implemented before, during, and after mine
closure in order to avoid, eliminate, or minimize long-term environmental liabilities and possible
future obligations. The plan currently considers four alternatives for final land use. The first
option is for the whole area to become a Conservation Unit. The other options would allow
some of the area to become a Conservation Unit while the remaining areas will be used for (a)
a technical school for biodiversity conservation and the development of local communities (b)
industrial use and a technical school, and (c) agro-industrial use and an agricultural technical
school.

These alternatives are being evaluated by Nexa, however, for the time being, all of the
alternatives are being considered and have been costed in the financial closure plan.

Nexa adheres to international standards to provide best practices for public reporting on
economic, environmental, and social impacts in order to help Nexa’s shareholders and
stakeholders understand Nexa’s corporate contribution to sustainable development.
Corporately, Nexa has made several commitments to improve community health and safety
as well as the overall well-being of community members.

CAPITAL AND OPERATING COST ESTIMATES

Pre-production capital costs were estimated by Nexa using a combination of contracts already
awarded (the greatest part of the commitments), quotations, and factored estimates. A new

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baseline capital cost estimate was completed in August 2020, with an estimated accuracy of
±5% and a base date of July 2020. The new estimate did not consider costs related to the
COVID-19 pandemic, and Nexa will assess these costs separately at a later date.

Pre-production capital costs remaining at the start of 2021 totalling US$228 million are
summarized in Table 1-5.

TABLE 1-5 PRE-PRODUCTION CAPITAL COST ESTIMATE

Nexa Resources S.A. – Aripuanã Project

Area Category Units Initial Costs

Mine Development US$ million 25.2
Mobile Equipment US$ million 4.5
Plant & Infrastructure Site Prep & Earthworks US$ million 53.9
Civil & Roadwork US$ million 14.7
Steelwork US$ million 2.4
Electrical US$ million 12.6
Instrumentation US$ million 8.4
Mechanical Equipment US$ million 14.9
Piping US$ million 8.3
Subtotal Direct Costs US$ million 144.9
Indirect Costs EPCM US$ million 7.2
Temporary Services US$ million 7.3
Owner’s Team US$ million 10.2
Other US$ million 42.6
Subtotal Indirects US$ million 67.3
Contingency US$ million 16.0
Total Capital Cost US$ million 228.2

Contingency comprises 7.6% of direct and indirect capital costs, which RPA considers to be
reasonable for the current stage of the Project. In the second half of 2020 US$121 million will
be spent for a total of $318 million spent up to the end of 2020.

Sustaining capital was estimated by Nexa, with the majority of the costs consisting of mine
development and mobile equipment. Sustaining capital over the life of mine totals US$181.5
million.

Operating costs, averaging US$73 million per year at full production, were estimated for
mining, processing, and general and administration (G&A). Operating cost inputs such as

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labour rates, consumables, and supplies were based on Nexa operating data. A summary of
operating costs is shown in Table 1-6.

TABLE 1-6 OPERATING COST ESTIMATE

Nexa Resources S.A. – Aripuanã Project

Total LOM Average Year LOM Unit Cost

Parameter
(US$ millions) (US$ millions/yr) (US$/t)
Mining 361 32.8 15.34
Processing 313 28.5 13.31
G&A 134 12.2 5.69
Total 886 73.5 34.35

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2 INTRODUCTION
Roscoe Postle Associates Inc. (RPA), now part of SLR Consulting Ltd (SLR), was retained by
Nexa Resources S.A. (Nexa) to prepare an independent Technical Report on the Aripuanã
Zinc Project (Aripuanã or the Project), located in the state of Mato Grosso , Brazil. The purpose
of this Technical Report is to support the disclosure of updated Mineral Resource and Mineral
Reserve estimates. This Technical Report conforms to NI 43-101 Standards of Disclosure for
Mineral Projects.

Nexa is a publicly traded company on the Toronto Stock Exchange (TSX) and the New York
Stock Exchange (NYSE). It is a reporting issuer in all provinces and territories of Canada and
is under the jurisdiction of the Ontario Securities Commission.

Nexa is a large-scale, low-cost, integrated zinc producer with over 60 years of experience
developing and operating mining and smelting assets in Latin America. Nexa has a diversified
portfolio of polymetallic mines (zinc, lead, copper, silver, and gold) and also greenfield projects
at various stages of development in Brazil and Peru. In Brazil, Nexa owns and operates two
underground mines, Vazante and Morro Agudo (Zn and Pb). It also operates two zinc smelters
in Brazil (Três Marias and Juiz de Fora). In Peru, Nexa operates the El Porvenir (Zn, Pb, Cu,
Ag, and Au), Cerro Lindo (Zn, Cu, Pb, and Ag), and Atacocha (Zn, Cu, Pb, Au, and Ag)
underground mines, as well as the Cajamarquilla zinc smelter near Lima. Nexa’s development
projects in Peru include Magistral, Shalipayco, Florida Canyon (JV with Solitario), Hilarión, and
Pukaqaqa. In Brazil, Nexa is developing the Aripuanã Zinc Project (Zn, Pb, and Ag), which is
currently under construction.

The Project is 100% owned by Mineração Dardanelos Ltda. (Dardanelos), a wholly-owned

subsidiary of Nexa.

To date, the focus of exploration activities on the property has been the Arex, Link, and Ambrex
deposits, which contain the current Mineral Resources and Mineral Reserves. A feasibility
study (FS) was completed in 2018, and construction began in July 2019. Earthworks are
complete, surface facilities are under construction, and underground development is
underway, with mechanical completion expected in 4Q21 and production scheduled to begin
in 2022.

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This report is an update of a previous Technical Report prepared by RPA and filed on SEDAR
on October 15, 2018 (RPA, 2018).

SOURCES OF INFORMATION
Mr. Jason J. Cox, P.Eng., RPA Principal Mining Engineer, visited the property between June
2 and 5, 2017 to review drill core, discuss project development plans, and review work on the
Project to date.

Mr. Sean Horan, RPA Principal Geologist, visited the Project site on January 30 to February
3, 2017. During the site visit, Mr. Horan reviewed logging and sampling methods, inspected
core from drill holes, and held discussions with Nexa personnel.

Technical documents and reports on the deposit were reviewed and obtained from Project
personnel during subsequent meetings and discussions between RPA personnel and the Nexa
Project Team. Discussions were held with the following people from the Nexa Project Team:
• Mr. Pierre Légaré, Aripuanã Project Manager
• Mr. Fernando Madeira Perisse, Technical Services Manager
• Mr. Thiago Nantes Teixeira, Mineral Resources and Mineral Reserves Committee
• Ms. Priscila Artioli, Mineral Resources and Mineral Reserves Committee
• Mr. Julio Souza Santos, Senior Geologist and Aripuanã Zinc Field Manager
• Mr. Jose Antonio Lopes, Resource Manager
• Dr. Rafael Moniz Caixeta, Geologist – Mineral Resources
• Ms. Vivian Tavares Kayser, Geologist – Resource Evaluation
• Mr. Patrick Carmo De Oliveira, Senior Mining Engineer
• Ms. Danielle Alves Ribeiro, Cost and Contract Management
• Ms. Lucia Maria Cabral De Goes, Process Engineering Manager
• Mr. Gustavo Farinelli Silva, Financial Planning Coordinator
• Mr. Tiago Alvarenga, Metallurgical Process Manager
• Mr. Pablo Pina, Technology Manager
• Ms. Gilmara Patrícia Barros Carneiro, Environmental Coordinator
• Ms. Aline Vilas Boas De Souza, Social Management Consultant
• Ms. Cristiane Holanda Moraes Paschoin, Social Management Consultant

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This Technical Report was prepared by Jason J. Cox, P. Eng., Sean Horan, P. Geo., Brenna
J.Y. Scholey, P.Eng., and Luis Vasquez, P.Eng. Mr. Cox prepared Sections 15, 16, 19, 21,
and 22 to 24. Mr. Horan prepared Sections 3 to 12 and 14. Ms. Scholey prepared Sections
13 and 17 and parts of Section 18. Mr. Vasquez prepared Section 20 and parts of Section 18
(tailings). All Qualified Persons (QP) share responsibility for Sections 1, 2, 25, 26, and 27.

The documentation reviewed, and other sources of information, are listed at the end of this
Technical Report in Section 27 References.

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LIST OF ABBREVIATIONS
Units of measurement used in this Technical Report conform to the metric system. All currency
in this Technical Report is US dollars (US$) unless otherwise noted.

µ micron kVA kilovolt-amperes

µg microgram kW kilowatt
a annum kWh kilowatt-hour
A ampere L litre
bbl barrels lb pound
Btu British thermal units L/s litres per second
°C degree Celsius m metre
C$ Canadian dollars M mega (million); molar
cal calorie m2 square metre
cfm cubic feet per minute m3 cubic metre
cm centimetre MASL metres above sea level
cm2 square centimetre m3/h cubic metres per hour
d day mi mile
dia diameter min minute
dmt dry metric tonne µm micrometre
dwt dead-weight ton mm millimetre
°F degree Fahrenheit Moz million ounces
ft foot mph miles per hour
ft2 square foot MVA megavolt-amperes
ft3 cubic foot MW megawatt
ft/s foot per second MWh megawatt-hour
g gram oz Troy ounce (31.1035g)
G giga (billion) oz/st, opt ounce per short ton
Gal Imperial gallon ppb part per billion
g/L gram per litre ppm part per million
Gpm Imperial gallons per minute psia pound per square inch absolute
g/t gram per tonne psig pound per square inch gauge
gr/ft3 grain per cubic foot R$ Brazilian real
gr/m3 grain per cubic metre RL relative elevation
ha hectare s second
hp horsepower st short ton
hr hour stpa short ton per year
Hz hertz stpd short ton per day
in. inch t metric tonne
in2 square inch tpa metric tonne per year
J joule tpd metric tonne per day
k kilo (thousand) US$ United States dollar
kcal kilocalorie USg United States gallon
kg kilogram USgpm US gallon per minute
km kilometre V volt
km2 square kilometre W watt
km/h kilometre per hour wmt wet metric tonne
koz thousand ounces wt% weight percent
kPa kilopascal yd3 cubic yard
kt thousand tonnes yr year

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3 RELIANCE ON OTHER EXPERTS

This Technical Report has been prepared by RPA for Nexa (the Client). The information,
conclusions, opinions, and estimates contained herein are based on:
• Information available to RPA at the time of preparation of this Technical Report.
• Assumptions, conditions, and qualifications as set forth in this Technical Report.

For the purpose of this Technical Report, RPA has relied on ownership information provided
by Nexa. RPA was provided with a legal opinion letter prepared by Nexa’s legal department
describing the mineral rights, dated July 17, 2020 and a letter by ICP Brasil describing the
surface rights, dated April 28, 2020. These opinions have been relied on in Section 4 and the
Summary of this Technical Report. RPA has not researched property title or mineral rights for
the Project and expresses no opinion as to the ownership status of the property.

Except for the purposes legislated under provincial securities laws, any use of this Technical
Report by any third party is at that party’s sole risk.

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4 PROPERTY DESCRIPTION AND LOCATION

LOCATION
The Project is located in west-central Brazil, in the state of Mato Grosso, approximately 700 km
northwest of the state capital Cuiabá and approximately 1,400 km northwest of the national
capital Brasilia. The Project is approximately 2,529 km by rail and road to the Três Marias
smelter and 2,831 km to the Juiz de Fora smelter, and 2,660 km to the port of Santos. The
centre of the property is located at approximately 10°05’00”S Latitude and 59°25’00”W
Longitude (Figure 4-1). The approximate Universal Transverse Mercator (UTM) co-ordinates
of the centre of the currently defined mineralization are 226,000 mE and 8,888,000 mN, UTM
zone 21L (South American 1969 datum), within the Aripuanã 1:250,000 topographic sheet
(SC.21-Y-A).

LAND TENURE
The Project consists of a contiguous block comprising one mining concession, two mining
applications, one right to apply for mining concession, thirteen exploration authorizations
(EAs), and three exploration applications covering a total area of 66,336.04 ha (Figure 4-2).
All permits are wholly-owned by Dardanelos.

Table 4-1 lists all the subject concessions and relevant tenure information including concession
names, tenement numbers, areas, titleholders, and phases.

In 2000, a joint venture between Anglo American Brasil Ltda. (Anglo American) and Karmin
Exploration Inc. (Karmin) was formed to explore for base and precious metals in the area
adjacent to the town of Aripuanã. Initially, Anglo American and Karmin held interests of 70%
and 28.5% in the joint venture, respectively, with the remaining 1.5% held by SGV Merchant
Bank (SGV). In 2004, the joint venture agreement was amended to allow Nexa’s participation,
with Nexa subsequently acquiring 100% of Anglo American’s interest in the Project. In 2007,
Karmin purchased SGV’s interests, raising its participation to 30%, and in 2019, Nexa acquired
Karmin and became the sole owner of the Project.

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TABLE 4-1 EXPLORATION AUTHORIZATION PERMITS

Nexa Resources S.A. – Aripuanã Zinc Project

Tenement Area (ha) Phase Holder

866051/2015 978.88 Exploration Authorization Mineração Dardanelos Ltda
866067/2017 226.73 Exploration Authorization Mineração Dardanelos Ltda
866148/2017 9124.57 Exploration Authorization Mineração Dardanelos Ltda
866229/2017 126.08 Exploration Authorization Mineração Dardanelos Ltda
866292/2015 839.18 Exploration Authorization Mineração Dardanelos Ltda
866293/2015 930.38 Exploration Authorization Mineração Dardanelos Ltda
866727/2015 4388.50 Exploration Authorization Mineração Dardanelos Ltda
866728/2015 6681.25 Exploration Authorization Mineração Dardanelos Ltda
866729/2015 9186.52 Exploration Authorization Mineração Dardanelos Ltda
866730/2015 9445.85 Exploration Authorization Mineração Dardanelos Ltda
866812/2008 5453.30 Exploration Authorization Mineração Dardanelos Ltda
866817/2016 4270.37 Exploration Authorization Mineração Dardanelos Ltda
866941/2015 461.12 Exploration Authorization Mineração Dardanelos Ltda
866173/1992 3639.88 Mining Concession Mineração Dardanelos Ltda
867381/1991 1000.00 Right to apply for mining concession Mineração Dardanelos Ltda
866386/2003 412.20 Mining Application Mineração Dardanelos Ltda
866565/1992 975.00 Mining Application Mineração Dardanelos Ltda
866050/2015 331.51 Exploration Application Mineração Dardanelos Ltda
866208/2013 415.61 Exploration Application Mineração Dardanelos Ltda
866230/2017 7449.11 Exploration Application Mineração Dardanelos Ltda

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70° 60° 50° 40°
Santa TRINIDAD AND

Marta Maracaibo Caracas TOBAGO

Port-of-Spain
Legend:
Barcelona
10° Barquisimeto Valencia Maturin International Boundary 10°
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Ciudad Bolivar State Boundary
Cucuta
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PARAGUAY PARANA
Antofagasta Ciudad Santos ATLANTIC
Salta Asuncion del Este Curitiba OCEAN
SOUTH Foz do Iguacu
na

San Miguel Sao Francisco do Sul

ra

PACIFIC SANTA
Pa

de Tucuman Rio
CATARINA Florianopolis
OCEAN Resistencia
rana

RIO GRANDE

CHILE ARGENTINA DO SUL

Porto Alegre
Rio Pa

0 200 400 Kilometres

Santa
Maria 200 400 Miles
0
30° Santa Fe 30°
Cordoba URUGUAY
Rio Grande
Mendoza Rosario
Valparaiso
Colonia
Figure 4-1
Santiago Buenos Aires
La Plata Montevideo
Nexa Resources S.A.
Concepcion
Mar del Plata
Bahia Bianca Aripuanã Zinc Project
70° 60° 50° State of Mato
40° Grosso, Brazil 30°
The islands of Trinidade, Martin Vaz,
Arquipelago de Fernando de Noronha,
Trinidade and Martin Vaz are administered by
Espirito Santo; Arquipelago de Fernando de
Location Map
Atol das Rocas, and Penedos de Sao Noronha by Pernambuco.
Pedro a Sao Paulo are not shown.

November 2020

4-3
 Figure 4-2

Nexa Resources N
S.A.

N Aripuanã Zinc Project

State of Mato Grosso, Brazil

Property Map

Legend:
Arex Deposit
Link Deposit
Ambrex Deposit
Babaçú Deposit
4-4

Mineral Rights Held by Nexa by Phase

Exploration Authorization
Mining Concession
Right to Apply for Mining Concession
Mining Concession Application
Exploration Application

www.rpacan.com
0 2 4 6 8 10

Kilometres

November 2020 Source: Nexa, 2020.

 www.rpacan.com

MINERAL RIGHTS
Exploration and exploitation of mineral deposits in Brazil are defined and regulated by the 1967
Mining Code and overseen by the National Mining Agency (ANM). There are two main legal
regimes under the Mining Code regulating Exploration and Mining in Brazil: Exploration
Authorization (“Autorização de Pesquisa”) and Mining Concession (“Concessão de Lavra”).

Applications for an EA are made to the ANM and are available to any company incorporated
under Brazilian law and maintaining a main office and administration in Brazil. EAs are granted
following submission of required documentation by a legally qualified Geologist or Mining
Engineer, including an exploration plan and evidence of funds or financing for the investment
forecast in the exploration plan. An annual fee per hectare ranging from US$0.50/ha to
US$ 1.00/ha, is paid by the holder of the EA to the ANM, and reports of exploration work
performed must be submitted. During the period when a formal EA application has been
submitted by a company for an area, but not yet granted, no exploration works are permitted.
In this document, these areas are referred to as Exploration Applications.

EAs are valid for a maximum of three years, with a maximum extension equal to the initial
period, issued at the discretion of the ANM. Annual fees per hectare increase by 50% during
the extension period. After submission of a Final Exploration Report, the EA holder may
request a mining concession. Mining concessions are granted by the Brazilian Ministry of
Mines and Energy, are renewable annually, and have no set expiry date. Concessions remain
in good standing subject to submission of annual production reports and payments of royalties
to the federal government.

Areas where the maximum extension of an EA has been reached, and a positive Final
Exploration Report and mining concession request have not been submitted by the company,
are designated with a status of “Public Offer”. Prior to Decree nº9.406/2018, the public offer
winner’s decision was made considering the best technical proposal in terms of exploration
activities and previous knowledge of the specific mineral right. At present, the winner is the
company which has offered the highest amount of cash in an auction procedure.

SURFACE RIGHTS
Surface rights can be applied for if the land is not owned by a third party. The owner of an EA
is guaranteed, by law, access to perform exploration field work, provided adequate

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 4-5
 www.rpacan.com

compensation is paid to third party landowners and the owner accepts all environmental
liabilities resulting from the exploration work.

Nexa has purchased additional surface rights directly overlying the Arex, Link, Ambrex, and
Babaçú deposits since 2012. Surface rights adjacent to the properties and necessary for mine
development are currently being negotiated by Nexa. Table 4-2 describes the surfaces rights
held while Figure 4-3 illustrates the surface rights currently held in relation to the mineral
deposits.

TABLE 4-2 SURFACE RIGHTS

Nexa Resources S.A. – Aripuanã Zinc Project

Real Estate Name Property Area Mining Right DNPM

Certificate

Sítio Esperança 3783 94.7197 ha 866173/1992

Sítio Esperança 3784 89.1953 ha 866173/1992

Sítio Serraa Domada 85251 80.7838 ha 866173/1992

Fazenda Boa Ventura 453 166.12 ha 866173/1992

Sítio Maçaranduba 454 33.8 ha 866173/1992

Sítio Água do Sapo 1944 22.8847 ha 866173/1992
Sítio Bela Vista 1944 89.7449 ha 866173/1992
866173/1992
Sítio Santo Antonio 1944 49.3244 ha
866941/2015
Sítio Córrego Seco 2313 49.0975 ha 866173/1992
Sítio São Roque 948 200 ha 866173/1992
866173/1992
866941/2015
Sítio Mata Linda 1944 74.1747 ha
866727/2015
866292/2015

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Technical Report NI 43-101 – November 17, 2020 Page 4-6
 www.rpacan.com

224,000 225,000 226,000 227,000 228,000

8,889,000
8,889,000

AREX

LINK
Not
Available AMBREX

8,888,000
8,888,000

BABAÇÚ

8,887,000
8,887,000

8,886,000
8,886,000

8,885,000
8,885,000

224,000 225,000 226,000 227,000 228,000

0 500 1000 1500 2000 Figure 4-3

Metres
Nexa Resources S.A.
Legend:
Aripuanã Zinc Project
Mineralization Projected to Surface
State of Mato Grosso, Brazil
Outline of Real Estate Registry
Transmission Line Surface Rights
November 2020 Source: Modifed from Nexa Resources, 2020.

4-7
 www.rpacan.com

ROYALTIES AND OTHER ENCUMBRANCES

ROYALTIES
Royalties applicable to the Project are detailed in Table 4-3.

TABLE 4-3 ROYALTY DATA

Nexa Resources S.A. – Aripuanã Project

Receiver of Royalty Arex Ambrex Other Deposits

Expedito 42.5%
Divino 21.25%
Garimpeiros

Joaquim 21.25% 2% Net Smelter Return

- (NSR) from the start of the -
Neder 5% first sale of concentrate
Zadir 5%
Max 5%
1.5% of net sales from the
Luiz de Almeida first sale of the mineral - -
product
1.5% NSR of 70% of
2% NSR of 70% mining product of Zn, Pb, Cu, Au and
the mining product of
Anglo American1 Ag from the first of the beginning of the marketing of
Zn, Pb, Cu, Au and
concentrates or June 13, 2013.
Ag

Notes:
1. Anglo American royalty is owed by Nexa only.

PERMITTING
The QP is not aware of any environmental liabilities on the Project. Nexa has all required
permits to conduct the proposed work on the property. The QP is not aware of any other
significant factors and risks that may affect access, title, or the right or ability to perform the
proposed work program on the property.

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

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5 ACCESSIBILITY, CLIMATE, LOCAL

RESOURCES, INFRASTRUCTURE AND
PHYSIOGRAPHY
ACCESSIBILITY
The Project is located in the northwest corner of the state of Mato Grosso, western Brazil, and
is accessible from the town of Aripuanã via a 25 km unpaved road, which is well maintained in
the dry season. Aripuanã can be accessed from the state capital, Cuiabá, via a 16 hour drive
(935 km) on paved and unpaved roads BR-163/BR364, MT-160, MT-220, MT-170, MT-208,
MT-418, and MT-206. The final 250 km between Cuiabá and Aripuanã are on unpaved roads,
which are in poor condition and require substantial upgrades to ensure road access to site.
The Aripuanã town is also serviced by a paved airstrip suitable for light aircraft. There are no
commercial flights travelling between Cuiabá and the town of Aripuanã and access to site is
accomplished via a three-hour chartered flight.

Temporary roads link drill hole site locations within the Project area, with the main access
gravel road from the town of Aripuanã.

CLIMATE
The climate in the Project area is characterized by hot and humid weather, with distinct dry
(April to September) and wet (October to March) seasons, as such it is classified as a “Tropical
Savanna Climate” in the Koppen Climate Classification. The mean annual temperature is
24°C, with monthly average temperatures ranging between 20°C and 30°C. Average annual
rainfall is 2,750 mm and annual average evaporation is 1,216 mm. Work can be carried out
on the Project on a year round basis.

LOCAL RESOURCES
The economic base in the town of Aripuanã is rooted in the extractive industries, predominantly
timber, agriculture, and tourism. Although located in the Amazon district, deforestation has
occurred and the area is defined mostly by plantations of rubber and soy beans, as well as
artisanal mining operations. No skilled mining workforce exists in the district. The town of

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Technical Report NI 43-101 – November 17, 2020 Page 5-1
 www.rpacan.com

Aripuanã hosts a hospital and related medical facilities as well as primary and secondary
schools.

INFRASTRUCTURE
Infrastructure is limited at, and adjacent to, the Project. Infrastructure includes a core handling
facility located in the town of Aripuanã. Multi-purpose storage sheds are located at the facility
and a nursery for drill site and road reclamation is located on site. There are 270 km of
unpaved roads on site, which are difficult to traverse during the wet season (October to March).
Gas prices are very elevated in the region and there is a very high cost associated with road
maintenance.

Services to the Project are provided by the town of Aripuanã, which includes accommodation,
restaurants, and stores.

The Dardanelos Hydropower dam (261 MW) was completed at the town of Aripuanã in 2011,
approximately 20 km from the Project. A thermal power plant next to the town of Aripuanã
airport (Guaçu Power Plant), which uses woodchips and waste as fuel, has a generation
capacity of 30 MW.

Numerous rivers occur close to the Project and water supply is not expected to be an issue.

PHYSIOGRAPHY
The Project lies between 250 metres above sea level (MASL) and 350 MASL, and comprises
seven occurrences of mineralization: Arex, Link, Ambrex, Babaçú, Massaranduba, Boroca,
Arpa, and Mocoto, over a 25 km strike length. The Arex, Ambrex, and Babaçú deposits are
visible as three tree covered mounds on a steep ridge surrounded by flat ground. Vegetation
is dense on the ridge but has been largely cleared in surrounding areas which are used
primarily for agricultural purposes.

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6 HISTORY
HISTORY
The following information is summarized from AMEC International (Chile) S.A. (AMEC, 2007).

Gold mineralization was discovered in the area during the 1700s by prospectors and a small
fort was constructed to protect the portage at Aripuanã’s Cachoeira de Andorinhas (Swallow
Falls). No details of the extent of extraction of gold on the property during this time are
available. Between 1979 and 1990, artisanal gold miners extracted gold from the district of
Aripuanã, mostly through gold panning and small excavations. It is thought that at one time
up to 2,000 artisanal gold miners were active in the district. One large pit, named Expedito’s
pit, was excavated during this time and is approximately 200 m deep.

Western Mining Corporation (WMC) held an exploration licence on the property between 1992
and 1994. No details of exploration work completed during this time are available.

Anglo American began exploration on the property in 1995. At the time, a small area including
Expedito’s Pit, now part of the Project, was held by Madison do Brasil (now Thistle Mining Inc.)
and optioned to Ambrex Mining Corporation (now Karmin).

Dardanelos was created in 2000 to represent a joint venture, or “contract of association,”

between Karmin and Anglo American, with the intent of exploring for base and precious metals
in areas adjacent to the town of Aripuanã. Anglo American and Karmin held 70% and 28.5%
of Dardanelos, respectively, with the remaining interest (1.5%) owned by SGV.

In 2004, the initial agreement between Karmin and Anglo American was amended to allow VM
Holding S.A.’s (VMH) participation. VMH subsequently acquired 100% of Anglo American’s
interest in the Project. In 2007, Karmin purchased SGV’s interests, raising its participation to
30%. In 2016, VMH increased its share holdings in Compañía Minera - Milpo S.A.A. (Milpo)
to a total of 80% of its shares. In 2017, VMH rebranded to become Nexa Resources S.A., and
listed on the New York and Toronto stock exchanges.

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 6-1
 www.rpacan.com

Up until 2019, Dardanelos was a joint venture between subsidiaries of Nexa (70%) and Karmin
Exploration Inc. (Karmin, 30%), with Nexa acting as the operator. In 2019, Nexa purchased
Karmin’s interest and became the sole owner of the Project.

EXPLORATION AND DEVELOPMENT HISTORY

Excluding drilling, the following exploration activities have been undertaken on the Project:
• A SPECTREM airborne geophysical survey
• Geological mapping
• Ground geophysics
• LiDAR airborne survey
• Soil geochemistry

This work was carried out by Anglo American and Karmin between 1999 and 2002. Since
2004, exploration has been conducted by Nexa, and is described in more detail in Section 9,
Exploration.

HISTORICAL RESOURCE ESTIMATES

Previous Mineral Resource estimates have been completed on the property by AMEC in 2007,
and by RPA in 2012 and 2017 for Karmin, the latter being subsequently updated for Nexa later
in 2017. These estimates are superseded by the Mineral Resource estimate presented in
Section 14, Mineral Resource Estimate, of this Technical Report.

These estimates are considered to be historical in nature and should not be relied upon,
however, they do give an indication of mineralization on the property.

PAST PRODUCTION
Approximately 350,000 oz Au are thought to have been extracted by artisanal miners during
the 1979 and 1990 gold rushes. There has not been any formal production to date on the
property.

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Technical Report NI 43-101 – November 17, 2020 Page 6-2
 www.rpacan.com

7 GEOLOGICAL SETTING AND

MINERALIZATION
REGIONAL GEOLOGY
The South American Platform is mainly composed of metamorphic and igneous complexes of
Archean/Proterozoic age and makes up the continental interior of South America. The
Platform consolidated during the Late Proterozoic to Early Paleozoic times in the course of the
Brasiliano/Pan-African orogenic cycle during which the amalgamation of different continents
and micro continents with the closure of several ocean basins led to the formation of the
Supercontinent Gondwana. Archean and Proterozoic rocks are exposed in three major shield
areas within the framework of Neoproterozoic fold belts (Guiana, Central Brazil, and Atlantic
shields). The western continental margin of the South American Plate developed from at least
Neoproterozoic to Early Paleozoic times and constitutes a convergent margin, along which
eastward subduction of Pacific oceanic plates beneath the South American Plate takes place.
Through this process, the Andean Chain, the highest non-collisional mountain range in the
world, developed. The eastern margin of the South American Plate forms a more than
10,000 km long divergent margin, which has developed as a result of the separation of the
South American Plate and the African Plate since the Mesozoic era through the opening of the
South Atlantic and the break-up of Gondwana. The northern and southern margins of the
South American Plate developed along transform faults in transcurrent tectonic regimes due
to the collision of the South American Plate with the Caribbean and Scotia plates. The South
American Plate reveals a long and complex geologic history (Engler, 2009). Figure 7-1 is a
simplified geological map of Brazil.

The Project is underlain by Paleoproterozoic and Mesoproterozoic-aged (1.80 Ga to 1.55 Ga)

lithologies belonging to the Río Negro-Juruena Province, one of six major geochronological
provinces comprising the Amazonian Craton. The Río Negro-Juruena Province occupies a
large portion of the western part of the Amazonian Craton (Figure 7-2) and includes volcano-
sedimentary sequences, felsic plutonic-gneiss, and granitoids. Rift basins within the province
are filled with continental platform molasse and marine sediments of Mesoproterozoic,
Paleozoic, and Mesozoic age (Engler, 2009). It is a zone of complex granitization and
migmatization. Regional metamorphism, in general, occurred in the upper amphibolite facies
(Tassinari et al., 2010).

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 7-1
 www.rpacan.com

72° 66° 60° 54° 48° 40° 36°

4° N

0°
0°
ARIPUANÃ ZINC PROJECT

4°
4°

8° 8°

12° 12°

Sedimentary Rocks

Quaternary
16° 16°
Tertiary

Cretaceous
Jurassic-
Cretaceous
20° 20°
Triassic

Permian
Carboniferous-
Permian
24° Carboniferous Igneous and Metamorphic Rocks 24°

Devonian Cretaceous-Tertiary Volcanics

Silurian Mesozoic Volcanics

28° Cambrian- Paleozoic-Mesozoic Intrusives

28°
Ordovician
Paleozoic Precambrian Undifferentiated

72° 66° 60° 54° 48° 40° 36°

Figure 7-1

Nexa Resources S.A.

0 20 40 60 80 100 Aripuanã Zinc Project

Kilometres
State of Mato Grosso, Brazil

Regional Geology
November 2020 Source: Votorantim Metais, 2017.

7-2
 www.rpacan.com

Imataca N Legend:
Strutures
Basement Structure

Romaima Neoproterozoic Faults

Geocronological Provinces
Amazônia Central Province
( > 2.5 Ga )
0°0'0"

Maroni-Itacaiúnas Province
Iricoume ( 2,2 – 1,9 Ga)

Venturi-Tajapós Province

Be
Purus ( 1,99 – 1,8 Ga)

lem
Gupupá
Manaus Monte Alegre
Iquitos Rio Negro-Juruena Province
(1,8 – 1,5 Ga)
Bacia do
Amazonas Rondoniana-San Ignácio Province
Xingu Serra dos ( 1,55 – 1,3 Ga )
Carajás
Sunsás Province
( 1,25 – 1,0 Ga)
Porto Velho
Geological Units
10°0'0"S

Phanerozoic Cover
!(

Granitoid

Precambrian Sedimentary Cover

Aripuanã Zinc Project
Intermediate Acid Volcanic

Mafic Volcanics

Greenstone Belt

Granulitic Complex

Neoproterozoic Period

60°0'0"W 50°0'0"W

Figure 7-2

0 200 400 600 800 1000 Nexa Resources S.A.

Kilometres Aripuanã Zinc Project
State of Mato Grosso, Brazil
Geological Map of the
Amazonian Shield
November 2020 Source: Karmin Exploration Inc., 2012.

7-3
 www.rpacan.com

LOCAL GEOLOGY
The following is taken from Simon, Marinho and Lacroix (2007).

The Project area is underlain by a meta-volcano-sedimentary sequence known as the

Aripuanã Sequence or the Roosevelt Group (RG), which is interpreted as a back-arc setting
of the Tapajós arc. The Aripuanã Sequence exhibits greenschist facies grade regional
metamorphism and has been intruded by late-stage A-Type Granites. The Aripuanã Sequence
is associated with a major intracontinental suture, which defines the margin of the Caiabís
graben in the south. The Aripuanã Sequence is bounded by granites and gneisses of the
Xingu Complex in the north through interrupted tectonic contacts.

The Aripuanã Sequence comprises three major meta-volcano-sedimentary units:

• A basal unit, represented by felsic and intermediate flows with tuffaceous layers.
• An intermediate, transitional felsic volcanic unit.
• An upper sequence, represented by inter-layered meta-argillites, meta-tuffs and meta-
cherts.

These units form a broad semicircular shape surrounding the Rio Branco granite. The
mineralized zones are located in the northeastern portion of the arc (Figure 7-3). Post-
mineralization aged overthrust faults, dipping to the north and northeast, form complex
imbricated sheets, which represent the most characteristic structural feature of the area.
Typically, these sheets include portions of the volcanic units, and upper meta-sedimentary
unit, although often the contact relationships are obscured by extreme deformation.

The lithological assemblage generally strikes northwest-southeast and dips between 35° and
70° to the northeast. Stratigraphic features have been offset by younger sinistral, east-west
wrench faults that are traced by mapping and magnetic interpretation.

PROPERTY GEOLOGY
The following has been summarized from VMH (2016).

Stratigraphy over the property consists of meta-sediments, meta-volcanic and meta-

pyroclastic rocks, and hydrothermally altered rocks at the interface between the meta-

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Technical Report NI 43-101 – November 17, 2020 Page 7-4
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sediments and meta-volcanics. The meta-sediments comprise meta-mudstones, meta-

siltstones, and carbonaceous meta-siltstone, while the meta-volcanics and meta-pyroclastics
grade from rhyolite to dacite in composition. The hydrothermal zone occurs as stratabound
when related to exhalative rocks or pipe like when related to the feeder zone. The stratabound
portion of the hydrothermal zone has three main types of alteration, carbonate, tremolite, and
sericitic. The feeder or stringer zone has three types of alteration, sericitic, phyllic (sericite +
chlorite), and chloritic (+silicification). On surface, the hydrothermal alteration zone is strongly
masked by tropical weathering, usually associated with gossans. Portions of the property have
Phanerozoic alluvial cover.

Figure 7-3 illustrates the property geology.

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Technical Report NI 43-101 – November 17, 2020 Page 7-5
 www.rpacan.com
224,000 225,000 226,000 227,000 228,000 229,000 230,000

W
0N
90
3.

PA
BA

AR
SE
LIN

8,890,000
8,890,000

W
E

0N
90
2.
FEX50
N
FEX 46

FEX3
2 FEX57

F EX44

FEX39

8,889,000
8,889,000

2
FEX38 FEX0 FE
X0
FEX31 FEX43 EXRP03 EXRP04 4 FEX07
FEX3
6
FPAR054 FEX45 FEX29
FEX42 F EX18 EX
EX RP
FEX30 RP 05
FPAR0
FEX37 61 06
FPAR00
1 FPAR0
FPAR06 03
FEX35 2
FEX5
6
FEX1 FEX25 FPAR055 FEX27
7 FPAR0
02 FEX4
FPAR003A 0
FPAR048
FPAR004 FPAR056
FEX1
3 FEX23
FPAR00 FEX26 FPA R024
4A FEX24
FEX03
FEX10 FPAR FPAR FEX
FEX05 050 FPAR 026 28 EX
FEX14 023 EX RP
FEX5 F EX0 RP 07
3 FEX20 08
EXRP 1 FPA R021
FPAR0 01 FEX5
FEX4 FPAR 20 FE
8 022 FEX47 1
FEX34 X54
FPA R052 FPAR049
FEX21 FPAR025 FEX
41 FPA R027
EXRP09
E XRP10 65
EXRP17
FPA R051
FEX49

EX RP19 EXRP15 EXRP14

FEX19
FEX 12
EX RP02
FEX1
6
FEX5
5 FEX
06
FEX
33
65
E XRP18 EX
FPAR RP
047 FEX 11
FEX09 11
FEX 52 EX RP13
FEX08
FEX22 50 EXRP12

FPAR059

AREX
EXRP16

55
FPAR0 58
FEX
15
F0
04

FP
AR
013 F0
FD F0 42
05 03
FP 7
AR
01
2 FP
A R06
3

LINK 75

45
FD
057
FP
AR
042 FP
A R0
A
FD F05
F0
06
F052
FPA
R00
70
28
062 5
80 8

8,888,000
8,888,000

F0 F0
FP
AR
029
F0
F0 09
12
02 27
80
FPA R044 F0
53
FP
A R0 F05
37 4 F0
14
F0 F0
65
10 07
F0
29
F0 F0 F0
40 48 34

F054 FP
A AR F0
FPA 06 F0 F0 F0 01
R07 5 30 F0
6 F0 46 24 50
51
F0 F005
FP 35
AR
05
3
F0
25
F0
21
F0
49 60

F01
FPA F0

SE
F0 FPA R009 26

1
47 R01
1 FPAR00
FP F017 6
A R0

00
66 FPA
R005 FPA R014
F0 FPA R017
65 FPAR060
19

10
F0 FPAR016
FPAR 08 F0
005A 15 FPAR0 FPAR019 FPAR015
10 F0

AMBREX
F016
18
FPAR00
6A
F0 FPAR069
20 44
F0

F0
13 FP F0
AR 36
01
F0 8
F PAR 45
036

FPA
70
NW
R0 FPAR0
68 32
FPAR07

0N
F0 0
43

FPAR071
F0
37
50

85 BA
F PAR
073 SE
LIN

55

8,887,000
8,887,000

FPAR0
72 FP

E AR
03
8

F D05
6

35
F PA

BA
R07
4

SE
00
FP
AR

LIN
03 F0
9 32

E
F0
38

Fault BABAÇÚ F023

F041

Falha Transcorrente Dextral F0

31

8,886,000
8,886,000

Falha Transcorrente Sinistral F0

FD 33
06
0

F0
22

F0 FD
28 05
9

Thrust Fault FD
06
1

F03
Banding S1/S0 with dip

9
Foliation S2 with dip MASSARANDUBA

8,885,000
8,885,000

8,884,000
8,884,000

SE
0S
3 30

0 0.5 1 1.5 2
Kilometres
BA
SE

8,883,000
8,883,000

L
INE

224,000 225,000 226,000 227,000 228,000 229,000 230,000

Figure 7-3
Lithology:
SA Alluvial
Nexa Resources S.A.
GS Gossan
AS Siltites, Argillites, Carbonaceous Phyllites Aripuanã Zinc Project
QV Quartz Veins State of Mato Grosso, Brazil
ZH Hydrothermal Zone
FV Volcanics Property Geology
November 2020 Source: Amec, 2007 (Edited from Petrus, 2006).

7-6
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MINERALIZATION
Three main elongate mineralized zones, Arex, Link, Ambrex, and Babaçú, have been defined
in the central portion of the Project. Limited exploration has identified additional, possible
mineralized bodies including Massaranduba, Boroca, and Mocoto to the south and Arpa to the
north.

Where outcropping, sulphide mineralization has been oxidized forming gossanous bodies
which frequently mark the position of overthrust faults. These gossans are generally small and
contain low levels of gold. They do not appear to be of economic interest at this time.

The individual mineralized bodies have complex shapes due to intense tectonic activity.
Stratabound mineralized bodies tend to follow local folds, however, local-scale, tight isoclinal
folds are frequently observed, usually with fold axes that are parallel to major reverse faults,
causing rapid variations in dips. The Arex, Link, Ambrex, and Babaçú deposits are the best
understood and are described below.

Hydrothermal alteration is commonly directly adjacent to the Arex, Link, Ambrex, and Babaçú
deposits, and according to Leite et al. (2005, as cited in AMEC, 2007) presents a zonal and
symmetrical standard:
• External zone: Sericite and muscovite in a fine-grained matrix with minor chlorite
content. Where present, the low sulphide content is dominated by pyrrhotite.
• Intermediate zone: Transition of sericite to chlorite halo on stringer zones. Tremolite
and chlorite alteration with minor carbonatization and silicification.
• Internal zone: Stringer zones are characterized by pervasive chlorite alteration
accompanied by quartz veins. Sulphide content is dominated by chalcopyrite and
pyrrhotite. Porphyroblastic magnetite and biotite locally substitutes within the sulphide
matrix. The stratabound zones are dominated by tremolite, talc and carbonate
alteration, accompanied by sphalerite, galena and pyrite, with minor magnetite and
fluorite. The stratabound zone may be brecciated.

AREX
Mineralization at the Arex deposit strikes at approximately 110° azimuth, extending over a
1,400 m strike length. Upper portions of the deposit tend to be near-vertical, while lower
portions dip at 60° to the northeast. The Arex deposit is characterized by well-defined stringer
and stratabound zones. Discrete lenses of stratabound and stringer mineralization, ranging
from less than one metre to 15 m thick, interplay within a 100 m to 150 m wide zone, separated
by barren, hydrothermally altered rocks. Mineralization comes close to outcropping at surface

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and extends to almost 500 m below surface. Discrete lenses may be continuous for up to
300 m down dip. The Arex deformation pattern is made of tight, foliation-parallel folds, and
reverse faults which overthrust in the same direction. The Arex deposit presents strong dip
variations that are often parallel to foliation and faults. In some areas, this may cause the
stratabound and stringer mineralization to be parallel, despite its original perpendicular
position.

LINK
The Link deposit, first discovered in 2014, is interpreted to be the westward extension of the
Ambrex deposit towards the Arex deposit. It is located approximately 300 m southeast of the
Arex deposit and exhibits shape, mineralization, and alteration features similar to Ambrex, the
largest deposit. Link mineralization strikes at approximately azimuth 125° and has a strike
extent of approximately 450 m, based on current drilling. Mineralization thicknesses typically
range between 10 m and 50 m, with a maximum of 150 m. Mineralization comes close to
outcropping at surface and extends to almost 700 m below surface. The degree of folding at
Link is gentler than at Arex and hosts well marked overthrust faults, which are parallel to
metamorphic foliation. The orientation of the stratabound mineralization is generally parallel
to the original bedding, while the stringer zone is often approximately perpendicular to the
stratabound zone.

AMBREX
The Ambrex deposit represents the largest of the known mineralized zones on the Project.
The Ambrex deposit is located approximately 1,300 m southeast of the Arex deposit. Ambrex
mineralization strikes at approximately azimuth 125° and has a strike extent of approximately
1,050 m, based on current drilling. The dip varies from near vertical to 70° to the northeast.
Mineralization thicknesses typically ranges between 10 m and 50 m, with a maximum of 150 m.
The Ambrex deposit has an upper depth of 60 m below surface, with a lower depth of
approximately 700 m. The degree of folding at Ambrex is gentler than at Arex and hosts well
marked overthrust faults, which are parallel to metamorphic foliation. The orientation of the
stratabound mineralization is generally parallel to the original bedding, while the stringer zone
is often approximately perpendicular to the stratabound zone.

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BABAÇÚ
Located southeast of the Ambrex deposit, the Babaçú deposit is 1,300 m long and also dips
to the northeast. The Babaçú deposit is interpreted to be similar in shape and style of
mineralization to the Ambrex deposit.

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8 DEPOSIT TYPES
The following is summarized from VMH (2012c).

The Aripuanã polymetallic deposits are typical volcanogenic massive sulphide (VMS) deposits
associated with felsic bimodal volcanism. Support for this model is based on the geometry of
mineralization, host rocks, hydrothermal alteration, and sulphide paragenesis. The Aripuanã
VMS deposits have been subsequently deformed and metamorphosed under greenschist
facies conditions (Leyte, 2005 and Petrus, 2006, as cited in VMH, 2012c). Details observed
at Aripuanã and consistent with VMS deposits are described below.
• Host rocks: All mineralized bodies are located on the upper levels of a felsic volcanic
unit, in association with finely laminated exhalites, at or close to the contact with an
overlying sedimentary unit.
• Mineralization zonality and predominant textures: Three types of mineralization are
found at the Project, and are typical of VMS deposits elsewhere:
o Stringer facies: Cu-Au bearing stringers in the footwall of the stratabound
mineralization, containing chalcopyrite and pyrrhotite, with stockwork and breccia
textures corresponding to hydrothermal feeder zones.
o Proximal sulphide facies: mixed bodies of stratabound massive and disseminated
Zn-Pb mineralization, overlying stringer mineralization.
o Geochemical zonality. The Cu/Cu+Zn ratio is higher in the proximity of the copper
rich feeder zones and decreases upward from the footwall and towards the distal
zinc rich stratabound mineralization.

Facies associated with the feeder zones are located in the middle of the volcanic unit and are
characterized by pyrrhotite and/or chalcopyrite stockworks in a zone of intense chloritic
hydrothermal alteration. The sulphide association represents a feeder zone at higher
temperature. There is Cu-Au association in these zones. Figure 8-1 presents a target model
of the sequence (Figure 8-1).

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BIMODAL-FELSIC
Flows or volcaniclastic strata 100 m

Canadian grade
and tonnage
Average 5.5 Mt
Median 14.2 Mt
1.3% Cu
6.1% Zn
1.8% Pb
123 g/t Ag
Felsic flow complex 2.2 g/t Au

Sericite-quartz Detrital Pyrite-sphalerite-galena Barite (Au)

tetrahedrite-Ag-Au
Chlorite-sericite Carbonate/
Pyrite-sphalerite-galena
Massive

gypsum
Quartz-chlorite Pyrite-sphalerite-chalcopyrite
Chalcopyrite- Chalcopyrite-pyrrhotite-pyrite
pyrite veins

Figure 8-1

Nexa Resources S.A.

Aripuanã Zinc Project
State of Mato Grosso, Brazil

Target Model
November 2020 Source: A.G. Galley et al., 2007.

8-2
 www.rpacan.com

9 EXPLORATION
1999 TO 2002 EXPLORATION
This section is summarized from VMH (2012a).

Geochemical and geophysical surveys, including a SPECTREM airborne geophysical survey,

were conducted by Anglo American and Karmin between 1999 and 2002. The exploration
program targeted 13 different areas on the property. Limited details are available on the exact
date and operator of the various surveys conducted, however, the following information was
recovered in the Anglo American database (Table 9-1).

TABLE 9-1 ANGLO AMERICAN AND KARMIN EXPLORATION – 1999 TO 2002

Nexa Resources S.A. – Aripuanã Project

Geochemistry Ground Geophysics

Geological
Target Stream
Mapping Soil Gravimetry Magnetic IP VLF TDEM
Sediment
Acampamento
x x x - x - - -
Velho
Arex x x x x x x x -
Ambrex x x x - x - x x
Babaçú x x - - x - - x
Bigode x x x - x - x -
Cafundo x x x - x - x x
Cone x x x - x - - -
Joao Paulo x x x - x - - -
Massaranduba x x - - x - - x
Mocotό-Borόca x x x - x - x x
Vaca II x x x - x - - -
Valdir x x x - x - - -
Vale dos Sonhos x x x - - - - x

Note:
1. IP – Induced Polarization
2. VLF – Very Low Frequency
3. TDEM – time-domain electromagnetics

GEOPHYSICS
The airborne SPECTREM geophysical survey is an electromagnetic (EM) method developed
by Anglo American, where by EM, total field magnetic, and radiometric measurements are

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simultaneously taken from sensors inside, or towed behind, an aircraft. The survey was
conducted in 2001 over 1,800 km2.

No specific details are available with respect to ground geophysical methods.

GEOCHEMISTRY
No details of sample procedures, quality assurance/quality control (QA/QC), or dates were
available. Historically, 760 stream sediment samples and up to 32,000 soil samples with a
wide distribution over 2,000 km2 have been collected. Geochemical analyses were conducted
by Nomos and Mineração Morro Velho (MMV) laboratories.

GEOLOGICAL MAPPING
Geological mapping of the Project area was completed to varying levels of detail over the
thirteen targets listed in Table 9-1 between 1999 and 2002.

NEXA EXPLORATION
The following is taken from AMEC (2007) and VMH (2012b).

In 2004, Nexa became Project operator and commenced a detailed geological, geochemical,
and geophysical exploration program, which included additional drilling described in
Section 10.

Under contract from Nexa in 2005, Geoambiente Sensoriamento Remoto prepared a

topographic map based on photogrammetric restitution of two pairs of Ikonos panchromatic
images with one metre spatial resolution (173214-0/173214-3 and 173214- 1/173214-2), and
with ground control on geodesic IBGE stations. Internal control points were surveyed using a
differential global positioning system (DGPS). The topographic map has an area of 195 km2
and 1:10,000 altimetric and 1:5,000 planimetric scales as well as five metre contour lines (plus
additional one metre interpolations).

In 2004, Integração Geofísica compiled and integrated all previous geological, geophysical,
and geochemical data to allow a more complete interpretation of the regional and local
geology, and the identification of local exploration targets. A digital terrain model was prepared

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and integrated with airborne gamma-spectrometric (K-Th-U channels), magnetometric, and

electromagnetic (time domain EM) survey data, soil geochemical surveys, regional and local
geological information, including most of the data previously obtained by Anglo American and
Karmin. As a result of this study, five groups of targets were identified in addition to Arex and
Ambrex, and additional exploration was recommended.

In 2004, Nexa contracted Petrus Consultoria Geológica Limitada to conduct and/or supervise
geological, geochemical, and geophysical exploration at the property. Between 2004 and
2007, additional exploration at the property included relogging of Anglo American/Karmin core,
geological mapping, and geochemical surveys.

In 2007, a time domain, airborne EM survey was conducted by Fugro Airborne Surveys. The
survey covered approximately 1.8 km2, divided in four loops of 700 m x 500 m each, with
readings on a 100 m x 20 m grid. The survey was flown over 14,290 m using a base frequency
of 30 Hz. In addition, 3,860 m were surveyed at 3 Hz in order to detail the anomalies identified
with the 30 Hz survey.

In 2008, exploration efforts consisted of evaluating regional targets. Work included detailed
geological mapping and systematic rock, soil, and stream sediment geochemistry. Mobile
metal ion (MMI) soil geochemical tests were completed on the Ambrex and Babaçú targets.
Core from Arex and Ambrex was re-logged. Exploration drilling at Babaçú and in-fill drilling at
Arex and Ambrex took place.

Extensive drilling took place on Arex and Ambrex in 2012, as well as additional metallurgical
test work.

In 2013, ground magnetic surveying totalling approximately 138 line-km over the Poraquê,
Arpa, Ambrex, Babaçú, Massaranduba, Boroca, and Mocotό targets was completed.
Subsequently, a 12 line-km ground magnetic survey was completed over the Casagrande
target. An extensive program of core re-sampling was completed comprising a total of 11,067
core and pulp analyses from 159 drill holes from Arex, Ambrex, Arpa, and Babaçú. A new
structural model was developed based on LiDAR topography in the Arex-Ambrex area and the
1:25,000 scale geological map was updated.

In 2014, ground magnetic surveying totalling approximately 222.8 line-km over the Flanco W,
Poraquê, Sombra, Mocotό Sul, Jibόia, and Casagrande targets was completed. A total of 991

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soil samples were taken over the Somra and Casagrande targets and 25 gold panning samples
were taken at the Flanco W, Mocotό Sul, Jibόia, Sombra, and Vaca-Bigode targets.

In 2015, a 1,584.2 line-km helicopter-borne, combined magnetic and electromagnetic (VTEM)

survey was flown over four areas, namely Arex-Ambrex, Flanco W, Mocotό, and Casagrande
Jibόia. Soil sampling at Flanco W and geological mapping and rock sampling at the Borόca
and Mocotό target areas was undertaken. In-fill drilling at Arex and Ambrex was also
completed.

In 2016 and 2017, initial exploration activities were not conducted at the Project, as Nexa target
generation program is no longer based in joint venture (Nexa/Karmin) related properties.
Although intense exploration was conducted at the Project in both, 2016 and 2017, it was
totally based on drilling for upside resources at open extensions (2016) and infill drilling (2017),
as detailed in the following sections.

The focus of exploration activities on the property has been the Babaçú deposit since 2018,
where on-going drilling has been successful in upgrading this exploration target to an Inferred
Mineral Resource.

EXPLORATION POTENTIAL
BABAÇÚ
Part of the Babaçú deposit has been converted to an Inferred Mineral Resource during 2020.
The Babaçú deposit is not fully tested by drilling and is still open at depth and laterally from
the current Mineral Resource outline where there is good potential for further drilling to
increase the Mineral Resource.

Nexa has identified an area to the north west of the current Babaçú Mineral Resources and
south east and down dip of the Ambrex deposit. Nexa has designated the name “Babaçú NW
Exploration Target” to this area. Figure 9-1 shows the location of the Babaçú NW Exploration
Target while Figure 9-2 shows a conceptual vertical cross section through the target. The
cross-section is through line AB shown in Figure 9-1.

The Babaçú mineralized VMS horizon has been confirmed by drilling extending further
northwest below the Ambrex deposit which is open at depth. Nexa envisages a new

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exploration target potential as given in Table 9-2. Grade ranges were defined based on
Ambrex and Babaçú known resource grades. The tonnage range assumptions were based
on geological continuity of the mineralized horizon, as follows: strike length ranging from 500 m
to 700 m, depth continuity ranging between 350 m to 550 m, and average mineralization width
of 20 m.

The potential quantities and grades are conceptual in nature, there has been insufficient
exploration to define a Mineral Resource, and it is uncertain if further exploration will result in
the above targets being delineated as Mineral Resources.

TABLE 9-2 BABAÇÚ NW EXPLORATION TARGET POTENTIAL –

SEPTEMBER 30, 2020
Nexa Resources S.A. – Aripuanã Project

Tonnes Zn Pb Cu Au Ag
(Mt) (%) (%) (%) (g/t) (g/t)
Minimum 10 2 1 0.3 0.3 20
Maximum 20 4 2 0.7 1 50

RPA is of the opinion that the Babaçú NW Exploration Target exhibits good potential and
recommends following up with additional step out drilling to convert the exploration target to
Mineral Resources. RPA is also of the view that there is good potential to increase the Mineral
Resource at the Babaçú deposit with more drilling.

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Technical Report NI 43-101 – November 17, 2020 Page 9-5
 Figure 9-1

!(
Nexa Resources S.A.
Aripuanã Zinc Project
!( State of Mato Grosso, Brazil
!(

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www.rpacan.com
!(
Note: Conceptual Vertical Section A-B is Figure 9-2 !(
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0 200 400 600 800 1000 !(

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November 2020 Source: Nexa, 2020.

 SW Looking Northwest NE
A B

Legend:
9-7

Ambrex

0 100 200 300 400 500

Metres
Figure 9-2
Babaçú NW Exploration Target
Nexa Resources S.A.

www.rpacan.com
Aripuanã Zinc Project
State of Mato Grosso, Brazil
Conceptual Vertical Section Showing
the Babaçú NW Exploration Target
November 2020 Source: Nexa, 2020.
 www.rpacan.com

10 DRILLING
Drilling on the Project has been conducted in phases by several companies since 1993. Total
drilling at the deposits with Mineral Resources, Arex, Link, Ambrex, and Babaçú, consists of
718 diamond drill holes totalling 229,654 m. Drilling at the other prospects on the property
consists of 35 diamond drill holes totalling 13,886 m.

A drilling summary by deposit up to and including all drilling information available at May 19,
2020, is presented in Table 10-1.

TABLE 10-1 DRILL HOLE DATABASE

Nexa Resources S.A. – Aripuanã Project

Historical Nexa (2004 to 2020) Total

Deposit No. Metres No. Metres No. Metres No. Metres No. Metres
DDH (m) Perc. (m) DDH (m) Met. (m) Holes (m)
Arpa 0 9 5,359 9 5,359
Arex 50 14,682 19 1,329 220 38,085 20 2,536 309 56,631
Link 11 3,822 160 62,080 1 141 172 66,043
Ambrex 44 15,747 109 48,874 9 3,222 162 67,843
Babaçú 7 2,224 68 36,913 75 39,137
Massaranduba 8 2,184 18 6,343 26 8,527
Total 120 38,659 19 1,329 584 197,654 30 5,899 753 243,541

Notes:
1. DDH: Diamond drill hole
2. Perc: Percussion drill hole
3. Met: Metallurgical drill hole

PREVIOUS DRILLING
This section is summarized from AMEC (2007).

Limited detail on the Anglo American and Karmin drilling campaigns is available. Both reverse
circulation (RC) and diamond drilling was performed on site. Results of RC drilling have not
been maintained in the current Nexa database. Diamond drill core diameter was HQ
(63.5 mm) size at the collar and are reduced to NQ (47.6 mm) size downhole. The DDI Reflex
Fotobor method was used for downhole survey measurements. Most holes were drilled with
azimuths ranging from 180° to 220° and inclinations ranging from -50° to -70°. Drill core boxes

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are stored on site and are adequately labelled and ordered for efficiently locating and extracting
the samples. Original drill reports are not available on site.

RECENT DRILLING
Drilling at the Project was conducted by Nexa from 2004 to 2008 and from 2012 to present.
The main purpose of the 2004 to 2008 drill programs was to explore and delineate
mineralization at the Project, while from 2012 to present, the objective has been to improve
confidence and support and upgrade the classification of the Mineral Resources at the Arex
and Ambrex deposits.

Nexa drilled a total of 614 diamond drill holes totalling 203,553 m at Aripuanã from 2004 to
March 2020, including 30 metallurgical drill holes totalling 5,599 m. Many drill holes were pre-
collared using RC drill rigs, with diamond drill rigs used for drilling in mineralized zones.

May 19, 2020 is the cut-off date of the Mineral Resource database, as such all assay results
received before this date have been considered in the Mineral Resource estimate.

Drill hole locations are spotted in the field using a hand-held GPS as well as measuring the
distance to previous holes already surveyed using a total station. Small adjustments to the
drill hole locations are made where necessary based on topographic relief and non-removable
trees. The desired collar position, foresights, and backsights are marked by technicians using
a Brunton compass for sighting the azimuth and a digital inclinometer for verifying the dip.
Collar surveying is performed with a differential GPS upon completion of the drill hole and the
departing collar azimuth is recorded using a total station (Figure 10-1). Casings are left in
place. Downhole surveying is completed with Deviflex and Maxibor tools by the drilling
company at three metre intervals downhole. Duplicate downhole surveys are performed on
each hole. From 2014 onwards, Nexa has implemented core orientation for approximately
25% of the drilling using the Reflex ACT core orientation tool, and more recently Corefinder
GTF.

Drill core is currently placed in plastic boxes and labelled at the rig site prior to transport.
Previously, wooden core boxes were used. Drill core is transported by pick-up truck to the
Nexa logging facility by the drill company employees, Servitec Sondagem Geologica.
Geotechnicians measure drill core runs and note core interval length, core loss, and check

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core block runs. This information is then cross referenced to the driller’s notes for
discrepancies and amended where necessary. Rock Quality Designation (RQD) is measured
and a resistance value (R0 to R4) is assigned based on rock hammer tests. No other
geotechnical logging is performed on site. The core is photographed both wet and dry prior to
mark-up by geologists.

All geological information is manually logged on paper logging sheets, and then hand entered
into formatted Microsoft Excel sheets by the logging geologist. Lithology, rock unit, texture,
alteration associated with the VMS, and regional alteration are recorded in logging sheets as
text fields. The percentage of total sulphides, pyrite, pyrrhotite, chalcopyrite, sphalerite, and
galena are recorded. Observations are noted where relevant. Digital logging sheets are
imported into the Fusion database management program by the database manager. For
oriented core, Nexa uses the vector collection method ((Tu) Top and (Bu) Base angle +
distance between points (UD)).

RPA is of the opinion that the drilling and logging procedures meet industry standards.

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 Figure 10-1
224,000 W 225,000 W 226,000 W 227,000 W

Nexa Resources N
S.A.

N Aripuanã Zinc Project

8,889,000 N

State of Mato Grosso, Brazil

Drill Hole Collar Map
– Arex, Link, and Ambrex

0 400 800 1200 1600 2000

Metres
8,888,000 N

8,888,000 N
10-4

Legend:
Drill Hole by Phase
8,887,000 N

8,887,000 N
Anglo
Legend: Nexa
Lithotypes 2018
Gossan 2019
Hydrothermal Zone 2020
Metasilite/Metasedimentary Votorantim Metals
Felsic Volcanic 2004
8,886,000 N

8,886,000 N
Chloritized Metatuff 2005
0 25 50 75 100 125
Chloritized Metavolanic 2006
Crystallized Metatuff Metres 2007
Mineralization 2008
Mineralized Stratabound 2012

www.rpacan.com
Stringer 2014
8,885,000 N

2015

8,885,000 N
2016
2017

224,000 W 225,000 W 226,000 W 227,000 W 228,000 W 229,000 W 230,000 W

November 2020 Source: Nexa, 2020.

 www.rpacan.com

11 SAMPLE PREPARATION, ANALYSES, AND

SECURITY
SAMPLE METHOD AND APPROACH
The following sampling methods and approaches are in place for the Project. Core is sampled
10 m above and below visible mineralization. Samples respect geological contacts and vary
from 0.5 m to 1.5 m in length depending on core recovery, length of the lithological unit, and
mineralization. Geologists mark the samples using a felt pen on the core boxes and staple a
sample tag wrapped in plastic to the box at the start of the sample.

Core is marked with red and blue lines to indicate where it is to be sampled and which half is
to be assayed. Lines are drawn respecting the geological features such as layering to help
minimize sampling bias. Prior to sampling, sample numbers are recorded in the Fusion data
management system and cross-referenced with the interval depth downhole and the depth
recorded in the database.

Sample core is cut into two halves by technicians with a diamond saw, returning half of the
split core to the core box and submitting the other half for sample preparation and analysis.
The geologist responsible for logging the drill hole defines the insertion of QA/QC samples
including blanks, standards, and duplicates.

Each sample booklet contains four tags for each sample. One sample tag is stapled to the
clear plastic sample bag and an additional sample is placed within the bag. One tag is attached
to the core box while the remaining tag is left in the booklet for record keeping.

Samples are separated into batches of up to 250 samples from the same drill hole.

DENSITY ANALYSIS
Bulk density is determined by the water displacement method for each sample of drill core.
Samples are dried and then weighed using a tared Adventurer Pro scale accurate to 0.1 g.
The sample is then added to a polyvinyl chloride (PVC) tube containing a fixed amount of
water. The displaced water is removed from the PVC tube into a pre-weighed 1,000 mL

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beaker. The weight and volume of displaced water is recorded by hand and then entered into
a spreadsheet. Density values are auto-calculated using both volume and weight of water.
The technician compares the values to ensure that they are similar. Any discrepancy results
in a repeat of the test. The weighted measurement is used in the final database.

Every tenth sample is also subject to an Archimedes density measurement. The Archimedes
density results are kept on site and used as a QA/QC measure. The results of the Archimedes
method are typically within 10% of the water displacement method.

SAMPLE PREPARATION
Sample preparation was performed by the ACME Laboratories (ACME) preparation facility in
Goiania, Brazil, from 2004 to 2007, and from 2007 on, by ALS Global. Both laboratories
followed the same preparation procedure, described below.

The sample was logged in the tracking system, weighed, dried, and crushed to better than
70% passing a 2 mm screen. A split of up to 250 g was taken and pulverized to better than
85% passing a 75 µm screen. This sample preparation package was coded PUL-31 by ALS
Global. Following preparation, samples were shipped to the sample analysis facility in Lima,
Peru. ALS Global’s preparation facility in Goiania is accredited to the International
Organization for Standardization/International Electrotechnical Commission (ISO/IEC)
9001:2008 standards and ALS Global is accredited to ISO 9001:2008 and ISO/IEC
17025:2005, for all relevant procedures.

Both laboratories are independent of Nexa and RPA.

In the QP’s opinion, the sample preparation methods are acceptable for the purposes of a
Mineral Resource estimate.

SAMPLE ANALYSIS
Assays were processed by ACME from 2004 to 2007, and from 2007 on, by ALS Global, both
independent laboratories. ALS Global’s facilities in Lima are accredited to ISO 9001:2008 and
ISO/IEC 17025:2005.

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The following sample analysis was undertaken at the ACME facilities:

1. Gold Analysis: Fire assay (50 g) standard fusion method with an atomic absorption
spectrometry (AAS) finish. The lower limit of detection is 0.01 g/t Au.
2. Multi Element Analysis: Aqua regia digestion with an AAS finish. Lower limits of
detection are 0.001% for Pb, Zn, and Cu, 1 ppm Ag, and 0.01% Fe.

The following sample analysis is undertaken at the ALS Global facilities in Lima, Peru.
1. Gold Analysis: Au-AA24. A 50 g fire assay standard fusion method with an AAS finish.
The lower limit of detection is 0.005 ppm Au and the upper limit of detection is
10 ppm Au.
2. Gold Analysis: Au-AA26. Gold analyses returned from Au-AA24 with a gold value
above 10 ppm Au are re-assayed using a 50 g fire assay standard fusion method with
an AAS finish. Upper limit of detection is 100 ppm Au.
3. Multi Element Analysis: ME-ICP61. 33 multi element suite using four acid digestion
and inductively coupled plasma atomic emission spectroscopy (ICP-AES) finish. The
upper detection limit for Pb, Zn, and Cu is 1% and 100 ppm Ag.
4. Multi Element Analysis: ME-AA62. Samples that return values above the upper limits
in ME-ICP61 are re-assayed using ME-AA62. In ME-AA62, four acid digestion with an
AAS finish of a 0.4 g sample is used. Lower limits of detection are 0.001% for Pb, Zn,
and Cu, and 1 ppm Ag.
5. High Grade Zinc Analysis: Zn-VOL70. Zinc analyses returned from ME-AA62 with a
zinc content over 30% are re-analyzed by dissolving in hydrochloric acid and titrated
with EDTA solution with Xylenol orange as an indicator.
6. High Grade Iron Analysis: Fe-VOL51. Iron analyses returned from ME-ICP61 with
iron content over 50% are re-analyzed by dissolving in hydrochloric acid and titration.

In the QP’s opinion, the sample analysis methods are acceptable for the purposes of a Mineral
Resource estimate.

DATABASE MANAGEMENT
Database management is performed by a dedicated onsite geologist under the supervision of
the Project Geologist. Digital logging sheets prepared by the geologist are uploaded to the
Fusion database management system. Original drill logs, structural logs, geotechnical logs,
details of chain of custody, site reclamation, and drilling are stored on site in a folder, specific
to a single drill hole. Folders are clearly labelled and stored in a cabinet in the office, which is
locked during out of office hours.

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Assay certificates of exploration and mine drill holes are mailed to the site by ALS Global and
emailed to Nexa employees. Certificates are reviewed by Nexa personnel prior to uploading
to Fusion.

SAMPLE SECURITY
Samples are shipped in rice bags by truck to the independent ALS Global preparation facility
in Goiania, Brazil. ALS Global purchased the facility from ACME in 2007. Prior to 2007, all
work was performed by ACME.

Drill core is stored at the onsite core storage facility, the grounds of which are locked at night
and surrounded by a high fence. The storage facility is open at the sides and covered with a
corrugated iron roof. Core storage inventory is maintained by onsite technicians. Pulp and
coarse rejects are shipped back to the onsite facility by the laboratory where they are also
stored with reference to individual sample locations.

QUALITY ASSURANCE AND QUALITY CONTROL (QA/QC)

Quality assurance (QA) consists of evidence to demonstrate that the assay data has precision
and accuracy within generally accepted limits for the sampling and analytical method(s) used
to provide confidence in a resource estimate or reporting assay results. Quality control (QC)
consists of procedures used to ensure that an adequate level of quality is maintained in the
process of collecting, preparing, and assaying the exploration drilling samples. In general,
QA/QC programs are designed to prevent or detect contamination and allow assaying
(analytical), precision (repeatability), and accuracy to be quantified. In addition, a QA/QC
program can disclose the overall sampling-assaying variability of the sampling method itself.

QA/QC PROTOCOLS
Nexa has implemented an analytical QC and assurance program to ensure the reliability of
exploration data. The program comprises of the insertion of certified reference material (CRMs
or standards), blanks samples, and different types of duplicate samples into the sample
stream. Table 11-1 lists the types of CRMs used by Nexa. From 2004 to 2008, three,
commercially sourced CRMs, representing low, medium, and high grade zinc and lead were
inserted at a rate of 5%. Copper, silver, and gold CRMs were not used. In 2012, two CRMs

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sourced from Nexa’s sedimentary exhalative deposit (sedex) mine, Morro Agudo, were used
on site. In June 2012, two property specific CRMs were generated and came into use on site.
Standards were inserted in the overall sample stream of drill core at a rate of five standards in
100 samples.

Between 2012 and 2020 Nexa utilized 18 different standards:

• AP series: five certified standards from Aripuanã for Zn, Pb, Cu, and Ag
• MA series: two CRMs sourced from Morro Agudo for Zn only and certified by SGS
Geosol
• L1, M1, H1: Low, medium and high grade CRMs for Zn and Pb
• G series: three Geostats CRMs for Au
• GB series: one Intertek Group plc CRM for Zn, Pb, Cu and Ag
• BRAP series: Sourced from Centro Tecnologico de Referencia SulAmericano (CTRS)
for Ag, Cu, Pb, Zn and S
• CTRS 900 series: sourced from CTRS for Au, Cu, S, Fe, Zn, Pb and Ag

Standards were inserted in the overall sample stream of drill core at a rate of approximately
one standard for every 30 drill core samples.

Prior to 2012, blank material was river sand and sandstone sourced from the Aripuanã
property. Subsequent to 2012, only coarsely crushed sandstone was used.

Data collected from QC samples comprises approximately 10% of all assay data. For each
batch of 100 samples, Nexa inserts the following QC samples: five standards, two blanks, one
field duplicate, one pulp duplicate, and one reject duplicate. Blanks are inserted in the sample
stream at the end of visible mineralization, standards are randomly inserted within mineralized
intervals, and pulp and reject duplicates are randomly inserted in both mineralized and
unmineralized intervals. Coarse rejects are requested by Nexa from material before it is
shipped back from the laboratory to Nexa’s storage facility. Half core field duplicates are taken
within mineralization.

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TABLE 11-1 CERTIFIED REFERENCE MATERIALS

Nexa Resources S. A. – Aripuanã Zinc Project

Zn Pb Cu Ag Au
CRM Count SD SD SD SD SD
(%) (%) (%) (g/t) (g/t)
AP0001 545 4.84 0.23 3.01 0.06 0.47 24 96 2 0.66 0
AP0002 550 9.15 0.31 6.15 0.09 1.44 0.06 207 6 1.12 0
APPD0003 832 2.89 0.08 1.09 0.04 1.22 0.02 43 1 - -
APPD0004 833 7.71 0.18 4.04 0.07 0.35 0.01 127 3 - -
APPD0005 529 1.509 0.043 0.56 0.01 6.83 0.12 58.1 2.3 - -
G312-4 433 - - - - - - - - 5.3 0.2
G909-1 452 - - - - - - - - 1.02 0.1
GBM910-12 219 4.491 0.196 - - 0.14 - 23.5 1.3 - -
MA002 50 14.22 0.48 1.61 0.04 - - 1.53 0.2 - -
MA004 128 2.91 0.11 0.94 0.04 - - 1.18 0.2 - -
ZnPbH1* 120 7.69 0.18 4.82 0.15 - - - - - -
ZnPbL1* 235 0.75 0.01 0.47 0.03 - - - - - -
ZnPbM1* 217 2.83 0.07 0.99 0.05 - - - - - -
CTRS0709 219 2.89 0.08 1.09 0.04 1.22 0.02 - - - -
CTRS0710 218 7.71 0.18 4.04 0.07 0.346 0.007 - - - -
G316-2 8 - - - - - - - - 1.04 0.04
BRAPSTD001 16 9.34 0.26 4.04 0.1 0.312 0.009 104.01 2.26 - -
BRAPSTD002 15 4.27 0.1 1.165 0.026 1.059 0.022 37.84 1.31 - -

Notes:
1. SD = standard deviation

A QA/QC report is prepared monthly by the onsite database manager and reviewed by the
Project Geologist, the report is also submitted to the head office for review. Sample batches
that include samples identified as having failed performance gates are re-assayed by ALS
Global at the request of Nexa. The failed control sample, as well as two shoulder samples
from each side, are re-assayed and supersede the failed results in the database.

The QP reviewed the sample preparation, analytical, and security protocols employed by Nexa
and is of the opinion that they meet or exceed industry best practices. Based on this
assessment, the QP is of the opinion that assay data are sufficiently reliable for Mineral
Resource estimation purposes.

CERTIFIED REFERENCE MATERIAL

Results of the regular submission of CRMs (standards) are used to identify problems with
specific sample batches and long-term biases associated with the primary assay laboratory.
RPA reviewed the results from 18 different standards used from 2004 to 2020.

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Nexa investigated the assays for APPD0005, as this CRM consistently reported values below
the expected value and often below the three standard deviation threshold. Nexa removed
this standard from circulation in 2019.

Figure 11-1 through Figure 11-3 chart 833 samples of CRM APPD0004 used for analyses on
zinc, lead, and copper, respectively. Failure rates for the three elements are 16 (1.9%), 77
(9.2%) and 264 (31.6%) failures, respectively.

Failure rates for copper were unexpected and show a significant low bias compared to the
expected value. RPA recalculated the mean and standard deviation of the copper samples
and found that adjusting for the sample population mean only five (0.6%) of the samples failed.

RPA recommends that Nexa reevaluate other CRMs to adjust the means and standard
deviations accordingly. RPA is of the opinion that the results of the CRMs support the use of
the assays for a resource model.

FIGURE 11-1 CONTROL CHART FOR CRM AP0004: ZINC

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FIGURE 11-2 CONTROL CHART FOR CRM AP0004: LEAD

FIGURE 11-3 CONTROL CHART FOR CRM AP0001: COPPER

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BLANKS
RPA reviewed all analytical QC data from 2004 to 2020, these include the performance data
of blanks, CRMs, as well as those of field, pulp, and coarse reject duplicates. The performance
of blanks and CRMs was analyzed by charting the data on time series plots. Paired data (field
duplicates, pulp duplicates, and coarse reject duplicates) were analyzed using bias charts,
quantile-quantile, and relative precision plots.

Normal industry practice for the assessment of the performance of blank samples is to set a
failure limit to ten times the detection limit. In the case of the zinc, lead, and copper grades of
interest, ten times the detection limit is insignificant. While RPA used 20 times the detection
limit in the past, Nexa considers five times the practical detection limit of 0.01%, which RPA
accepted as equally reasonable in this study.

Prior to 2012, blank material was river sand and sandstone sourced from the property. After
this date, only sandstone was used, however, Nexa does not distinguish these two materials
in their database. The performance of blank samples is generally acceptable, and although
zinc analyses yielded 1.4% of all assays above the limit of 0.05% Zn. The majority of these
failures occurred prior to 2017. Lead and copper analyses failed in approximately 0.4% and
0.2% of samples, respectively. Figure 11-4 charts all the blank samples for zinc, lead and
copper. Based on this analysis, RPA is of the opinion that no systematic contamination of
samples occurred during the sample preparation or analysis stages.

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FIGURE 11-4 2005 TO 2020 RESULTS OF BLANK SAMPLES (ZINC, LEAD, AND
COPPER)

DUPLICATES
Duplicate samples help to monitor preparation and assay precision and grade variability as a
function of sample homogeneity and laboratory error. The field duplicates include the natural
variability of the original core sample, as well all levels of error including core splitting, sample
size reduction in the preparation laboratory, sub-sampling of the pulverized sample, and the
analytical error. Coarse reject and pulp duplicates provide a measure of the sample
homogeneity at different stages of the preparation process (crushing and pulverizing).

RPA re-analyzed the duplicate data compiled by Nexa using basic statistics, scatter, quantile-
quantile, and percent relative difference plots. A total of 7,683 sample pairs were analyzed
between field, coarse, and pulp duplicates with no material issues found. Figures 11-5 through
Figure 11-7 are selected duplicate results.

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FIGURE 11-5 ANALYSIS OF FIELD DUPLICATE DATA (LEAD)

FIGURE 11-6 ANALYSIS OF COARSE REJECTDUPLICATE DATA (ZINC)

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FIGURE 11-7 ANALYSIS OF PULP REJECT DUPLICATE DATA (COPPER)

Based on the analyses of available analytical QC data, the QP is of the opinion that the
exploration data is sufficiently reliable for mineral resource estimation purposes. A
recalculation of the means and standard deviations for CRMs with high failure rates is
recommended.

EXTERNAL LABORATORY CHECKS

External laboratory check assays consist of submitting samples that were assayed at the
primary laboratory (ALS) to a secondary laboratory CTRS and re-analyzing them by using the
same analytical procedures.

Figure 11-8 plots 1,042 sample pairs of zinc assays that were submitted for reanalysis. The
results show a low variation in the assay values with a correlation of over 99%.

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FIGURE 11-8 ANALYSIS OF EXTERNAL LABORATORY CHECKS (ZINC)

CONCLUSIONS
The QP is of the opinion that the data collected by Nexa has been validated thoroughly and
that the implementation of QA/QC protocols are to industry standards. The data is suitable for
the estimation of Mineral Resources and Mineral Reserves.

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12 DATA VERIFICATION
NEXA
VALIDATION OF ANGLO AMERICAN DATA
From 1993 to 1997, assays from 56 FEX series drill holes from the Anglo American drilling
campaigns at Arex were completed by MMV and Nomos without the insertion of QA/QC
samples into the sample stream. In 1997, for verification purposes, core was quartered over
mineralized intervals and re-analyzed either at the same lab or at a secondary lab (MMV,
Nomos, ACME, or ALS Chemex). It was noted that for Anglo American’s Salobo Project in the
Carajás mineral province, state of Pará, Brazil, Nomos was reporting significantly higher
copper grades than MMV, however, MMV was comparable to ACME.

Based on this information, Nexa adopted the following strategy:

1. Nomos assays were only used if MMV assays were not completed.
2. If the re-assay was performed at the same laboratory, the lower grade set of results
was used.

RPA notes that the FEX series drill holes represents approximately 5% of the composites
within the mineralization wireframes and the issue mentioned only potentially impacts the
stringer zone given that only the stringer zone contains copper values of interest. RPA is of
the opinion that the impact of the overstated copper grades as presented above is not material
to the Project.

SOFTWARE VALIDATION
Fusion and Seequent’s Leapfrog Geo (Leapfrog) software are used to identify potential issues
in the drill hole database. Checks for the following potential issues were carried out:
• Long sample lengths
• Strange maximum and minimum values
• Negative values
• Detection limit / zero values
• Rapid borehole deviations
• Sampling gaps
• Sampling overlaps

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• Drill hole collars that do not match topography and underground openings

No significant errors were detected that would materially impact the Mineral Resource
estimate.

RPA AUDIT OF DRILL HOLE DATABASE

SITE VISIT
Pursuant to requirements of NI 43-101, RPA conducted site visits to the Project on several
occasions. Ms. Valerie Wilson, P.Geo., RPA Senior Geologist, visited the Project between
October 16 and 19, 2012. During this site visit, RPA verified the geology and assay results
from holes FPAR339, FPAR273, and FPAR343 to information in Nexa’s database. Drill hole
contacts agreed with the logging results, and grades of zinc, lead, and copper were observed
to correlate to sulphide content. Alteration was noted where present.

Mr. Sean Horan, P.Geo., RPA Principal Geologist, visited the Project site between January 30
to February 3, 2017. During the site visit, Mr. Horan reviewed logging and sampling methods,
inspected core from drill holes, and held discussions with Nexa personnel. Subsequent to Mr.
Horan’s site visit, Mr. Jason J. Cox, P.Eng., RPA Principal Mining Engineer, visited the property
between June 2 and 5, 2017. The purpose of Mr. Cox’s site visit was to review drill core,
discuss project development plans, and review work on the Project to date.

DATABASE REVIEW
RPA has reviewed the drill hole database on various occasions. A summary of the data
verification steps is given in Table 12-2.

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TABLE 12-2 SUMMARY OF RPA AUDITS OF THE RESOURCE DATABASE

Nexa Resources S.A. – Aripuanã Zinc Project

Year Task Comments

2012 5% (20 holes) comparison between original logs Two holes were identified as having errors
and digital logs. and were corrected in the database.
Compared holes FPAR2339, FPAR273 and Contacts agreed with logging and sulphide
FPAR343 to assay and litho logs. content correlated with assays results.
5% check of assay certificates from ALS. No major discrepancies found, accidental
exclusion of 35% of silver values due to
error in database script.
2015 18% check of assay certificates between 2012 No major discrepancies found, silver
and 2015 from ALS. scripting issue fixed.
2016 Examined density population for outliers. Little variance within rock types and density
values as expected. Some hydrothermal
zone samples report high density values.
Compared holes BRAPDD0055, BRAPDD0137 Contacts agreed with logging and sulphide
and BRAPDD0087 to assay and litho logs. content correlated with assays results.
2017 >6% check of assay certificates between 2015 No major discrepancies found.
and 2016 from ALS.
2018 Reviewed an error report provided by Nexa and No major discrepancies found.
generated by Datamine Studio RM (Datamine
Studio) from the database text files
Aggregated all assay certificates and compared No significant errors found.
finalized copper, lead, zinc, and silver values
against the database using a routine in Microsoft
Excel.
2020 A spot check on 3% of assay certificates No significant errors found.
between 2019 and 2020 from ALS.

DENSITY
RPA compared measured density values by rock units at Arex and Ambrex. Density values
less than 2 t/m3 (excluding oxide material) and greater than 5 t/m3 were considered outliers
based on cumulative distributions and removed from the database. Basic statistics of density
data are displayed in the sequence. Samples designated as stratabound mineralization by
logging geologists were found to have the highest density at both Arex and Ambrex, followed
by stringer mineralization (Figures 12-1 and 12-2). Little variance exists in any of the other
rock units, however, some mineralized hydrothermal zone samples reported high density
values.

The QP is of the opinion that the drill hole database has been maintained to a high standard
and is suitable to support Mineral Resource and Mineral Reserve estimation.

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FIGURE 12-1 DENSITY MEASUREMENTS AT AMBREX BY ROCK UNIT

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FIGURE 12-2 DENSITY MEASUREMENTS AT AREX BY ROCK UNIT

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13 MINERAL PROCESSING AND

METALLURGICAL TESTING
INTRODUCTION
Numerous metallurgical studies on the Project were carried out from 2005 to 2013 to identify
the best processing option. The evolution of the key studies and the process technologies
under consideration were documented by VM Holding S.A. (VMH, 2015) and previously
reported by RPA (RPA, 2017 and RPA, 2018). It was determined through metallurgical test
work that sequential flotation (Cu-Pb-Zn), rather than bulk flotation into a single concentrate,
presented better economics due to higher recoveries and concentrate grades.

Additional test work on drill core from the Project was conducted by SGS GEOSOL from May
2016 to January 2017 to provide experimental data to support engineering studies. Information
on sample validation and additional metallurgical testing has largely been provided by
Validaçao das Amostras Selecionadas para Teste Metalurgico (LCASSIS Consultoria em
Recursos Minerais (LCASSIS), 2017), the SGS GEOSOL 2017 Report (SGS GEOSOL, 2017),
and the Metallurgical Test work Report (Worley Parsons, 2017a).

Locked cycle test (LCT) work was also conducted in November 2017 by SGS GEOSOL to
provide experimental data on the treatment of various types of mineralization, including, Link
Stringer, Stringer Global, Link Stratabound, Ambrex Stringer, Ambrex Stratabound, and Strata
Global. To the best of RPA’s knowledge, this test work program and the results were not
compiled in a final report for review. The final results of this test work were used to define the
process route selection.

Pilot studies were undertaken by SGS GEOSOL on Project mineralization and the results were
reported in the 2018 Pilot Study (SGS GEOSOL, 2018).

Metallurgical data obtained from testing was integrated into the FEL3 process design by SNC-
Lavalin Group Inc. (SNC-Lavalin) (SNC-Lavalin, 2018a and 2018b).

Subsequent to RPA’s 2018 Technical Report (RPA, 2018), pilot plant flotation test work
commenced in 2020 using bulk samples at Nexa’s Vazante Mine pilot facility located in Mina

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Gerais State, Brazil. In addition, grinding and flotation test work was completed by SGS
GEOSOL in 2020 (SGS GEOSOL, 2020)) on composites representing the first 11 quarters of
processing plant feed. The 2020 test work utilized samples of blended ore (stringer and
stratabound) based on a revised strategy of processing combined ore types rather than
campaigning stratabound and stringer ores through the plant separately as had been
previously planned. Independently, an evaluation of the grinding circuit included in the process
design was completed by Mineral Processing Solutions (MinPro) in April 2020 (MinPro, 2020).

METALLURGICAL SAMPLING
Three master composite samples representing the Arex Stratabound, Arex Stringer, and
Ambrex Stratabound deposits were prepared from original drill core. These samples were
subjected to comminution, flotation, rheology, settling, and filtration bench scale tests, as well
as chemical and mineralogical characterization (SGS GEOSOL, 2017).

Shipments of samples for testing included:

• First shipment (May 2016) – 100 kg sample from the Arex body, material was combined
to form a composite sample (75% Arex Stratabound, 25% Arex Stringer) for preliminary
flotation test work in Phase 1 testing.
• Second shipment (July 2016) – 550 kg sample, core samples were combined to form
three master composites: Arex Stringer, Arex Stratabound, and Ambrex Stratabound,
which were used for optimization and definitive flotation tests.
• Variability Samples (July 2016) – 500 kg sample, core samples were combined to form
ten Arex Stringer variability samples, ten Arex Stratabound variability samples, and
eight Ambrex variability samples.

Detailed sample preparation for comminution was conducted by SGS GEOSOL to generate
representative aliquots of material in specific size intervals for different types of tests. The
material for comminution testing was sent to SGS Chile, while Bond Ball Mill Grindability testing
was conducted at SGS GEOSOL in Brazil.

Material crushed to 2.0 mm was homogenized and separated into one kilogram sub-samples,
which were placed in plastic bags, sealed, and stored in a freezer for flotation test work.

Figures 13-1 and 13-2 illustrate the location of the metallurgical samples selected relative to
the Life of Mine (LOM) stopes and the representativeness of sampling in each deposit.

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 13-2
 Looking North

Arex Link
13-3

Not to Scale

Arex LOM stopes (grey wireframe) and samples selected (pink dots).

Figure 13-1

www.rpacan.com
Nexa Resources S.A.
Aripuanã Zinc Project
State of Mato Grosso, Brazil
Location of 2017 Arex
Metallurgical Samples
November 2020 Source: Votorantim Metais, 2017.
 www.rpacan.com

Not to Scale

Ambrex LOM stopes (grey wireframe) and samples selected (pink dots).

Figure 13-2

Nexa Resources S.A.

Aripuanã Zinc Project
State of Mato Grosso, Brazil
Location of 2017 Ambrex
Metallurgical Samples
November 2020 Source: Votorantim Metais, 2017.

13-4
 www.rpacan.com

Samples for the 2018 SGS GEOSOL Pilot Study consisted of Arex and Ambrex Stratabound
materials, and Arex Stringer materials, as well as dilution material. These samples were
prepared individually and then composites were prepared of stringer and stratabound material
totalling approximately 11 t. The samples were chosen from NQ core to be representative of
the global grades of the Aripuanã deposit, as well as spatially representative and
representative of the proportions of the different ore types. Dilution material from Ambrex STB
and Arex STB was added to help achieve the target grades and deposit proportional
representation.

METALLURGICAL TESTING
2016 PHASE 1
The 2016 SGS GEOSOL metallurgical test program was carried out in two phases. In
Phase 1, a single bulk master composite sample of Arex Stringer and Stratabound
mineralization representing both deposits at a ratio of 75% stratabound to 25% stringer
mineralization was tested. A total of 24 open circuit bench scale flotation tests and two LCTs
were conducted using the blended composite sample. The purpose of the testing was to verify
the primary grind size (as this has implications for the downstream backfill plant) and to confirm
if treating a blended mineralization would result in good metallurgical performance when
compared to treating the materials separately. Information on preliminary flotation test work is
presented in detail in Appendix G of the SGS GEOSOL 2017 Report.

Preliminary test results indicated that a sequential flotation circuit with a short talc pre-flotation
step followed by talc depression at a coarse primary grind size of 80% passing (P80) 150 µm
produced acceptable results (Table 13-1). The results were as follows:
• Final Cu concentrate: 30.3% Cu, 80.4% recovery.
• Final Pb concentrate: 45.4% Pb, 91.5% recovery (although zinc contamination of the
lead concentrate was high).
• Final Zn concentrate: 56.3% Zn, 83.9% recovery.

Although parameters were not optimized, circuit conditions were identified for use in Phase 2.
The overall results from LCTs were consistent with previous LCT results and the zinc and lead
concentrate quality was found to be better than in previous tests. The blended composite of
the Arex mineralization resulted in acceptable metallurgical performance in Phase 1 testing.

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Technical Report NI 43-101 – November 17, 2020
Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

TABLE 13-1 PHASE 1 - LCT 2 RESULTS

Nexa Resources S.A. – Aripuanã Zinc Project

Grade Recovery
Product (%) (%)
Cu Fe MgO Pb Zn S Cu Fe MgO Pb Zn S
Calculated Feed 0.59 15.5 12.1 1.61 3.50 8.40 - - - - - -
Talc Rougher Concentrate 0.57 14.9 11.0 1.60 3.80 7.59 9.52 1.43 4.14 1.17 0.70 1.31
Copper Recleaner Concentrate 30.3 29.0 0.59 1.50 4.66 33.4 80.43 2.95 0.08 1.39 1.86 6.68
Lead Recleaner Concentrate 0.62 12.9 1.88 45.4 11.6 20.8 3.48 2.77 0.55 91.50 9.85 8.84
Zinc Recleaner Concentrate 0.20 9.02 0.10 0.44 56.3 35.5 1.99 3.43 0.05 1.57 83.92 26.55
Final Tailings 0.09 15.1 12.2 0.10 0.19 4.91 14.09 90.86 99.32 5.54 4.38 57.93

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Page 13-6
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2016 PHASE 2
Phase 2 testing was comprised of a more comprehensive testing program undertaken on both
blended and individual Arex and Ambrex materials, with variability testing conducted on the
different lithologies (SGS GEOSOL, 2017). Test work consisted of comminution, flotation,
mineralogy, thickening, filtration, and rheology testing. Bench scale flotation tests were
conducted to establish circuit parameters for various mineralization blends prior to conducting
LCTs. A series of LCTs were carried out on each master composite sample and various blends
to optimize circuit performance and to evaluate the flowsheet configuration. Information on
optimization flotation test work is presented in detail in Appendix H of the SGS GEOSOL 2017
Report. Optimum conditions from development test work were applied to testing various
variability samples.

COMMINUTION
A variety of comminution test work was completed, including:
• Crushing Work Index (CWi)
• Semi-Autogenous Grinding (SAG) Mill Comminution (SMC)
• SAG Power Index (SPI)
• Bond Work Index (BWi)
• Bond Abrasion Index (Ai)

Information on comminution test work is presented in detail in Appendix E of the SGS GEOSOL
2017 Report. A brief description of these tests and the results are summarized below.

CWi
The Bond Impact Work Index can be determined from the CWi test and used to calculate net
power requirements for sizing crushers. Additionally, the CWi can be used to determine the
required open side settings for jaw and gyratory crushers, or closed side settings for cone
crushers to achieve a given product size. Table 13-2 summarizes the results of CWi testing.
Arex Stringer mineralization is considered to be moderately hard, while Ambrex mineralization
is classified as soft.

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Technical Report NI 43-101 – November 17, 2020 Page 13-7
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TABLE 13-2 CWI RESULTS

Nexa Resources S.A. – Aripuanã Zinc Project

Maximum Impact Minimum Impact Average Impact

Specific
Sample Work Index Work Index Work Index
Gravity
(kWh/t) (kWh/t) (kWh/t)
Arex STB 18.47 4.39 9.13 3.31
Arex STR 18.81 4.83 9.32 2.93
Ambrex 10.91 3.87 6.35 3.67

Notes:
1. STB – Stratabound
2. STR – Stringer

SMC
SMC results are used to determine the drop weight index (DWi), which is a measure of the
strength of the rock when broken under impact conditions. The DWi is directly related to the
JK rock breakage parameters A and b, which can be used to estimate these parameters. The
JKTech Abrasion Test determines the parameter, Ta, which characterizes the resistance of the
particles to fracture by abrasion. If the value of Ta is low, then there is a higher resistance to
abrasion. The results of the SMC testing are summarized in Table 13-3.

TABLE 13-3 SMC RESULTS

Nexa Resources S.A. – Aripuanã Zinc Project

DWi
Sample A b Axb SG Ta
(kWh/m3)
Arex STB 5.83 56.5 0.95 53.7 3.12 0.44
Arex STR 9.42 54.2 0.57 30.9 2.92 0.27
Ambrex 6.86 59.2 0.85 50.3 3.45 0.38

SPI
SPI is a measure of the hardness of an ore from a SAG or autogenous grinding (AG)
perspective. The SPI test measures the energy required to perform a standard size reduction.
SPI tests are aimed at determining SAG and ball mill power requirements.

SPI determinations were conducted for all master composite and variability samples (total of
30 samples) and the results are presented in Table 13-4. SGS Chile did not convert SPI
minutes into power, therefore SPI values were not used in any comminution simulations. The
results did not demonstrate a wide variation in hardness within the deposit. Samples were
characterized as soft to moderate and the average SPI value for variability samples was
59.6 minutes.

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Technical Report NI 43-101 – November 17, 2020 Page 13-8
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TABLE 13-4 SPI RESULTS

Nexa Resources S.A. – Aripuanã Zinc Project

Sample SPI
Sample
Number (minutes)
Arex Stratabound (STB) Master Composite 47
Arex Stringer (STR) Master Composite 88
Ambrex Stratabound (STB) Master Composite 48
1 Arex STB Variability – High Sulphur 44
2 Arex STB Variability – Tremolite 55
3 Arex STB Variability – Pyrrhotite 80
4 Arex STB Variability – High Zinc 68
5 Arex STB Variability – Low Iron 47
6 Arex STB Variability – Low Zinc 52
7 Arex STB Variability – Pyrite 63
8 Arex STB Variability – Talc 39
9 Arex STB Variability – Chlorites 78
10 Arex STB Variability – Carbonates 44
11 Arex STR Variability – Low Iron 66
12 Arex STR Variability –Sulphur 81
13 Arex STR Variability – High Pyrrhotite 71
14 Arex STR Variability – High Gold 79
15 Arex STR Variability – High Pyrite 67
16 Arex STR Variability – High Copper 78
17 Arex STR Variability – Talc 53
18 Arex STR Variability – High Iron 81
19 Arex STR Variability – Low Copper 69
20 Ambrex STB Variability – Low Zinc 46
21 Ambrex STB Variability – Carbonates 40
22 Ambrex STB Variability – Pyrrhotite 62
23 Ambrex STB Variability – Talc 50
24 Ambrex STB Variability – High Zinc 54
25 Ambrex STB Variability – Sulphides 55
26 Ambrex STB Variability – Pyrite 47
27 Ambrex STB Variability – Tremolite 40

BWi
BWi determinations were performed on master composites and all variability samples. A total
of 31 BWi determinations were carried out using a closing screen size of 150 µm. Table 13-5
lists the BWi results. No major difference was noted between the master composites and the
variability samples. The material was classified as moderate to soft based on the BWi results.

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TABLE 13-5 BWI RESULTS

Nexa Resources S.A. – Aripuanã Zinc Project

Sample BWi
Sample
Number (kWh/t)
Arex STB Master Composite 10.6
Arex STRMaster Composite 12.4
Arex Mix 12.1
Ambrex STB Master Composite 10.8 / 10.3
1 Arex STB Variability – High Sulphur 8.6
2 Arex STB Variability – Tremolite 9.9
3 Arex STB Variability – Pyrrhotite 12.1
4 Arex STB Variability – High Zinc 10.6
5 Arex STB Variability – Low Iron 8.9
6 Arex STB Variability – Low Zinc 11.8
7 Arex STB Variability – Pyrite 10.8
8 Arex STB Variability – Talc 9.9
9 Arex STB Variability – Chlorites 11.2
10 Arex STB Variability – Carbonates 11.8
11 Arex STR Variability – Low Iron 11.9
12 Arex STR Variability –Sulphur 12.4
13 Arex STR Variability – High Pyrrhotite 13.6
14 Arex STR Variability – High Gold 12.7
15 Arex STR Variability – High Pyrite 12.9
16 Arex STR Variability – High Copper 14.2
17 Arex STR Variability – Talc 14.1
18 Arex STR Variability – High Iron 14.6
19 Arex STR Variability – Low Copper 12.9
20 Ambrex STB Variability – Low Zinc 9.5
21 Ambrex STB Variability – Carbonates 9.9
22 Ambrex STB Variability – Pyrrhotite 11.1
23 Ambrex STB Variability – Talc 10.2
24 Ambrex STB Variability – High Zinc 10.3
25 Ambrex STB Variability – Sulphides 10.4
26 Ambrex STB Variability – Pyrite 9.1
27 Ambrex STB Variability – Tremolite 9.6

Ai
Ai can be used to determine steel media and liner wear in crushers, rod mills, and ball mills.
The Ai test results are summarized in Table 13-6. The mineralization tested was classified as
moderately abrasive.

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TABLE 13-6 AI RESULTS

Nexa Resources S.A. – Aripuanã Zinc Project

Ai
Sample
(g)
Arex Stratabound Master Composite 0.086
Arex Stringer Master Composite 0.1425
Ambrex Master Composite 0.1448

RWi
Bond rod mill work index (RWi) can be used to calculate net power requirements of the mill
circuit, where the mill operates in closed circuit with a classifier. The RWi results are listed in
Table 13-7.

TABLE 13-7 RWI RESULTS

Nexa Resources S.A. – Aripuanã Zinc Project

RWi
Sample
(kWh/t)
Arex Stratabound Master Composite 12.2
Arex Stringer Master Composite 15.4
Ambrex Master Composite 11.2

FLOTATION
Phase 2 flotation testing was conducted using master composite samples of the Arex
Stratabound, Arex Stringer, and Ambrex Stratabound mineralization, as well as three Arex
blended mineralization with varying ratios of stratabound to stringer material (75%:25%,
50%:50%, and 25%:75%). The main objective of the Phase 2 flotation testing was to
determine the highest grade and recovery achievable for each sample under different reagent
dosages and flotation times under a sequential flotation scheme (Cu-Pb-Zn). The Phase 2
flotation test program and results were documented in detail by SGS GEOSOL (SGS
GEOSOL, 2017).

A simplified diagram of the sequential flotation process developed is illustrated in Figure 13-3.

The optimization test work determined that the best LCT results in terms of concentrate grades
and recoveries achieved were as follows (SGS GEOSOL, 2017):
• Arex Stratabound Master Composite: LCT 028
• Arex Stringer Master Composite: LCT 011 and LCT 025 (Cu flotation only)
• Arex Mixed (75% Stratabound, 25% Stringer): LCT 030

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• Ambrex Stratabound Master Composite: LCT 029

The results from these LCTs are summarized in Tables 13-8 to 13-14 and SGS GEOSOL’s
key findings were as follows:
• Master composites of Arex Stratabound and Ambrex Stratabound mineralization were
similar in zinc and lead feed assays and flotation recovery, however, the Ambrex
sample exhibited low copper concentrate grade and recovery.
• The Arex Stringer master composite sample was high in copper feed assay and the
resulting copper concentrate was also high in grade and recovery. Zinc and lead
concentrate grades and recovery were low as a result of their feed grades being low.
• The Arex Blended sample (75% Stratabound, 25% Stringer) exhibited the best flotation
results:
o Cu concentrate: 31.3% Cu, 76.9% recovery
o Pb concentrate: 51.7% Pb, 82.4% recovery
o Zn concentrate: 52.4% Zn, 83.9% recovery
• Cycles on the majority of LCTs were not stabilized, thus confirmation of the results
would require additional testing. Separate water systems were recommended for the
flotation circuits to help future LCTs achieve equilibrium.
• While flotation columns are preferred and widely accepted in industry for use in the
final cleaning stage, column flotation testing was not carried out at the bench scale.

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Technical Report NI 43-101 – November 17, 2020 Page 13-12
 ROUGHER ROUGHER
FEED

2nd
CLEANER

TALC PRE-FLOAT COPPER FLOTATION

COPPER
FINAL CONC
CLEANER

TALC TAIL
1st
CLEANER

FINAL TAIL

ZINC RGH TAIL

ROUGHER ROUGHER
13-13

2nd 2nd
CLEANER ZINC FLOTATION CLEANER LEAD FLOTATION

ZINC LEAD
FINAL CONC FINAL CONC

1st 1st
CLEANER CLEANER

Figure 13-3

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Nexa Resources S.A.
Aripuanã Zinc Project
State of Mato Grosso, Brazil
Simplified Sequential
Flotation Circuit
November 2020 Source: Votorantim Metais, 2017.
Technical Report NI 43-101 – November 17, 2020
Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

TABLE 13-8 SUMMARY OF KEY OPTIMIZATION LCT RESULTS

Nexa Resources S.A. – Aripuanã Zinc Project

Grade Distribution
LCT
% Cu % Pb % Zn % Mg % Fe ppm Au ppm Ag Wt.% % Cu % Pb % Zn % Mg % Fe % Au % Ag
LCT 028 – Arex Stratabound Master Composite
Calculated Feed 0.33 1.53 4.51 7.03 12.9 0.20 33.7 100 100 100 100 100 100 100 100
Talc Tail 0.04 0.73 2.30 11.6 8.21 - - 17.5 2.11 8.36 8.92 28.9 11.1 - -
Cu Final Conc. 26.7 3.63 7.16 0.79 31.7 11.3 1,068 0.86 69.5 2.05 1.37 0.10 2.11 49.7 27.2
Pb Final Conc. 0.81 60.6 8.39 0.54 5.89 1.53 852 2.01 4.92 79.8 3.74 0.15 0.92 15.6 50.7
Zn Final Conc. 0.26 0.54 48.6 0.98 9.38 0.24 40.0 7.64 6.01 2.70 82.5 1.06 5.55 9.34 9.06
Rougher Tail 0.08 0.15 0.22 6.81 14.4 - - 72.0 17.4 7.08 3.5 69.8 80.3 - -

LCT 011 – Arex Stringer Master Composite

Calculated Feed 1.02 0.18 0.24 2.62 11.2 0.5 12.5 100 100 100 100 100 100 100 100
Talc Tail Due to the low content of talc in feed, talc flotation was excluded from LCT circuit in this test
Cu Final Conc. 25.4 2.68 4.45 0.43 33.1 13.5 253 3.85 95.7 55.8 71.8 0.64 11.4 93.3 77.7
Pb Final Conc. 1.93 10.7 3.85 1.69 31.7 4.65 210 0.67 1.26 38.6 10.8 0.43 1.89 6.3 11.2
Zn Final Conc. 0.46 0.20 4.89 3.80 17.5 0.31 12.0 0.48 0.21 0.50 9.5 0.67 0.72 0.29 0.44
Rougher Tail 0.03 0.01 0.02 2.71 10.1 - - 95.0 2.79 5.14 7.97 98.3 86.0 - -

LCT 025 – Arex Stringer Master Composite (Copper Flotation Only)

Calculated Feed 1.02 0.19 0.26 2.34 11.2 0.49 12.5 100 100 100 100 100 100 100 100
Talc Tail Due to the low content of talc in feed, talc flotation was excluded from LCT circuit in this test
Cu Final Conc. 26.7 1.84 2.63 0.54 36.2 13.8 252 3.73 98.1 35.4 37.5 0.87 12.1 93 75.1

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Pb Final Conc. Due to the low content of lead in feed, lead flotation excluded from LCT circuit in this test
Zn Final Conc. Due to the low content of zinc in feed, zinc flotation excluded from LCT circuit in this test
Rougher Tail 0.02 0.13 0.17 2.41 10.2 - - 96.3 1.89 64.6 62.5 99.1 87.9 - -
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Technical Report NI 43-101 – November 17, 2020
Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Grade Distribution
LCT
% Cu % Pb % Zn % Mg % Fe ppm Au ppm Ag Wt.% % Cu % Pb % Zn % Mg % Fe % Au % Ag
LCT 030 – Arex Mixed (75% Stratabound, 25% Stringer)
Calculated Feed 0.45 1.34 3.56 5.90 12.2 0.27 28.4 100 100 100 100 100 100 100 100
Talc Tail 0.06 0.64 1.56 11.8 8.28 - - 13.1 1.75 6.22 5.73 26.1 8.88 - -
Cu Final Conc. 31.3 1.14 3.45 0.28 35.2 14.4 660 1.10 76.9 0.93 1.06 0.05 3.17 58.4 25.5
Pb Final Conc. 1.45 51.7 10.4 0.49 12.0 2.8 741 2.14 6.95 82.4 6.26 0.18 2.11 22.0 55.8
Zn Final Conc. 0.31 0.81 52.4 0.66 9.65 0.3 44.0 5.69 3.95 3.43 83.9 0.63 4.51 6.32 8.81
Rougher Tail 0.06 0.12 0.14 5.52 12.7 - - 78.0 10.5 6.97 3.1 73.1 81.3 - -

LCT 009 – Ambrex Stratabound Master Composite

Calculated Feed 0.08 1.89 4.36 5.38 17.0 0.18 36.7 100 100 100 100 100 100 100 100
Talc Tail 0.02 1.06 2.36 11.6 9.65 - - 5.58 1.38 3.13 3.02 12.0 3.17 - -
Cu Final Conc. 4.54 3.38 2.49 12.0 10.9 6.76 1,117 1.05 58.9 1.88 0.60 2.34 0.67 38.9 32.0
Pb Final Conc. 0.18 43.9 6.50 0.65 20.0 0.61 446 3.62 8.05 84.0 5.40 0.43 4.27 12.1 44.0
Zn Final Conc. 0.13 0.61 53.9 0.13 11.3 0.30 43.0 7.02 11.3 2.26 86.8 0.17 4.67 11.6 8.23
Rougher Tail 0.02 0.20 0.22 5.54 17.9 - - 82.7 20.4 8.74 4.2 85.1 87.2 - -

LCT 029 – Ambrex Stratabound Master Composite

Calculated Feed 0.07 1.64 4.39 5.11 20.5 0.18 36.7 100 100 100 100 100 100 100 100
Talc Tail 0.02 1.05 2.51 11.8 11.6 - - 13.1 4.01 8.40 7.50 30.2 7.43 - -
Cu Final Conc. 24.6 3.13 8.58 0.52 28.3 57.4 3,328 0.11 40.3 0.20 0.21 0.01 0.15 33.7 9.72
Pb Final Conc. 0.30 40.8 6.12 0.33 24.6 1.83 466 3.01 13.8 74.9 4.19 0.19 3.61 30.2 38.3
Zn Final Conc. 0.15 0.90 45.3 0.52 14.5 0.39 52.0 8.21 18.8 4.51 84.7 0.84 5.81 17.6 11.6

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Rougher Tail 0.02 0.26 0.20 4.65 22.5 - - 75.6 23.1 12.0 3.44 68.8 83.0 - -
Page 13-15
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TABLE 13-9 LCT 028 CONDITIONS AND RESULTS– AREX STRATABOUND

MASTER COMPOSITE
Nexa Resources S.A. – Aripuanã Zinc Project

Source: SGS GEOSOL, 2017

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 13-16
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TABLE 13-10 LCT 011 CONDITIONS AND RESULTS– AREX STRINGER

MASTER COMPOSITE
Nexa Resources S.A. – Aripuanã Zinc Project

Source: SGS GEOSOL, 2017

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 13-17
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TABLE 13-11 LCT 025 CONDITIONS AND RESULTS– AREX STRINGER

MASTER COMPOSITE
Nexa Resources S.A. – Aripuanã Zinc Project

Source: SGS GEOSOL, 2017

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 13-18
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TABLE 13-12 LCT 030 CONDITIONS AND RESULTS– AREX BLENDED

(75% STRATABOUND, 25% STRINGER)
Nexa Resources S.A. – Aripuanã Zinc Project

Source: SGS GEOSOL, 2017

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

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TABLE 13-13 LCT 009 CONDITIONS AND RESULTS– AMBREX

STRATABOUND MASTER COMPOSITE
Nexa Resources S.A. – Aripuanã Zinc Project

Source: SGS GEOSOL, 2017

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 13-20
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TABLE 13-14 LCT 029 CONDITIONS AND RESULTS– AMBREX

STRATABOUND MASTER COMPOSITE
Nexa Resources S.A. – Aripuanã Zinc Project

Source: SGS GEOSOL, 2017

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 13-21
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The metallurgical recoveries referenced by SNC-Lavalin in the process design criteria (SNC-
Lavalin 2018b) for the feasibility study (FS) appear to be consistent with those calculated
based on SGS GEOSOL 2017 test work:
• Copper recovery (Stringer) = 86.9%
• Copper recovery (Stratabound) = 67.5%
• Lead recovery (Stratabound) = 85.9%
• Zinc recovery (Stratabound) = 89.4%

The LOM economics were developed using relationships between head grade, concentrate
grade, and recovery that were established based on the LCTs. The relationship between
concentrate grade divided by the head grade is known as the enrichment ratio (Er), which is a
function of the mass pull to the concentrate. In general, the recovery is stated as a relationship
to head grade.

RPA notes that not all of the LCTs achieved equilibrium. Due to the low correlations between
head grade and recovery in the LCTs, it was determined that the Er ratio would be used where
applicable for recovery, and the 2018 pilot plant results would be used in other cases. Nexa
determined that the pilot plant results better reflected recovery of stratabound zinc. If
concentrates with grades lower than those achieved during testing can be marketed, the
metallurgical recoveries used in the cash flow model are:
• Copper Recovery (Stringer) = 102.2014 – (0.4471 x Er), based on LCTs and with LOM
Er of 34.
• Copper Recovery (Stratabound) = 67.5% based on test work.
𝐸𝐸
• Lead Recovery (Stratabound) = 𝑒𝑒𝑒𝑒𝑒𝑒 �0.0608 ∗ ln �1 − 𝑟𝑟 � + 4.4801� + 0.1, based on
79.31
LCTs and LOM Er of 29.3
• Zinc Recovery (Stratabound) = 89.4% based the 2018 pilot plant test work.

Based on a review of available metallurgical data, elevated levels of fluorine have been found
in some of the concentrates. RPA is of the opinion that concentrate blending will result in final
concentrates which contain acceptable levels of deleterious elements.

Optimum conditions from development test work were applied to flotation testing of different
variability samples. Each variability sample was subjected to copper, lead, and zinc flotation
via an open cleaner circuit (same configuration used for LCT, except that there was no

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recirculation of cleaner and recleaner tailings). Talc flotation was only performed on samples
from Arex Stratabound or Ambrex Stratabound mineralization.

The results from variability flotation testing are presented in detail in Appendix I of the SGS
GEOSOL 2017 Report. Figures 13-4 and 13-5 illustrate the variation of metal assays in the
flotation products. There are large variations in metal assay and metal distribution to the talc
tail and recleaner concentrates. In the cases where the variation was negative, the results for
the variability sample were below the result obtained for the respective master composite with
the exception of zinc reported in the zinc recleaner concentrate.

SETTLING, RHEOLOGY, AND FILTRATION

Settling and rheology test work on feed samples from master composites of the Arex and
Ambrex individual materials and the Arex Mixed material was conducted at SGS Chile. Details
of the test work program are presented in Appendix J of the SGS GEOSOL 2017 Report. The
best settling results were obtained using 3 g/t of the BASF SE (BASF) Magnafloc 10 flocculant
(Table 13-15). Rheology test work on the products from settling tests was also conducted
using a Hake 550 viscometer (Figures 13-6 and 13-7).

TABLE 13-15 SUMMARY OF SETTLING TESTS USING MAGNAFLOC 10

FLOCCULANT (3 G/T)
Nexa Resources S.A. – Aripuanã Zinc Project

Arex Mixed
Arex Arex Ambrex
Parameter (75% Stratabound,
Stratabound Stringer Stratabound
25% Stringer)
Initial % Solids 18 18 18 18
% Solids After Sedimentation 65 66 66 67
Settling Velocity (mm/s) 1.5 2 2 2
Unit Area (m /tph)
2
0.7 0.5 0.5 0.6
Yield Point No Shear (PA) 52 29 42 41
Yield Point Full Shear (PA) 1.7 0.6 2.3 2.3

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FIGURE 13-4 VARIATION OF METAL ASSAYS IN FLOTATION PRODUCTS

Source: SGS GEOSOL, 2017

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FIGURE 13-5 VARIATION OF METAL ASSAYS IN FLOTATION PRODUCTS

Source: SGS GEOSOL, 2017

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FIGURE 13-6 YIELD STRESS VERSUS SOLIDS PERCENTAGE

Source: SGS GEOSOL, 2017

FIGURE 13-7 VISCOSITY VERSUS SOLIDS PERCENTAGE

Source: SGS GEOSOL, 2017

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Settling test work on flotation tailings from Arex Stratabound, Arex Stringer, and Arex Blended
(75% Stratabound, 25% Stringer) mineralization was conducted by Andritz AG (Andritz).
Details of the Andritz test work program are presented in Appendix K of the SGS GEOSOL
2017 Report. Filtration testing of the Ambrex Stratabound flotation tailings was also performed.
The best settling results were obtained using the BASF Magnafloc 10 flocculant, resulting in
60% to 75% solids in the products. A summary of the filtration test work is presented in Table
13-16.

TABLE 13-16 SUMMARY OF FILTRATION TEST WORK CONDUCTED BY

ANDRITZ
Nexa Resources S.A. – Aripuanã Zinc Project

Arex Mixed
Operating Arex Arex (75% Ambrex
Parameter Stratabound Stringer Stratabound, Stratabound
25% Stringer)
Filtration Throughput – Dry Basis (tph) 211 211 211 211
Production Days per Year 365 365 365 365
Equipment Availability (%) 90 90 90 90
Pulp Density (t/m3) 1.71 1.65 1.66 1.63
Feed Solids Content (%) 61 61 63 63
Cake Thickness (mm) 40 40 40 40
Cake Moisture (%) 7 9 9 7
Cake Solids Content (%) 93 91 91 93
Approximate Filtration Rate (kg/h·m2) 104 94 92 94
Recommended Filter Press Model Overhead Overhead Overhead Overhead
Recommended Number of Units 2 2 2 2
Recommended Frame 2000/180 2000/180 2000/180 2000/180
Recommended Filter Fabric Andritz 211k Andritz 211k Andritz 211k Andritz 211k
Feed Pressure (bar) 6 6 6 6
Chamber Pressure (bar) 8 8 8 8
Chamber Size (mm) 2000x2000 2000x2000 2000x2000 2000x2000
Number of Chambers per Unit 146 to 152 162 to 168 166 to 168 162 to 168

In its FEL 3 study SNC-Lavalin relied on the FEL 2 data for estimation and sizing of equipment
in the following areas:
• Concentrate filtration and thickening.
• Filtration and thickening reject talc.
• Thickening and filtration of final flotation tails.

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PHASE 2 (FEL 3)
LCT test work was also conducted in November 2017 to provide experimental data on the
treatment of various types of mineralization, including: Link Stringer, Stringer Global, Link
Stratabound, Ambrex Stringer, Ambrex Stratabound, and Stratabound Global. The results
were evaluated based on stratabound and stringer material. To the best of RPA’s knowledge,
this test work program and the results have not been compiled in a final report for review,
however, the data for LCT 004F2 (Stringer Global) has been considered in the FEL 3 process
design for copper flotation (SNC-Lavalin, 2018a).

The results from this series of LCTs are summarized in Tables 13-17 to 13-22.

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TABLE 13-17 LCT 003F2 CONDITIONS AND RESULTS – LINK STRINGER

COMPOSITE
Nexa Resources S.A. – Aripuanã Zinc Project

Source: SGS GEOSOL, 2017

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TABLE 13-18 LCT 004F2 CONDITIONS AND RESULTS – STRINGER GLOBAL

COMPOSITE
Nexa Resources S.A. – Aripuanã Zinc Project

Source: SGS GEOSOL, 2017

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TABLE 13-19 LCT 005F2 CONDITIONS AND RESULTS – LINK STRATABOUND

COMPOSITE
Nexa Resources S.A. – Aripuanã Zinc Project

Source: SGS GEOSOL, 2017

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TABLE 13-20 LCT 006F2 CONDITIONS AND RESULTS – AMBREX STRINGER

COMPOSITE
Nexa Resources S.A. – Aripuanã Zinc Project

Source: SGS GEOSOL, 2017

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TABLE 13-21 LCT 007F2 CONDITIONS AND RESULTS – AMBREX

STRATABOUND COMPOSITE
Nexa Resources S.A. – Aripuanã Zinc Project

Source: SGS GEOSOL, 2017

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TABLE 13-22 LCT 008F2 CONDITIONS AND RESULTS – STRATA GLOBAL

COMPOSITE
Nexa Resources S.A. – Aripuanã Zinc Project

Source: SGS GEOSOL, 2017

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SGS PILOT STUDIES

Pilot plant studies were undertaken by SGS GEOSOL in 2018 on samples of Arex and Ambrex
mineralization to define the conditions and circuits for grinding and flotation of stringer and
stratabound materials. The objective of the pilot plant studies was to produce chalcopyrite
concentrate with a copper content of 27% to 28% and to produce lead and zinc concentrates
containing approximately 55% Pb and 55% Zn.

Table 13-23 lists the average head grades of the two composite samples tested.

TABLE 13-23 2018 PILOT PLANT SAMPLES

Nexa Resources S.A. – Aripuanã Zinc Project

Weight Cu Pb Zn Ag Au
Sample
(t) (%) (%) (%) (ppm) (ppm)
Stringer 6.0 0.82 0.11 0.31 13 0.92
Stratabound 7.5 0.17 1.93 5.50 47 0.33

The key findings from pilot testing were as follows:

• Stringer sample. A final copper concentrate was produced from a circuit consisting
of rougher, cleaner, and recleaner flotation, following by cleaner scavenger column
flotation. The copper concentrate contained approximately 24.1% Cu and copper
recovery was 85.8%, however, high levels of Zn, MgO, and SiO2 (4.65%, 4.66% and
10.65, respectively) were reported as contaminants. Based on these results, additional
metallurgical testing was required to improve the quality of the copper concentrate.
• Stratabound sample. Talc was rejected to a talc concentrate containing 27.2% MgO,
and MgO recovery was 17.8%. Copper flotation consisted of a rougher-scavenger
circuit, which produced a rougher concentrate of 3.63% Cu at 69.0% Cu recovery. The
levels of Pb, Zn, and MgO in the rougher concentrate were 1.91%, 3.67% and 14.3%,
respectively, however, the low copper content in the feed made it difficult to carry out
the copper cleaner and recleaning stages. For lead and zinc flotation, rougher and
scavenger flotation was carried out in mechanical cells followed by cleaner and
recleaner flotation in column cells. A final lead concentrate was produced containing
62.1% Pb and a lead recovery of 80.3%, while a final zinc concentrate was produced
containing 60.8% Zn and a zinc recovery of 87.5%.
• The Stratabound sample was found to be more friable than the stringer sample.

Information from pilot plant comminution and flotation testing was used by SNC-Lavalin in the
estimation and sizing of process equipment in the FEL 3 study (SNC-Lavalin, 2018a), however
due to the low copper content in stratabound material, data related to stratabound copper
flotation and concentration needed further validation.

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SGS TEST WORK ON QUARTERLY COMPOSITES

From September 2019 to May 2020, SGS GEOSOL completed test work on quarterly
composites (based on the FEL3 LOM plan) with the objective of optimizing flotation conditions
and predicting the performance of the Aripuanã plant over the first two years of operation when
processing ore consisting of both stratabound and stringer ore. Test work included chemical
analysis, BWi and Ai determinations, open circuit flotation tests to confirm operating conditions
using 22 variability samples including rougher and cleaner kinetics tests, and LCTs on nine
quarterly samples.

Key observations and conclusions drawn from the test work included:
• The head assay of the quarterly samples dropped from Q4 2020 to Q3 2021 and then
stabilized at approximately 0.3% Cu, 1.2% Pb, and 2.9% Zn. Gold assays ranged from
0.1 ppm Au to 0.9 ppm Au, and silver assays ranged from 14 ppm Ag to 83 ppm Ag.
• While BWi values ranged from 14.2 kWh/t to 16.4 kWh/t, higher than the range
previously observed (10.0 kWh/t to 12.0 kWh/t), chemical analysis of the samples used
for the BWi and Ai determinations indicated that the samples were waste material. Ai
values ranged from 0.033 g to 0.140 g.
• Flotation of the variability and quarterly samples was more difficult than experienced
previously, with higher losses of copper to the talc concentrate, high levels of iron
sulphides in the final concentrates, and lower metal recoveries.
• The main variables determining flotation selectivity were identified as being the methyl
isobutyl carbinol (MIBC) and sodium metabisulphite (SMBS) dosages, as well as
rougher and cleaner residence times.
• Due to high copper losses to the talc concentrate when using a talc flotation circuit, as
was similarly noted in the FEL3 design (rougher, scavenger, and cleaner stages), the
circuit adopted for the LCTs on the quarterly samples incorporated reverse copper
flotation from the talc concentrate. This was subsequently also adopted in the Aripuanã
processing plant design of the talc circuit.
• Coarser regrinds of the rougher concentrates for copper, lead, and zinc (45 µm for
copper and 75 µm for lead and zinc) resulted in improved recoveries with little effect
on concentrate grades for copper and zinc, but a severe decrease in lead rougher
concentrate grade.
• The LCTs indicated an accumulation of iron sulphides in the circulating loads that
affected both copper and lead flotation performance.

Head assays of the quarterly composites are shown in Table 13-24.

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TABLE 13-24 HEAD ASSAYS – QUARTERLY COMPOSITES

Nexa Resources S.A. – Aripuanã Zinc Project

Source: SGS GEOSOL, 2020

Eleven LCTs were completed, nine on the composites representing the first nine quarters of
production, and two on a composite made up of the nine quarterly composites. While the
majority of LCTs did not achieve steady state, they did show that high recoveries of copper,
lead, and zinc to concentrates with acceptable grades could be achieved when processing ore
consisting of blends of stratabound and stringer ores. Results for the LCT using the blend of
quarterly composites are shown in Table 13-25.

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TABLE 13-25 HEAD ASSAYS AND TEST RESULTS – QUARTERLY

COMPOSITE BLEND
Nexa Resources S.A. – Aripuanã Zinc Project

Source: SGS GEOSOL, 2020

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GRINDING CIRCUIT SIMULATIONS

MinPro conducted grinding circuit simulations in 2020 to evaluate the capacity of the FEL3
grinding circuit for stringer and stratabound ores. The simulations included base cases for
stratabound and stringer ores separately, followed by scenarios consisting of ore blends in the
following proportions:
• 85% Stratabound and 15% Stringer
• 70% Stratabound and 30% Stringer
• 50% Stratabound and 50% Stringer
• 30% Stratabound and 70% Stringer
• 15% Stratabound and 85% Stringer

MinPro used comminution data generated from earlier test work. This data is summarized in
Table 13-26.

TABLE 13-26 COMMINUTION DATA USED FOR GRINDING CIRCUIT

SIMULATIONS
Nexa Resources S.A. – Aripuanã Zinc Project

Source: MinPro, 2020

The BWi values used for the different ore types correspond to the highest results measured
for the variability samples in the 2017 SGS GEOSOL test work, while the Axb values used
were those measured for the Arex Stratabound and Arex Stringer master composites in the
2017 SGS GEOSOL test work. The MinPro 2020 simulations indicated that the base case
throughput would be limited to 289 tph (6,300 tpd) for stratabound ore and 216 tph (4,730 tpd)
for stringer ore. For blends of stratabound and stringer ore the circuit would have throughput
capacities that fell between the base case capacities. In addition, MinPro concluded that the
stratabound ore throughput was ball mill limited, while the stringer ore throughput was SAG

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mill limited. MinPro also noted that the grinding circuit throughput would be reduced in
circumstances where the pebble crusher is not in use and that this would be more marked for
ore blends with greater proportions of stringer ore.

RPA calculated grinding circuit throughput using 75th percentile values for ore hardness /
competency and estimates that throughput for stringer ore of up to 5,000 tpd can be achieved,
which agrees with the project design criteria.

SUMMARY
To process Aripuanã zinc mineralization, separate material types were identified during
characterization. Due to different recovery kinetics during bench testing, and lower zinc and
lead grades, it was initially decided to process stringer and stratabound ores separately and to
by-pass lead and zinc flotation circuits during the processing of stringer mineralization.
Blending of stratabound and stringer ore however demonstrated that acceptable recoveries of
copper, lead, and zinc to concentrates with saleable grades could be achieved while
processing these blends. As this would eliminate the need to campaign the different ore types
through the plant separately, it was subsequently decided that processing of blended
mineralization could occur based on the mine production schedule.

For the FEL3 study, SNC-Lavalin referenced supporting SGS GEOSOL data from LCT 004F2
(Stringer Global) and pilot test FT-03 (Stratabound Global) to develop the process design
criteria and flowcharts. Historical FEL2 data was used for estimation and sizing of equipment
for concentrate, reject talc, and final flotation tailings filtration and thickening.

Copper concentrate grades and recoveries for stringer materials in pilot scale testing were
below targets and required further study. Pilot plant testing of stratabound mineralization
successfully demonstrated that lead and zinc concentrates could be produced at saleable
metal grades. LCTs conducted by SGS GEOSOL in 2019/2020 on composites representing
quarterly mine production of stratabound and stringer ores combined demonstrated that
saleable copper, lead, and zinc concentrates could be produced. Although recoveries were
generally acceptable, these, as well as concentrate grades, require confirmation since many
of these LCTs did not reach steady state. Pilot plant studies using bulk blended samples
(stratabound and stringer ore) drawn from the ROM stockpile at Aripuanã were continuing at

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the time of writing this Technical Report and RPA has not had the opportunity to review results
from this testing.

During the 2019/2020 open cycle flotation tests leading up to the LCTs on quarterly samples
based on the FEL3 LOM plan, difficulties were experienced with copper losses to the talc
concentrate while using a talc circuit similar to that in the FEL3 design. Further test work
indicated that reverse flotation of copper from the talc concentrate could recover copper initially
reporting to the talc concentrate, and this configuration was used for the LCTs and is
suggested for the processing plant. This configuration would require only redirection of certain
streams and the addition of reagents already in use, while using the equipment already
included in the design. Most of the LCTs did not reach equilibrium, and recovery and
concentrate grade values derived from earlier test work that have been used in project cash
flow calculations need to be confirmed by completing the ongoing pilot test work at Nexa’s
Vazante Mine using bulk blended ore samples simulating the processing of stringer and
stratabound material together.

Grinding circuit simulations indicated that throughput would be limited to 289 tph (6,300 tpd)
for stratabound ore and 216 tph (4,730 tpd) for stringer ore. For blends of stratabound and
stringer ore the circuit would have throughput capacities in between the base case capacities.
Grinding circuit throughput will be reduced in circumstances where the pebble crusher is not
in use, with these reductions being more marked for ore blends with greater proportions of
stringer ore. RPA estimates that stringer ore throughput of up to 5,000 tpd can be achieved for
ore corresponding to the 75th percentile ore hardness values determined in test work.

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14 MINERAL RESOURCE ESTIMATE

SUMMARY
The block models were completed by Nexa personnel using Datamine Studio, and Leapfrog.
Wireframes for geology and mineralization were constructed in Leapfrog based on geology
sections, assay results, lithological information, and structural data. Assays were capped to
various levels based on exploratory data analysis and then composited to one-metre lengths.
Wireframes were filled with blocks measuring 5 m by 5 m by 5 m for Arex, Link, and Ambrex,
and 10 m by 5 m by 5 m for Babaçú with sub-celling at wireframe boundaries. Blocks were
interpolated with grade using ordinary kriging (OK) and inverse distance cubed (ID³). Blocks
estimates were validated using industry standard validation techniques. Classification of
blocks was based on distance based criteria.

The Mineral Resource estimate for the Project was completed by Nexa in two separate block
models:
1. Arex, Link, and Ambrex – dated May 19, 2020
2. Babaçú – dated January 10, 2020

The Arex, Link and Ambrex estimate represents an update to the existing block model,
incorporating the additional drill holes completed in each area.

An initial Inferred Mineral Resource estimate for Babaçú was disclosed in early 2020 with an
effective date of December 31, 2019. Additional assay results were received in December
2019 and were used to update the block model in January 2020. The classification was also
revised in the updated block model.

Underground Mineral Resources are reported exclusive of Mineral Reserves within potentially
mineable shapes generated using the Deswik Stope Optimizer (DSO), envisaging bulk
longhole stoping and cut and fill mining methods (Figure 14-1). A summary of the Aripuanã
Mineral Resources, effective September 30, 2020, is provided in Table 14-1 and a summary
of Mineral Resources by type and area in Table 14-2. Nexa used a long-term forecast of the
R$/US$ exchange rate of $3.67 in conversion of costs and metal prices between Brazilian
Reais and US dollars

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TABLE 14-1 SUMMARY OF MINERAL RESOURCES – SEPTEMBER 30, 2020

Nexa Resources S.A. – Aripuanã Zinc Project

Grade Metal Content

Tonnes
Classification Zn Pb Cu Au Ag Zn Pb Cu Au Ag
(Mt)
(%) (%) (%) (g/t) (g/t) (kt) (kt) (kt) (koz) (Moz)
Stratabound
Measured 2.2 3.19 1.19 0.16 0.14 35.32 71 26 3 10 2.5
Indicated 3.5 2.71 0.90 0.08 0.14 23.05 95 32 3 16 2.6
M+I 5.7 2.90 1.01 0.11 0.14 27.80 166 58 6 25 5.1
Inferred 29.1 4.48 1.65 0.19 0.24 42.75 1,302 479 56 226 40.0
Stringer
Measured 0.7 0.31 0.13 1.09 0.78 12.30 2 1 8 18 0.3
Indicated 1.7 0.06 0.04 0.67 1.04 7.83 1 1 11 55 0.4
M+I 2.4 0.13 0.07 0.80 0.96 9.16 3 2 19 73 0.7
Inferred 10.4 0.04 0.03 0.72 1.53 8.78 4 3 75 510 2.9
Total
Measured 2.9 2.50 0.93 0.38 0.29 29.78 73 27 11 27 2.8
Indicated 5.2 1.86 0.63 0.27 0.43 18.17 96 32 14 71 3.0
M+I 8.1 2.09 0.74 0.31 0.38 22.36 169 60 25 98 5.8
Inferred 39.5 3.31 1.22 0.33 0.58 33.83 1,307 482 131 737 42.9

Notes:
1. CIM (2014) definitions were followed for Mineral Resources.
2. Mineral Resources are reported using a US$45/t NSR cut-off value for transverse longhole mining and
longitudinal longhole retreat areas and US$55/t NSR cut-off value for cut and fill areas.
3. The NSR is calculated based on metal prices: Zn: US$2,869/t (US$1.30/lb), Pb: US$ 2,249/t
(US$1.02/lb); Cu: US$7,427/t (US$3.37/lb); Au: US$1,768/oz, and Ag: US$19.38/oz.
4. Mineral Resources are reported exclusive of Mineral Reserves within potentially mineable shapes.
5. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
6. Numbers may not add due to rounding.

The QP has performed a detailed review of the Mineral Resource estimate completed by Nexa,
including the support data. The QP is of the opinion that the Mineral Resource estimate has
been completed to a high standard and is suitable to support the estimation of Mineral
Reserves.

The QP is not aware of any environmental, permitting, legal, title, taxation, socio-economic,
marketing, political, or other relevant factors that could materially affect the Mineral Resource
estimate.

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TABLE 14-2 MINERAL RESOURCES BY TYPE AND AREA - SEPTEMBER 30, 2020
Nexa Resources S.A. – Aripuanã Zinc Project

Stratabound
Grade Metal Content
Arex Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz)
Measured 1.4 3.32 1.25 0.21 0.14 38 44.9 16.9 2.8 6.3 1.6
Indicated 0.2 2.45 0.90 0.22 0.14 23 5.3 1.9 0.5 1.0 0.2
M+I 1.6 3.20 1.20 0.21 0.14 36 50.2 18.9 3.3 7.3 1.8
Inferred 1.3 4.05 1.38 0.45 0.26 28 54.0 18.4 5.9 11.3 1.2

Link Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz)
Measured 0.4 3.70 1.41 0.13 0.19 44 14.5 5.5 0.5 2.4 0.6
Indicated 1.5 2.83 0.90 0.10 0.16 24 43.6 13.9 1.6 7.8 1.2
M+I 1.9 3.00 1.01 0.11 0.16 28 58.1 19.4 2.1 10.2 1.7
Inferred 2.9 3.15 0.85 0.40 0.32 27 90.7 24.6 11.5 29.8 2.5

Ambrex Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz)
Measured 0.5 2.41 0.83 0.03 0.08 21 11.3 3.9 0.2 1.1 0.3
Indicated 1.8 2.65 0.90 0.04 0.12 23 46.4 15.8 0.7 6.8 1.3
M+I 2.2 2.60 0.89 0.04 0.11 22 57.7 19.7 0.9 8.0 1.6
Inferred 10.6 6.20 2.07 0.08 0.37 53 657.1 219.4 8.9 124.7 18.0

Babaçú Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz)
Measured
Indicated
M+I
Inferred 14.3 3.50 1.52 0.21 0.13 40 500.5 216.4 29.9 60.4 18.3

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Stringer
Grade Metal Content
Arex Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz)
Measured 0.7 0.31 0.13 1.09 0.78 12 2.2 0.9 7.7 17.6 0.3
Indicated 0.4 0.07 0.04 0.44 0.75 5 0.3 0.2 1.9 10.4 0.1
M+I 1.1 0.22 0.10 0.84 0.77 10 2.5 1.1 9.5 28.1 0.3
Inferred 1.6 0.02 0.03 0.45 2.67 7 0.4 0.5 7.0 133.2 0.4

Link Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz)
Measured
Indicated 0.7 0.06 0.07 0.92 1.35 10 0.4 0.4 6.1 29.1 0.2
M+I 0.7 0.06 0.07 0.92 1.35 10 0.4 0.4 6.1 29.1 0.2
Inferred 2.7 0.06 0.03 0.95 1.09 11 1.5 0.9 25.7 94.8 0.9

Ambrex Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz)
Measured
Indicated 0.6 0.04 0.02 0.56 0.88 7 0.2 0.1 3.1 15.8 0.1
M+I 0.6 0.04 0.02 0.56 0.88 7 0.2 0.1 3.1 15.8 0.1
Inferred 5.5 0.03 0.02 0.65 1.54 6 1.5 1.2 35.7 269.3 1.1

Babaçú Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz)
Measured
Indicated
M+I
Inferred 0.7 0.14 0.12 1.02 0.62 25 0.9 0.8 6.7 13.0 0.5

Notes:
1. CIM (2014) definitions were followed for Mineral Resources.
2. Mineral Resources are reported using a US$45/t cut-off value for transverse longhole mining and longitudinal longhole retreat areas and US$55/t cut-off value for cut and
fill areas.
3. The NSR is calculated based on metal prices: Zn: US$2,869/t (US$1.30/lb), Pb: US$ 2,249/t (US$1.02/lb); Cu: US$7,427/t (US$3.37/lb); Au: US$1,768/oz, and Ag: US

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$19.38/oz.
4. Mineral Resources are reported exclusive of Mineral Reserves withing potentially mineable shapes.
5. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
6. Numbers may not add due to rounding.
Page 14-4
 Looking Northeast
14-5

0 250 500 750 1000 1250

Metres

Figure 14-1

Nexa Resources S.A.

www.rpacan.com
Legend:
Aripuanã Zinc Project
State of Mato Grosso, Brazil
Isometric View Showing the
Potentially Mineable Shapes
Used For Reporting
November 2020 Source: RPA, 2020.
 www.rpacan.com

COMPARISON WITH PREVIOUS ESTIMATE

The previous estimate for Arex, Link, and Ambrex was effective as of December 31, 2019 but
was based on the December 31, 2018 block model, which had remained unchanged between
year-ends 2018 and 2019. The previous estimate for Babaçú is dated December 31, 2019.
Differences between the previous and the current estimates can be attributed to the following:
• A 2.7 Mt decrease in the Mineral Reserves from the previous estimate. This item had
the most significant impact on the exclusive Mineral Resource report.
• Revisiting of the classification at Babaçú as well as inclusion of a small amount of
additional assays received during December 2019, which resulted in a 9% increase to
the Inferred stratabound tonnes at Babaçú.
• The use of DSO potentially mineable shapes for resource reporting which had the
impact of increasing tonnes.
• Changes in NSR calculations and cut-off values. Changes to prices and metallurgical
recoveries adopted.
• Additional drilling and an update to the Arex and Link wireframes (only a minor impact).

RPA notes that there is only a minor difference between the previous and current Arex, Link,
and Ambrex block models due to the small amount of additional drilling at the Project.

Table 14-3 presents the comparison with previous Mineral Resources estimates.

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-6
 TABLE 14-3 COMPARISON WITH PREVIOUS MINERAL RESOURCE ESTIMATE
Nexa Resources S.A. – Aripuanã Zinc Project

30-Sep-20 31-Dec-19
Stratabound Stratabound
Grade Metal Content Grade Metal Content
Arex Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz) Arex Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz)
M+I 1.6 3.20 1.20 0.21 0.14 36.00 50.2 18.9 3.3 7.3 1.80 M+I 0.9 3.82 1.27 0.19 0.16 29 34.3 11.4 1.8 4.5 0.0
Inferred 1.3 4.05 1.38 0.45 0.26 28 54.0 18.4 5.9 11.3 1.20 Inferred 1.3 5.80 2.08 0.24 0.41 31 76.1 27.3 3.1 17.1 0.0
Technical Report NI 43-101 – November 17, 2020
Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Link Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz) Link Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz)
M+I 1.9 3.00 1.01 0.11 0.16 28.000 58.1 19.4 2.1 10.2 1.70 M+I 1.1 3.63 1.15 0.10 0.17 26 39.3 12.4 1.1 6.0 0.0
Inferred 2.9 3.15 0.85 0.40 0.32 27 90.7 24.6 11.5 29.8 2.50 Inferred 2.7 4.19 1.19 0.52 0.42 35 112.0 31.8 13.8 35.8 0.0

Ambrex Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz) Ambrex Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz)
M+I 2.2 2.60 0.89 0.04 0.11 22.00 57.7 19.7 0.9 8.0 1.60 M+I 1.7 3.01 0.93 0.05 0.11 22 51.1 15.8 0.8 6.1 0.0
Inferred 10.6 6.20 2.07 0.08 0.37 53 657.1 219.4 8.9 124.7 18.00 Inferred 10.1 6.73 2.71 0.06 0.32 62 681.4 274.3 6.5 105.3 0.0

Babaçú Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz) Babaçú Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz)
Inferred 14.3 3.50 1.52 0.21 0.13 40 500.5 216.4 29.9 60.4 0.0 Inferred 15.8 3.64 1.46 0.14 0.09 41 575.5 230.2 21.8 47.8 0.0

Stringer Stringer
Grade Metal Content Grade Metal Content
Arex Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz) Arex Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz)
M+I 1.1 0.22 0.10 0.84 0.77 10.00 2.5 1.1 9.5 28.1 0.30 M+I 1.1 0.17 0.08 0.97 1.21 11 1.8 0.9 10.5 42.3 0.0
Inferred 1.6 0.02 0.03 0.45 2.67 7 0.4 0.5 7.0 133.2 0.40 Inferred 1.5 0.04 0.05 0.68 4.11 10 0.6 0.7 10.0 195.4 0.0

Link Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz) Link Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz)
M+I 0.7 0.06 0.07 0.92 1.35 10 0.4 0.4 6.1 29.1 0.20 M+I 0.6 0.05 0.05 0.73 1.14 9 0.3 0.3 4.7 23.4 0.0
Inferred 2.7 0.06 0.03 0.95 1.09 11 1.5 0.9 25.7 94.8 0.90 Inferred 2.7 0.05 0.03 0.93 1.15 11 1.4 0.9 25.6 101.6 0.0

Ambrex Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz) Ambrex Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz)
M+I 0.6 0.04 0.02 0.56 0.88 7 0.2 0.1 3.1 15.8 0.10 M+I 0.3 0.43 0.09 0.75 0.90 10 1.2 0.3 2.2 8.4 0.0
Inferred 5.5 0.03 0.02 0.65 1.54 6 1.5 1.2 35.7 269.3 1.10 Inferred 4.8 0.07 0.05 1.11 1.55 11 3.5 2.3 52.8 237.5 0.0

Babaçú Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz) Babaçú Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz)
Inferred 0.7 0.14 0.12 1.02 0.62 25 0.9 0.8 6.7 13.0 0.0 Inferred 0.0 0.00 0.00 0.00 0.00 0 0.0 0.0 0.0 0.0 0.0

Difference (2020/2019)
Stratabound
Grade Metal Content
Arex Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz)
M+I 78% -16% -6% 8% -10% 25% 46% 65% 89% 63% 116%
Inferred -1% -30% -34% 91% -36% -10% -29% -33% 91% -34% -8%

Link Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz)
M+I 76% -17% -12% 13% -7% 7% 48% 56% 100% 70% 86%
Inferred 9% -25% -29% -23% -23% -23% -19% -23% -17% -17% -17%

Ambrex Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz)
M+I 30% -14% -5% -17% -2% 1% 13% 25% 10% 31% 34%
Inferred 5% -8% -24% 24% 14% -14% -4% -20% 37% 18% -10%

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Babaçú Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz)
Inferred -9% -4% 4% 52% 38% -1% -13% -6% 37% 26% -11%

Stringer
Grade Metal Content
Arex Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz)
Page 14-7

M+I 1% 33% 22% -13% -36% -11% 39% 23% -10% -34% -24%
Inferred 8% -47% -40% -33% -35% -29% -29% -33% -30% -32% -15%

Link Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz)
M+I 9% 14% 43% 26% 19% 11% 18% 27% 30% 24% 8%
Inferred -1% 14% -11% 2% -6% 0% 4% -2% 1% -7% -7%

Ambrex Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz)
M+I 106% -91% -79% -26% -2% -27% -84% -64% 42% 88% 11%
Inferred 16% -59% -59% -41% -1% -44% -57% -48% -32% 13% -32%

Babaçú Tonnes (Mt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn (kt) Pb (kt) Cu (kt) Au (koz) Ag (Moz)
Inferred -
 www.rpacan.com

NET SMELTER RETURN CUT-OFF VALUE

An NSR value was assigned to blocks for the purposes of validation of the geological
interpretation and resource reporting. NSR is the estimated dollar value per tonne of
mineralized material after allowance for metallurgical recovery and consideration of smelter
terms, including revenue from payable metals, treatment charges, refining charges, price
participation, penalties, smelter losses, transportation, and sales charges.

Input parameters used to develop the NSR calculation have been derived from metallurgical
test work on the Project, smelter terms from comparable projects, and information provided by
Nexa. These assumptions are dependent on the processing scenario and will be sensitive to
changes in inputs from further metallurgical test work. Key assumptions are listed below.

Metal prices and exchange rate:

• US$2,868/t Zn
• US$2,249/t Pb
• US$7,427/t Cu
• US$1,768/oz Au
• US$19.38/oz Ag
• R$3.67:US$1.00

Metal prices are based on Nexa’s projections. Nexa’s long term price model uses multiple
variables including supply (mine and refined), demand, cost drivers, capital cost, and other key
elements. The long-term prices derived are in line with the consensus forecasts from banks
and independent institutions.

Metallurgical recoveries are based on preliminary metallurgical testing and are summarized by
mineralization type:

STRATABOUND
Copper Concentrate:
• 20% Ag recovery to copper concentrate
• 50% Au recovery to copper concentrate
• 67.5% Cu recovery to copper concentrate grading 27% Cu

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-8
 www.rpacan.com

Lead Concentrate:
• 20% Au recovery to lead concentrate
• 50% Ag recovery to lead concentrate
• 84.8% Pb recovery to lead concentrate grading 61% Pb

Zinc Concentrate
• 89.4% Zn recovery to zinc concentrate grading 49% Zn

STRINGER
Copper Concentrate:
• 63% Au recovery to copper concentrate
• 50% Ag recovery to copper concentrate
• 87.4% Cu recovery to copper concentrate grading 27% Cu

Standard smelting and refining charges were applied to the various concentrates. It has been
assumed that the concentrates would be marketed internationally.

For the purposes of developing an NSR cut-off value, a total unit operating cost of US$45.00/t
of mineralization for longhole stoping and longitudinal longhole retreat areas, and US$55.00/t
for cut and fill was estimated, which included mining, processing, and general and
administration (G&A) expenses. It should be noted that there are no cut and fill reserves in
the mine plan, the method has been included on a conceptual basis for reporting of shallow
dipping resources not captured due to the limitations of the longhole stoping parameters. A
small part of the resources are related to cut and fill DSO shapes.

TOPOGRAPHY
A LiDAR topographic survey was completed over the Project in 2008. The resulting digital
terrain surface (DTM) was made available in AutoCAD Drawing Exchange (DXF) and
Datamine. The surface has been validated using survey control points and drill hole collars.

At Nexa’s request, the coordinate system was changed from SAD69 to SIRGAS2000, which
is the official DATUM of Brazil. For drill holes that were already in the database, the original

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-9
 www.rpacan.com

coordinates were stored, and new columns were created for the transformed coordinates.
Survey pickups for new drill holes are measured in the SIRGAS2000 coordinate system.

AREX, LINK, AND AMBREX

RESOURCE DATABASE
The resource database contains drilling information and analytical results up to March 30,
2020. Information received after this date was not used in the Mineral Resource estimate.
The database comprises 643 drill holes for a total of 194,262.54 meters of drilling. A total of
124 drill holes were completed by Karmin/Anglo American prior to Nexa’s involvement in the
Project (pre-2004). These 124 drill holes were internally reviewed and found to be acceptable
to support Mineral Resource estimation.

Nexa maintains the resource database in Datamine Fusion. Data were amalgamated, parsed
as required, and imported into Datamine Studio and Leapfrog.

For the purpose of the Mineral Resource Estimate, a total of 56 drill holes were excluded from
the database. The drill holes excluded either lacked information, were historic RC drilling or
were drilled for the purpose of metallurgical testing.

RPA is of the opinion that the drill hole database is valid and suitable to estimate Mineral
Resources for the Project.

GEOLOGICAL INTERPRETATION
Wireframes of the stratabound and stringer mineralization for Arex, Link, and Ambrex were
constructed within the lithology at a cut-off grade of 0.6% Zn for stratabound zones and
0.5% Cu in the stringer zones (Figure 14-2). Wireframe construction was completed using
Leapfrog. Nexa also prepared a litho-structural model to support the mineralized wireframes.
This model incorporated local lithology, hydrothermal alteration, weathering profile and cross-
cutting faults that influence the geometry of the mineralization. A zone of discontinuous
remobilized stratabound mineralization within a fault zone in the upper sector of Ambrex was
also modelled and assigned to stratabound mineralization. In zones where stratabound and
stringer mineralization intersected, samples that satisfied the cut-off grade criteria for both ore

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-10
 www.rpacan.com

types were included as stratabound. Some drill hole intercepts below the cut-off grade were
included to maintain geological continuity.

Mineralization at Arex strikes at approximately 110° azimuth, extending over a 1,400 m strike
length. Thin lenses of intermingling stratabound and stringer mineralization within two principal
limbs dip from ten degrees to 60° to the northeast are modelled to join in some areas near
surface. The main Arex mineralized zone comes close to outcropping at surface and is
characterized by tightly folded, well defined stringer and stratabound zones. Individual lenses
range from less than one metre to 15 m in thickness and are generally from two metres to
seven metres thick. The Arex mineralization zone has an overall thickness of approximately
125 m, and individual lenses are separated by barren, hydrothermally altered rock from one
metre to tens of metres thick. The main mineralization is delineated between two steeply
dipping faults.

The Link deposit is located southeast along strike from Arex over a strike length of
approximately 850 m, with an approximate overlap with Arex of 100 m occurring to the
northwest. Link mineralization bears a close similarity to Ambrex in that the stringer zone
occurs at a high angle to the stratabound zone. The Link stratabound mineralization comes
close to surface and extends to a depth of 500 m below surface while the Link stringer zone
mineralization begins approximately 200 m below surface and extends to a depth of
approximately 400 m below surface.

The Ambrex deposit is located a further 100 m southeast of Link. Mineralization strikes at
approximately 125° and has a known strike extent of approximately 1.05 m based on current
drilling. Ambrex is dominated by stratabound mineralization, with smaller, less well defined
stringer mineralization found perpendicular on the east side. Ambrex stratabound
mineralization above the Gossan Fault Zone dips at approximately 40º to the southeast. At
depth, the Ambrex mineralization is folded and dips from near vertical to 70° to the southwest.
Ambrex has an upper depth of 60 m below surface, but generally is 100 m below surface. The
deepest mineralization intersection within the Ambrex model is over 700 m below surface and
the deposit remains open at depth. Ambrex stratabound mineralization is well defined and
follows stratigraphy. Ambrex stringer mineralization crosses stratigraphy following structural
features and is less well defined due to unfavourable drilling angles.

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-11
 www.rpacan.com

The stratabound mineralization lenses range from one metre to 30 m thick, with an average
thickness of approximately nine metres while the stringer zone thickness ranges from
one metre to 20 m with an average of approximately five metre thickness.

RPA’s review of the mineralized wireframes included a comparison of the geological model
cross sections and level plans prepared by on-site geologists, drill hole information, and a NSR
value calculated from drill hole assays. Assumptions used in the NSR calculation are
described under Net Smelter Return Cut-Off Value in this section. RPA is of the opinion that
the wireframes have been completed to a high standard and are suitable for Mineral Resource
and Mineral Reserve estimation. RPA did note that in minor areas at Ambrex poorly angled
holes with respect to the mineralization contacts were driving the interpretation and possibly
inflating the volumes. RPA recommends infilling areas where poorly angled drill holes are
driving the geological interpretation.

Stratabound and stringer mineralization were modelled individually at the three zones and
were named according to the nomenclature set out in Table 14-4.

TABLE 14-4 MINERALIZATION ZONES BY AREA - AREX, LINK, AND AMBREX

Nexa Resources S.A. – Aripuanã Zinc Project

Area Ore Type Number of Zones Name Range

Arex Stratabound 17 100+
Stringer 18 200+
Link Stratabound 15 300+
Stringer 14 400+
Ambrex Stratabound 18 500+
Stringer 13 600+

Figures 14-3 to 14-5 present the Arex, Link, and Ambrex geological models, respectively.

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-12
 Looking North

Arex Link Ambrex

14-13

Not to Scale

Figure 14-2

Nexa Resources S.A.

www.rpacan.com
Legend:

Aripuanã Zinc Project

State of Mato Grosso, Brazil
3D Isometric View of the Arex,
Link and Ambrex Wireframes
November 2020 Source: RPA, 2020.
 Looking West Northwest

100 m 100 m

N
14-14

Legend:

200 m

100 m Figure 14-3

Nexa Resources S.A.

www.rpacan.com
Legend:

Aripuanã Zinc Project

State of Mato Grosso, Brazil
Arex Geological Model

November 2020 Source: RPA, 2020.

 www.rpacan.com
Looking West Northwest

100 m

100 m

Legend:

100 m

Legend:

Figure 14-4

200 m Nexa Resources S.A.

Aripuanã Zinc Project
State of Mato Grosso, Brazil
Link Geological Model
November 2020 Source: RPA, 2020.

14-15
 Figure 14-5
Looking Northwest
Nexa Resources S.A.

Aripuanã Zinc Project

State of Mato Grosso, Brazil
Ambrex Geological Model

Legend:
Legend:

200 m
14-16

200 m

www.rpacan.com
200 m 200 m

November 2020 Source: RPA, 2020.

 www.rpacan.com

TREATMENT OF HIGH GRADE ASSAYS

Nexa applied high grade capping to zinc, lead, copper, gold, and silver assays in order to limit
the influence of a small amount of extreme values located in the upper tail of the metal
distributions. Log probability plots were inspected for each domain in isolation and a high
grade cap was applied where significant inflections or population breaks occurred. Examples
of these can be seen in Figures 14-6 and 14-7. No capping was performed in the hydrothermal
zone and for the variables iron, sulphur, magnesium, and density. Raw assays were capped
prior to compositing. High grade capping was not required for all elements and some domains
did not require capping for any element. The capping grades applied to each domain is shown
in Table 14-5. The basic statistics of capped and uncapped sample populations is summarized
by area and ore type in Table 14-6.

RPA has reviewed the capped and uncapped sample distributions for all elements and all
domains and concludes that the values used are appropriate for this deposit.

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-17
Technical Report NI 43-101 – November 17, 2020
Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

TABLE 14-5 AREX, LINK, AND AMBREX GRADE CAPPING LEVELS

Nexa Resources S.A – Aripuanã Zinc Project

Arex Link Ambrex

Zn Zn Zn
Body Pb (%) Cu (%) Au (g/t) Ag (g/t) Body Pb (%) Cu (%) Au (g/t) Ag (g/t) Body Pb (%) Cu (%) Au (g/t) Ag (g/t)
(%) (%) (%)
100 120 300 40 21 11 12.5 500 27 12 0.4 1 210
101 0.45 301 25 160 501 40 15 0.2 600
102 3 0.04 302 5 105 502 40
103 4 80 303 40 18 1.5 4.2 230 503 No capping required
104 3 304 45 5 504 10
105 30 13 500 305 No capping required 505 20 0.9
106 No capping required 306 13 5 5 506 10 1.5 30
107 No capping required 307 300 507 0.2 1.5
108 10 100 308 No capping required 508 0.5
109 1 1 309 10 30 509 5 3 45
110 100 310 40 17 1.5 3 510 4
111 130 311 17 10 2 3 511 20 6 0.5 0.7
112 No capping required 312 No capping required 512 17 560
113 No capping required 313 0.7 2 600 513 25 10 0.5 260
114 No capping required 314 No capping required 514 30 10 0.2 0.5
115 No capping required 315 No capping required 515 2
116 8 6 800 400 No capping required 516 15 8 0.2 0.9 130
117 8 1000 401 0.1 517 1.2 2.3
200 8 10 402 0.8 2 518 0.6 1.8 300
201 No capping required 403 2 2.2 16 18 600 No capping required
202 5 6 11 404 0.8 10 8.5 601 3.5 3 40
203 2 10 405 4.5 602 25
205 3.3 2 40 406 No capping required 603 No capping required
206 0.8 407 3 8.5 35 604 1.6 6.5 25 75
207 4.3 11 408 0.25 605 No capping required
208 5 7 409 2.5 606 2 0.7 6
209 No capping required 410 6 100 607 4 3
210 No capping required 411 3.5 10 608 1.5 1.6 3 10

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211 No capping required 412 8 609 5 60
212 No capping required 413 1 6 30 610 0.2 0.4 2 35
213 10 150 414 No capping required 611 6 3
214 14 25 200 612 3 60
Page 14-18

215 5 613 1
216 8 9 110
217 8 125
218 3 15
Technical Report NI 43-101 – November 17, 2020
Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

TABLE 14-6 AREX, LINK, AND AMBREX UNCAPPED VERSUS CAPPED ASSAY STATISTICS
Nexa Resource S.A. – Aripuanã Zinc Project

Count Uncapped Capped

Area Type Grade Sampled Minimum Metal Loss
(m) Maximum Mean Stdev Variance CV Maximum Mean Stdev Variance CV
ZN (%) 2916 2885 0.0025 45.34 5.02 7.07 49.96 1.41 45.34 5.01 7.06 49.83 1.41 0%
Stratabound

PB (%) 2916 2885 0.0001 35.33 1.8 3.1 9.62 1.73 35.33 1.79 3.08 9.46 1.72 0%
CU (%) 2916 2885 0.0001 16.57 0.36 1.15 1.33 3.2 14.03 0.36 1.11 1.24 3.13 -1%
AU (g/t) 2916 2643 0.0025 25.74 0.25 0.84 0.71 3.34 8.01 0.24 0.61 0.37 2.55 -5%
AG (g/t) 2916 2879 0.005 2180 48.61 102.8 10568.23 2.11 1000 47.55 93.68 8776.08 1.97 -2%
Arex

ZN (%) 2297 2271 0.0001 21 0.25 1.25 1.57 5.05 18.65 0.24 1.19 1.43 4.95 -3%
PB (%) 2297 2271 0.0001 27.5 0.09 0.66 0.44 7.01 27.5 0.09 0.66 0.44 7.01 0%
Stringer

CU (%) 2297 2271 0.0001 20.7 1.36 2.39 5.73 1.76 20.7 1.34 2.37 5.6 1.76 -1%
AU (g/t) 2297 2253 0.0025 150 1.52 6.08 36.98 4.01 138.9 1.28 3.97 15.77 3.11 -16%
AG (g/t) 2297 2263 0.005 536 14.76 30.61 937.25 2.07 200 14.07 25.65 657.98 1.82 -5%
ZN (%) 4791 4780 0.0038 50.38 4.52 7.3 53.32 1.62 45 4.5 7.23 52.27 1.61 0%
Stratabound

PB (%) 4791 4780 0.0002 28.2 1.61 3.01 9.08 1.87 22.99 1.6 2.97 8.83 1.85 -1%
CU (%) 4791 4780 0.0001 19.24 0.16 0.82 0.67 5.08 11 0.15 0.73 0.53 4.76 -5%
AU (g/t) 4791 4647 0.0025 22.7 0.27 0.92 0.84 3.35 12.5 0.26 0.74 0.54 2.86 -6%
AG (g/t) 4791 4763 0.005 829 39.02 77.19 5957.55 1.98 789 38.7 75.82 5748.69 1.96 -1%
Link

ZN (%) 1517 1515 0.0001 35.51 0.14 1.43 2.04 10.41 3.2 0.06 0.18 0.03 3.32 -60%
PB (%) 1517 1515 0.0001 14 0.06 0.51 0.26 7.98 4.95 0.05 0.28 0.08 5.48 -20%
Stringer

CU (%) 1517 1515 0.0001 52.36 0.85 2.66 7.07 3.13 18.11 0.77 1.61 2.58 2.1 -10%
AU (g/t) 1517 1515 0.0025 68.9 1.08 2.87 8.24 2.66 21.3 0.98 1.82 3.31 1.85 -9%
AG (g/t) 1517 1514 0.005 211 9.13 20.34 413.71 2.23 211 8.67 17.83 318.07 2.06 -5%
ZN (%) 5642 5607 0.002 60.9 4.85 6.38 40.71 1.32 46.9 4.81 6.26 39.15 1.3 -1%
Stratabound

PB (%) 5642 5607 0.0001 42.81 1.81 3.16 10 1.75 42.81 1.79 3.09 9.54 1.72 -1%
CU (%) 5642 5607 0 4.03 0.06 0.15 0.02 2.43 1.2 0.05 0.08 0.01 1.53 -10%
AU (g/t) 5642 4506 0 6.22 0.19 0.35 0.12 1.8 4.13 0.19 0.31 0.09 1.65 -3%
Ambrex

www.rpacan.com
AG (g/t) 5642 5607 0.05 1300 42.97 84.61 7159.02 1.97 1240 42.24 80.71 6514.6 1.91 -2%
ZN (%) 1722 1719 0.0004 25.5 0.11 0.87 0.76 7.79 5.79 0.07 0.31 0.1 4.34 -36%
PB (%) 1722 1719 0.0001 7.95 0.06 0.37 0.13 5.86 3.96 0.05 0.24 0.06 4.55 -16%
Stringer

CU (%) 1722 1719 0.0004 11.1 0.7 1 1.01 1.43 6.5 0.69 0.93 0.87 1.35 -2%
Page 14-19

AU (g/t) 1722 1709 0.0025 96.7 1.19 4.27 18.24 3.6 25 1.03 2.42 5.84 2.36 -14%
AG (g/t) 1722 1719 0.005 605 8.98 18.56 344.51 2.07 116 8.62 12.27 150.58 1.42 -4%
 www.rpacan.com

FIGURE 14-6 CAPPING ANALYSIS FOR BODY=117 (AREX)

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-20
 www.rpacan.com

FIGURE 14-7 CU CAPPING ANALYSIS FOR BODY=606 (AMBREX STRINGER)

COMPOSITING
Nexa composited the capped assays to one metre, which corresponds to the dominant
sampling length for the deposit. Composites were weighted by length and unsampled core
intervals were ignored. Gold was sampled to a lesser extent than other economic variables.

The basic statistics for the composites is provided in Table 14-7 and a comparison between
raw assay and composite lengths is shown in Figure 14-8.

RPA recommends investigating the impact of weighting the composites by density.

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-21
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TABLE 14-7 AREX, LINK, AND AMBREX COMPOSITE STATISTICS

Nexa Resources S.A. – Aripuanã Zinc Project

Area Type Grade Count(m) Sampled Minimum Maximum Mean Stdev Variance CV
Zn (%) 2428
Stratabound 2377 0.0028 44.42 5.01 6.29 39.62 1.26
Pb (%) 2428 2377 0.0001 28.3 1.79 2.75 7.56 1.54
Cu (%) 2428 2377 0.0001 12.35 0.36 1.03 1.05 2.88
Au (g/t) 2428 2167 0.0025 8 0.24 0.55 0.3 2.29
Ag (g/t) 2428 2372 0.005 764 48 85 7294 1.8
Arex

Zn (%) 1962 1909 0.0001 17.89 0.24 1.08 1.18 4.5

Pb (%) 1962 1909 0.0001 11.27 0.09 0.53 0.28 5.64
Stringer

Cu (%) 1962 1909 0.0001 20.44 1.34 2.19 4.81 1.63

Au (g/t) 1962 1892 0.0025 124.73 1.28 3.58 12.85 2.81
Ag (g/t) 1962 1903 0.005 200 14 24 576 1.71
Zn (%) 4064 4043 0.0041 42.63 4.5 6.61 43.71 1.47
Stratabound

Pb (%) 4064 4043 0.0003 21 1.6 2.7 7.28 1.68

Cu (%) 4064 4043 0.0001 11 0.15 0.7 0.49 4.56
Au (g/t) 4064 3926 0.0025 12.5 0.26 0.69 0.47 2.67
Ag (g/t) 4064 4031 0.005 620 39 69 4755 1.78
Link

Zn (%) 1288 1284 0.0001 2.18 0.06 0.17 0.03 3.06

Pb (%) 1288 1284 0.0001 4.79 0.05 0.26 0.07 5.2
Stringer

Cu (%) 1288 1284 0.0002 16 0.77 1.48 2.2 1.94

Au (g/t) 1288 1284 0.0025 18 0.98 1.66 2.74 1.68
Ag (g/t) 1288 1283 0.005 161 9 16 263 1.87
Zn (%) 5030 4963 0.0022 46.78 4.81 5.81 33.8 1.21
Stratabound

Pb (%) 5030 4963 0.0004 29.53 1.79 2.81 7.91 1.57

Cu (%) 5030 4963 0.0001 1.2 0.05 0.08 0.01 1.45
Au (g/t) 5030 3919 0.0025 3.55 0.19 0.29 0.08 1.55
Ambrex

Ag (g/t) 5030 4963 0.1 1035 42 74 5440 1.75

Zn (%) 1538 1535 0.0004 4.56 0.07 0.29 0.08 4.05
Pb (%) 1538 1535 0.0001 3.26 0.05 0.22 0.05 4.2
Stringer

Cu (%) 1538 1535 0.0005 6.05 0.69 0.84 0.7 1.22

Au (g/t) 1538 1526 0.0025 25 1.03 2.1 4.43 2.05
Ag (g/t) 1538 1535 0.005 116 9 11 127 1.31

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-22
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FIGURE 14-8 COMPARISON OF HISTOGRAMS FOR ASSAY AND COMPOSITE

LENGTH - AREX, LINK, AND AMBREX

EXPLORATORY DATA ANALYSIS

Nexa performed exploratory statistical analysis including boundary, bivariate and univariate
statistical analysis.

Given the large quantity of individual wireframes, Nexa divided the wireframe domains into
groups based on the geological continuity: stratabound and stringer for Arex, Link, and
Ambrex.

The bivariate analysis results show strong correlations between stratabound Pb-Zn, Pb-Ag
and Cu-Au, while for stringer mineralization, good correlations between Cu-Ag and Fe-S exist.
In general, stratabound and stringer mineralization iron and sulphur show strong correlations.
The results are consistent with the deposit type.

Figure 14-9 presents the correlation matrices by type and area.

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-23
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FIGURE 14-9 CORRELATION MATRICES BY TYPE AND AREA - AREX, LINK,

AND AMBREX

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-24
 www.rpacan.com

VARIOGRAPHY
Experimental correlograms (plotted as variograms) were fit for zinc, lead, copper, gold, silver,
and density to each group – stratabound and stringer for Arex, Link, and Ambrex. Nexa
correlograms are shown in in Figures 14-10 and 14-11. Table 14-8 shows the parameters
used.

The correlograms were completed using an open-source Python program developed by Nexa
personnel which collects sample pairs as a function of the variable orientation. The major,
semi-major, and minor directions are defined prior to experimental variography by local
anisotropy angles. Each sample pair has a unique rotation depending on the local anisotropy
defined. RPA is of the opinion that this methodology is suitable for the style of mineralization.

It should be noted that the major and semi-major directions are expressed as a 90° tolerance
angle within the plane resulting in identical variograms for the two directions.

TABLE 14-8 AREX, LINK, AND AMBREX CORRELOGRAM PARAMETERS

Nexa Resources S.A. – Aripuanã Zinc Project

Structure 1 Structure 2
Nugget Range X Range Y Range Z C1 Range X Range Y Range Z C2
Zn 0.1 8 8 3 0.6 50 50 12 0.3
Pb 0.1 8 8 3 0.6 50 50 20 0.3
Stratabound

Cu 0.1 8 8 4 0.4 50 50 10 0.5

Au 0.05 5 5 2 0.6 30 30 7 0.35
Ag 0.1 10 10 8 0.55 100 100 20 0.35
De
0.1 10 10 6 0.6 100 100 10 0.3
ns
Arex

Zn 0.1 10 10 2 0.5 40 40 5 0.4

Pb 0.1 10 10 4 0.6 40 40 8 0.3
Cu 0.1 10 10 5 0.5 40 40 15 0.4
Stringer

Au 0.1 5 5 2 0.65 55 55 6 0.25

Ag 0.1 5 5 8 0.5 55 55 15 0.4
De
0.1 10 10 8 0.4 60 60 15 0.5
ns
Zn 0.1 10 10 8 0.55 55 55 15 0.35
Pb 0.1 10 10 7 0.55 55 55 15 0.35
Stratabound

Cu 0.05 10 10 6 0.5 35 35 10 0.45

Au 0.05 8 8 4 0.55 40 40 10 0.4
Link

Ag 0.05 8 8 4 0.6 65 65 18 0.35

De
0.1 8 8 8 0.45 65 65 20 0.45
ns
Zn 0.1 7 7 4 0.75 50 50 6 0.15
String

Pb 0.1 8 8 4 0.7 40 40 6 0.2

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-25
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Structure 1 Structure 2
Nugget Range X Range Y Range Z C1 Range X Range Y Range Z C2
Cu 0.1 5 5 5 0.5 60 60 15 0.4
Au 0.1 5 5 3 0.5 50 50 8 0.4
Ag 0.05 8 8 4 0.6 100 100 12 0.35
De
0.1 15 15 5 0.3 40 40 8 0.6
ns
Zn 0.1 10 10 8 0.5 40 40 13 0.4
Pb 0.1 8 8 7 0.5 55 55 18 0.4
Stratabound

Cu 0.1 8 8 5 0.5 45 45 10 0.4

Au 0.1 10 10 10 0.4 75 75 16 0.5
Ag 0.1 10 10 8 0.5 75 75 20 0.4
De
0.1 8 8 7 0.4 45 45 25 0.5
Ambrex

ns
Zn 0.1 8 8 3 0.65 50 50 13 0.25
Pb 0.1 8 8 7 0.6 55 55 10 0.3
Cu 0.1 8 8 4 0.55 25 25 8 0.35
Stringer

Au 0.1 8 8 2 0.7 80 80 5 0.2

Ag 0.1 7 7 7 0.6 40 40 10 0.3
De
0.1 10 10 8 0.3 80 80 10 0.6
ns

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-26
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FIGURE 14-10 AREX STRATABOUND CORRELOGRAMS (PLOTTED AS

VARIOGRAMS)
Zn Pb

Cu Au

Ag Density

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-27
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FIGURE 14-11 AMBREX STRINGER CORRELOGRAMS (PLOTTED AS

VARIOGRAMS)
Zn Pb

Cu Au

Ag Density

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-28
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BLOCK MODEL
Arex, Link, and Ambrex wireframes were filled with blocks in Datamine Studio. The final block
model covers the three areas. The block model was sub-celled at wireframes boundaries with
parent cells measuring 5.0 m by 5.0 m by 5.0 m and minimum sub-cell sizes of 1.0 m by 1.0
m by 1.0 m. The block model setup is given in Table 14-9.

The block size is appropriate for the drill spacing and proposed mining method and is suitable
to support the estimation of Mineral Resources and Mineral Reserves. Comparisons between
wireframe and block model volumes are reasonable.

TABLE 14-9 AREX, LINK, AND AMBREX BLOCK MODEL SETUP

Nexa Resources S.A. – Aripuanã Zinc Project

Parameter X Y Z
Origin (m) 223,872 8,885,560 -760
Block Size (m) 5 5 5
Number of Blocks 852 745 229

INTERPOLATION STRATEGY
Grades were interpolated into blocks on a parent cell basis using OK. ID³ was used for groups
that did not yield interpretable variograms. Variables zinc, lead, copper, gold, silver, iron,
sulphur, magnesium, and density are interpolated and estimates are not density weighted.

Search ellipsoids were oriented based on dynamic anisotropy angles extracted from the
mineralization wireframes. The interpolation strategy is based on Quantitative Kriging
Neighbourhood Analysis (QKNA) of previous updates and is designed to avoid oversmoothing
of block grades as a result of the OK runs with low relative nugget effects of 5% or 10%. The
search strategy is given in Table 14-10.

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-29
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TABLE 14-10 AREX, LINK, AND AMBREX SAMPLE SELECTION STRATEGY

Nexa Resources S.A. – Aripuanã Zinc Project

Search Ranges Octant Search Pass 2 Pass 2 Pass 3

Expansion

Expansion
Maximum

Maximum

Maximum
Minimum

Minimum

Minimum

Minimum
Samples

Samples

Samples

Samples

Samples

Samples
Max per

Max per
Octants
Min per

Search

Search
Octant

Octant
Orebody

Used

hole
X

100, 101, 102, Z

103, 104, 105
106, 107, 108
30 30 8 No 2 1 10 6 15 2 6 15 10 2 25 5
109, 110, 111
112, 113, 114
115, 116, 117
200, 205, 206
208, 211, 214
30 30 10 No 2 1 10 6 15 2 6 15 15 4 15 5
215, 216, 217
218
210, 212 30 30 10 No 2 1 10 3 15 2 2 15 25 2 15 5
207 30 30 10 No 2 1 10 6 15 2 6 15 25 6 25 5
209 20 20 5 No 2 1 10 3 15 2 6 15 10 6 15 5
201, 202
30 30 10 No 2 1 10 6 15 2 6 15 15 4 15 5
203, 213
300, 301, 302
303, 304, 305
306, 307, 308
309, 310, 311
312, 313, 314
315, 500, 501
30 30 8 Yes 2 1 4 4 10 2 4 10 10 1 10 3
502, 503, 504
505, 506, 507
508, 509, 510
511, 512, 513
514, 515, 516
517, 518
400, 401, 402
403, 404, 405
406, 407, 408
409, 410, 411
412, 413, 414
30 30 8 No 2 1 4 4 10 2 4 10 10 1 10 8
600, 601, 602
603, 604, 605
606, 607, 608
609, 610, 611
612, 613
1000 20 20 10 No 1 1 4 1 5 2 1 5 2 1 5 -

CLASSIFICATION
Definitions for resource categories used in this Technical Report are consistent with those
defined by CIM (2014) and adopted by NI 43-101. In the CIM classification, a Mineral
Resource is defined as “a concentration or occurrence of solid material of economic interest
in or on the Earth’s crust in such form, grade or quality and quantity that there are reasonable
prospects for eventual economic extraction”. Mineral Resources are classified into Measured,

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-30
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Indicated, and Inferred categories. A Mineral Reserve is defined as the “economically

mineable part of a Measured and/or Indicated Mineral Resource” demonstrated by studies at
Pre-Feasibility or Feasibility level as appropriate. Mineral Reserves are classified into Proven
and Probable categories.

Blocks were classified as Measured, Indicated, and Inferred based on drill hole spacing
requirements determined from global variograms for the stratabound and stringer domains for
each deposit. Figure 14-12 provides examples for Arex and Ambrex. Flagging of the blocks
by drill hole spacing was done by using a search pass with dimensions as described in Table
14-11 and capturing at least three drill holes.

The first pass involved a numerical classification as described of blocks followed by a post
processing of the classification to remove isolated blocks classified as Measured or Indicated.

The classification criteria for each area are listed in the Table 14-11 and the global variograms
for Arex and Ambrex, used as a basis for the classification scheme, are shown in Figure 14-
12. Figure 14-13 shows a 3D perspective with the final classification designation.

TABLE 14-11 NEXA SEARCH ELLIPSE RANGES FOR CLASSIFICATION

CRITERIA - AREX, LINK, AND AMBREX
Nexa Resources S.A. – Aripuanã Zinc Project

Area Type Measured Indicated Inferred

Arex Stratabound 25 m x 25 m 50 m x 50 m 100 m x 100 m
Stringer 20 m x 20 m 50 m x 50 m 100 m x 100 m
Link Stratabound 20 m x 20 m 50 m x 50 m 100 m x 100 m
Stringer 15 m x 15 m 35 m x 35 m 100 m x 100 m
Ambrex Stratabound 20 m x 20 m 50 m x 50 m 100 m x 100 m
Stringer 15 m x 15 m 30 m x 30 m 100 m x 100 m
Minimum DDH
All 3 3 -
in ellipse1

Note:
1. Minimum DDH in ellipse refers to the isotropic search ellipsoid used to flag the distances in the blocks

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-31
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FIGURE 14-12 GLOBAL VARIOGRAMS USED FOR CLASSIFICATION

CRITERIA - AREX AND AMBREX

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-32
 Looking Northeast
14-33

Not to Scale

Figure 14-13

Nexa Resources S.A.

www.rpacan.com
Legend: Aripuanã Zinc Project
Measured State of Mato Grosso, Brazil
Indicated Arex, Link, and Ambrex
Inferred Final Classification Designation
November 2020 Source: RPA, 2020.
 www.rpacan.com

Validation
NEXA
A number of validation steps were performed by Nexa and RPA including:
• Comparison between OK and NN mean grades (Figures 14-14 and 14-15).
• Swath plots (Figures 14-16 and 14-17).
• Visual inspection of composites versus block grades (Figures 14-18 to 14-20)

For many of the variables, areas and mineralization types, there is good agreement between
the NN and OK means. Similar trends are observed on the swath plots. Some significant
discrepancies are observed for OK versus NN for zinc, lead, and silver for zones 108 and 313.

In RPA’s opinion, the validation performed by Nexa and RPA are typical industry standard
validation techniques and in general, the results presented suggest the that the block model
has been completed to a high standard, in line with industry best practices.

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-34
 0.00
0.20
0.40
0.60
0.80
1.00
0.00
0.20
0.40
0.60
0.80
1.00
0.00
1.00
2.00
3.00
4.00
5.00
6.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00

0.00
50.00
100.00
150.00
200.00
100 100 100
100
100 101 101 101
101 101
102 102 102
102 102
103 103 103
103 103
104 104 104
104 104
105 105 105
105 105
106 106 106
106 106
107 107 107
107 107
108 108 108
108 108
109 109 109
109 109
110 110 110
110 110
111 111 111
111 111
112 112 112
112 112
113 113 113
113 113
114 114 114
114 114
115 115 115
115 115
116 116 116
116 116
117 117 117
117 117
300 300 300
300 300
301 301 301
301 301
302 302 302
302 302
303 303 303
303 303
304 304 304
304 304
305 305 305
305 305
306 306 306
306 306

AU_est
307

CU_est

AG_est
PB_est
ZN_est

307 307 307

307 308 308 308 308
308 309
309 309 309
309

Technical Report NI 43-101 – November 17, 2020

310
310 310 310 310
311
311 311 311

AU_NN
311
PB_NN
ZN_NN

CU_NN

AG_NN
312
312 312 312 312
313
313 313 313 313
314
314 314 314 314
315
315 315 315 315
500
500 500 500 500
501

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

501 501 501 501
502
502 502 502 502
503
503 503 503 503
504
504 504 504 504
505
505 505 505 505
506
506 506 506 506
507
507 507 507 507
508
508 508 508 508
509
509 509 509 509
(STRATABOUND) - AREX, LINK, AND AMBREX

510
510 510 510 510
511
511 511 511 511
512
512 512 512 512
513
513 513 513 513
514
514 514 514 514
515
FIGURE 14-14 COMPARISON BETWEEN OK AND NN MEANS

515 515 515 515

516
516 516 516 516
517
517 518 517 517 517
518 518 518 518

Page 14-35
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 0.00
0.50
1.00
1.50
2.00
2.50
3.00
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70

0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35

0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
200 200 200
200 200
201 201 201 201 201

202 202 202 202 202

203 203 203 203 203

205 205 205 205 205

206 206 206 206 206

207 207 207 207 207

208 208 208 208 208

209 209 209 209 209

210 210 210 210 210

211 211 211 211 211

212 212 212 212 212
213 213 213 213 213
214 214 214 214 214
215 215 215 215 215
216 216 216 216 216
217 217 217 217 217
218 218 218 218 218
400 400 400 400 400
401 401 401 401 401
402 402 402 402 402
403 403 403 403 403

AG_est
AU_est
CU_est
PB_est
ZN_est

404 404 404 404 404

405 405 405 405 405

Technical Report NI 43-101 – November 17, 2020

406 406 406 406 406
407 407 407 407 407
PB_NN
ZN_NN

CU_NN

AU_NN

AG_NN
408 408 408 408 408
409 409 409 409 409
410 410 410 410 410
411 411 411 411 411

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

412 412 412 412 412
AREX, LINK, AND AMBREX

413 413 413 413 413

414 414 414 414 414
600 600 600 600 600
601 601 601 601 601
602 602 602 602 602
603 603 603 603 603
604 604 604 604 604
605 605 605 605 605
606 606 606 606 606
607 607 607 607 607
608 608 608 608 608
609 609 609 609 609
610 610 610 610 610
611 611 611 611 611
612 612 612 612 612
613 613 613 613 613
FIGURE 14-15 COMPARISON BETWEEN OK AND NN MEANS (STRINGER) -

Page 14-36
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FIGURE 14-16 SWATH PLOT – STRATABOUND – EASTING

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-37
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FIGURE 14-17 SWATH PLOT – STRINGER – EASTING

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-38
 www.rpacan.com

Looking West Northwest

Zn% 1m comp Zn% 5m comp

Legend:

100 m 100 m

Cu% 1m comp Cu% 5m comp Legend:

100 m 100 m

Legend:
Figure 14-18

Nexa Resources S.A.

500 m
Aripuanã Zinc Project
State of Mato Grosso, Brazil
Arex Vertical Section Showing
Zn and Cu Block versus
Composite Grades
November 2020 Source: RPA, 2020.

14-39
 Looking West Northwest
Zn% 1m comp Cu% 1m comp

Legend:
Legend:
14-40

100 m 100 m

Legend:

Figure 14-19

Nexa Resources S.A.

www.rpacan.com
500 m
Aripuanã Zinc Project
State of Mato Grosso, Brazil
Link Vertical Section Showing
Zn and Cu Block versus
Composite Grades
November 2020 Source: RPA, 2020.
 www.rpacan.com
Looking West Northwest
Zn% 1m comp Zn% 5m comp

Legend:

100 m 100 m

Cu% 1m comp Cu% 5m comp

Legend:

100 m
100 m

Legend: Figure 14-20

Nexa Resources S.A.

500 m Aripuanã Zinc Project
State of Mato Grosso, Brazil
Ambrex Vertical Section Showing
Zn and Cu Block versus
Composite Grades
November 2020 Source: RPA, 2020.

14-41
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BABAÇÚ
RESOURCE DATABASE
The resource database contains drilling information and analytical results up to December 31,
2019. Information received after this date was not used in the Mineral Resource estimate.
The database used comprises Babaçú and Ambrex drilling. There is a total of 44 drill holes
intersecting the Babaçú mineralization (26,889 m).

Nexa maintains the resource database in Datamine Fusion. Data were amalgamated and
parsed as required and imported into Datamine Studio and Leapfrog. Despite the changes of
the database coordinates datum during 2019 (from SAD69 to SIRGAS2000 - zone 21S), the
Babaçú model was still made using the SAD69 datum.

Section 12 describes the resource database verification steps carried out by Nexa and RPA.
RPA is of the opinion that the drill hole database is valid and suitable to estimate Mineral
Resources for the Project.

GEOLOGICAL INTERPRETATION
Wireframes of the stratabound and stringer mineralization at Babaçú were constructed
considering geology at a cut-off grade of 0.6% Zn (or Pb) in the stratabound zones and
0.5% Cu in the stringer zones in Leapfrog (Figure 14-21). Samples with both zinc and copper
grades above cut-off grades were considered to be stratabound type mineralization. Some
drill hole intercepts with grades below cut-off grade were included to maintain geological
continuity. The mineralization wireframes follow a similar interpretation to the Ambrex deposit.

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-42
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Figure 14-21

Ambrex Nexa Resources S.A.

Aripuanã Zinc Project
State of Mato Grosso, Brazil
Plan View of of Ambrex and
Babaçú Mineralization Wireframes

Babaçú

Not to Scale

Updated Drillholes

Legend:

November 2020 Source: Nexa, 2020.

14-43
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CAPPING OF HIGH GRADES

Nexa applied high grade capping to Zn, Pb, Cu, Au, and Ag assays in order to limit the
influence of a small amount of extreme values located in the upper tail of the metal
distributions. Log probability plots were inspected for stratabound and stringer wireframes and
capping grades were selected according to inflections on log probability plots (Figure 14-22).
A summary of capping grades used and capped versus uncapped statistics are provided in
Tables 14-12 and 14-13.

RPA reviewed the capping levels utilized by Nexa and is of the opinion that, in general, the
capping grades are reasonable.

TABLE 14-12 BABAÇÚ GRADE CAPPING LEVELS

Nexa Resources S.A. – Aripuanã Zinc Project

Capping values – Mineralized Domains

Domain
Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t)
Stratabound 30 13 2 1 300
Stringer 3 3 9 6 250

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-44
Technical Report NI 43-101 – November 17, 2020
Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

TABLE 14-13 BABAÇÚ UNCAPPED VERSUS CAPPED ASSAY STATISTICS

Nexa Resources S.A. – Aripuanã Zinc Projects

Uncapped Capped
Type Grade Count Sampled Minimum Maximum Mean Stdev Variance CV Maximum Mean Stdev Variance CV Metal Loss
Zn (%) 2227 2227 0.0013 42.04 2.96 5.19 26.98 1.76 30 2.93 5.06 25.64 1.73 -1%
Pb (%) 2227 2227 0.0002 51.83 1.16 2.86 8.21 2.48 13 1.08 2.15 4.62 2 -7%
Stratabound Cu (%) 2227 2227 0.0001 13.85 0.14 0.53 0.28 3.68 2 0.12 0.33 0.11 2.69 -16%
Au (g/t) 2227 2073 0.0025 6.87 0.11 0.32 0.1 3.02 1 0.09 0.18 0.03 1.96 -16%
Ag (g/t) 2227 2227 0 1150 31.83 71.21 5070.5 2.24 300 29.4 53.02 2811.1 1.8 -8%
Zn (%) 550 550 0.0009 9.03 0.2 0.7 0.49 3.45 3 0.17 0.42 0.17 2.43 -15%
Pb (%) 550 550 0.0001 23.48 0.21 1.11 1.24 5.35 3 0.16 0.42 0.18 2.7 -25%
Stringer Cu (%) 550 550 0.0004 18.65 1.02 1.7 2.88 1.66 9 0.99 1.45 2.12 1.47 -3%
Au (g/t) 550 550 0.0025 34.1 0.62 1.77 3.12 2.84 6 0.55 0.96 0.93 1.76 -12%
Ag (g/t) 550 550 0.03 607 25.07 48.81 2382.5 1.95 250 23.99 40.83 1667 1.7 -4%

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FIGURE 14-22 BABAÇÚ CAPPING ANALYSIS FOR STRINGER

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-46
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COMPOSITING
Nexa composited the capped assays to one metre, which corresponds to the dominant
sampling length for the deposit. Composites were weighted by length (Figure 14-23).

FIGURE 14-23 HISTOGRAMS FOR ASSAY (LEFT) AND COMPOSITE (RIGHT)

LENGTHS - BABAÇÚ

EXPLORATORY DATA ANALYSIS

Nexa performed exploratory statistical analysis including bivariate and univariate statistical
analysis. The univariate statistics for the composites is provided in Table 14-14.

The bivariate analysis results show strong correlations for stratabound Pb-Zn, Pb-Ag, and Cu-
Au mineralization and good correlations for stringer Cu-Ag mineralization.

Figure 14-24 presents the correlation matrices by type and area.

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-47
Technical Report NI 43-101 – November 17, 2020
Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

TABLE 14-14 BABAÇÚ COMPOSITE STATISTICS

Nexa Resources S.A. – Aripuanã Zinc Projects

Uncapped Capped
Type Grade Count Sampled Minimum Maximum Mean Stdev Variance CV Maximum Mean Stdev Variance CV Metal Loss
Zn (%) 1792 1792 0.0013 40.16 2.96 4.73 22.38 1.6 30 2.93 4.6 21.19 1.57 -1%
Pb (%) 1792 1792 0.0002 40.79 1.16 2.47 6.1 2.14 13 1.08 1.92 3.67 1.78 -7%
Stratabound Cu (%) 1792 1792 0.0001 9.17 0.14 0.47 0.22 3.27 2 0.12 0.3 0.09 2.5 -16%
Au (g/t) 1792 1646 0.0025 4.58 0.11 0.28 0.08 2.6 1 0.09 0.16 0.03 1.81 -16%
Ag (g/t) 1792 1792 0.0202 730 31.83 62.14 3861 1.95 300 29.4 47.26 2233.14 1.61 -8%
Zn (%) 439 439 0.001 8.63 0.2 0.64 0.41 3.14 3 0.17 0.39 0.15 2.26 -15%
Pb (%) 439 439 0.0001 18.33 0.21 0.98 0.96 4.7 2.74 0.16 0.37 0.14 2.4 -25%
Stringer Cu (%) 439 439 0.0004 17.23 1.02 1.55 2.39 1.51 9 0.99 1.32 1.75 1.34 -3%
Au (g/t) 439 439 0.0025 22.27 0.62 1.44 2.06 2.31 4.97 0.55 0.84 0.71 1.53 -12%
Ag (g/t) 439 439 0.04 425.95 25.07 44.91 2017.11 1.79 250 23.99 37.96 1440.79 1.58 -4%

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FIGURE 14-24 CORRELATION MATRICES BY MINERALIZATION TYPE -

BABAÇÚ

BLOCK MODEL
Babaçú wireframes were filled with blocks in Datamine Studio RM. The final block model
covers both zones. The block model was sub-celled at wireframes boundaries with parent
cells measuring 10 m by 5 m by 5 m and minimum sub-cell sizes of 1.25 m by 1.00 m by
0.50 m. The block model setup and a description of the block model attributes are given in the
sequence (Table 14-15).

The block size is appropriate for the drill spacing and proposed mining method and is suitable
to support the estimation of Mineral Resources and Mineral Reserves. Comparisons between
wireframe and block model volumes are good.

TABLE 14-15 BABAÇÚ BLOCK MODEL SETUP

Nexa Resources S.A. – Aripuanã Zinc Projects

Parameter X Y Z
Origin (m) 226,350 8,885,950 -900
Block Size (m) 10 5 5
Number of Blocks 165 300 250

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-49
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INTERPOLATION STRATEGY
Grades were interpolated into blocks on a parent cell basis using ID³. Variables Zn, Pb, Cu,
Au, Ag, and density are interpolated and estimates are not density weighted.

Search ellipsoids were oriented based on dynamic anisotropy angles extracted for the
mineralization wireframes. The estimation strategy is summarized in Table 14-16.

TABLE 14-16 BABAÇÚ SAMPLE SELECTION STRATEGY

Nexa Resources S.A. – Aripuanã Zinc Projects

Search Ranges (m) Selection Criteria

Pass Number Minimum Maximum
X Y Z Max per hole
Samples Samples
1 20 20 10 6 15 5
2 50 50 25 6 15 5
3 100 100 50 6 15 5
4 250 250 100 1 12 -

CLASSIFICATION
Definitions for resource categories used for Babaçú are consistent with those defined by CIM
(2014) and adopted by NI 43-101.

Babaçú blocks were classified as Inferred only due to large drill hole spacing in the area. The
Inferred classification criteria are based on a drilling grid of 100 m. A large proportion of blocks
were left unclassified due to the large drill spacing and complex structural context.

Figure 14-25 presents the final classification designation.

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-50
 www.rpacan.com

Looking Northeast

0 250 500 750 1000 1250

Metres Figure 14-25
Legend:
Nexa Resources S.A.
Dhs
H 2018 Model
Aripuanã Zinc Project
DHs Added for 2019 Model
State of Mato Grosso, Brazil
Inferred
Babaçú Final Classification
Unclassified Designation
November 2020 Source: Nexa, 2020.

14-51
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VALIDATION
A number of validation steps were performed by Nexa including:
• Comparison between ID³ and NN mean grades (Table 14-17).
• Swath plots (Figures 14-26 to 14-30).
• Visual inspection of composites versus block grades (Figures 14-31 and 14-32).

In RPA’s opinion, the validation was performed using typical industry standard validation
techniques and in general, the results presented are suitable for an Inferred Mineral Resource.

TABLE 14-17 COMPARISON BETWEEN ID³ AND NN MEANS - BABAÇÚ

Nexa Resources S.A. – Aripuanã Zinc Projects

Domain Grade Estimate Mean NN Mean Est./NN

Zn (%) 2.99 2.97 100.7%
Pb (%) 1.24 1.34 93.0%
Inferred Stratabound Cu (%) 0.18 0.16 108.4%
Au (g/t) 0.11 0.10 106.5%
Ag (g/t) 34.1 35.3 96.7%
Zn (%) 3.82 3.99 95.7%
Pb (%) 1.65 1.94 84.9%
Unclassified Stratabound Cu (%) 0.18 0.18 97.9%
Au (g/t) 0.13 0.13 100.1%
Ag (g/t) 36.5 41.7 87.4%
Zn (%) 0.18 0.18 98.0%
Pb (%) 0.14 0.14 102.0%
Unclassified Stringer Cu (%) 1.33 1.32 100.8%
Au (g/t) 0.80 0.78 102.2%
Ag (g/t) 32.6 32.0 101.8%

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-52
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FIGURE 14-26 BABAÇÚ ZN STRATABOUND SWATH PLOT – EASTING

FIGURE 14-27 BABAÇÚ PB STRATABOUND SWATH PLOT – EASTING

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-53
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FIGURE 14-28 BABAÇÚ AG STRATABOUND SWATH PLOT – EASTING

FIGURE 14-29 BABAÇÚ CU STRINGER SWATH PLOT – EASTING

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-54
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FIGURE 14-30 BABAÇÚ AU STRINGER SWATH PLOT – EASTING

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 14-55
 Looking West Northwest Legend:

A B C D
14-56

0 25 50 75 100 125 0 25 50 75 100 125

Metres Metres

A N
C

Figure 14-31

B Nexa Resources S.A.

www.rpacan.com
Legend:
D Aripuanã Zinc Project
State of Mato Grosso, Brazil
400 m
Babaçú Vertical Section Showing
Zn Block versus Composite Grades
November 2020 Source: RPA, 2020.
 Legend:
Looking West Northwest

A B C D
14-57

0 25 50 75 100 125 0 25 50 75 100 125

Metres Metres

A N
C

Figure 14-32

B Nexa Resources S.A.

www.rpacan.com
Legend:
D Aripuanã Zinc Project
State of Mato Grosso, Brazil
400 m
Babaçú Vertical Section showing
Cu Block Versus Composite Grades
November 2020 Source: RPA, 2020.
 www.rpacan.com

15 MINERAL RESERVE ESTIMATE

SUMMARY
The Mineral Reserves were estimated by Nexa and reviewed by RPA.

The Aripuanã Mineral Reserves are based in three main orebodies, Arex, Link, and Ambrex.
The main commodities produced are zinc, lead, copper, silver, and gold. The Mineral Reserve
estimate for the Project as of September 30, 2020 is presented in Table 15-1.

TABLE 15-1 MINERAL RESERVES – SEPTEMBER 30, 2020

Nexa Resources S.A. – Aripuanã Project

Tonnes Grade
Deposit/Category
(000 t) (% Zn) (% Pb) (% Cu) (g/t Au) (g/t Ag)
Arex
Proven 4,216 2.97 1.07 0.65 0.45 33.83
Probable 1,101 1.99 0.69 0.75 0.75 23.97
Proven & Probable 5,317 2.77 0.99 0.67 0.52 31.78

Link
Proven 1,370 4.63 1.73 0.13 0.27 37.78
Probable 5,342 3.95 1.32 0.22 0.32 32.31
Proven & Probable 6,713 4.09 1.40 0.20 0.31 33.42

Ambrex
Proven 4,495 4.18 1.59 0.05 0.15 37.55
Probable 6,982 3.59 1.44 0.12 0.27 34.81
Proven & Probable 11,477 3.82 1.50 0.09 0.22 35.88

Total
Proven 10,082 3.74 1.39 0.31 0.29 36.02
Probable 13,425 3.60 1.33 0.21 0.33 32.93
Proven & Probable 23,507 3.66 1.36 0.25 0.31 34.25

Notes:
1. CIM (2014) definitions were followed for Mineral Reserves.
2. Mineral Reserves are estimated at a break-even cut-off value of NSR = US$45.00/t processed. Some
incremental material with values between US$40/t and US$45/t was included.
3. Mineral Reserves are estimated using an average long-term zinc price of US$1.13/lb Zn, a long-term
lead price of US$0.89/lb Pb, a long-term copper price of US$2.93/lb Cu, a long-term silver price of
$16.85/oz Ag, and a long-term gold price of US$1,538/oz Au.
4. A minimum mining width of 4 m was used.
5. Numbers may not add due to rounding.

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 15-1
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Contained metal in the Mineral Reserves consists of 859.8 kt Zn, 319.0 kt Pb, 59.7 kt Cu, 25.9
Moz Ag and 236.1 koz Au. RPA is not aware of any mining, metallurgical, infrastructure,
permitting, or other relevant factors that could materially affect the Mineral Reserve estimate.

DILUTION
The dilution that has been applied is related to the selected mining method. The two main
mining methods used at Aripuanã are longitudinal longhole retreat (bench stoping) and
transverse longhole mining (vertical retreat mining or VRM) with primary and secondary stope
extraction. Dilution is applied on a percentage basis, with no grade applied to the diluting
material. The dilution for each method is summarized in Table 15-2.

TABLE 15-2 DILUTION

Nexa Resources S.A. – Aripuanã Zinc Project

Percent Dilution
Item
(%)
Development 0
Bench Stope 15
Primary VRM 5
Secondary VRM 12

In RPA’s opinion, it is better to apply dilution as a hanging wall/footwall distance, rather than a
global percentage (as has been done here). The percentage approach applies too much
dilution to larger stopes and not enough to smaller stopes.

RPA reviewed the impact of applying this method to the Mineral Reserves, and observed the
following:
• The application of this method has little impact on VRM stopes – the stope size is fairly
constant.
• To check the impact on Bench Stopes, a dilution of 1.25 m was applied to each side
(which results in the global percentage of 15% dilution at the average width of eight
metres).
• Bench Stopes range from four metres wide to 15 m wide.
• Applied to narrower stopes (four metres to six metres wide, or the bottom 18% of the
range), this gives 31.6% to 20.8% dilution (higher than average, as expected).
• Applied to wider stopes (13 m to 15 m wide, or the top 18% of the range), this gives
8.3% to 9.7% dilution (lower than average, as expected).

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 15-2
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• The groups are fairly well balanced – 20% of stopes are narrow, 24% are wide. There
is no significant skew here to introduce a bias to the total.
• The higher dilution would cause 14 narrow stopes to drop below an NSR of $40/t,
however, they remain within the range of the incremental cut-off.
• RPA did not observe any instances where wider stopes were rejected because they
have too much dilution at 15%, but may meet cut-off criteria at 8% to 10% dilution.

Based on the above, RPA concludes that using percentage dilution may introduce small
inaccuracies to some individual stope estimates, however, it has little impact on the overall
estimate.

EXTRACTION
The extraction ratio is related to the mining method and is applied on a percentage basis. The
amount of extraction for each method is presented in Table 15-3.

TABLE 15-3 EXTRACTION PERCENTAGE

Nexa Resources S.A. – Aripuanã Zinc Project

Extraction
Item
(%)
Development 100
Bench Stope 90
Primary VRM 90
Secondary VRM 85

CUT-OFF GRADE
The NSR cut-off value was determined using the Mineral Reserve metal prices, metal
recoveries, transport, treatment, and refining costs, as well as mine operating cost. Metal
prices are based on Nexa’s projections. Nexa’s long term price model uses multiple variables
including supply (mine and refined), demand, cost drivers, capital cost, and other key
elements. The long-term prices derived are in line with the consensus forecasts from banks
and independent institutions.

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 15-3
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The cut-off value used for the Mineral Reserves is based on an NSR value. The NSR formula
is:

𝑇𝑜𝑡𝑎𝑙 𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝐶𝑜𝑠𝑡

𝑁𝑆𝑅 =
𝑇𝑜𝑛𝑛𝑒𝑠 𝑃𝑟𝑜𝑐𝑒𝑠𝑠𝑒𝑑

The two main types of mineralization in the deposit are stratabound and stringer. These two
types of mineralization have different processing characteristics, and as a result, different
parameters are used to calculate their respective NSR value. Cut-off and NSR parameters
used to calculate the NSR value are summarized in Table 15-4. The break even NSR cut-off
value is approximately US$34.35/t. First-pass mine design used a cut-off value of $US45/t, to
allow for uncertainty around exchange rates (break-even cut-off NSR plus a US$10/t margin).
Upon review of the results, a limited number of stopes with NSR values down to
US$40.00/t were included for continuity.

NSR factors are applied directly to the design based on the Net Revenue by Metal as
presented in Table 15-4.

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 15-4
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TABLE 15-4 NSR DATA

Nexa Resources S.A. – Aripuanã Zinc Project
Item Units Stratabound Stringer
Net Metallurgical Recovery
Zn % 89.4 0
Pb % 83.3 0
Cu % 59.3 87.8
Au % 70 63
Ag % 76 50
Cu Concentrate Payable %
Cu % 96.7
Au % 90
Ag % 90
Pb Concentrate Payable %
Pb % 95
Au % 95
Ag % 95
Zn Concentrate Payable %
Zn % 85
Au % 0
Ag % 70
Charges
Logistics and TC
Zn Concentrate US$/t conc $363
Pb Concentrate US$/t conc $340
Cu Concentrate US$/t conc $334
Integrated Zn
Conversion Cost US$/t Zn prod $414
Premium US$/t Zn Prod $233
Refining Cost
Au in Pb conc US$/oz $10.00
Au in Cu conc US$/oz $8.00
Ag in Pb conc US$/oz $1.00
Ag in Cu conc US$/oz $0.50
Royalty NSR
Arex & Link Royalties % 4.9
Ambrex Royalties % 5.4
Net Revenue by Metal
Zn % 61 0
Pb % 15 0
Cu % 6 58
Au % 6 40
Ag % 12 3
Operating Costs
Mining US$/t proc $15.34
Process and Tailings US$/t proc $13.31
G&A US$/t proc $5.69

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 15-5
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16 MINING METHODS
Currently, Aripuanã is focused on mining three main elongated mineralized zones, Arex, Link,
and Ambrex, that have been defined in the central portion of the Project.

The Arex, Link, and Ambrex deposits are separate VMS deposits with differing mineral
compositions in stratabound and stringer forms and complex geometric shapes.

The deposit geometry is amenable to a number of underground mechanized mining techniques

including cut and fill and bulk stoping methods. A nominal production target of 6,065 tpd has
been used as the basis for the mine production schedule.

Mining will be undertaken using conventional mechanized underground mobile mining

equipment via a network of declines, access drifts, and ore drives. Access to the Arex, Link,
and Ambrex deposits will be via separate portals, which will access the deposits from the most
favourable topographic locations.

MINE DESIGN
The mine design has been based on using modern mobile trackless equipment with
independent decline accesses into the Arex, Link, and Ambrex deposits.

The three deposits will be accessed from three independent surface cut and cover portals and
ramps designed at a gradient of 14% to be driven with an arched profile and cross-sectional
area (CSA) of 27 m2 to accommodate the selected major equipment. The main loading and
hauling equipment will be 12.5 t class load haul dump units (LHD) combined with 35.5 t class
haul trucks.

Main mining sublevels will be spaced 75 m apart, with stope sublevels placed at 25 m spacing.
The upper sublevel in each level will contain a five metre sill pillar. The two mining methods
will be longitudinal retreat longhole mining, and VRM with primary and secondary sequencing.
Backfilling of stopes will be completed using pastefill, cemented rockfill, and rockfill.

Figure 16-1 shows the mine design for the entire Project, while Figures 16-2 to 16-4 show the
mine design for each separate deposit.

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 16-1
 Looking Northeast

Arex Link Ambrex

Portal Portal
Portal
16-2

Figure 16-1

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0 100 200 300 400 500 Nexa Resources S.A.
Metres
Aripuanã Zinc Project
State of Mato Grosso, Brazil
Aripuanã Long Section

November 2020 Source: Nexa, 2020.

 Looking Northeast

Portal
16-3

Figure 16-2

www.rpacan.com
Nexa Resources S.A.
0 50 100 150 200
Metres Aripuanã Zinc Project
State of Mato Grosso, Brazil
Arex Long Section
November 2020 Source: Nexa, 2020.
 Looking Northeast

Portal
16-4

Figure 16-3

www.rpacan.com
Nexa Resources S.A.
0 50 100 150 200
Metres Aripuanã Zinc Project
State of Mato Grosso, Brazil
Link Long Section
November 2020 Source: Nexa, 2020.
 Looking Northeast
16-5

Figure 16-4

www.rpacan.com
Nexa Resources S.A.
0 50 100 150 200
Metres Aripuanã Zinc Project
State of Mato Grosso, Brazil
Ambrex Long Section
November 2020 Source: Nexa, 2020.
 www.rpacan.com

Material movement at Aripuanã will be completed via ramps using haulage trucks. Primary
development consists of ramps and raises. Secondary development consists of cross cuts,
level access, footwall drives, ore drives, and all infrastructure development (sumps, remucks,
etc.).

Table 16-1 presents the development dimensions used in the current mine design.

TABLE 16-1 DEVELOPMENT DIMENSIONS

Nexa Resources S.A. – Aripuanã Zinc Project

Dimensions
Activity Type
(m)
Raisebore 3.1 diameter
Primary Development
Ramps 5.0 x 5.5
Sublevels
Cross Cuts
Secondary Lateral Development Footwall Drives 5.0 x 5.5
Ore Drives
Sumps, pumps, elec.

MINING METHOD
A nominal production target of 6,065 tpd (2.2 Mtpa) has been used as the basis for the
Aripuanã production schedule.

Nexa has undertaken a number of mining method option studies, which have selected a
combination of longitudinal longhole retreat stoping (bench stoping) for narrow zones and VRM
for thicker zones of the deposits. To increase the extraction ratio, a primary and secondary
stoping sequence will be used in the VRM areas with cemented pastefill used to backfill stopes.
Finished longhole retreat stopes will be backfilled with rockfill.

The primary mining method selected for the Arex deposit is longitudinal retreat mining. The
majority of the Link and Ambrex deposits will be mined using VRM, with longitudinal longhole
retreat mining utilized in minor areas. The tonnage split between VRM and bench stoping is
approximately 60:40.

An estimate of the potentially mineable tonnage has been generated based upon the estimated
Mineral Resources. The estimate includes both Measured and Indicated Mineral Resources.

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DSO was used to generate stope shapes to a minimum dip of 50°. A Minimum Mining Width
(MMW) of four metres has been applied.

No hanging wall or footwall dilution was added in the DSO analysis, however, it was accounted
for in the mine scheduling.

UNDERGROUND MINING FLEET

The main underground mining fleet is listed below in Table 16-2. The fleet will be mainly
sourced from Sandvik AB, Normet Group Oy, and Volvo Group.

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Technical Report NI 43-101 – November 17, 2020
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TABLE 16-2 MAIN UNDERGROUND MINING FLEET

Nexa Resources S.A. – Aripuanã Zinc Project

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Scaler Arex Arex - Scaler - 0.6 0.5 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 -
Link Link - Scaler - - - 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Ambrex Ambrex - Scaler - - 0.5 1.0 1.0 1.0 1.0 1.0 1.0 1.0 2.0 1.0 1.0
Total Total - Scaler - 1.0 1.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 4.0 3.0 2.0
Robolt Arex Arex - Robolt - 0.5 0.5 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 -
Link Link - Robolt - - - 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Ambrex Ambrex - Robolt - - 0.5 1.0 2.0 1.0 1.0 1.0 1.0 1.0 2.0 1.0 1.0
Total Total - Robolt - 1.0 1.0 3.0 4.0 3.0 3.0 3.0 3.0 3.0 4.0 3.0 2.0
Jumbo Arex Arex - Jumbo - 0.6 0.5 1.0 1.1 2.0 1.1 1.2 1.0 1.0 1.0 1.0 -
Link Link - Jumbo - - - 1.3 1.2 1.1 2.0 1.2 2.0 2.0 1.0 1.0 1.0
Ambrex Ambrex - Jumbo - - 0.5 1.3 1.8 1.2 2.0 2.0 2.0 2.0 2.0 2.0 2.0
Total Total - Jumbo - 1.0 1.0 4.0 5.0 4.0 5.0 4.0 5.0 5.0 4.0 4.0 3.0
Truck 30t Arex Arex - Truck 30t - 1.0 0.7 1.0 1.3 1.7 1.8 1.9 1.7 1.2 0.8 0.1 -
Link Link - Truck 30t - - - 2.2 1.7 1.7 1.8 2.2 2.0 1.8 1.3 2.0 1.1
Ambrex Ambrex - Truck 30t - - 0.4 2.2 3.0 2.5 2.3 2.2 2.7 3.3 4.4 4.0 5.1
Total Total - Truck 30t - 1.2 1.2 6.0 6.0 6.0 6.0 7.0 7.0 7.0 7.0 7.0 7.0
Truck 45t Arex Arex - Truck 45t 1.0 2.3 2.7 3.0 3.2 2.3 2.1 2.6 1.9 1.6 1.7 3.8 -
Link Link - Truck 45t - 1.8 3.0 4.0 3.1 1.9 3.1 3.2 2.7 2.9 3.3 1.7 2.6
Ambrex Ambrex - Truck 45t - - - 0.1 0.7 2.3 2.4 1.9 3.9 4.1 4.1 4.0 6.6
Total Total - Truck 45t 2.0 5.0 6.0 8.0 7.0 7.0 8.0 8.0 9.0 9.0 10.0 10.0 10.0
LHD R1700 Arex Arex - LHD R1700 - 0.7 0.6 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 0.2 -
Link Link - LHD R1700 - - - 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0

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Ambrex Ambrex - LHD R1700 - - 1.0 1.0 1.1 1.1 1.0 1.0 1.0 1.1 1.1 1.1 1.1
Total Total - LHD R1700 - 1.0 2.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0
LHD R2900 Arex Arex - LHD R2900 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 -
Link Link - LHD R2900 - 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Page 16-8

Ambrex Ambrex - LHD R2900 - - - 0.1 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.1
Total Total - LHD R2900 1.0 2.0 2.0 2.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 2.0
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Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Fandrill Arex Arex - Fandrill 1.0 2.0 2.0 1.3 2.0 1.0 1.0 1.0 1.0 0.7 0.7 0.8 -
Link Link - Fandrill 0.9 2.0 3.0 3.0 2.0 2.0 1.3 2.0 1.0 2.0 1.2 0.6 0.6
Ambrex Ambrex - Fandrill - - 0.1 1.0 1.0 1.3 2.0 2.0 1.7 1.8 2.0 2.0 3.0
Total Total - Fandrill 2.0 4.0 5.0 5.0 5.0 4.0 4.0 5.0 4.0 5.0 4.0 3.0 4.0
Cabolt Arex Arex - Cabolt 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 -
Link Link - Cabolt 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Ambrex Ambrex - Cabolt - - 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.1 0.2
Total Total - Cabolt 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0

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GEOTECHNICAL CONSIDERATIONS
The studies related to the Project’s geomechanical context were initially developed by the
consulting firm BVP Engineering, having been detailed, at a later stage, by the consulting firm
Walm Engineering (Walm), during the conceptual design stage.

The available geomechanical data prepared by Walm indicates that, in general, good ground
conditions are anticipated in the Aripuanã underground. Nevertheless, geomechanical
information is continuously updated by means of mapping of underground exposures during
development and geotechnical core logging.

The geomechanical characterization of the three targets Arex, Link and Ambrex is based upon
the tridimensional geomechanical model developed by Walm and is summarized below.

AREX
Geomechanical characterization was performed using the Bieniawski (1989) Rock Mass
Rating (RMR) classification system and indicated good (Class II) to very good (Class I)
geomechanical domains, consisting of strong to very strong intact rock, slightly weathered to
unweathered rock walls and slightly to moderately jointed rock masses. Good rock masses
are located far from the influence of superficial weathering. They are composed of strong
intact rock and show a low degree of jointing, exhibiting some or no degree of weathering. The
top of the unweathered rock layer is normally at a depth of 50 m to 70 m, usually below the
weathered rock mass (Class III). The thickness of rock mass Class II varies from 80 m to
300 m. Rock mass Class I consists of strong rock material and shows unweathered
discontinuities and low degree of jointing, and is situated immediately below rock mass
Class II.

The fair rock mass (Class III), which consists of moderately strong rock material and exhibits
moderately weathered discontinuities and a moderate degree of jointing, occurs predominantly
at shallow depths, however, it may occur as discontinuous thin lenses within rock masses of
higher geomechanical quality (Classes I and II). These small lenses are related to the degree
of jointing of the rock mass and/or to lower intact rock strength and may also be associated
with faults and shear zones of brittle behavior. In general, its thickness varies from 5 m to
17 m, in the form of continuous layers.

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The poor and very poor rock masses (Classes IV and V) and the soil/saprolite layer are situated
at shallow depths, close to the surface, and represent the weathering profile over the rock
masses of better geomechanical quality. Classes IV and V are in the form of 10 m to 15 m
thick lenses. The soil/saprolite layer is 35 m thick on average, and becomes thicker within flat
topography regions.

In general, the geomechanical classification, obtained from the developed model, indicates
that this region of the Project consists, mostly, of rock masses Class II (RMR ≈ 70) and Class III
(RMR ≈ 54), prevailing Class II. Data from laboratory tests revealed that the uniaxial
compressive strength of the intact rock is approximately 100 MPa to 250 MPa and therefore is
classified as R5 (very strong) according to the International Society for Rock Mechanics
(ISRM).

As a result of this work, a 3D geomechanical model was developed by Walm using Micromine
software to present the 3D distribution of the rock mass classes within the Arex target region.
This 3D geomechanical model was prepared by linking vertical geomechanical sections,
generating solids and surfaces. Figure 16-5 presents a view of the geomechanical model for
the Arex orebody. Similar models were also generated for Link and Ambrex.

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Not to Scale

Legend: Figure 16-5

Soil / Saprolite
Class V Nexa Resources S.A.
Class IV
Class III Aripuanã Zinc Project
Class II State of Mato Grosso, Brazil
Class I Perspective 3D Solid
Geomechanical Schematic
November 2020 Source: Nexa, 2020.

16-12
 www.rpacan.com

LINK
Geomechanical characterization was performed using the RMR classification system and
indicated good (Class II) to very good (Class I) geomechanical domains, consisting of strong
to very strong intact rock, slightly weathered to unweathered rock walls and slightly to
moderately jointed rock masses. They are composed of strong intact rock and show a low
degree of jointing, exhibiting some or no degree of weathering. The top of the unweathered
rock layer is normally at a depth of 40 m to 90 m, and usually below the weathered rock mass
(Class III). The thickness of rock mass Class II varies from 125 m to 480 m. Class I is situated
immediately below the Class II rock mass and their interface usually occur at z = -225 m.

Rock mass Class III is found at shallow depths, normally below rock masses Class IV, and at
medium to large depths. Initially, it is characterized as a transition from weathering to
fresh/unweathering rock and consist of moderately weathered rock material, exhibiting
moderate to high strength and moderate degree of jointing. In general, its thickness varies
from two metres to 34 m, in the form of continuous layers.

The poor and very poor rock masses (Classes IV and V) and the soil/saprolite layer are situated
at shallow depths, close to the surface, and represent the weathering profile over the rock
masses of better geomechanical quality. The soil/saprolite layer covers the entire studied
region and are 30 m thick on average, becoming thicker within flat topography regions.
Class V is two metres to 30 m thick and may be up to 52 m thick locally. Class IV is in the
form of thinner layers, normally 10 m thick, as discontinuous lenses of restrict occurrence
within the studied region.

AMBREX
Geomechanical characterization was performed using the classification system RMR and
indicated good (Class II) to very good (Class I) geomechanical domains, consisting of strong
to very strong intact rock, slightly weathered to unweathered rock walls and slightly to
moderately jointed rock masses. The top of the unweathered rock layer is normally at a depth
of 37 m to 80 m, usually below the weathered rock mass (Class III). The thickness of rock
mass Class II varies from 150 m to 600 m. Class I is situated immediately below the Class II
rock mass and their interface usually occur at z = -200 m.

Class III constitutes the main transition level to fresh/unweathered rock. It is found at shallow
depths, normally below rock masses Class IV, and at medium to large depths. As a transition

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layer from weathering to fresh/unweathered rock, it consists of moderately weathered rock

material, exhibiting moderate to high strength and moderate degree of jointing. In general, its
thickness varies from five metres to 45 m, in the form of continuous layers, within the entire
body extent.

The poor and very poor rock masses (Classes IV and V) and the soil/saprolite layer are situated
at shallow depths, close to the surface, and represent the weathering profile over the rock
masses of better geomechanical quality. The soil/saprolite layer covers the entire studied
region and are 30 m thick on average, becoming thicker within flat topography regions.
Class V occurs in the form of five metre to 40 m thick continuous layers and is situated within
the transition zone from soil/saprolite to rock masses Classes IV and III. Class IV is in the form
of approximately regular thin layers, approximately 10 m thick within the central region of the
body, or, more rarely, as isolated/negligible lenses below Class V layers.

In general, the geomechanical classification, obtained from the developed model, indicates
that this region of the Project consists, mostly, of rock masses Class II (RMR ≈ 71) and Class III
(RMR ≈ 54), prevailing Class II. Data from laboratory tests revealed that the uniaxial
compressive strength of the intact rock is around 100 MPa to 250 MPa and therefore is
classified as R5 (very strong) according to the ISRM.

ASSUMPTIONS FOR MINING

To ensure stability, there will be no stopes designed within Class III or poorer rock masses,
thereby leaving these portions as an integral part of the crown pillar. Currently, numerical
modelling, using the Finite Element Method (FEM), is being applied to optimize ore recovery.
The studies also comprise an update of the tridimensional geotechnical model with focus on
providing accurate data for the numerical model.

The firm REDE Engenharia e Sondagem S/A carried out in-situ stress measurement, applying
the Fracture Pressurization Method (FPM), in order to investigate the stress state prior to
excavation. From the results, it was possible to conclude that the initial stress state is defined
as it follows:

βH = 123° (major horizontal stress direction)

KH = 1.92 (major horizontal/vertical stress ratio)

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Kh = 1.44 (minor horizontal/vertical stress ratio)

This information will be used as input data in numerical models for underground stability
analysis. As stoping progresses, this data will be calibrated.

SEQUENCING
For the geotechnical stability analysis of the Arex, Link, and Ambrex stopes, assumptions were
made pertaining to the selected mining methods, longhole retreat mining (Bench Stoping) and
primary/secondary sublevel stoping (VRM), excavation design, and data from geotechnical
core logging, which was used as the basis of the underground mine tridimensional
geomechanical model.

The VRM extraction sequence will be bottom up in both primary and secondary stopes. On
each level, the primary stopes will be mined upwards from the bottom sublevel. The
optimization of stoping sequences will be evaluated by numerical modelling and the success
of pastefill operations will ensure flexibility regarding primary and secondary stopes extraction.
There is potential to optimize the extraction sequence as part of the detailed mine design and
scheduling, and as more data is acquired.

In bench stoping areas, stopes are to be retreat mined and backfilled with rockfill after
completion of extraction.

AREX
For the Arex mining method selection process , five metre to 20 m wide mineralized zones at
depths from zero metres to 700 m have been considered. The average dip of the orebody is
virtually uniform for the entire mineralization, being usually vertical or subvertical, with a
minimum dip of approximately 60°. Therefore, bench stoping was selected for the majority of
this target, with few portions to be mined using the VRM method where the orebody becomes
wider.

Sill and rib pillars have been designed for a number of scenarios, which involve mining panels
of 75 m between levels and 25 m between sublevels by bench stoping. The results obtained
from the studies demonstrated very good ore recovery, varying from 80% to 96%, considering
rib pillar recovery.

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The applied empirical methods and numerical modelling suggest that stopes will be
geotechnically stable and, therefore, there will be no need for systematic cable bolt
reinforcement of the excavation wall. Localized cable bolting may be required to address
specific situations.

LINK
For the Link mining method selection process, five metre to 80 m wide mineralized zones at
depths from 100 m to 600 m have been considered, thereby putting the mineralization at
shallow to intermediate depths. The average dip of the orebody is relatively steep, with a
minimum dip of approximately 73°. Given the wider thickness of the orebody, VRM was
selected as the primary mining method for this target. The success of production operations
using VRM is related to the pastefill system, which will enable stope backfilling and, therefore,
full ore recovery.

Sill and rib pillars have been designed for a number of scenarios, which involve mining panels
of 75 m between levels and 25 m between sublevels by bench stoping, and panels of 25 m
between levels, with no sublevels, by VRM. The results obtained from the studies
demonstrated very good ore recovery, varying from 86% to 95%, considering mining of primary
and secondary stopes.

The applied empirical methods and numerical modelling suggest that stopes will be
geotechnically stable and, therefore, there will be no need for systematic cable bolt
reinforcement of the excavation wall. Localized cable bolting may be required to address
specific situations.

AMBREX
For the Ambrex mining method selection process, five metre to 100 m wide mineralized zones
at depths from 100 m to 750 m have been considered, thereby putting the mineralization at
shallow to intermediate depths. The average dip of the orebody is relatively steep, with a
minimum dip of approximately 73°. Given the wider thickness of the orebody, VRM was
selected as the primary mining method for this target. The success of production operations
using VRM is related to the pastefill system, which will enable stope backfilling and, therefore,
full ore recovery.

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Sill and rib pillars have been designed for a number of scenarios, which involve mining panels
of 75 m between levels and 25 m between sublevels by bench stoping, and panels of 25 m
between levels, with no sublevels, by VRM. The results obtained from the studies
demonstrated a very good ore recovery, varying from 86% to 95%, considering mining of
primary and secondary stopes.

The applied empirical methods and numerical modelling suggest that stopes will be
geotechnically stable and, therefore, there will be no need for systematic cable bolt
reinforcement of the excavation wall. Localized cable bolting may be required to address
specific situations.

VENTILATION
The ventilation system for the Arex, Link, and Ambrex orebodies is a pull system which uses
a combination of axial and centrifugal fans which can be modified for future growth. Fresh air
and exhaust raises are located in the level access in each orebody. As a result, mining on the
levels is ventilated using auxiliary fans and ventilation ducting. Regulators will control the air
flow on each level for the fresh air and exhaust access.

The design of the ventilation system complies with the Brazilian mining regulations which
require the calculation of fresh air flow based on the following:
• The maximum number of personnel and underground equipment.
• Consumption of explosives used.
• Monthly tonnages produced.

The three criteria are shown in Figure 16-6.

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FIGURE 16-6 VENTILATION REQUIREMENTS

The auxiliary fans selected for the Project will provide 37 m3/s of ventilation over up to 165 m
using 1.4 m diameter ducting and 1.2 m diameter, 150 hp fans. Fans can be stacked together
to allow the ventilation to be projected. In order to provide sufficient air for a truck and LHD,
two sets of ducting and fans will be required in the areas which do not have flow through
ventilation.

BACKFILL
The process plant will produce tailings quantities of approximately 90% of the plant feed.
Tailings will be dry stacked on surface or used as backfill for underground voids. It is planned
that backfill be placed as consolidated pastefill with the specifications as outlined in Table 16-
3. The strengths achieved by consolidated pastefill meet the geomechanical requirements for
primary and bench stopes.

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TABLE 16 3 BACKFILL SPECIFICATION

Nexa Resources S.A. – Aripuanã Zinc Project

Consolidated
Description Units
Pastefill
Solids % solid 76%
Water % solid 24%
Cement % solid 4%
Density g / cm³ 2.1

In general, waste rock will be used as backfill for bench stoping areas and the remaining waste
generated will be hauled to the surface and placed in waste dumps.

PRODUCTION SCHEDULE
The production schedule for the Project is summarized in Table 16-4. A nominal target of
6,065 tpd was used in preparing the mining schedule, with feed to the plant consisting of
campaigns of stratabound and stringer material types, managed via stockpiling.

The deposits support a production rate of 2.2 Mtpa, with average annual metal production of:
• Zinc: 72.7 kt;
• Lead: 25.2 kt;
• Copper: 3.6 kt;
• Silver: 1.85 Moz (contained in copper and lead concentrates); and
• Gold: 14.3 koz (contained in copper and lead concentrates).

This average annual production is equivalent to 122 kt zinc per year, after converting other
metals based on net revenue.

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TABLE 16-4 PRODUCTION SCHEDULE

Mining Plan Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14
Aripuanã Project
UNITS TOTAL 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

MINING
Underground
Operation Days 30.0 100.0 365 365 365 365 365 365 365 365 365 365 365
Tonnes mined per day 1,325 3,478 3,589 5,891 6,050 5,908 5,931 6,073 6,260 6,250 6,062 6,155 5,170

Production '000 tonnes 23,507 40 348 1,310 2,150 2,208 2,157 2,165 2,217 2,285 2,281 2,213 2,247 1,887
Stratabound '000 tonnes 21,030 20 246 1,027 1,874 2,091 1,710 1,743 2,020 2,246 2,258 1,898 2,120 1,777
Stringer '000 tonnes 2,477 20 102 283 276 118 446 422 197 39 23 315 126 110

Grade
Zn Grade % 3.66% 1.6% 2.9% 3.2% 3.8% 3.9% 3.5% 3.6% 3.6% 4.0% 3.9% 3.3% 3.7% 3.8%
Pb Grade % 1.36% 0.4% 1.1% 1.2% 1.3% 1.4% 1.3% 1.3% 1.3% 1.6% 1.4% 1.3% 1.4% 1.4%
Cu Grade % 0.25% 0.9% 0.5% 0.7% 0.4% 0.3% 0.3% 0.3% 0.3% 0.1% 0.1% 0.2% 0.1% 0.1%
Ag Grade oz/t 1.10 0.49 0.85 1.04 1.04 1.17 1.17 1.11 1.21 1.28 1.01 0.95 1.04 1.11
Au Grade oz/t 0.01 0.02 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.01

Contained Metal in ROM

Zn 000 tonnes 860 0.6 10.1 42.5 81.5 85.6 75.5 77.1 79.6 91.6 88.2 73.0 82.5 71.9
Pb 000 tonnes 319 0.2 3.8 15.3 28.8 30.4 28.3 28.5 28.7 36.6 31.3 28.4 32.4 26.3

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Cu 000 tonnes 60 0.4 1.9 9.5 9.7 6.1 7.4 6.2 7.1 2.2 1.6 3.4 2.3 2.0
Ag kozs 25,887 19.4 296.4 1,364.1 2,233.5 2,575.9 2,528.8 2,407.4 2,689.8 2,925.9 2,314.3 2,102.1 2,335.1 2,094.1
Au kozs 236 0.6 4.8 25.6 30.0 20.4 28.5 24.3 21.3 14.2 10.8 24.7 16.1 14.7
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Mining Plan Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14
Aripuanã Project
UNITS TOTAL 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

PROCESSING
Mill Feed 000 tonnes 23,507 1,698 2,150 2,208 2,157 2,165 2,217 2,285 2,281 2,213 2,247 1,887

Head Grade
Zn % 3.66% 3.14% 3.79% 3.87% 3.50% 3.56% 3.59% 4.01% 3.87% 3.30% 3.67% 3.81%
Pb % 1.36% 1.14% 1.34% 1.38% 1.31% 1.31% 1.30% 1.60% 1.37% 1.28% 1.44% 1.40%
Cu % 0.25% 0.69% 0.45% 0.27% 0.35% 0.29% 0.32% 0.10% 0.07% 0.15% 0.10% 0.10%
Ag oz/t 1.10 0.99 1.04 1.17 1.17 1.11 1.21 1.28 1.01 0.95 1.04 1.11
Au oz/t 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.01

Net Recovery
Zn Recovery % 89.1% 88.4% 89.2% 89.3% 88.9% 89.1% 88.4% 89.3% 89.4% 89.3% 89.2% 89.3%
Pb Recovery % 83.0% 82.0% 83.5% 82.5% 83.5% 84.1% 80.7% 84.6% 81.9% 83.2% 83.5% 83.1%
Cu Recovery % 71.0% 77.9% 75.7% 70.3% 77.8% 78.0% 75.5% 47.8% 29.3% 62.1% 47.8% 48.5%
Ag Recovery % 75.2% 74.0% 75.0% 75.6% 74.7% 74.9% 74.9% 75.9% 75.9% 75.1% 75.6% 75.7%
Au Recovery % 67.4% 66.5% 67.5% 68.4% 66.2% 66.6% 67.6% 69.4% 69.4% 66.3% 68.5% 68.0%
Concentrate Production
Zn Concentrate '000 tonnes 1,380 - - 84.81 130.96 137.61 121.03 123.67 126.80 147.47 142.04 117.48 132.60 115.75
Zn grade % 55.50% 0.00% 0.00% 55.50% 55.50% 55.50% 55.50% 55.50% 55.50% 55.50% 55.50% 55.50% 55.50% 55.50%
Ag grade oz/t 1.09 - - 1.10 0.98 1.10 1.19 1.12 1.22 1.19 0.98 1.04 1.04 1.07

Pb Concentrate '000 tonnes 461 - - 27.56 41.76 43.58 41.12 41.63 40.30 53.93 44.54 41.05 47.11 38.06

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Pb grade % 57.50% 0.00% 0.00% 57.50% 57.50% 57.50% 57.50% 57.50% 57.50% 57.50% 57.50% 57.50% 57.50% 57.50%
Ag grade oz/t 27.36 - - 28.16 25.72 29.05 29.16 27.70 31.90 27.01 25.91 24.73 24.38 27.20
Au grade oz/t 0.07 - - 0.11 0.09 0.07 0.06 0.06 0.07 0.05 0.04 0.06 0.05 0.06
Page 16-21

Cu Concentrate I '000 tonnes 72 - - 16.53 10.72 2.67 11.22 9.88 7.68 1.02 0.54 6.84 2.42 2.07
Technical Report NI 43-101 – November 17, 2020
Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Mining Plan Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14
Aripuanã Project
UNITS TOTAL 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Cu grade % 30.00% 0.00% 0.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
Ag grade oz/t 5.94 - - 3.86 3.98 8.16 5.81 5.12 7.71 6.26 5.65 5.25 7.88 5.62
Au grade oz/t 0.89 - - 0.59 0.62 1.07 0.86 0.76 0.61 0.75 1.12 1.21 0.91 1.29

Cu Concentrate II '000 tonnes 70 - - 13.95 13.65 11.56 8.07 6.17 10.20 2.54 1.05 0.23 1.25 1.09
Cu grade % 30.00% 0.00% 0.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
Ag grade oz/t 313.82 - - 22.26 31.48 43.81 59.44 74.73 50.44 229.54 437.64 1,755.64 368.61 378.43
Au grade oz/t 4.24 - - 0.56 0.71 0.69 0.81 1.00 0.68 2.56 4.66 25.09 5.06 4.79

Recovered Metal
Zn 000 tonnes 766.0 47.1 72.7 76.4 67.2 68.6 70.4 81.8 78.8 65.2 73.6 64.2
Pb 000 tonnes 264.9 15.8 24.0 25.1 23.6 23.9 23.2 31.0 25.6 23.6 27.1 21.9
Cu 000 tonnes 42.4 9.1 7.3 4.3 5.8 4.8 5.4 1.1 0.5 2.1 1.1 1.0
Ag kozs 19,476.8 1,243.5 1,675.3 1,946.3 1,888.0 1,803.3 2,013.5 2,220.4 1,757.3 1,578.9 1,764.8 1,585.4
Au kozs 159.1 20.7 20.3 14.0 18.9 16.1 14.4 9.8 7.5 16.4 11.0 10.0

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17 RECOVERY METHODS
PROCESS DESCRIPTION
The Aripuanã process flowsheet has been developed through metallurgical test work and the
use of conventional technologies for the treatment and recovery of copper, lead, and zinc as
separate concentrates. Plant throughput is planned to be 2.214 Mtpa of run of mine (ROM)
ore from the Arex, Link, and Ambrex underground mines. Two main ore types are present at
Aripuanã, stratabound and stringer, that have different hardnesses and therefore different
throughput rates. Stratabound material, however, will make up the majority of the ore to be
processed (approximately 89%) and the feed blend to the plant is expected to peak at 21%
stringer material during Year 5. Estimated processing rates for the two ore types individually
based on hardness are approximately 5,000 tpd (dry basis) for stringer material and 6,300 tpd
(dry basis) for stratabound material. Throughput for the blended ore is estimated as a weighted
average of the throughputs of the two ore types. A simplified process flowsheet is presented
in Figure 17-1. Key elements of the process flowsheet include primary crushing, a SAG mill
followed by a ball milling and pebble crushing (SABC) circuit, talc pre-flotation, and sequential
flotation of copper, lead, and zinc for stratabound mineralization, and copper flotation for
stringer mineralization.

TABLE 17-1 KEY PROCESS DESIGN CRITERIA

Nexa Resources S.A. – Aripuanã Zinc Project

Units Design Value

Throughput
Operating Schedule d/a 365
Annual Mt 2.26
Daily – Stratabound Ore t 6,300
Daily – Stringer Ore t 5,000
Utilization
Primary Crusher % 75
Grinding and Flotation % 91
Ore Characteristics
Head Grade – Stratabound % Cu 0.18
% Pb 1.96
% Zn 2.13

Head Grade – Stringer % Cu 0.91

% Pb 0.10

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Units Design Value

% Zn 0.31
Comminution
CWi (Stringer) kWh/t 9.32
SMC Axb (Stringer) 30.9
BWi (Stringer) kWh/t 12.4
Ai (Stratabound) g 1.5
Crushing
Crusher Max Feed Size mm 600
Product Size (P100) mm 140
Product Size (P80) mm 118
Grinding
SAG Mill
Ball Fill % 14 to 18
Transfer Size (T80) mm 1.7 to 2.0
Pebbles Generated % 19 to 28
Pebble crusher Yes
Ball Mill
Mill Fill % 35 to 40
Circulating Load % 250 to 300
Product Size (P80) µm 149
Flotation
Recovery - Stratabound % Cu 67.6
% Pb 84.8
% Zn 89.5
Recovery - Stringer % Cu 86.9

Talc Flotation Cell Type Columns

Feed Density % solids 27

Copper Flotation Cell Type Tank cells/columns

Feed Density % solids 27 to 30
Regrind (P80) µm 45

Lead Flotation Cell Type Tank cells/columns

Feed Density % solids 45
Regrind (P80) µm 75

Zinc Flotation Cell Type Tank cells/columns

Feed Density % solids 43
Regrind (P80) µm 75

Concentrate
Copper Concentrate Grade % Cu 30
Lead Concentrate Grade % Pb 62
Zinc Concentrate Grade % Zn 58
Concentrate Moisture Content % 10

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Units Design Value

Tailings
Tailings Disposal Type Dry stack
Tailings Thickener Underflow Density % solids 65
Tailings Filter Cake Moisture Content % 10

Paste Backfill Density % solids 76

Cement Addition % 4 to 6

Source: SNC-Lavalin, 2019

COMMINUTION
ROM material will be trucked from the underground mine to the ROM stockpiles near the
primary crushing area. ROM material will be directly discharged into the 80 t capacity (two
truckloads) primary crusher dump hopper or held temporarily in four stockpiles based on
mineralization type and grade (approx. 7,000 t each, one stringer stockpile and three mixed
stockpiles of different grades) and recovered later by front end loader. A static grizzly on top
of the dump hopper with 600 mm by 600 mm openings will prevent oversize material from
reaching the discharge of the hopper. Discharge of ROM material from the dump hopper will
be via apron feeder, which will discharge to a vibrating grizzly with an aperture of 130 mm.
Oversize material from the grizzly will feed the primary (jaw) crusher while undersize will
bypass the crusher.

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 ROM

Screening Primary Crushing

Talc Flotation Talc Concentrate

to Tails
Pebble
Crusher Thickener
RG
CL Recovered Water
FLO
Crushed Ore Storage Cu
RG
SCV

Lead Thickener
Ball Mill
Flotation Recovered Water Tailings

CL
SAG Mill RG RG
17-4

Copper SCV RCL

Lead Concentrate
SCV

Flotation
Zinc
Regrind Mill Flotation
Cominution Circuit
Zinc
CL CL Concentrate
RCL
Copper Concentrate
RCL

Regrind Mill Regrind Mill

Figure 17-1

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Nexa Resources S.A.
Aripuanã Zinc Project
State of Mato Grosso, Brazil

Simplified Process Flowsheet

November 2020 Source: Votorantim Metais, 2017.
 www.rpacan.com

The crusher product, with a top size of 140 mm, will be collected on a conveyor belt together
with the fines from the apron feeder and grizzly undersize. A metal detector will remove scrap
metal from the crushed ore that could damage downstream conveyors and equipment. The
conveyor will feed the crushed ore bin with a capacity of 2,500 t. Two additional crushed ore
bins may be added at a later stage if required that would bring the combined capacity to 9,100 t.
Two variable speed apron feeders per bin will withdraw the crushed product from the bins and
deliver it to the grinding circuit via conveyor belt. A belt scale on the conveyor will control the
speed of the apron feeders, and as a result the feed rate to the grinding circuit. The grinding
circuit will consist of a conventional SAG mill, ball mill, and pebble crusher (SABC
configuration). Both grinding mills will have variable speed drives to allow for process
optimization over a range of ore competencies and hardnesses.

A double-deck vibrating screen at the discharge of the SAG mill will separate SAG mill
discharge into screen oversize (scats and pebbles) and screen undersize. Scats will be
separated from the pebbles by belt magnets, leaving the pebbles to be recycled to the SAG
mill feed conveyor via the pebble crusher, or directly to the SAG mill feed conveyor when the
pebble crusher is undergoing maintenance. Screen undersize will discharge to the grinding
circuit pump sump together with the ball mill discharge.

SAG mill discharge screen undersize material and ball mill discharge will be pumped to a set
of hydrocyclones that will classify the material into oversize and undersize. The hydrocyclone
underflow (oversize) material will return to the ball mill while the hydrocyclone overflow
(undersize) with P80 150 µm will be transferred to the flotation feed pump box. An online
particle size analyzer will provide periodic measurement of the hydrocyclone overflow stream.
A trommel screen on the ball mill discharge will remove scats and the slurry will be combined
with the SAG mill discharge screen undersize and recirculated as feed to the hydrocyclones.

FLOTATION
Flotation will be conducted sequentially, i.e., the production from the comminution circuit will
pass through four independent circuits in sequence. The first flotation circuit is for talc and
light mineral flotation (mainly minerals containing magnesium) to remove naturally hydrophobic
minerals and prevent them from contaminating the sulphide concentrates or interfering with
sulphide flotation. Due to the high content of light minerals in stratabound mineralization, these
minerals must be removed prior to sulphide flotation, however, since stringer mineralization
contains only minor amounts of these minerals, processing of stringer ore only would generally

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by-pass the talc flotation step as the minor talc content can be depressed with carboxymethyl
cellulose (CMC). The flotation circuits for the recovery of copper, lead, and zinc follow talc
flotation.

Hydrocyclone overflow slurry will be conditioned prior to being fed to the talc flotation circuit,
which consists of three column flotation stages: rougher, cleaner, and reverse copper flotation.
Reagents added to the conditioning tank for talc flotation include MIBC as a frother and SMBS
as a depressant of iron sulphides (pyrite and pyrrhotite). The talc rougher concentrate will be
cleaned in the second column, with the cleaned concentrate reporting to the reverse copper
flotation column where talc will be depressed with CMC while copper in the talc concentrate is
recovered and reports to downstream sulphide flotation. The final talc concentrate will be
combined with the sulphide flotation tailings for disposal. The talc flotation tailings containing
copper, lead, and zinc minerals (including copper recovered from the talc concentrate during
reverse copper flotation), will proceed to the copper flotation circuit.

Prior to copper rougher flotation, talc flotation tailings will be conditioned in two tanks in series
where reagents will be added, including:
• A3894 (dialkyl thionocarbamate, copper collector)
• Zinc sulphate (sphalerite depressant)
• SMBS (iron sulphide depressant)
• MIBC (frother)
• CMC (talc depressant)
• Lime (pH control)

Prior to conditioning and cleaner flotation, copper rougher flotation concentrate will be
reground in a vertical stirred mill to P80 45 µm to increase sulphide liberation and promote
cleaner stage recovery. Two stages of cleaning in column cells will produce the final copper
concentrate. Copper rougher-scavenger concentrate will be recycled to the rougher flotation
feed, while copper rougher-scavenger flotation tailings will feed the lead flotation circuit
(stratabound or blended ore). If processing stringer ore, however, the rougher-scavenger
flotation tailings can be pumped directly to tailings dewatering . Cleaner circuit tailings are
recycled to the copper rougher feed.

Copper rougher-scavenger flotation tailings will be thickened prior to being pumped to the lead
flotation circuit. Lead and zinc flotation are only necessary for stratabound mineralization as

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the stringer ore contains only very low concentrations of lead and zinc minerals. The lead
flotation circuit is similar to the copper flotation circuit, however, the quantity of flotation cells
and the collector used are different. The reagents used for lead flotation include:
• Aerophine 3418A (dialkyl dithiophosphinate collector for lead)
• Zinc sulphate (sphalerite depressant)
• SMBS (iron sulphide depressant)
• Lime (pH control)
• CMC (talc depressant)
• MIBC (frother).

Prior to lead rougher flotation, the feed slurry will be conditioned with the aforementioned
reagents in two tanks in series. The lead circuit consists of rougher flotation, rougher
concentrate regrinding to P80 75 µm, rougher-scavenger flotation, and two-stage cleaner
flotation. The product from the lead cleaner flotation circuit will be the final lead concentrate.
The lead rougher-scavenger flotation tailings will be pumped to feed the zinc flotation circuit.

The zinc flotation circuit is similar to the copper and lead flotation circuits, however, the quantity
of flotation cells and some of the reagents used are different. Lead rougher-scavenger flotation
tailings will be thickened prior to being pumped to the zinc flotation circuit. The reagents used
for zinc flotation include:
• AERO 208 or A208 (dialkyl dithiophosphate collector for zinc)
• Copper sulphate (sphalerite activator)
• Lime (pH regulator)
• MIBC (frother)

Prior to zinc rougher flotation, the feed slurry will be conditioned with the aforementioned
reagents in two tanks in series. The zinc circuit consists of rougher flotation, rougher
concentrate regrinding to P80 75 µm, rougher-scavenger flotation, and two-stage cleaner
flotation. The product from the zinc cleaner flotation circuit will be the final zinc concentrate.
Zinc rougher-scavenger flotation tailings will be pumped to tailings dewatering for disposal.

THICKENING AND FILTRATION

Thickening and filtration will be performed on flotation concentrates and tailings. Three
concentrates (copper, lead, and zinc) will be produced, with each thickened and filtered

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separately. Tailings generated from flotation will consist of talc concentrate and sulphide
flotation tailings, which are also thickened separately, then combined and filtered..

The copper, lead, and zinc concentrate slurries will be pumped to storage tanks feeding
pressure filters dedicated to each concentrate, which will reduce the moisture to approximately
10%. The filtered copper and zinc concentrates will fall by gravity onto belt conveyors that will
deliver the material to segregated covered storage areas. These concentrates will be
reclaimed by front end loader and loaded into trucks for shipping. Lead concentrate will be
bagged in lined supersacs and loaded into containers for shipping. All filtrates will be
recovered for re-use in their respective flotation circuits. Excess filtrate and concentrate
thickener overflow will be discharged to an engineered wetland treatment system and can then
be recycled to the processing plant as make-up water as required or discharged.

Sulphide flotation tailings will be thickened and filtered in three pressure filters and combined
with filtered talc concentrate prior to disposal. The sulphide flotation tailings thickener
underflow will be filtered to produce a filter cake with approximately 10% moisture that is
suitable for dry stacking in two stockpiles (capacity of approximately 5,200 t each). This
stockpiled material will be recovered by front end loader and loaded into trucks for transport to
the dry stack tailings dump or the paste backfill plant. Filtrates from the pressure filters will be
pumped to a recovered water pond and reclaimed for return to the process.

BACKFILL
The backfill plant of the Project will serve the Arex, Link, and Ambrex mines. Talc concentrate
will be combined with flotation tailings and mixed with cement to produce a paste backfill with
approximately 76% solids by mass. Backfill will be provided to the underground mines as
required.

RECOVERED AND MAKE-UP WATER SYSTEMS

The water system is designed to maximize water recovery and recirculation. Water from
tailings thickener overflow and tailings filtration will be pumped to a recovered water pond with
a two-day retention capacity. After treatment with hydrogen peroxide, the water is pumped to
a 600 m3 recovered water tank, which will receive make-up water as required.

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Make-up water will be collected from a storage pond close to the processing facilities and will
be pumped to a 400 m3 make-up water tank. This water will be used as make-up for recovered
water and for specific uses including feed for the water treatment station, pump seal water, fire
suppression, vacuum pump seal water, reagent preparation, potable water, and feed to various
points in the plant circuit.

REAGENT PREPARATION
AERO 3894
AERO 3894 will be supplied as a liquid product at 100% concentration in sealed 200 L drums.
The solution from the drums will be transferred to a storage tank and distributed without dilution
in copper flotation.

AEROPHINE 3418A AND AERO 208

AEROPHINE 3418A and AERO 20 will be supplied as liquid products at 100% concentration
in sealed 200 L drums and will have identical preparation systems. Solutions will be
transferred to mixing tanks and mixed with water at the desired concentrations and transferred
to head tanks. The collector will be pumped at required dosage rates and delivered to several
flotation stages for the various flotation circuits.

SODIUM METABISULPHITE
SMBS will be supplied in one metric tonne bags and delivered to a storage hopper. A screw
feeder will transfer the material from the storage hopper to an agitated mix tank where the
SMBS will be dissolved in water to reach a concentration of 5% w/w. The solution will be
transferred to a storage tank and pumped at required dosages to copper and lead flotation.

COPPER SULPHATE
Copper sulphate will be supplied in one metric tonne bags and delivered to a storage hopper.
A screw feeder will transfer copper sulphate from the storage hopper to an agitated mix tank
where the copper sulphate will be dissolved in water to reach a concentration of 5% w/w. The
solution will be transferred to a storage tank and pumped at required dosages to zinc flotation.

ZINC SULPHATE
Zinc sulphate will be supplied in one metric tonne bags and delivered to a storage hopper. A
screw feeder will transfer the material from the storage hopper to an agitated mix tank, where
the copper sulphate will be dissolved in water to reach a concentration of 10%. The solution

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will be transferred to a storage tank and pumped at required dosages to copper and lead
flotation.

METHYL ISOBUTYL CARBINOL

MIBC will be supplied in liquid form at 100% concentration in sealed 200 L drums. The frothing
agent will be transferred by pump to storage and then distribution tanks. The frother will be
added in separate lines to various flotation stages. MIBC will be added to maintain froth
stability as required in all flotation stages.

CARBOXYMETHYL CELLULOSE
CMC will be supplied in 500 kg bags and delivered to a storage hopper. A screw feeder will
transfer the material from the storage hopper to an agitated mix tank where it will be dissolved
in water to reach a concentration of 2% w/w. The solution will be transferred to a storage tank
and pumped at required dosages to copper, lead, and zinc flotation.

HYDRATED LIME
Hydrated lime will be supplied in bulk by truck and pneumatically transferred to storage silo.
The silo will be vented through a de-dusting system comprised of exhaust fan and bag filter
that will capture dust generated during the transfer process. Lime will be transferred to a
covered mixing tank using a rotary valve and screw feeder, then mixed with water to prepare
a concentrated slurry containing 5% w/w. Lime slurry will be pumped to a lime loop and
delivered to various process stages at required dosages to control circuit pH.

CEMENT
Cement will be supplied in bulk by truck and pneumatically transferred to storage silos. The
silos will be vented through de-dusting systems comprised of exhaust fans and bag filters that
will capture dust generated during the transfer process. Cement will be transferred using a
rotary valve and screw feeder to a backfill re-slurrying tank and delivered to an agitated slurry
mix tank. Backfill slurry will be pumped to the mine via a pipeline along the access road from
the plant to the mine.

FLOCCULANT (BASF MAGNAFLOC 10)

Flocculant will be supplied as a solid and delivered in 25 kg sealed bags and transferred to a
storage hopper. Material will be transferred from the storage hopper by screw feeder to an
agitated tank and a 0.25% w/w suspension will be prepared. The prepared solution will be
pumped to a storage tank and distributed to the thickeners.

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COMPRESSED AIR SYSTEMS

A dedicated compressed air system will be provided for the pressure filters for each type of
concentrate. One or more compressors, with a stand-by unit, will be available for each filtration
system. These compressors will be screw type, air cooled, oil free, and at a pressure of
7.0 kg/cm2.

An exclusive small-size compressor will be installed, without a standby unit, to generate dry,
oil free air for the laboratory.

Screw compressors will be installed, with one standby unit, to generate dry oil free air for the
beneficiation plant and workshop service and instrumentation air.

Dedicated blowers will be installed, with one standby unit, to generate low pressure, oil free
air (approximately 0.4 kg/cm2) for flotation (tank cells).

DUST SUPPRESSION SYSTEM

The dust suppression system for primary crushing and the crushed ore storage silos will
consist of a central unit with air extraction and filtration systems, as well as piping and spray
nozzles for water suppression of dust at conveyor transfer points.

DRAINAGE
A drainage system has been devised throughout the operational area, to capture and contain
the following:
• Process area spillage – restricted to process facility buildings. The aim is to contain
discharges and overflows that may occur during processing. The effluent will be
contained by bunded containment areas, collected in sumps, and returned to the
production process.
• Industrial spillage – restricted to areas within the industrial unit and entrance gate
areas, which may result from pipe failures or accidental discharges and other spillage.
This collection system will be routed to the emergency drainage and/or effluent
treatment station. A water, oil, and grease separation system will be installed in the
workshop and in areas with industrial effluents.
• Rain – aimed at collecting rainwater in areas without risk of contamination, which can
be disposed of in the hydrographic network without treatment.
• Emergency drainage – aimed at controlling emergency situations related to liquid
effluents and industrial spillage and installed in appropriate locations so as to prevent
pollution of the local drainage network.

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EFFLUENT TREATMENT
All effluent (process, stockpile drainage, and precipitation) will be directed to engineered
wetlands for passive treatment prior to discharging the water to the receiving environment.

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18 PROJECT INFRASTRUCTURE
The planned infrastructure at the Project includes:
• Dry stack tailings storage facility (TSF)
• Power supply
• Water storage dam
• Access and site road
• Maintenance shops
• Fuel storage

WASTE MANAGEMENT
The overall waste management strategy for the Project is largely taken from reports by SNC
Lavalin (2020a and 2020b). This follows previous work by Worley Parsons (2017a and 2017b).
The current waste management strategy includes the following aspects:
• Production of tailings generated by the processing of zinc, lead, and copper from
underground mining at the Project.
• Adoption of dry stack (filtered) tailings for surface disposal and cemented paste backfill
for underground disposal.
• Tailings production for surface disposal over 13 years is estimated at a total of 6.34
cubic metres (Mm3) with 4.49 Mm3 in the dry season and 1.87 Mm3 in the wet season.
• Waste rock production for surface disposal of 1.33 Mm3 over 13 years.
• A double lined tailings management facility (TMF) with associated surface runoff
collection ponds and access roads.
• A double lined waste rock storage facility and associated surface runoff collection
ponds and access roads.

WASTE PRODUCTION
TAILINGS PRODUCTION
Approximately 6.3 Mm3 of tailings will require secure surface disposal over a period of 13
years. In accordance with a regulatory commitment, a minimum of 50% of the tailings must
be disposed of in underground mine workings and plans for tailings disposal as cemented
paste backfill have been considered. The tailings to be stored on surface will be in accordance
with the filtered dry stack method of disposal. If properly filtered, tailings can be spread and

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compacted in lifts similar to typical earth embankment construction. A basic level design and
management of the initial dry stack facility has been considered.

TAILINGS PROPERTIES
The tailings are prone to acid drainage and were classified as Class I according to the Brazilian
waste classification standard NBR ABNT 10.004/2004. The technical standards that govern
the disposal of Class 1 waste, specify the provision of a double liner system and the use of a
leakage detection system. The design has therefore followed the guidelines of NBR 13,028
(ABNT, 2017) and NBR 10,157 (ABNT, 1987) which are for hazardous landfill projects.

A laboratory test program to determine the geotechnical properties of the tailings was also
completed by Pattrol Investigacoes Geotecnicas Ltda. (2018). The specific gravity of the
tailings samples was 2.9 g/cm3 to 3.2 g/cm3.

TAILINGS MANAGEMENT FACILITY DESIGN

Twelve sites were considered by the proponent for above ground tailings deposition in a
trade-off study. Option 10A, to the west of the proposed processing plant, is the preferred site
for an initial TMF as shown in the site layout in Figure 18-1 (Stack 1 – “PDR 1”). Future tailings
storage will be provided by Stack 4 which is to the southeast of the plant. The processing plant
site would be centrally located with the Arex deposit to the north and the Ambrex deposit to
the east. The water supply dam is located at the south end of the lease area. Excess waste
rock will be disposed of to the southwest of the plant at Stack 2.1. Topsoil, excess waste rock,
and waste soil will be stockpiled to the southwest of the water supply reservoir.

A plan view of the TMF is shown in Figure 18-2.

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 Figure 18-1

N Nexa Resources S.A.

Aripuanã Zinc Project

State of Mato Grosso, Brazil
General Site Plan
18-3

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0 100 200 300 400 500
Metres

November 2020 Source: Nexa, 2020.

 N

Wetland 1.1

Stack 1 Phase 3
18-4

0 25 50 75 100 125
Metres
Figure 18-2

www.rpacan.com
Nexa Resources S.A.
Aripuanã Zinc Project
State of Mato Grosso, Brazil
Wetland 1.2
TMF Stack 1 Plan View
(End of Phase 3)
November 2020 Source: Nexa, 2020.
 www.rpacan.com

Stack 1 is designed for a total capacity of approximately 4.4 Mm3. The TMF will have a footprint
of 25.5 hectares and a maximum height of 59 m. An average external slope of 3 (horizontal)
to 1 (vertical) will be maintained with the facility constructed in 10 m high lifts, 7 m wide
benches, and 2.3 (horizontal) to 1 (vertical) intermediate slopes. Access roads and ramps will
have a minimum width of 10 m.

Stack 1 is located on local high ground with no upstream catchment area and therefore does
not have diversion channels. A perimeter rectangular concrete channel will collect and drain
runoff to two effluent management ponds (wetlands). The monitoring and instrumentation plan
for Stack 1 will consist of the installation of water level meters, piezometers, survey
monuments, and monitoring wells. Monitoring wells are mandatory for this type of landfill,
according to NBR 10.157 (ABNT, 1987) and must be installed around the pile to check for
possible contamination of groundwater in the region, especially in the event of a liner failure.

The foundation preparation and installation of the double lining system (as shown in Figure
18-3) will require the following activities:
• Foundation clearing and grubbing
• Removal of a minimum of 0.6 m of the foundation, this includes topsoil and colluvial
layers.
• A 0.3 m thick compacted clay layer with a minimum permeability of 1x10-9 m/s.
• A 0.3 m thick sand leak detection layer with 0.1 m diameter perforated corrugated
geotubes wrapped in a geotextile.
• A single side textured high density polyethylene (HDPE) 1.5 mm geomembrane
(textured side up) covered with a 400 g/m2 protection geotextile.
• A 0.9 m thick soil protection layer.
• Provision of an internal drainage system to prevent a water table within the stack.

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 Geomembrane protection layer with
compacted soil (e = 0.9 m)

2
Non-woven Geotextile 400 g/m

Textured Geomembrane e = 1.5 mm

Corrugated Geotube=100 mm diameter

2
Non-woven Geotextile 250 g/m
wrapped around Geotube

Geomembrane protection layer

(compacted soil)
Second layer of low permeability system
- Leak detection layer (sand)
First layer of low permeability system
18-6

(compacted soil)

Compacted clay layer

Figure 18-3

www.rpacan.com
Nexa Resources S.A.
Aripuanã Zinc Project
0 1 2 3 4 5
State of Mato Grosso, Brazil
Metres Double Lining and Leak Detection
System for TMF (Stack 1) and Waste
Rock Facility (Stack 2)
November 2020 Source: Nexa, 2020.
 www.rpacan.com

Stack 1 will be developed in three phases. Tailings will be placed in layers of maximum
thickness of 0.3 m loose, compacted to 95% of the standard Proctor density. The tailings
compaction criteria are to ensure dilating behaviour (i.e., not susceptible to liquefaction). To
place and compact the tailings during the wet season (six months), it is proposed to use
temporary inflatable warehouses. This system has been used previously in Brazil for several
engineering works. Tailings will be transported via trucks and the buckets will be covered in
wet season to ensure no moisture is gained.

Geological-geotechnical investigations in the area of Stack 1 have been completed and

included drilling, augering, Standard Penetration Tests, and percussive and trench surveys
(GeoMaster 2016 and 2018). Laboratory testing of foundation soils have also been completed
(GeoMaster 2016) and data used in the stability analyses of Stack 1 which has included both
static and pseudo static analyses.

Closing of Stack 1 will include placement of a one metre thick clay soil cover layer, a 0.1 m
thick organic soil layer, and hydroseeding to allow revegetation of the area at the end of mining.

WASTE ROCK STORAGE FACILITY DESIGN

Waste rock production that requires surface disposal is approximately 1.32 Mm3. A dedicated
waste rock facility (WRF) at Stack 2 will receive mining waste rock which is classified as Class
IIA waste, by NBR 10.004 (ABNT, 2004). However, due to the uncertainties inherent to the
tests carried out for the classification of the material, the waste rock was classified as Class I.
Class I waste is required to meet the guidelines proposed by NBR 10.157 (ABNT, 1987), which
establishes the criteria for the design, construction, and operation of hazardous waste landfills.
The waste rock stack design is therefore similar to the TMF and includes:
• A double lining system with leak detection.
• Perimeter surface canals that collect and drain runoff to an effluent management pond
(wetland).
• Hydrogeological monitoring and groundwater and surface monitoring wells around
Stack 2.
• Closing the facility with a clay soil cover layer and surface drainage system to allow
revegetation of the area at the end of mining.

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WATER COLLECTION AND TREATMENT

Due to the high flow rates and expected low concentrations of dissolved metals, water
collection and treatment will be carried out using engineered wetlands. Separate facilities will
be developed for process water recovered from the plant and for runoff from stockpiles (ore,
waste, and dry stacked tailings) and access roads.

The wetlands will treat and discharge water in a controlled manner. The engineered wetlands
consist of a solids sedimentation pond, with aerobic and anaerobic passive systems for
organic/metals removal and pH adjustment (Figure 18-4).

FIGURE 18-4 ENGINEERED WETLANDS CONCEPT

Figure 18-5 shows a general arrangement of the Aripuanã Wetlands, with the TMF in the
foreground, the WRF on the right, and the processing plant area in the background.

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FIGURE 18-5 ARIPUANÃ WETLAND WATER TREATMENT

POWER SUPPLY
Electrical power will be provided by SE Juina (National Energy System) through private
installations of UHE Dardanelos, where the connection to the Nexa bay will be at 230kV. A
20km long transmission line will connect the Dardanelos substation to the Project’s main
substation at the mine site. Nexa obtained authorization for the connection from the Ministry
of Mines and Energy, and in 2019 obtained the access permit provided by Operador Nacional
do Sistema Elétrico (ONS), and subsequently obtained authorization to connect to the national
grid from the Agência Nacional de Energia Elétrica (ANEEL). Nexa is in the process of signing
the Transmission System Connection Agreement (Contrato de Conexão ao Sistema de
Transmissão, or CCT) with Empresa Brasileira de Transmissão de Energia S.A. (EBTE), which
is responsible for SE Juina..

WATER SUPPLY
The Project water balance requires a top-up of fresh water supply of approximately 150 m3/h.

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Nexa has undertaken a water supply engineering study based on the construction of a water
dam and creation of a fresh water lake in a valley adjacent to the Project site (see Figure 18-
1).

Nexa has obtained authorization from the regional authority to construct the dam and to draw
up to 378 m3/h of fresh water from the dam to supply the Project.

SITE ACCESS
The Project is located 25 km from the city of Aripuanã (population 17,000) and can be
accessed by 935 km of paved roads from Cuiaba, the capital city of the state of Mato Grosso.
The city of Aripuanã has an airport with a paved runway, which supports small aircraft.
Aripuanã is connected to the national highway system by dirt roads of average quality.
Vegetation to the sides of the access roads is dense, but has been cleared in nearby areas
which are mainly used for agriculture.

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19 MARKET STUDIES AND CONTRACTS

MARKETS
The principal commodities that will be produced at the Aripuanã Project – zinc, lead, copper,
silver, and gold – are freely traded at prices and terms that are widely known so that prospects
for sale of any production are virtually assured. Approximately 54% of Aripuanã zinc
concentrate will be processed at Nexa’s Três Marias and Juiz de Fora zinc refineries in Brazil,
and the remainder will be sold on the open market. Lead and copper concentrates will also
be sold on the open market. Sales contracts for the concentrates from the Project have not
been negotiated yet, however, RPA has reviewed the concentrate terms provided by Nexa
(based on its other polymetallic operations in South America) and found them to be consistent
with current industry norms.

Market information for this section comes from the industry scenario analysis prepared by
Nexa’s Market Intelligence team in July 2020 based on information sourced from different
banks and independent financial institutions, economy and politics research groups, and
metals consultants.

Nexa’s Market Intelligence team notes that the industry has progressed from volatile markets
in 2019 due to US/China trade wars, Brexit, and developing economies slowing down, to more
uncertainty in 2020 due to the COVID-19 pandemic, a plunging global economy, the oil crisis,
and the US elections. All these factors have affected the market fundamentals.

The QP has reviewed the market studies and analyses and the results support the
assumptions in the Technical Report.

ZINC
DEMAND
The major market drivers for zinc demand are construction and infrastructure, transportation
and vehicles production, industrial machinery production, batteries, and renewable energy. All
these industries have been affected by the COVID-19 pandemic which has caused the global
economy to slow down. As a result, zinc metal demand has also decreased in 2020, by
approximately 10% year over year.

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Nexa’s Market Intelligence team examined several scenarios for demand recovery and future
growth, and settled on a base case that forecasts pre-COVID-19 levels of demand in the
second half of 2022, with a demand compound annual growth rate (CAGR) of approximately
1.3% from 2023 to 2025. In 2019, they had forecasted a CAGR of approximately 1.7%
between 2019 and 2024.

SUPPLY
Nexa’s Market Intelligence team’s supply forecast analysis was based on the following industry
information: zinc mine start-up and closure, mine production guidance, disruption allowance
evaluation, project pipeline, and cost evaluation for 2020 onwards. Nexa’s forecast analysis
results are summarized as follows:
• Mine disruption factor: Based on independent data, Nexa has forecast a mine
disruption factor of 4% for China and 4% until 2023 and 2% to 3% for 2024 and 2025
for the rest of the world (ROW).
• Project Pipeline: The analysis considered greenfield projects forecast to begin
production between 2020 and 2025.
• Zinc concentrate production evolution - Global: Recent market conditions due to the
COVID-19 pandemic have affected mines worldwide, reducing investments and
causing mine closures. As a result, zinc supply might be limited in the long term.
• China concentrate evolution: China concentrate supply is expected to increase by 3%
through the 2020 to 2025 cycle, but significantly depends on the ability of China’s small
mines to survive amid lower price levels and volatile market conditions.
• Zinc Global Market Balance: Based on the above considerations, Nexa’s forecast is for
a significant zinc supply surplus in 2020 and 2021, with an increase in demand starting
in the second half of 2022. From 2024 onwards, the global demand will exceed zinc
supply.

ZINC PRICE OUTLOOK

Zinc prices depend on variations in supply, demand, and the perceived supply/demand
balance. The most commonly referenced currency for zinc transactions is US dollars. Based
on the above analysis of zinc supply, demand, global balance, and zinc prices, Nexa forecasts
stressed zinc prices in 2021 and 2022 (between $2,000/t and $2,300/t), with a potential price
increase to greater than $2,700/t starting in 2024-2025, and a long term price of $2,449/t.
Figure 19-1 shows the results of Nexa’s analysis.

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FIGURE 19-1 ZINC PRICE OUTLOOK

(2020-2025)

Source: Market Intelligence Analysis July 2020

COPPER
DEMAND
The major market drivers for copper demand are power generation and transmission,
construction, factory equipment, and the electronics industry. The COVID-19 pandemic
affected copper demand in 2020 and, in the opinion of Nexa’s Market Intelligence team, will
also impact it in the years ahead (2021 and 2022). In the long term, the team predicts a lower
demand growth, mainly reflecting China’s economic transition, despite the positive contribution
of global trends such as electric vehicles, renewable energy, and urbanization.

Nexa analyzed multiple demand scenarios, with a Base Case forecasting a reduction in copper
demand by 9.0% between 2019 and 2020, and starting in the second half of 2020, a slower-
paced recovery with a demand CAGR of 3.2% between 2020 and 2025. Copper demand is
predicted to grow from 26.9 Mt in 2020 to 31.5 Mt by 2025.

SUPPLY
Nexa’s Market Intelligence team’s supply forecast analysis was based on the following industry
information: copper mine start-up and closure, mine production guidance, project pipeline, and
cost evaluation for 2020 onwards. Nexa’s forecast analysis results are summarized as follows:

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• Project Pipeline: The pipeline is short, mainly because there are fewer opportunities in
mining-friendly jurisdictions.
• Copper concentrate (sulphide) production evolution: Nexa considers that the majority
of the production will come from sulphide mines. Nexa forecasts a concentrate
production CAGR increase of 4.2% between 2020 and 2025. The increase in supply
results from the ramp-up of brownfield projects.
• Copper SXEW (oxide) production evolution: Nexa forecasts a downward trend for
SXEW production. Based on Nexa’s analysis, a concentrate production CAGR will
decrease by 2.7% between 2020 and 2025, as a result of by mine closures and
reductions in production.
• Refined Copper Market Balance: the copper market has been in deficit for the last three
years, leading to lower stocks, despite lower prices since mid-2018 mainly due to the
trade war between the USA and China, and the COVID-19 pandemic outbreak in 2020.
Based on the above production assumptions, Nexa provided a forecast for Copper
Market Balance between 2020 and 2025, showing a significant copper supply surplus
in year 2020 and a slightly positive surplus in 2021 and 2022. From 2023 onwards, the
global copper demand will create a deficit in copper supply (Figure 19-2).

FIGURE 19-2 REFINED COPPER MARKET BALANCE

(2020-2025)

Source: Market Intelligence Analysis July 2020

COPPER PRICE OUTLOOK

Copper prices depend on variations in supply, demand, and the perceived supply/demand
balance. Based on their analysis of copper supply, demand, global balance, and copper
prices, Nexa forecasts stressed copper prices between 2021 and 2024 (between $6,040/t and
$6,351/t), with a potential price increase to higher than $6,500/t after 2024, and a long term
price of $6,627/t. Figure 19-3 show the results of Nexa’s analysis.

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FIGURE 19-3 COPPER PRICE OUTLOOK

(2020-2025)

Source: Market Intelligence Analysis July 2020

CONTRACTS
No contracts for operations have been negotiated yet.

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20 ENVIRONMENTAL STUDIES, PERMITTING,

AND SOCIAL OR COMMUNITY IMPACT
ENVIRONMENTAL SETTING
The surface components of the Aripuanã Project are located approximately 25 km northwest
of the municipality of Aripuanã, in the northwestern corner of the Mato Grosso State, Brazil,
approximately 1,200 km northwest from Brasília, the federal capital.

Nexa commenced construction of the Project in July 2019 and has progressed with the
development of surface infrastructure, with the completion of the surface ramp to underground
workings completed in 2019. This allowed for the construction of the ventilation raise,
continued development of the exploration drift in the mineralized zone, and the commissioning
of the plan to supply provisional power, as reported in the 2019 Nexa annual report. Nexa has
further indicated in email communication that underground pastefill is in progress, construction
of administrative buildings has started, and progress has been made on the ore processing
plant construction. In addition, completion of the water supply dam development is planned
for 2020.

Key aspects of the environmental setting include (GeoMinAs 2017, RPA 2017 & SETE 2018):
• Topography: The Project area is located within an area called Depressão Amazonica
Meridional (RADAM Brasil 1982) and the Depressão Norte do Mato Grosso (Seplan
1999). This depression includes the drainage network of the Aripuanã River and
Tenente Marques River. The area is hilly with elevations from 129 MASL to 361 MASL
and a general northwest-southeast direction.
• Climate: According to the Köppen-Geiger climate classification, the climate in Aripuanã
is AM – a Monsoon tropical, megathermal with temperatures in the coolest months
above 18°C, with no winter season. Annual precipitation is above 2,000 mm,
concentrated in the warmer months, and averages below 600 mm in the driest months.
In the Aripuanã River basin regimen follows the precipitation pattern, with the wet
season spanning from November until May. Low flows start in June and end in October.
The minimum flows are observed in September and October.
• Air quality: Baseline dust monitoring results were below the national standards.
Potential sensitive receptors who could be impacted by Project activities were not
specifically identified in the Environmental Impact Assessment (EIA) baseline
discussion, although the Project’s direct and indirect areas of influence were mapped.
• Geology and potential for acid generation: The polymetallic deposit of Aripuanã lies in
the south-central part of the Amazonian Cráton. The lithological units are represented

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by the rocks of the Roosevelt Group, the Serra da Providência Granites, in addition to
the Caiabís Group.
Laboratory tests have been conducted at several stages of the Project development to
determine if there is potential for the mine to generate acid leachate. These tests
included static and kinetic testing on ore samples, waste rock or sterile rock samples
and tailings. The results show that some waste rock lithologies have the potential to
generate acidity due to the oxidation of sulphides and the low presence of neutralizing
components. The tailings samples showed a low to zero acidification potential. The
pastefill material will not generate acid and is expected to act as a neutralizing material.
Leachate testing showed that the main components above regulatory values
(Regulation 357/05, Class II, for materials classified as solid waste according to the
Brazilian standard NBR 10004) were aluminum, lead, copper, iron, manganese, and
zinc. Solubilized metals were determined to be of natural origin and, like copper and
lead, associated with local mineralization, and consistent with the background values
of water quality. In tailings, lead was also a component in metal solubilization.
• Surface water: The Project area has two creeks, Arrainha Creek and Maranhão Creek,
both of which are tributaries of Guaribal Creek, which is a tributary of the Aripuanã
River, which drains part of the extreme northwest of the state of Mato Grosso and
belongs to the Amazon River basin.
Regarding the surface water quality, due to the geological conditions in the region,
metals which presented concentrations above the detection limit are: aluminum,
dissolved iron, manganese, barium, and zinc. These are part of the rock composition
in the area and do not indicate contamination or pollution.
The 2017 EIA reported August and April 2008 and December 2011 monitoring data.
The monitoring data reported in the 2017 EIA was classified according to a Water
Quality Index in accordance with the methodology of the National Sanitation
Foundation of the United States. The water quality ranged from average in the wetter
months to good in the drier months. This was assigned to high volume precipitation
events in the wet season causing sediment loading.
In August 2008, the parameters which did not meet the limits established by the
Ministry of Environment (CONAMA) Resolution No. 357/05 for Class II water bodies
were: phosphorus (all sampling locations, except one), dissolved iron (two locations)
and manganese (one location). In April, the parameters were: turbidity (one location),
dissolved oxygen (one location), phosphorus (all), dissolved iron (all), dissolved
aluminum (two locations), manganese (five locations) and Escherichia coli (three
locations). In December 2011, the parameters were: Biological Oxygen Demand (one
location), total phosphorus (four locations), dissolved iron (one location), manganese
(two locations), and E. coli.
Third-party water users were not specifically identified in the EIA baseline discussion,
although the Project’s direct and indirect areas of influence were mapped.
• Groundwater: The Project area is underlain by poor aquifer zones and non-aquifer
zones (geology offers very low conditions of storability and transmissivity of
groundwater). The EIA did not include information on the depth of groundwater, any
hydrocensus exercises to identify third-party groundwater users, nor does it appear
that any boreholes were sampled or monitoring boreholes drilled; however one spring
was monitored as part of the surface water quality study. Water quality in this spring
showed E. coli levels above national standards and it was noted that the spring is used
by wildlife. All other water quality parameters were reported to be within the applicable

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national standards (CONAMA Resolution 396/2008). As previously mentioned, third-

party water users were not specifically identified in the EIA baseline discussion,
although the Project’s direct and indirect areas of influence were mapped.
• Biodiversity: The Project is located in the Amazon Biome, within the South-Amazonian
Ecotone Corridor. In terms of habitat, the planned infrastructure will be located mainly
in Open Mbrófila Forest with Palm Trees. Other habitats to be impacted to a lesser
degree include Open Mbrófila Forest with Justaconta, secondary forest previously
impacted by anthropogenic activities, planted pasture, degraded pastureland and
areas degraded by artisanal mining activities.
Infrastructure will be placed within 76 ha of Permanent Preservation Areas protected
by federal law (No. 12,651/2012). This Permanent Preservation Area is a protected
area, which may not necessarily have native vegetation, with the environmental
function of preserving water resources, landscape, geological stability and biodiversity,
soils and ensure the well-being of human populations. A specific resolution does,
however, allow development in exceptional cases for low environmental impact
activities in the Permanent Preservation Area.
The floristic surveys showed the occurrence of eight species falling into some category
of vulnerability to extinction, four of which were vulnerable, two threatened and two
considered deficient in data. These include Euterpe edulis (jussara palm tree), Cordia
goeldiana (Freijo tree), Hymenaea courbaril (a common hardwood tree), Aniba
rosaeodora (pau-rosa tree in the Magnolia family), Bertholletia excelsa (Brazilian nut
tree), Virola bicuhyba (known as the epená, patricá, or cumala tree), Manilkara
cavalcantei and Manilkara elata (no common names provided). It was also noted that
the Brazilian nut tree species and rubber tree are protected by local law.
The Amazon biome is an important area of endemism for fauna, with a wide variety of
food resources and diversity of habitats available in the study area. Fauna surveys
identified four bird species that fall into some degree of threat of extinction, they are:
Tinamus Tao (Azulone), Harpyja (hawk) and Hypocnemis ochrogyna (ocriceous
singer) classified as Vulnerable (VU) at national level and Cherrie's Synallaxis
(puruchém) classified as Near Threatened (QA) at the global level (International Union
for Conservation of Nature (IUCN), 2017 as cited in GeoMinAs, 2017). Records of
some species considered by CITES for the area were also obtained, including the
aforementioned Harpya harpyja (hawk) and Ara macao (Red Macaw). The Project
area has a high diversity of mammal species. Fourteen species are endemic (specific)
to the Amazon biome, such as Mazama nemorivaga (deer- fuboca), Dasyprocta
fuliginosa (black agoutis), and the eight primates, Alouatta puruensis (guariba), Ateles
chamek (spider monkey), Aotus infulatus (night monkey), Lagothrix cane (pot-bellied
monkey), Sapajus apella (capuchin monkey), Chiropotes albinasus (cuxiú), Cebus
unicolor (cairara) and Mico intermedius (sagui-do-rio-Aripuanã). Eight species fall into
some national or IUCN category: pot-bellied monkey, spider monkey, cuxiú, Priodontes
maximus (tatu-canastra), Tapirus terrestris (tapir), Puma concolor (jaguar), Tayassu
pecari (pecari), Otter longicaudis (otter). When considering herpetofauna, the yellow
tortoise Chelonoidis denticulatus is a species classified as Vulnerable by the IUCN.
Further afield, there are two conservation areas in the municipality located 100 km to
200 km to the north from the Project: Estação Ecológica Rio Flor do Prado, with an
area of 9 ha, and Reserva Extrativista Guariba Roosevelt, with an area of
approximately 165 ha.
• Land use: The Project area is located on the left banks of Rio Guaribal Creek and right
banks of the Roosevelt River. This area is dedicated to farming of Rubber Trees

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(Hevea Brasiliensis), Nuts (Bertholletia excelsa), and Copaíba Oil (Copaífera

landsdorfii).
• Noise: Baseline noise monitoring results were below the national standards. Potential
sensitive receptors who could be impacted by Project activities were not specifically
identified in the EIA baseline discussion, although the Project’s direct and indirect areas
of influence were mapped.

CORPORATE POLICY AND COMMITMENTS

Nexa does not have an Environmental Policy for the Project. According to Nexa’s website and
the 2019 Nexa annual report, the company identifies and manages the main risks from both
an operational and a strategic point of view, reducing and mitigating impacts to maintain
business sustainability. The company has an integrated management system that establishes
the guidelines that govern the conduct of the businesses, with a focus on quality management
of environmental, health and workplace safety and social responsibility issues. In addition, the
company follows applicable environmental laws and regulations pertaining to its business in
each country where it operates (Nexa, 2019).

Nexa has stated the following environmental goals in its 2020 annual report:
• 75% of recirculation and lower specific use of water.
• Reduce the specific emission of greenhouse gases by 5 %.
• Decrease the disposal of tailings in dams and reduction by 50 % in the specific
generation of mining and smelting waste.
• Ensure that 100 % of the units have a pre-prepared future-use alternative study and an
updated decommissioning plan, in line with the sector’s benchmark standards.

ENVIRONMENTAL STUDIES
PROJECT ENVIRONMENTAL IMPACT ASSESSMENT AND APPROVAL
The environmental licensing process for the Project started in 2008 following the Terms of
Reference (ToR) (Ofício nº 20084/CM/SUIMIS/2008) issued by Mato Grosso environmental
agency (SEMA/MT). For strategic reasons, the process was put on hold and the field activities
performed in 2008 were consolidated into a document in the format of a “Diagnosis of an EIA
– Environmental Impact Assessment of the Project” (EIA). In 2012, a new ToR was requested
(Ofício nº 85522/CM/SUIMIS/2012), and many of the studies performed as a result were
consolidated into a comprehensive EIA. The EIA was completed in 2012, however, it was not

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filed with the authorities due to low commodity prices at that time. In 2014, with zinc prices
increasing, the EIA was filed. Taking into account further exploration on the property,
increased production levels were presented in 2015 with productions increasing from 1.2 Mtpa
to 1.8 Mtpa. The Mato Grosso environmental agency performed many inspections and the
Public Hearing was held on August 26, 2015. During 2015 and 2016, the permitting process
was analyzed by the agency, however, due to changes in the engineering process, the
analyses were put on hold until all changes were performed. There were also updates in the
biotic media campaigns and the inclusion of the noise and vibration studies. The Project EIA
was finalized in 2017 by Geologica Mineração e Assessoria Ltda (GeoMinAs). This is the most
recent EIA and the environmental review has been based mainly on this EIA.

IDENTIFICATION OF PROJECT-SPECIFIC ENVIRONMENTAL BASELINE

CONDITIONS, RISKS, AND IMPACTS
Key baseline information is summarized in the Environmental Setting section at the beginning
of this section. Comprehensive baseline studies were conducted by specialists in their field
as part of the 2017 EIA, which included desktop data collection and review and fieldwork
sampling. Sampling results were compared to national standards as relevant, for example air
quality results were compared to the national dust concentration standards. The EIA described
the methods of data and sample collection, data analysis and references used.

Project impacts were identified in the 2017 EIA by analyzing the planned Project activities and
tasks, taking into account location and the environmental setting, for the Project stages, i.e.,
planning, implementation, operation, and deactivation. Each potential impact was evaluated
considering nature (positive or negative), reversibility, incidence (direct versus indirect
impacts), spatial scale, magnitude, and duration. Cumulative impacts were considered.
Table 20-1 lists the identified environmental impacts and associated management measures
or plans to mitigate the impact. Social impacts are discussed separately in the Social or
Community Requirements section.

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TABLE 20-1 ENVIRONMENTAL IMPACTS AND MANAGEMENT MEASURES

(GEOMINAS, 2017)
Nexa Resources S.A. – Aripuanã Zinc Project

Impact identified Management measures/programs

Air quality impact due to particulate material • Program of Control and Monitoring of Atmospheric
generation and combustion gases Emissions.
• Monitoring Program of Air Quality and Meteorology

Noise generation • Preventive maintenance of vehicles, machinery and

equipment.
• Noise Control and Monitoring Program.

Vibration generated by blasting activities • Vibration Control and Monitoring Program

Soil structure and erosion processes • Recovery Plan for Degraded Areas
• Control and Monitoring of Erosive Processes.

Silting of water bodies • Surface and Groundwater Management Program

• Recovery Plan for Degraded Areas
• Control and Monitoring of Erosive Processes.

Impacts on the Arrainha and Maranhão Creeks • Erosive Process Control and Monitoring Program
due to the construction of the dam, the waste pile • Surface and Groundwater Management Program.
and recovered water pond

Changes in the terrain and landscape • Degraded Areas Recovery Plan

• Decommissioning Program of Site Structures.

Changes in the surface water and soil quality • Solid Waste Management Program
• Liquid Effluent Management Program Erosive
Process Control and Monitoring Program
• Surface and Groundwater Management Program
• Degraded Areas Recovery Plan
• Decommissioning Program of Site Structures
• Mining Mine Closure Plan.

Changes in the aquifer recharge rate • Groundwater and Surface Water Dynamics
Interference in springs flow Monitoring Program.
Changes in groundwater flow

Changes in groundwater quality • Surface and Groundwater Management Program

• Liquid Effluent Management Program.

Reduction of the open forest cover, with losses of • Flora Rescue Program
flora and threatened flora • Degraded Areas Recovery Plan
Direct disturbance of 75.85 ha of Permanent • Program of Monitoring of Plant species and Wildlife
Preservation Areas, designated protected areas Rescue
(due to the establishment of the dam and • Environmental Education Program.
drainage systems).

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Impact identified Management measures/programs

Reduction in the connectivity between native • Compensatory measures: forest replacement in the
vegetation Permanent Preservation Areas to be implemented
Loses in vegetation cover in areas already under the Forest Connectivity Program, in addition
impacted by human activities (pastures with to the Environmental Compensation Program.
some remnants of original vegetation)

Fauna displacement due to machines, vehicles • Terrestrial Fauna Monitoring Program

and people movement and noise generation. • Program of Monitoring of Plant species and Wildlife
Risk to fauna due to vehicles and hunting Rescue
activities • Environmental Education Program.
Losses of fauna specimens due to loss of
vegetation
Loss in mammals due to habitat loss, including
endangered species

Changes in the fish populations due to changes • Erosive Process Control and Monitoring Program
in the surface water flow • Surface and Groundwater Management Program
• Ichthyofauna Monitoring Subprogram.

Changes in the freshwater biota due water • Erosive Process Control and Monitoring Program
bodies silting • Surface and Groundwater Management Program
• Degraded Areas Recovery Plan
• Herpetofauna Monitoring Subprogram
• Ichthyofauna Monitoring Subprogram
• Hydrobiological Communities Monitoring
Subprogram

Changes in vectors such as insect populations • Fauna Monitoring Program - Subprogram of

Monitoring Entomofauna (Vectors)
• Health Support and Epidemiological Surveillance
Program.
• Malaria Control Action Plan.

Change in hydrobiological communities resulting • Water and Effluent Management Plan

from water quality changes due to backfill • Surface and Groundwater Management Program
activities underground and effluent generation in • Monitoring of Hydrobiological Communities
the sterile deposit, waste and minerals (Acidic Monitoring Subprogram
drainage)

Nexa commissioned a Forest Management Plan which was completed in June 2018. This
management plan was developed following the guidelines set out in the relevant legislation of
the state of Mato Grosso and was required to allow the Project to proceed.

Nexa also commissioned an Environmental Control Plan which was compiled by Solucoes E
Tecnologia Ambiental (SETE) in July 2018. This plan provides a detailed account of:
• The Project description
• The management plans as mentioned in Table 20-1, originating from the 2017 EIA

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• Decommissioning plan
• Emergency response plan
• Monitoring plans

This plan provides detail in terms of aims and objectives, timing and responsibilities including
any needed training and institutions to be involved. The objective of this plan was to meet
regulatory requirements through submission to SEMA to obtain the Project Installation
Licence.

The 2017 EIA concludes that the most significant Project impacts are those that will directly
and indirectly affect, synergistically and cumulatively, vegetation cover and soils in the
Permanent Preservation Areas and water resources, as well as changes in fauna communities,
both terrestrial and aquatic, highlighting the relevance of local biodiversity, with species of flora
and fauna of the Amazon biome, including endangered species (GeoMinAs, 2017). A key
mitigation measures with regard to the Permanent Preservation Areas will be the
implementation of a compensation plan and programs aimed at connectivity of habitat.

Updating of management relevant plans and programs is not specifically mentioned.

MONITORING PLANS
The 2017 EIA provides some detail on monitoring plans. The 2018 Environmental Control
Plan provides detail on the monitoring programs. This plan provides a list of specialists
responsible for implementing the plan such as a biologist, agronomist, geologist and
community and environmental educator. The monitoring plan covers:
• Air quality and meteorology
• Noise
• Vibration
• Geotechnical monitoring
• Water quality and effluent
• Erosion
• Groundwater and surface water (including linkages between surface and groundwater)
• Terrestrial flora
• Terrestrial fauna (birds, insects, amphibians and reptiles, mammals, bats)
• Aquatic biota (hydrobiological communities i.e. phytoplankton, zooplankton; and fish,
including monitoring of trace metals in fish tissues)

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In RPA’s opinion, the monitoring plans are comprehensive and include goals of the monitoring,
legal requirements, methods used for sample or data collection and data analysis, scheduling,
technical team, areas and indicators to be monitored and references. Each monitoring
program also describes links to other management and monitoring plans and programs.

EMERGENCY PREPAREDNESS AND RESPONSE

A detailed risk assessment was conducted for the Project and included in the 2017 EIA.
Ninety-one scenarios were identified which could result in accidents or events for which
recommendations were made to mitigate or mitigate the risk. The environmental scenarios
identified included spills or oil and grease and emission of combustion gases and inhalable
particulates. These were assessed as having a low risk. The most significant health and
safety risks identified were a potential failure of the water dam, fire or explosions in utility and
reagent storage areas, general occurrence of accidents, and underground mine collapse or
incidents.

The 2017 EIA included a Risk Management Program and the Emergency Response Plan. The
Risk Management Plan aims to prevent the occurrence of accidents and, if they occur,
minimize the impacts that may jeopardize the physical integrity of employees and/or the
company's assets, as well as the safety of employees and the environment as a whole. The
Emergency Response Plan defines the responsibilities, guidelines, and information aimed at
the adoption of structured technical and administrative procedures, in order to provide the
necessary conditions for the triggering of quick and efficient actions to be adopted when a risk
scenario materializes, aiming to minimize possible damage to people, the environment, and
property.

MINE WASTE MANAGEMENT

TAILINGS AND WASTE ROCK MANAGEMENT
Approximately 6.3 Mm3 of tailings will be produced and will require surface disposal over a
period of 13 years with the remaining tailings applied as cemented paste backfill. In addition,
approximately 1.3 Mm3 of waste rock will also be disposed of at surface. The tailings are prone
to acid drainage and are classified as Class I according to the Brazilian waste classification
standard NBR ABNT 10.004/2004. The waste rock is classified as Class IIA waste, however,
due to the uncertainties inherent to the tests, a classification of Class I has also been adopted.

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Class I waste disposal must meet the guidelines proposed by NBR 10.157 (ABNT, 1987),
which establishes the criteria for the design, construction, and operation of hazardous waste
landfills. A double lined storage facility with a leak detection system is therefore required for
both the tailings and waste rock disposal.

The provisional design of a dedicated TMF has been completed. The tailings will be filtered to
a relatively low moisture content for transport by truck and placed and compacted in thin lifts,
similar to typical earth embankment construction. The tailings compaction criteria are to
ensure dilating behaviour (i.e., not susceptible to liquefaction). The TMF is located to the west
of the plant on local high ground with no upstream catchment. There is no surface tailings
pond required with the use of filtered tailings. Surface runoff will be collected by a perimeter
concrete channel and directed to two effluent storage ponds. Implementation of inflatable
warehouses is proposed for use in the wet season to allow for the placement and compaction
in dry conditions. Groundwater and surface water monitoring is required for the operating and
closure phases of the Project. At closure, the TMF and WRF will be capped with a clay layer
and vegetated. Runoff from the TMF will be directed to a wetland treatment system.

The following recommendations are proposed for the next phase of the design:
• Classify the TMF in terms of the Global Tailings Standard or the Canadian Dam
Association. The classification may require more conservative design criteria in terms
of flood management and seismic loading.
• Consider the stability assessment of the individual components of the double lined
system and the interface between the components in the stability analyses. In
particular, the interface between the smooth side of the geomembrane and the sand
leakage detection layer.
• Complete a deformation analysis to determine if the long-term strain of the high density
polyethylene geomembrane is within acceptable limits.
• Implement measures to control dust generation from the slopes of the TMF and internal
access roads and ramps during the dry season.
• Implement requirements to allow the progressive rehabilitation of the slopes.
• Implement deposition planning for the wet season and the associated logistical
requirements for the use and management of the inflatable warehouses.
• Investigate the extent of the colluvial layer within the foundation of the TMF to provide
a more accurate estimate of the volume of material that must be removed.
• Complete an initial assessment of the stability of the capping clay layer on the
intermediate bench slopes to determine if slope flattening is required for closure.
• Determine a source of clay with suitable quality for use as a lining and capping material.
• Complete a formal risk assessment.

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WATER MANAGEMENT
Preliminary characterization studies of acid rock drainage included collection of samples and
laboratory static and kinetic testing of waste rock and tailings. The results of the tests indicate
low acid generating potential. The pastefill material will not generate acid and is expected to
act as a neutralizing material (GeoMinAs, 2017).

The water management strategy for the Project includes the implementation of the following
main water management facilities:
• Freshwater supply dam
• Water recovery pond
• Wetlands

The freshwater dam (Figure 18-1) will be the source of make-up water for ore processing. The
dam will be equipped with an emergency spillway to prevent dam overtopping. The water dam
reservoir was designed to meet a demand for 150 m3/hr for the processing of ore in the
industrial processing plant of the Project.

The water recovery pond located south of the processing plant area collects the underground
mine dewatering and the surface water runoff collected in the processing plant area, the
administration area and the ore stockpile. Water from all these Project components is
conveyed first to a wetland, and from the wetland to the water recovery pond.

The TMF and WRF are designed with a double lining system with leak detection that will
minimize infiltration of water to the groundwater environment. The water management system
has been conceptualized and designed to ensure that the surface drainage water and
infiltration to the TMF and WRF will be directed to engineered wetlands (Figure 18-4) for
passive treatment prior to discharging the water to the receiving environment. Two wetlands
are proposed for the TMF and one wetland for the WRF. Surface runoff from the TMF and
WRF is directed to a network of interception and conveyance channels that convey the flows
to the wetlands. Rainfall that infiltrates the TMF and WRF footprints gets collected through an
internal drain system to prevent accumulation inside the facilities and formation of saturated
areas. The internal drains convey the flows to the wetlands.

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The NBR 10.157 guidelines developed by the Brazilian Association of Technical Norms for
hazardous waste were considered for design and environmental monitoring of the TMF and
WRF. These guidelines recommend the installation of monitoring wells in sufficient number to
monitor the water surrounding the structure.

Surface water and groundwater quality monitoring will be implemented for receiving water
bodies to identify potential water contamination and implement corrective actions if needed.
Compliance with water quality standards will be carried out according to CONAMA Resolution
No. 357/2005 for surface water and CONAMA Resolution No. 396/2008 for groundwater.
Environmental water quality compliance for the receiving environment will be tracked during
the stages of construction, operation and closure of the Project. The program proposed
quarterly sampling at eleven surface water quality sampling locations, and six groundwater
quality sampling locations. Quarterly and annual reports will be prepared documenting the
results of the monitoring campaigns. The quarterly frequency and the suite of water quality
parameters sampled will be reviewed after the initial year of monitoring (GeoMinAs, 2017).

Monitoring will allow the identification of possible deviations or lack of performance of the
proposed treatment systems for operation and the implementation of adaptive management in
order to correct potential issues identified and maintain environmental water quality
compliance.

According to the Project Description in the EIA (GeoMinAs, 2017), there are no natural sources
of water used for collection of water for human consumption in the surroundings of the Project
area.

PROJECT PERMITTING
Nexa maintains a list of permits for the Project along with any relevant expiry dates which was
provided to RPA. These include installation and operating licences. Examples include
installation of electricity distribution infrastructure and the mineral beneficiation plant,
implementing a malaria control plan and roadworks. Nexa reports regularly to the
environmental regulatory agency (SEMA) on compliance with conditions of Installation Licence
No. 69614/2018 for the Project.

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Nexa indicated that required permits are in place. The permitting list can be used to track the
Projects legal obligations.

SOCIAL OR COMMUNITY REQUIREMENTS

This section is guided by the NI 43-101 content requirements as well as the following IFS PS:
• PS1: Social and Environmental Assessment and Management Systems requires
that companies identify, assess and mitigate the social impacts and risks they generate
throughout the lifecycle of their projects and operations. From a social perspective, the
requirement includes: a comprehensive social assessment; identification of critical
social impacts and risks; community consultation and engagement; information
disclosure; mitigation plans to address impacts and risks; and development of an
organizational structure with qualified staff and budgets to manage the overall social
management system.
• PS2: Labor and Working Conditions incorporates the International Labor
Organization conventions that seek to protect basic worker rights and promote effective
worker/management relations.
• PS4: Community Health and Safety declares the project`s duty to avoid or minimize
risks and impacts to community health and safety and addresses priorities and
measures to avoid and mitigate project related impacts and risks that might generate
community exposure to risks of accidents and diseases.
• PS5: Land Acquisition & Involuntary Resettlement considers the need for land
acquisition or involuntary resettlement of any individual, family or group; including the
potential for economic displacement.
• PS7: Indigenous Peoples considers the presence of Indigenous groups, communities
or lands in the area that may be directly or indirectly affected by projects or operations.
• PS8: Cultural Heritage. This standard is based on the Convention on the Protection
of the World Cultural and Natural Heritage. The objectives are to preserve and protect
irreplaceable cultural heritage during a project's operations, whether or not it is legally
protected or previously disturbed and promote the equitable sharing of benefits from
the use of cultural heritage in business activities.

SOCIAL SETTING
The developing mining Project is located approximately 20 km northwest from Aripuanã in the
municipality of Aripuanã. This municipality was founded in 1943 and has a total area of
approximately 25,048,965 km² with a population of 18,656 people and a population density of
0.74 inhabitants per square kilometre, according to the 2010 Census (Comexto consulting,
2018). The Brazilian Institute of Geography and Statistics (IBGE) website currently indicates
that the population is approximately 22,714 people. The population is distributed in a greater
proportion in the urban areas (62.6%). Within the municipal territory lies the Aripuanã and
Arara Indigenous Lands of Rio Branco. The municipality includes the urban district of

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Conselvan, and four rural areas. The municipality is away from the main economical centres
of the state (i.e., Cuiaba, Sinop, and Lucas do Rio Verde). Until 1995, there were gold and
diamond artisanal mining activities in the area (RPA, 2017). Nexa has progressed with the
development of infrastructure at the developing mine, with the completion of the surface ramp
to underground workings completed in 2019.

Illegal mining or artisanal mining activities were detected by Nexa in October 2018 close to
some of the mining rights and in the surrounding areas of the Project. According to a legal
opinion dated 17 July 2020 provided by Nexa, the company reported these activities promptly
to the relevant authorities. In 2019 one of these artisanal mining activities persisted in the
areas surrounding the Project and Nexa again reported it to the relevant authorities. In October
2019, a joint operation was carried out between state agencies to curb such illegal mining
activities. Arrests, searches and seizures were carried out and the artisanal miners were
temporarily removed, with the destruction of part of the equipment used for illegal mining.
However, once the police authorities left the area, illegal mining activities resumed again. In
January 2020, Nexa was invited by the National Mining Agency’s (ANM) Conflict Resolution
Advisory to participate in a meeting with representatives of the artisanal miners organized in a
cooperative. As a result of these negotiations an agreement was executed between Nexa, the
cooperative of artisanal miners, and ANM, with the participation of the State of Mato Grosso
represented by Companhia Matogrossense de Mineração (METAMAT), whereby Nexa
assigned an area for the artisanal miners to exercise their activities for a period of two and a
half years after obtaining the necessary licenses. The validity of this agreement was
challenged by a judicial decision and is currently being discussed among the parties before
the Court. Nexa is taking all legal measures to ensure no impacts on Project implementation
due to illegal mining activities.

SOCIAL AND ENVIRONMENTAL ASSESSMENT AND MANAGEMENT SYSTEMS

CORPORATE GUIDELINES AND STANDARDS
At a corporate level, Nexa has adopted the guidelines of the International Integrated Reporting
Council (IIRC) and the standards for the Global Reporting Index (GRI). The IIRC guidelines
promote a cohesive and integrated approach to reporting on organizational activities. The GRI
standards provide best practices for public reporting on economic, environmental, and social
impacts in order to help Nexa and its shareholders and stakeholders understand their
corporate contribution to sustainable development. These standards were reported on in the
most recent (2019) Nexa Resources Annual Report. With respect to social issues, the 2019

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Annual Report provided details of corporate activities aligning with the following GRI
Standards:
1. Employment
2. Occupational Health and Safety
3. Non-discrimination
4. Training and education
5. Diversity and equal opportunities
6. Freedom of association and collective bargaining
7. Child labor
8. Forced or compulsory labor
9. Human rights assessment
10. Local communities
11. Social assessment of suppliers
12. Socio-economic compliance

Nexa’s 2019 Annual Report also includes reporting on corporate progress towards several
sustainable development goals. With respect to social environment issues, these include:
• Gender equality
• Decent work and economic growth
• Good health and well-being
• Peace, justice, and strong institutions
• Quality education
• Reduced Inequalities
• Sustainable cities and communities
• Responsible consumption and production

Nexa has a corporate compliance policy (PC-RCC-CCI-005-EN) meant to guide Nexa

representatives and third parties. The compliance policy includes the following policies and
procedures:
• Code of Conduct
• Anti-Corruption Policy
• Money Laundering and Financing Terrorism Prevention Policy
• Antitrust/Competition Policy
• Insider Trading Policy
• Disclosure Policy

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• Compliance Program Manual

• Money Laundering and Financing Terrorism Prevention Manual
• Gifts and Hospitality Procedure
• Relationships with Government Representatives Procedure
• Travel and Entertainment Procedure
• Integrity Due Diligence Procedure
• Conflict of Interests Procedure

IDENTIFICATION OF PROJECT-SPECIFIC SOCIAL BASELINE CONDITIONS, RISKS, AND

IMPACTS
The most recent EIA for the Project is the 2017 EIA compiled by GeoMinAs. This EIA includes
a social baseline description, assessment of socio-economic impacts, and management plans
detailing measures to prevent, minimize, or mitigate the identified socio-economic impacts.
These components are generally consistent with social impact assessment practices.

The socio-economic baseline description includes:

• The social areas of influence
• The social, economic, and cultural characteristics of the population of the areas of
influence of the project including:
o information on the Indigenous People within the area of influence
o information on historical, cultural and archeological resources
• Socio-economic variables that might be affected by the project
• Potential indicators to assess impacts of the project
• Identification of the main socio-economic and environmental issues of relevance to the
population
• The foundation for a social impact management plan to mitigate potential negative
impacts and maximize potential positive benefits

The baseline characterization was developed using a variety of methods including both primary
and secondary data collection. Primary data collection included field investigations such as
surveys and interviews, which were conducted prior to the EIA. Secondary data collection
included reviews of available data from the Brazilian Institute of Geography and Statistics, as
well as other government departments.

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The analysis of the Areas of Indirect and Direct Influence was based on the Technical
"Socioeconomic Diagnosis of Aripuanã, Mato Grosso, August 2016", developed by the
consulting firm Diagonal for the Project.

The potential socio-economic impacts were assessed for the various stages of the Project and
included an assessment of potential negative and positive impacts of the mine on the social
environment. The social impacts assessed in the 2017 EIA are summarized in Table 20-2.

TABLE 20-2 SOCIO-ECONOMIC IMPACTS AND MANAGEMENT MEASURES

(GEOMINAS, 2017)
Nexa Resources S.A. – Aripuanã Zinc Project

Impact identified Management measures/programs

Potential increase in prostitution indexes, • Labor Training and Qualification Program
violence and drugs consumption and social • Health Support and Epidemiological
cultural conflicts due to outside workers arrival in Surveillance Program
Aripuanã Municipality • Social Communications Program
• Environmental Education Program
• Program for Monitoring Socioeconomic
Indicators
• Migrant Support Program.

Increase in the demand for housing and basic • Program of Actions with the Community and
services the Local Government
• Health Support and Epidemiological
Surveillance Program
• Migrant Support Program.

Potential positive impacts such as employment • Labor Training and Qualification Program
and wage generation, new business • Development Program for Entrepreneurs
opportunities generation, increase in tax and Local Rural Producers.
collection.

Potential increase in endemic diseases due to • Health Support and Epidemiological

the arrival of immigrants Surveillance Program
• Environmental Education Program
• Program for Monitoring Socioeconomic
Indicators
• Entomofauna Monitoring Subprogram -
Vectors.

An increase in traffic impacts with associated • Road Signaling and Standardization

safety risks Program
• Social Communications Program
• Migrant Support Program.

Negative impacts at the end of the life of the None identified.

project such as a decrease in employment
opportunities, decrease in tax collection.

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Impact identified Management measures/programs

Community expectations and worries regarding • Social Communication Program.

potential environmental and social impacts

MANAGEMENT OF IDENTIFIED SOCIAL RISKS AND IMPACTS

In 2019, Nexa created a General Social Management Department, which is responsible for
evaluating all social programs developed in Brazil and Peru, delving more broadly into these
activities within the sustainability pillar.

The Project has developed and utilizes a number of social management programs and tools
aimed at managing identified risks and impacts. These include:
• Identification of social and economic risks
• Integrated Socio-economic Plan
• Indigenous Population management plan
• Stakeholder tracking and stakeholder issues and concerns matrix
• Tracking social initiative implementation

The Project’s Integrated Socio-economic Plan is aligned with the company sustainable
development goals (January 2019). Key objectives of this plan include:
1. Development of local suppliers and entrepreneurs;
2. Personal development of local workforce;
3. Implementing strategies to promote the hiring and strengthening the employability of
women and people with disabilities;
4. Strengthening of the health care system through strategies such as raising funds,
upgrading existing basic health units to meet the standards of the Ministry of Health
etc.;
5. Assisting with improving solid waste management in urban and rural areas through
strategies such as the establishment of partnerships to support public management in
training for project development and fundraising aimed at the regularization of landfill
and the implementation of an incinerator for the proper disposal of hospital and health
waste, etc.;
6. Supporting projects for the proper management of sewage.
7. Providing health, safety and environmental education for different audiences
(community, school, etc.);
8. Assisting with management of an influx of people to the area through actions such as
managing employment expectations, mapping potentially vulnerable locations in
advance for conflicts, holding workshops with children, adolescents and young people
on conflict mediation and nonviolent communication etc.;

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9. Assisting with managing access routes used by Nexa for the flow of traffic and
standardization of the movement of light and heavy vehicles;
10. Ensuring better teaching conditions for the population of Aripuanã, through the training
of human resources and improvement of teaching equipment and methods;
11. Reducing and preventing the occurrence of human rights violations with respect to
children, adolescents, women, the elderly and people with disabilities.

This plan includes a description of each action, along with strategies, objectives, relevant
stakeholders and expected results, including indicators. There is, however, no mention of
revising or updating this plan based on the monitoring data collected or any other relevant
feedback.

Since the EIA (2017), Nexa has continued to monitor socio-economic indicators. This
monitoring program is focused on the potential impacts for the various phases of the Project.
Specific information was not provided on the methods used to collect this monitoring data,
however, Nexa has reported some key results of this monitoring:
• Schooling: an increased demand for school enrollment and an increase in the average
class size at all stages of education (except high school).
• Health care: increased outpatient care, a reduction in hospitalizations, an increase in
the number of physicians, increased care of women victims of intrafamily violence,
relative increase of adolescent women (up to 19 years) in hospitalizations for
pregnancy and childbirth.
• Crime: an increase in crime, notably an increase in the homicide rate.
• Basic services: an extension of the water supply and sanitation networks, increase in
household waste collected.
• Income levels: an increase in the assets of formal workers, increase in the average
salary of workers.
• Municipal income and taxes: projected increase in municipal GDP, projected increase
in the number of formal establishments and increase in tax revenues.

STAKEHOLDER ENGAGEMENT AND PARTICIPATION

Stakeholder engagement was conducted during and prior to the preparation of the EIA. Most
recently, in 2019, Nexa contracted a specialized service for the management and execution of
environmental programs related to "Economic Development and Social Participation" in
compliance with the Environmental Control Plan commitments to develop:
• A program for the development of entrepreneurs and local suppliers, including rural
producers
• A socio-economic indicator monitoring program
• An environmental education program

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The specialized service was additionally tasked with actions defined in the strategic planning
of the area and social projects, such as the development of a social agenda through a
community participation group. This included participatory workshops and one-on-one
interviews.

No specific information was available on stakeholder engagement planning going forward at

the time of writing this Technical Report.

COMMUNITY ISSUES AND CONCERNS SYSTEM

In order to better understand community-specific issues and address concerns that arise at
Aripuanã, Nexa implements a complaint register guided by Nexa’s Order and Complaint
Procedure, which details roles, responsibilities, and commitments to gather and respond to
complaints from the public in a fair and equitable way. All communications and complaints are
recorded, investigated, evaluated, and resolved according to the Order and Complaint
Procedure. The process is meant to provide Nexa with a better understanding of the local
population and related issues. Nexa also maintains a compliance matrix, which is a database
of relevant stakeholders and a matrix/listing of interactions with each stakeholder.

Nexa provided a matrix of recent stakeholder issues and concerns. The majority of issues
focused on requests for assistance in dealing with the COVID-19 pandemic and the Project
responded as follows:
• Donations of personal protective equipment to the civil defense and health
organizations, such as police and health departments and a hospital in the local area.
• The Project loaned a truck used for disinfecting the city centre.
• Donations of rapid test kits and thermometers.
• Donations of 1,680 basic food baskets for vulnerable and Indigenous communities.
• Donations of uniforms to volunteer organizations carrying out prevention actions for
COVID-19.

LABOUR AND WORKING CONDITIONS

COLLECTIVE BARGAINING AND FREEDOM OF ASSOCIATION
Corporately, Nexa reports that 100% of its workers in Brazil are covered by collective
bargaining units. Nexa also reports corporately on the freedom of association and collective
bargaining. At Aripuanã, Nexa employees are covered by a collective bargaining agreement
for 2019/2021 (registration number MT000081/2020).

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WORKING CONDITIONS
According to the 2020 shift rotation schedule provided by Nexa, workers involved in the current
development activities are on shift for six days, then off for one day for one week, then six days
on shift followed by three days off the following week. This provides staff with sufficient
opportunity to rest in between scheduled work activities. Once operational, the mine plans to
operate 360 days per year with three 8-hour shifts per day for a total of 18 operating hours per
day (RPA, 2017).

Employees have access to a number of benefits including life insurance, health and dental
plans, private pensions, paid vacations and holidays, financial bonuses, living allowance, paid
vacation flights for five years, and assistance for moving or buying real estate. These benefits
vary according to the position of the employee.

Services to the Project property are provided by the town of Aripuanã, which includes
accommodation, restaurants, and other retail services (RPA, 2017).

LOCAL HIRING, DISABILITY AND DIVERSITY CONSIDERATIONS

Corporately, some of the Sustainable Development Targets Nexa has identified include (but
are not limited to):
• By 2030, achieve full and productive employment and decent work for all women and
men, including for young people and persons with disabilities, and equal pay for work
of equal value.
• Protect labour rights and promote safe and secure working environments for all
workers, including migrant workers, in particular migrant women, and persons in
precarious employment.

The 2019 Nexa annual report indicates that at the Project, the company followed the strategic
plan for hiring employees, seeking and qualifying local labor, with short and medium-term
courses, offered in partnership with Senai/MT. Nexa reported that there were 515 vacancies
in 2019 and that 54% of these jobs were filled by women. Nexa intends to fill the staff
contingent with 65% of local employees, primarily students graduated from the Senai-MT
Professional Qualification Program, with the remaining 35% from other parts of the country,
filling positions that require specific technical knowledge (Nexa, 2019). Nexa provided a
planned employment graph for the various phases of the Project from construction,
commissioning, ramp-up of operations, and then stabilized operations. This graph confirms
plans to employ mostly local people, averaging at approximately 65% local employees.

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The annual report further indicates that Nexa is working on identifying local infrastructure
needs, such as building homes, expanding hospitals, improving or building schools, in order
to attract employees hired from outside the region and contribute to local development.

A key objective of Integrated Socio-economic Plan is to implement strategies to promote the

hiring and strengthening the employability of women and people with disabilities.

As described under the PS1 section above, Nexa reports corporate activities aligned with the
GRI Standards regarding non-discrimination, diversity and equal opportunities.

HEALTH AND SAFETY

Nexa has adopted occupational health and safety (OHS) policies to ensure the protection and
promotion of the safety, human health, and welfare of employees. Nexa implements 12
“Golden Rules”, to ensure the safety of company and outsourced employees. These are based
on critical risk standards and other safety management tools Nexa has implemented, such as
the use of seat belts, restrictions on the use of cell phones and a ban on working under the
influence of alcohol or drugs. Failure to comply with any rule may lead to a warning,
suspension, or even termination. The identification of non-compliance with a rule goes through
a structured process, with evidence gathering, evaluation and, if deemed applicable, a penalty
(Nexa, 2019).

Nexa has a Health and Safety Master Plan which is used to identify occupational risks and
apply early diagnosis protocol for occupational diseases. This is part of the shared
management model for Occupational Hygiene and Health, a program that aims to mitigate
risks, share knowledge and responsibilities with preventive methods and practices with all
employees. The program is managed by the Corporate Quality of Life Committee, composed
of representatives of Health and Safety, Head of Department and Corporate Communication,
as well as representatives of the units, defined by each local committee. The corporate
committee defines the guidelines and actions that must be implemented in all units while the
local Quality of Life Committees are responsible for implementing corporate and local actions
pursuant to the demands of each unit (Nexa, 2019).

Corporately, Nexa reports on its health and safety performance and safety is a prioritized topic
on the agenda in weekly Board of Executive Officers meetings and in the scheduled meetings
of managers with their teams. Safety is also part of the Board of Directors’ meetings, with

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quarterly assessment of the indicators and planning for the following quarter (Nexa, 2019).
For 2020, Nexa’s Sustainability Master Plan foresees health and safety initiatives for the
transformation of culture and behavior, to improve company infrastructure for routine activities
and for the management of the area. These are divided into Crucially Important Goals, for
which 18 projects will be developed over the next five years (Nexa, 2019). According to the
2019 annual report, Nexa maintains Daily Safety Dialogues to assist employees in their
perception of the risks in their workplace environment, as well as managerial inspections in
operational areas, along with other safety management tools. The risks of the activities are
surveyed, and control measures are implemented. These may include engineering (such as
the need to install physical barriers), procedures (written standards, work rules that guarantee
safety) or be related to personal or collective protection equipment. For outsourced
employees, the survey is conducted in conjunction with the leadership and the outsourced
company’s safety team (Nexa, 2019).

Site-specific information for occupational health and safety plans were unavailable for review
at the time of writing this Technical Report. The annual report indicates that the total recorded
injuries 2017 was 200, 174 in 2018 and 161 in 2019. There were seven fatalities in 2017, none
in 2018 and one in 2019 (Nexa, 2019). Nexa established an internal indicator in 2017 called
the “Nexa Internal Rate” to measure safety effectiveness (Nexa, 2019). In the case of fatalities,
sanctions are applied to the executives (Nexa, 2019). Nexa provided data on health and safety
incidents at Aripuanã in a presentation dated July 2020. There were nine recorded near-
misses, no fatalities, six personal injuries and nine incidents where assets were damaged
reported for 2020 until the end of July.

In 2019, Nexa implemented a health and well-being challenge to encourage behavioral change
and the practice of physical activities, called “Go Nexa”. Some 1,900 people enrolled in the
program. At the end of the year, during the awards event, the three winning teams were
recognized for their efforts. Nexa’s overall health index rose by 14% in three months, from 6.4
to 7.4 (Nexa, 2019). In 2019 Nexa also continued the Live Better Program that had been
established in 2017, which 100% of Nexa’s units, with corporate actions and initiatives from
each unit, according to the local situation and the risks related to the lifestyles of employees
and their families. In 2019, 88% of Nexa units implemented actions related to health and well-
being in local communities (Nexa, 2019).

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At a Project level, construction activities had not yet been affected by the COVID-19 pandemic
at the time the 2019 annual report was published. Nexa reported that additional safety
measures and procedures were being discussed with contractors to mitigate any potential
impact of the global COVID-19 outbreak, including a revision to the construction schedule.

HUMAN RIGHTS COMPLIANCE AND MONITORING

Nexa is signatory to the Global Compact United Nations Initiative since 2017, which aims to
mobilize the business community around the world to adopt ten principles that represent
fundamental values of human rights, labor relations, the environment and the fight against
corruption. Corporately, Nexa has stated its commitment to internationally recognized human
rights and prohibits any violation of human rights in its operations and suppliers. Suppliers are
asked to provide information regarding both social responsibility and human rights
preservation. The 2019 annual report states a target of maintaining the evaluation cycles of
suppliers in Brazil and Peru and inclusion of new categories in the supplier monitoring process
(Nexa, 2019). Nexa reported that in 2019, there were no complaints of non-compliance with
any requirements related to human rights impacts, across its operations. Furthermore, Nexa
is also seeking to review all outside suppliers for their conformity with human rights ethics. As
of 2019, approximately half of its suppliers had been reviewed, with no known records of any
human rights violations.

GRIEVANCE SYSTEM
There are procedures in place for employees and contractors to report grievances and ethical
violations, including directly to management, via telephone and online. At the time of writing
this Technical Report, there were no specific reports on the number of grievances or ethical
violations relevant to Aripuanã.

The 2019 annual report states that Nexa did not register any strikes that lasted for more than
seven days during the year, which the company believes demonstrates their ability to establish
an open dialogue with employees and labor unions (Nexa, 2019).

COMMUNITY HEALTH AND SAFETY

CORPORATE COMMITMENTS AND PROGRESS
Corporately, Nexa has made several commitments to improve community health and safety,
as well as the overall well-being of community members. The Nexa 2019 annual report

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indicates that during 2019, the company made progress with regard to community health and
safety as described below (Nexa, 2019):
1. Health support and epidemiological surveillance – through training for the management
of health services; expansion of health coverage in the Conselvan district; budgets and
partnerships under negotiation for the renovation and acquisition of equipment in the
Basic Health Units and emergency rooms; accreditation and training of local medical
teams; improvement in specialized care; preparation of the epidemiological
surveillance plan; and donation of vehicles for use by the teams (one panel truck, one
pickup, eight motorcycles, six bicycles, and two boats). The company made a voluntary
transfer of R$1,149 million to municipality through a cooperation agreement. The
amount is intended for the maintenance of four doctors and the purchase of supplies,
such as medicines and items for hospital use.
2. Strengthening the health and prevention system – Nexa is involved in the diagnosis of
the current situation and monitoring of long-term improvements, strengthening of public
health policies and the search for shared solutions, in addition to improving primary
care quality.
3. Housing – Nexa is building 200 new houses for employees hired outside Aripuanã, as
an item in the worker benefits package offered. The construction of new residences
aims to mitigate local real estate speculation.
4. Migrants, vulnerable communities and public management –the company continued to
implement a program to strengthen the network for the protection of the rights of
children and adolescents and to train community agents to act in the prevention of
violations of the rights of youths and women. The company reports that it promoted a
project in Conselvan, one of the districts with the greatest social vulnerability, to
disseminate restorative practices in education, in which the company certified 32
education professionals (72% of the program’s target audience). The company also
inaugurated two Migrants Support Centers which will offer guidance and assistance to
migrants, in addition to serving as a channel for dialogue with the social assistance
network and other public policies in the municipality.
5. Entrepreneurship and local suppliers – The company now requires that suppliers for
social projects must commit to conduct their activities in accordance with the Nexa
social responsibility requirements. These include guarantees about human rights,
support for local development, promotion of safety and a healthy workplace,
compliance with the Social Golden Rules and the 15 Community Relationship Protocol
rules. In 2019, the second edition of the Opportunities Meeting was held in Cuiabá (the
state capital city located approximately 938 km from the Project), which brought
together 70 entrepreneurs, public managers, consultants, self-employed professionals
and commercial representatives to learn about the project, the future demands for
goods and services and our supplier management policy. Nexa initiated the Local
Entrepreneurs and Suppliers Development Program, designed to support the
sustainable and integrated growth of existing production activities and new businesses.
6. Indigenous People – The company aims to develop local production chains, expand
the opportunities for coexistence and participation of the Indigenous community and
safeguard their territories and culture, avoiding the emptying of villages and loss of
identity.

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PROJECT LEVEL COMMITMENTS AND SOCIAL INITIATIVES

At the Project level, the EIA identified several positive and negative impacts on the community
as described in the PS1 section above. The Project has developed an Integrated Socio-
economic Plan and an Indigenous Population management plan. These two plans are aimed
at managing and mitigating the social risks and impacts identified in the EIA.

Key objectives of Integrated Socio-economic Plan which are aimed at managing potential
community health impacts include:
• Strengthening of the health care system.
• Assisting with improving solid waste management in urban and rural areas.
• Supporting projects for the proper management of sewage.
• Providing health, safety and environmental education for different audiences
(community, school, etc.).
• Assisting with management of an influx of people to the area.
• Assisting with managing the access routes used by Nexa for the flow of traffic and
manage the movement of light and heavy vehicles.
• Contributing towards better teaching conditions for the population of Aripuanã.
• Reducing and preventing the occurrence of human rights violations with respect to
children, adolescents, women, the elderly and people with disabilities.

The proponent has provided a lengthy list of social initiatives implemented for the Project
during 2019 and 2020. These focus on the following areas:
• Community awareness training on prevention of sexually transmitted disease, teenage
pregnancy, women’s health.
• Upgrades to the emergency room of the municipal hospital.
• Training of teachers.
• Promotion of leisure, culture and sport activities aimed at the care of children,
adolescents and young people.
• Implementation of two Migrant Care Centers (CAM) and Database. This includes
monitoring the influx of migrants.
• Supporting the economic development of the municipality of Aripuanã, with the creation
of incentives for the expansion, diversification and training of local productive activities.
• Installation and maintenance of information and warning signs on roads.
• Promotion and expansion of the culture of road safety throughout the municipality of
Aripuanã.
• Identification and empowering of the main community and project leaders, in topics
related to citizenship, human rights, social participation among others.
• Promotion of a campaign on sexual rights violations.

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• Contributing to improved performance of the municipality of Aripuanã regarding safety

of the community, through training in public security and the developing an integrated
action plan that community safety with relevant stakeholders.
• Preparation of training courses in planning and management for public servants.
• Response to sponsorship requests, donations and related demands.
• Integration workshops, dissemination of information in newspapers and magazines and
in programs or spots on radios of local and regional scope.

Specific initiatives or programs directed at Indigenous Communities and are discussed below.

LAND ACQUISITION AND INVOLUNTARY RESETTLEMENT

No resettlement will be required to implement the Project.

INDIGENOUS PEOPLES
GENERAL CONTEXT
According to the 2019 annual report, Nexa operations are not located on Indigenous or
immediately adjacent lands. This developing Project is also not located on Indigenous lands,
but it is located adjacent to such lands as described below. The annual report also states that
Nexa aims to develop local production chains, expand the opportunities for coexistence and
participation of the Indigenous community, and safeguard their territories and culture, avoiding
the emptying of villages and loss of identity (Nexa, 2019).

The 2017 EIA described two Indigenous villages located approximately 10 km to 12 km from
the Project: Arara do Rio Branco with an area of approximately 114,842 ha and Povo Cinta
Larga with an area or approximately 750,649 ha. The total population was stated as being
512, 74 of whom live in areas outside of the villages.

ENGAGEMENT WITH INDIGENOUS COMMUNITIES

Consultation with Indigenous Peoples regarding Project impacts and mitigation were
undertaken under the tutelage and consent of National Historical and Artistic Heritage Institute
(IPHAN) with National Indian Foundation (FUNAI) during the preparation of the 2017 EIA.

In 2018, Nexa commissioned a study on the Indigenous Component of the Indigenous Lands
Aripuanã and Arara do Rio Branco, within the framework of the Environmental Licensing
Process of the Aripuanã Mining Project (Comtexto, September 2018). The study methods

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were developed based on a ToR issued by FUNAI and through consultation with the
Indigenous Communities of Arara and Cinta Larga. Indigenous researchers were trained and
conducted surveys in the villages of the Aripuanã and Arara Indigenous Lands of Rio Branco.
A series of participatory workshops were also held to gather information, for example Ethno-
mapping workshops. The study findings were shared through workshops with Indigenous
Communities before the report was finalized.

As previously mentioned, Nexa implements a complaint register guided by Nexa’s Order and
Complaint Procedure. When asked if there were any complaints, issues or concerns raised
specifically by Indigenous People or Communities, Nexa responded that at the time of writing
this report, there were no records of such complaints.

No specific information was available on recent engagement in 2019 or 2020 with Indigenous
Communities at the time of writing this report, however, Nexa has indicated that progress has
been made with regard to agreements with Indigenous People and the mitigation of
environmental impacts on these communities.

IMPACT AVOIDANCE AND MINIMIZATION

The Project made efforts to reduce potential environmental and social impacts. Various
adjustments were made to the Project such as the use of underground mining methods as
opposed to open pit mining which was initially considered and using some of the tailings for
backfill underground instead of depositing all of the tailings on surface. The overall footprint
was optimized and efforts were made to place infrastructure in areas already affected by
anthropogenic activities.

IDENTIFICATION AND ASSESSMENT OF POTENTIAL IMPACTS ON INDIGENOUS LANDS AND

COMMUNITIES
As mentioned above, in 2018 Nexa commissioned a study on the Indigenous Component of
the Indigenous Lands Aripuanã and Arara do Rio Branco, within the framework of the
Environmental Licensing Process of the Aripuanã Mining Project (Comtexto, September
2018). The objective of the study was to assess the environmental and socio-cultural impacts
arising from the Project on the communities of the Arara and Cinta Larga Indigenous People
who inhabit the Arara Indigenous Lands of Rio Branco and Aripuanã. The resultant report
describes:
• Study methodology and activities
• Environmental characterization of Indigenous Lands and Communities

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• Socio-cultural characterization of Indigenous Lands and Communities

• Social, political, and economic organization of the Indigenous Communities
• Characterization of the environmental and social impacts
• Alternatives assessment
• Monitoring, control, mitigation, and compensation measures

The study methods were developed based on a ToR issued by National Indian Foundation
(FUNAI) and through consultation with the Indigenous Communities of Arara and Cinta Larga.
Desktop research was followed with primary data collection in the field. Indigenous
researchers were trained and conducted surveys in the villages of the Aripuanã and Arara
Indigenous Lands of Rio Branco. A series of participatory workshops were also held to gather
information, for example Ethno-mapping workshops. The study findings were shared through
workshops with Indigenous Communities before the report was finalized. The perceptions of
the Indigenous Communities on the potential impacts were specifically investigated through
personal interviews, questionnaire, Ethno-mapping workshops and collective conversations.

The potential impacts were identified taking into account the location of Indigenous
Communities, territories and how these communities use the land for fishing, hunting,
harvesting and feedback from Indigenous communities. For example, potential surface water
impacts included a change in the availability of quality of water available to Indigenous
Communities. The Aripuanã River is very important for the Arara because its banks are areas
of traditional use for collection, fishing and harvesting. There was therefore concern among
the Arara People regarding these potential impacts. The report described the river systems
and concluded that the Project is situated a significant distance upstream of these communities
that no surface water impacts should occur upon Ingenious territories, especially when
implementing the management measures outlined in the EIA. However, management
measures over and above the measures stated in the 2017 EIA were still developed. For
example a “sub-program” was developed for Environmental Monitoring Control, with emphasis
on water resources. There is a range of “subprograms” developed to specifically address
potential Impacts on Indigenous Communities and their territories as described in Table 20-3.
Detailed workplans were developed for each of the subprograms identified.

Impacts on Indigenous Communities, as well as the management plans, are identified in

Table 20-3.

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TABLE 20-3 IMPACTS ON INDIGENOUS COMMUNITIES AND IDENTIFIED

MANAGEMENT MEASURES (COMTEXTO CONSULTING, 2018)
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Impact Identified Management Measures

Change in the availability and quality of surface • Indigenous Subprogram for Environmental Monitoring and
water resources Control, focusing on surface water.
• Water Effluent Management Plan
• Recovery Degraded Area Recovery Plan.

Vibration generated by blasting activities • Indigenous Subprogram for Environmental Monitoring and
Control
• Indigenous Subprogram for Communication
• Vibration Control and Monitoring.

Increased pressure on indigenous fauna due to • Indigenous Subprogram of Environmental Monitoring and
hunting and harvesting. Control, focusing on wildlife.
• Indigenous Subprogram of Management and Territorial
Protection.
• Indigenous Subprogram to Support Productive Activities
and Indigenous Ethnic development.
• Fauna Connectivity Program: Creation of Conservation
Units, Environmental Education, Vibration Control and
Monitoring Program.

Impacts on the quality of fish in Indigenous • Indigenous Subprogram of Environmental Monitoring and
Lands due to the potential pollution of surface Control, including actions for evaluation of heavy metals in
water. fish tissues in the Branco River
• Indigenous Subprogram to Support Productive Activities
and Indigenous Ethno-development
• Indigenous Subprogram of Management and Territorial
Protection
• Water Effluent Management Plan.

An increase in traffic on local roads generating • Indigenous Subprogram for Communication.

nuisance and safety risks. • Road signaling and standardization for Project vehicles.

Social ills such as an increase in prostitution, • Indigenous Subprogram for Communication

drug abuse, unwanted pregnancies, sexually • Indigenous Subprogram for Complementary Support to
transmitted disease etc. Indigenous Schools
• Socio-economic indicator monitoring
• Provide health support and epidemiological surveillance.

Increased pressure on public services used by • Indigenous Subprogram for Institutional Strengthening
Indigenous Communities • Indigenous Subprogram for Complementary Support to
Indigenous Schools
• Socio-economic indicator monitoring
• Provide health support and epidemiological surveillance.

Generation of expectations in Indigenous • Indigenous Subprogram for Communication.

families and communities regarding jobs, and
concerns regarding environmental impacts.

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Impact Identified Management Measures

Intensifying pressure on cultural heritage • Indigenous Subprogram for Institutional Strengthening
• Indigenous Subprogram for Complementary Support to
Indigenous Schools
• Indigenous Subprogram for the protection of Indigenous
Cultural Resources.

Pressure on the organization and socio-political • Indigenous Subprogram for Institutional Strengthening.
representativeness of Indigenous People

Economic “slowdown” of Indigenous families • Indigenous Subprogram for Communication

and communities upon mine closure • Indigenous Subprogram for the protection of Indigenous
Cultural Resources.

Intensification of territorial pressure on • Indigenous Subprogram for Communication

Indigenous Lands and their natural resources • Indigenous Subprogram for Institutional Strengthening
• Indigenous Subprogram for Territorial Protection and
Management.

Concern regarding the fate of archeological • Program of Management of Archaeological, Historical,

resources in the Project area. Cultural and Ethno-archaeological Heritage.
• Indigenous Subprogram for the monitoring of
archaeological prospecting.

There are general programs for training and development of entrepreneurs which the 2018
report indicates will apply to Indigenous Communities, however, there does not seem to be
preferential hiring, training and development of Indigenous People specifically.

As previously mentioned, Nexa has provided a lengthy list of social initiatives implemented for
the Project during 2019 and 2020. Specific initiatives or programs directed at Indigenous
Communities follow on from the 2018 study which identified management actions. This shows
progress in implementing the management measures identified. The relevant social initiatives
include:
• Supporting productive activities and Indigenous Ethno-development
• Institutional strengthening program
• Indigenous cultural protection program
• Indigenous school education program
• Indigenous health program
• Protection of cultural resources
• Management and territorial protection
• Indigenous communications program

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When considering the United Nations Declaration of the Rights of Indigenous People, the
Project is not expected to infringe on these rights according to the documentation reviewed. It
should, however, be noted that SLR does not have information on potential historical claims
on the Project area by Indigenous People.

CULTURAL HERITAGE
Archaeological studies performed in the direct and indirect area of influence of the Project
showed no archaeological remains. This included site surveys in the direct and indirect areas
of influence as reported in the 2017 EIA. It was noted that, additional studies would be
performed to confirm these findings. In February 2019 Nexa documented the steps taken to
obtain the First Installation Licence with respect to Archeological, historical and cultural
heritage.

When asked specifically about heritage resources, Nexa responded that all the existing
archaeological sites in the Project area have been mapped, demarcated for protection, and
registered under guardianship with the responsible national agency (IPHAN). It is noted,
however, that there is no record of a Chance Find Procedure developed or implemented on
site.

The Project is not expected to make use of cultural resources.

MINE CLOSURE REQUIREMENTS

A Conceptual Mine Closure Plan was developed in October 2018. The main objective of the
plan is to present proposals and solutions to be implemented before, during and after mine
closure in order to avoid, eliminate or minimize long-term environmental liabilities and possible
future obligations. The plan was submitted to SEMA for approval both in the EIA phase and
in the application for the Implementation Licence. Update plans with greater level of detail will
have to be prepared in the future to meet requirements of the Operation Licence and
environmental licences. No specific frequency for submission and review of updated plans is
defined in the Brazilian legislation. However, Nexa has developed an internal standard for
mine closure that defines stages for preparation of the Mine Closure Plan updates (standard
PG-SUS-GMA-003-PT).

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The current plan provides the minimum requirements for the effective planning of mine closure
activities, including the necessary provisioning of resources. The plan identifies three key
phases:
• Pre-closure Phase: period of two years before the start of decommissioning and
execution of works and rehabilitation work, when execution plans should be prepared.
• Closure Phase: decommissioning period and execution of works.
• Post-closure Phase: period of environmental stabilization, monitoring and verification
of physical, biological and socioeconomic stability, including continuous maintenance
activities. For this phase, an initial period of five years after the end of the previous
phase is adopted for the structures to be decommissioned, and this period may be
prolonged if necessary. It is emphasized that the water dam will have a longer
monitoring period, estimated at 10 years after closure.

The plan provides a detailed outline of the legal framework for closure planning within mining
law and environmental law. Municipal legislation was also considered.

The plan includes:

• Closure objectives
• Applicable legal requirements
• Socio-economic aspects
• Alternatives considered and the selection of future land use
• Current environmental and social conditions
• Identification of environmental and social impacts at closure
• Conceptual plan for closure
• Actions and monitoring programs for post-closure
• Closure cost estimate

Some of these aspects are discussed in more detail below.

CLOSURE ALTERNATIVES CONSIDERED

Four alternatives of future use of the area were evaluated (SETE, 2018):
• Alternative A ‐ Integral Protection Conservation Unit: Most infrastructure will be
removed; contaminated soils will be treated where required and the area will be
rehabilitated and re-vegetated with native plant species. Minimal infrastructure
remaining for use of safety and maintenance personnel for the required post-closure
activities. The area will become a Conservation Unit and an agreement will be put in
place with a public institution for the management of the Conservation Unit.

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• Alternative B ‐ Sustainable Use Conservation Unit + Technical School for Biodiversity

Conservation and Development of Amazonian Communities: As with alternative A,
most infrastructure will be removed; contaminated soils will be treated where required
and the area will be rehabilitated and re-vegetated with native plant species and a
Conservation Unit established and maintained by a public institution. However, some
infrastructure will be retained for the development of a technical school for the local
communities. This includes the administrative offices and some electrical
infrastructure.
• Alternative C - Industrial District + Industrial Technical School: Most infrastructure will
be removed and rehabilitated, but some infrastructure will be retained for the
development of an industrial technical school and an industrial district. The
administrative offices and some electrical infrastructure will remain, part of the
processing plant (without crushers and equipment), support sheds and workshops as
well as the sewage treatment plant and water supply dam will continue to operate to
support these activities.
• Alternative D - Agro-industrial District + Agricultural Technical: Similar to alternative C
but the infrastructure will be used for developing an agricultural technical school and
an agro-industrial district. The administrative offices and some electrical infrastructure
will remain, part of the processing plant (without crushers and equipment), support
sheds, and workshops as well as the sewage treatment plant and water supply dam
will continue to operate to support these activities.

These alternatives are being evaluated by Nexa, however, for the time being, all of the
alternatives are being considered and have been costed for in the financial closure costing.
The costing is provided later in this section.

CONCEPTUAL PLAN FOR CLOSURE

A summary of pre-closure, closure and post-closure activities for all of the closure alternatives
is provided in Table 20-4.

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Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

TABLE 20-4 SUMMARY OF PRE-CLOSURE, CLOSURE AND POST-CLOSURE ACTIVITIES (SETE, 2018)
Nexa Resources S.A. – Aripuanã Zinc Project

Infrastructure/Component Pre-closure (preparation for Closure Post-closure

decommissioning)
Underground mine (planned • Reassessment of specific environmental • Securing the access openings and the • Geochemical monitoring
to stop production in 2044) impacts resulting from the closure of the ventilation wells. • Hydrogeological monitoring
underground mine. • Disassembly of surface support structures • Solid waste management.
• Plan for removal of ventilation • Removal of ventilation structures, pumping
structures, pumping and recirculation/ and recirculation/ treatment of water and
treatment of water and electrical electrical system.
system.

Support facilities on surface • Investigate soil contamination in the • Execution of electrical, hydraulic and • Geochemical monitoring
e.g. offices, maintenance workshop and fuel station areas. mechanical disassembly and pipe networks • Monitoring of revegetation
workshops, fuel station etc. • Plan for disassembly, demolition and • Transport and storage of materials and • Monitoring of air quality
disposal of structures. equipment • Monitoring of soil erosion
• Partial demolition of concrete structures • Solid waste management.
• Soil decontamination, if necessary
• Topographic regularization of the area i.e.
sloping of the area

Water dam • Study for the rehabilitation and • For alternative 2: • Monitoring of revegetation
Two alternatives for future revegetation of the area. • Emptying of the reservoir and removal of • Monitoring of soil erosion
uses for water dam were retaining structures • Solid waste management.
evaluated: • Removal of hydraulic system and spillway
Maintenance of the dam for • Surface sloping and rehabilitation and
use of the Agro-industrial revegetation of the area with grass species
District and native tree and shrub.

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Removal and recovery of the
reservoir area.
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Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Infrastructure/Component Pre-closure (preparation for Closure Post-closure

decommissioning)
Processing plant • Investigate soil contamination • Execution of electrical, hydraulic and • Floors, drainage systems and
• Plan for the disassembly, demolition mechanical disassembly and pipe networks building facilities and some sheds for
and disposal of structures, with • Transportation and storage of materials and use in the industrial district should be
quantitative survey of structures and equipment maintained.
equipment for the establishment of • Partial demolition of the concrete structures of • The water treatment plant, the power
reuse and commercialization actions. the plant substation, the solid waste storage
• Soil decontamination if necessary. shed and the laboratory should also
be maintained for use in the
industrial district.
• Geochemical monitoring
• Monitoring of soil erosion
• Solid waste management.

Administrative facilities, • None. • Maintenance of facilities for use of the industrial district.
consisting of offices,
restaurant, medical service
and warehouse, sanitary
effluent treatment plant.
Planned for use after closure
by the district.

Topsoil stockpile • Evaluate the topsoil conditions for its • The stored material will be removed for the • Monitoring of revegetation
use in rehabilitation. rehabilitation of other areas
• After the removal of the material, the area will
be rehabilitated and revegetated with the
implantation of grasses and native tree and
shrub species

Waste rock dump or pile • Studies and geotechnical evaluation • Cover with a layer of waterproof compacted • Geochemical monitoring
considering the potential for acid clay with a thickness of 0.4 meters. • Geotechnical monitoring

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drainage generation. • Implement surface drainage devices • Monitoring of revegetation
• Surface drainage and sediment • Implement a sediment containment system, if • Monitoring of erosion.
containment design for final dump necessary
configuration • Implement a passive water treatment system,
if necessary
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• Revegetation.
Technical Report NI 43-101 – November 17, 2020
Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Infrastructure/Component Pre-closure (preparation for Closure Post-closure

decommissioning)

Tailings dam • Studies and geotechnical evaluation • Cover with a layer of waterproof compacted • Geochemical monitoring
considering the potential for acid clay with a thickness of 0.9 meters. • Geotechnical monitoring
drainage generation. • Implement surface drainage devices • Monitoring of revegetation
• Surface drainage and sediment • Implement a sediment containment system, if • Monitoring of erosion.
containment design for final dump necessary
configuration • Implement a passive water treatment system,
if necessary
• Revegetation.

Access roads • Assess the adequacy of surface • The main access routes should be maintained • Monitoring of revegetation.
Planned for use after closure drainage and sediment containment for the activities of the district
by the district. systems. • Unused roads must be cleared and
rehabilitated.

Previously mined areas on • A confirmatory research program will be To be determined To be determined

the banks of the Maranhão drawn up on the potential for soil and
stream in the Area of the water contamination.
Aripuanã Project (legacy • If contamination of the mined areas is
liability) confirmed, a project to rehabilitate the
area should be prepared.

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ACTIONS AND MONITORING PROGRAMS

The identified management actions and programs are as follows (SETE, 2018):
• Geochemical Monitoring Actions and Programs
• Geotechnical Monitoring Program
• Monitoring of Water and Liquid Effluent Quality
• Program for the Control of Atmospheric Emissions and Environmental Noise (during
decommissioning)
• Solid Waste and Hazardous Products Management (during decommissioning)
• Erosive Processes and Silting Process Control Program
• Degraded Areas Recovery Plan
• Program of Monitoring of Flora and Fauna in Areas under Rehabilitation
• Stakeholder engagement program
• Socio-economics Monitoring Program
• Local Manpower Qualification Program
• Involvement Program for Interested Communities (Community Strengthening)
• Stakeholder Engagement Programme including Indigenous Programs
• Closure Socio-Environmental Performance Monitoring Program
• Monitoring aspects relevant to the decommissioning of the water supply dam

CLOSURE COST ESTIMATE

Detailed cost sheets are provided in the Conceptual Closure Report which assumed that the
mine will operate from 2020 to 2044 and that some post-closure activities will be carried out
by the year 2054. The costs were estimated for the various future land use alternatives
evaluated as follows (SETE, 2018):
• Alternative A ‐ Integral Protection Conservation Unit: US$123,793.52
• Alternative B ‐ Sustainable Use Conservation Unit + Technical School for Biodiversity
Conservation and Development of Amazonian Communities: US$109,141.27
• Alternatives C and D Industrial District + Industrial Technical School / Agro-industrial
District + Agricultural Technical: US$102,263.04.

A financial assurance was provided by Nexa consistent with the internal Corporate Policy PC-
COP-GCT-022-EN that establishes general guidelines for decommissioning considering the
Asset Retirement Obligation (ARO) procedure and Environmental Liabilities. The ARO is an
accounting procedure that requires companies to recognize the fair value of future obligations
for the dismantling and removal of long-lived assets, in order to ensure their balance sheets
are more accurate. From an environmental perspective, they refer to future obligations to

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restore/recover the environment to ecological conditions that are similar to those existing
before the start of the project or activity. In cases where it is impossible to return to the pre-
existing conditions, there is an obligation to carry out compensatory measures to be agreed
with the relevant entities.

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21 CAPITAL AND OPERATING COSTS

CAPITAL COSTS
PRE-PRODUCTION CAPITAL
Pre-production capital costs were estimated by Nexa using a combination of contracts already
awarded (the greater part of the commitments), quotations, and factored estimates. A new
baseline capital cost estimate was completed in August 2020, with an estimated accuracy of
±5% and a base date of July 2020.

The breakdown of sources for the cost estimate is:

• Project commitments – 75% of direct capital costs
• Costs provided by Nexa – 17% of direct capital costs
• Contingency – 3% of direct capital costs
• Quotes provided by Nexa – 3% of direct capital costs
• Allowances – 2% of direct capital costs

Costs were estimated in Brazilian reais, with 96% of the estimate originating in this currency,
and 4% of costs originating in US$, a conversion rate of R$5.16:US$1.00 was used. Upon
completion of the capital cost re-baseline in Q3 2020, total capital costs in Brazilian reais were
converted to US$ for economic evaluation using an exchange rate of R$5.25: US$1.00.

Pre-production capital costs remaining totalling US$228.2 million are summarized in Table 21-
1.

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TABLE 21-1 PRE-PRODUCTION CAPITAL COST ESTIMATE

Nexa Resources S.A. – Aripuanã Zinc Project

Area Category Units Initial Costs

Mine Development US$ millions 25.2
Mobile Equipment US$ millions 4.5
Plant & Infrastructure Site Prep & Earthworks US$ millions 53.9
Civil & Roadwork US$ millions 14.7
Steelwork US$ millions 2.4
Electrical US$ millions 12.6
Instrumentation US$ millions 8.4
Mechanical Equipment US$ millions 14.9
Piping US$ millions 8.3
Subtotal Direct Costs US$ millions 144.9
Indirect Costs EPCM US$ millions 7.2
Temporary Services US$ millions 7.3
Owner’s Team US$ millions 10.2
Other US$ millions 42.6
Subtotal Indirects US$ millions 67.3
Contingency US$ millions 16.0
Total Capital Cost US$ millions 228.2

Contingency comprises 7.6% of direct and indirect capital costs, which RPA considers to be
reasonable for the current stage of the Project. In the second half of 2020 US$121 million will
have been spent for a total of $318 million spent up to the end of 2020.

SUSTAINING CAPITAL
Sustaining capital was estimated by Nexa, with the majority of the costs consisting of mine
development and mobile equipment. Sustaining capital is summarized in Table 21-2.

TABLE 21-2 SUSTAINING CAPITAL COST ESTIMATE

Nexa Resources S.A. – Aripuanã Zinc Project

Sustaining
Area Category Units
Costs
Mine Development US$ millions 65.8
Mobile Equipment US$ millions 56.4
Plant & Infrastructure Dry Stack Tailings US$ millions 20.4
Other US$ millions 38.9
Total Sustaining Cost US$ millions 181.5

Closure costs are estimated at an additional US$19.94 million.

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CONSTRUCTION PROGRESS
The Project schedule has been impacted by internal and external factors leading to the
estimated capital costs of the Project increasing to US$547 million compared to US$392 million
estimated in the feasibility study. Cost increases and schedule delays resulted primarily from,
among other factors:
• Delays in detailed engineering and outcomes of detailed engineering resulting in
increases in quantities including earthworks and construction materials, investment in
mine development, consumables, and spare parts, among others;
• Additional infrastructure services due to issues experienced during earthworks
activities;
• Additional scope such as new equipment and infrastructure items in the process plant
and in the tailings dry stack piles;
• Increase in third-party services;
• Upgrades at the Dardanelos electrical substation;
• Logistics constraints on the upgrade of the Aripuanã river bridge;
• The COVID-19 pandemic.

Capital costs up to 2Q20 amounted to US$201 million. Nexa forecasts that an additional
US$117 million will be incurred in 2H20, US$227 million in 2021, and US$1 million in 2022,
totalling US$547 million. An additional US$201 million of sustaining capital is estimated over
the LOM, which includes US$66 million in mine development and US$20 million in mine
closure costs. The remaining capital will be provided by Nexa’s current cash position, future
cash generation, and a long-term loan agreement with BNDES of approximately US$140
million that matures in 2040.

Actions undertaken by Nexa to address capital cost and schedule issues and mitigate further
risk include:
• Reorganization of the project management team and added resources
• Revisions to the scope of key contractors
• Replacement of the Engineering, Procurement and Construction Management (EPCM)
team by an Integrated Owners Team (IOT) to improve communication with all
stakeholders and ensure better control of the Project.

Current status:
• The scope definition has been revised and fixed.
• 99% of detailed engineering has been completed.

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• All of the long-lead items and critical packages were awarded in 2019/2020 (80% of
procurement has been completed).
• 70% of long-lead equipment has been delivered to site (including the SAG mill, vertical
mills and ball mill, crushers, flotation columns, flotation cells, and thickeners).
• 100% of construction packages have been awarded and renegotiated, taking into
consideration new quantities and scope changes.
• All permits have been obtained and all the environmental programs are in place.

Overall Project physical progress reached 51.4% at the end of August 2020 and is advancing
according to the updated plan. The Project schedule and capital costs are subject to the
successful execution of the updated project plan. COVID-19 impacts have been incorporated
into the updated schedule and the revised capital cost estimate based on current conditions.
Potential additional impact on the Project’s current schedule and estimated capital costs will
continue to be evaluated.

OPERATING COSTS
Operating costs, averaging US$73 million per year at full production, were estimated for
mining, processing, and G&A. Operating cost inputs such as labour rates, consumables, and
supplies were based on Nexa operating data. A summary of operating costs is shown in Table
21-3.

TABLE 21-3 OPERATING COST ESTIMATE

Nexa Resources S.A. – Aripuanã Zinc Project

Total LOM Average Year LOM Unit Cost

Parameter
(US$ millions) (US$ millions/yr) (US$/t)
Mining 361 32.8 15.34
Processing 313 28.5 13.31
G&A 134 12.2 5.69
Total 886 73.5 34.35

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22 ECONOMIC ANALYSIS
An after-tax Cash Flow Projection has been generated from the LOM production schedule and
capital and operating cost estimates, and is summarized in Table 22-1. A summary of the key
criteria is provided below.

ECONOMIC CRITERIA
REVENUE
• LOM processing of 23.5 Mt, grading 3.7% Zn, 1.4% Pb, 0.3% Cu, 34 g/t Ag and 0.3 g/t
Au.
• LOM average metallurgical recovery of 89% Zn, 83% Pb, 71% Cu, 75% Ag and 67%
Au.
• LOM average metal payable of 85% Zn, 95% Pb, 96% Cu, 83% Ag and 83% Au.
• LOM payable metal of 713 kt Zn, 251 kt Pb, 41 kt Cu, 16,654 koz Ag and 131 koz Au.
• LOM metal prices derived from Nexa’s Internal Projection forecasts converging on
long-term prices of US$1.11/lb Zn, US$0.87/lb Pb, US$3.01/lb Cu, US$16.87/oz Ag,
and US$1,500/oz Au from 2026 onwards.
• All revenues are received in US$.
• Total gross revenue of US$3,028 million.
• Total offsite treatment, transportation, and refining charges of US$422 million.
• Total royalties of US$113 million.
• Net revenue of US$2,541 million.
• Average unit net revenue of US$94/t processed.
• Revenue is recognized at the time of production.

COSTS
• Mine life: 11 years.
• LOM production plan as summarized in Table 16-4.
• Pre-production capital remaining totals US$228 million from 2021 onward.
• Pre-production capital expected to be spent by the end of 2020 (since 2018) totals
US$318 million, US$121 million of which will be spent in the second half of 2020.
• Sustaining capital over the LOM totals US$201 million.
• Average operating cost over the mine life is US$34.35/t processed.

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• Costs were estimated in Brazilian reais (R$) at an exchange rate of R$4.80:US$1.00.

The cash flow has incorporated an increased exchange rate compared to the long-term
forecast exchange rate of R$3.67:US$1.00 that was assumed during the design
process.

TAXATION AND ROYALTIES

RPA has relied on a Nexa taxation model for calculation of income taxes applicable to the cash
flow.

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Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

TABLE 22-1 AFTER-TAX CASH FLOW SUMMARY

Nexa Resources S.A. – Aripuanã Zinc Project

Cash Flow Summary Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16
Aripuanã Project
Inputs UNITS TOTAL 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
MINING
Underground
Operating Days 365 days 30 100 365 365 365 365 365 365 365 365 365 365 365 365 365
Tonnes mined per day tonnes / day 5,241.7 1,325 3,478 3,589 5,891 6,050 5,908 5,931 6,073 6,260 6,250 6,062 6,155 5,170 - -

Production '000 tonnes 23,507 40 348 1,310 2,150 2,208 2,157 2,165 2,217 2,285 2,281 2,213 2,247 1,887 - -
Zn Grade % 3.7% 1.6% 2.9% 3.2% 3.8% 3.9% 3.5% 3.6% 3.6% 4.0% 3.9% 3.3% 3.7% 3.8% 0.0% 0.0%
Pb Grade % 1.4% 0.4% 1.1% 1.2% 1.3% 1.4% 1.3% 1.3% 1.3% 1.6% 1.4% 1.3% 1.4% 1.4% 0.0% 0.0%
Cu Grade % 0.3% 0.9% 0.5% 0.7% 0.4% 0.3% 0.3% 0.3% 0.3% 0.1% 0.1% 0.2% 0.1% 0.1% 0.0% 0.0%
Ag Grade 34.25 oz/t 1.10 0.49 0.85 1.04 1.04 1.17 1.17 1.11 1.21 1.28 1.01 0.95 1.04 1.11 - -
Au Grade 0.31 oz/t 0.010 0.016 0.014 0.020 0.014 0.009 0.013 0.011 0.010 0.006 0.005 0.011 0.007 0.008 - -
Contained Metal in ROM
Zn 000 tonnes 860 0.6 10.1 42.5 81.5 85.6 75.5 77.1 79.6 91.6 88.2 73.0 82.5 71.9 - -
Pb 000 tonnes 319 0.2 3.8 15.3 28.8 30.4 28.3 28.5 28.7 36.6 31.3 28.4 32.4 26.3 - -
Cu 000 tonnes 60 0.4 1.9 9.5 9.7 6.1 7.4 6.2 7.1 2.2 1.6 3.4 2.3 2.0 - -
Ag kozs 25,887 19.4 296.4 1,364.1 2,233.5 2,575.9 2,528.8 2,407.4 2,689.8 2,925.9 2,314.3 2,102.1 2,335.1 2,094.1 - -
Au kozs 236 0.6 4.8 25.6 30.0 20.4 28.5 24.3 21.3 14.2 10.8 24.7 16.1 14.7 - -

PROCESSING
Mill Feed '000 tonnes 23,507 - - 1,698 2,150 2,208 2,157 2,165 2,217 2,285 2,281 2,213 2,247 1,887 - -
Head grade
Zn Grade % 3.7% 3.1% 3.8% 3.9% 3.5% 3.6% 3.6% 4.0% 3.9% 3.3% 3.7% 3.8% 0.0% 0.0%
Pb Grade % 1.4% 1.1% 1.3% 1.4% 1.3% 1.3% 1.3% 1.6% 1.4% 1.3% 1.4% 1.4% 0.0% 0.0%
Cu Grade % 0.3% 0.7% 0.4% 0.3% 0.3% 0.3% 0.3% 0.1% 0.1% 0.2% 0.1% 0.1% 0.0% 0.0%
Ag Grade oz/t 1.10 0.99 1.04 1.17 1.17 1.11 1.21 1.28 1.01 0.95 1.04 1.11 - -
Au Grade oz/t 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.01 - -
Contained Zn '000 tonnes 860 53.3 81.5 85.6 75.5 77.1 79.6 91.6 88.2 73.0 82.5 71.9 - -
Contained Pb '000 tonnes 319 19.3 28.8 30.4 28.3 28.5 28.7 36.6 31.3 28.4 32.4 26.3 - -
Contained Cu '000 tonnes 60 11.7 9.7 6.1 7.4 6.2 7.1 2.2 1.6 3.4 2.3 2.0 - -
Contained Ag koz 25,887 1,679.8 2,233.5 2,575.9 2,528.8 2,407.4 2,689.8 2,925.9 2,314.3 2,102.1 2,335.1 2,094.1 - -
Contained Au koz 236 31.1 30.0 20.4 28.5 24.3 21.3 14.2 10.8 24.7 16.1 14.7 - -
Net Recovery
Zn Recovery % 89.1% 88.4% 89.2% 89.3% 88.9% 89.1% 88.4% 89.3% 89.4% 89.3% 89.2% 89.3% 0.0% 0.0%
Pb Recovery % 83.0% 82.0% 83.5% 82.5% 83.5% 84.1% 80.7% 84.6% 81.9% 83.2% 83.5% 83.1% 0.0% 0.0%
Cu Recovery % 71.0% 77.9% 75.7% 70.3% 77.8% 78.0% 75.5% 47.8% 29.3% 62.1% 47.8% 48.5% 0.0% 0.0%
Ag Recovery % 75.2% 74.0% 75.0% 75.6% 74.7% 74.9% 74.9% 75.9% 75.9% 75.1% 75.6% 75.7% 0.0% 0.0%
Au Recovery % 67.4% 66.5% 67.5% 68.4% 66.2% 66.6% 67.6% 69.4% 69.4% 66.3% 68.5% 68.0% 0.0% 0.0%
Concentrate Production
Zn Concentrate '000 tonnes 1,380 84.8 131.0 137.6 121.0 123.7 126.8 147.5 142.0 117.5 132.6 115.8 - -
Zn % 55.50% 55.5% 55.5% 55.5% 55.5% 55.5% 55.5% 55.5% 55.5% 55.5% 55.5% 55.5% 55.5% 55.5%
Ag oz/t 1.09 1.10 0.98 1.10 1.19 1.12 1.22 1.19 0.98 1.04 1.04 1.07 - -
Pb Concentrate '000 tonnes 461 27.6 41.8 43.6 41.1 41.6 40.3 53.9 44.5 41.1 47.1 38.1 - -
Pb % 57.50% 57.5% 57.5% 57.5% 57.5% 57.5% 57.5% 57.5% 57.5% 57.5% 57.5% 57.5% 57.5% 57.5%
Ag oz/t 27.3 28.2 25.7 29.1 29.2 27.7 31.9 27.0 25.9 24.7 24.4 27.2 - -
Au oz/t 0.06 0.11 0.09 0.07 0.06 0.06 0.07 0.05 0.04 0.06 0.05 0.06 - -
Cu Concentrate I '000 tonnes 72 16.5 10.7 2.7 11.2 9.9 7.7 1.0 0.5 6.8 2.4 2.1 - -
Cu % 30.00% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
Ag oz/t 5.30 3.9 4.0 8.2 5.8 5.1 7.7 6.3 5.7 5.2 7.9 5.6 - -
Au oz/t 0.78 0.59 0.62 1.07 0.86 0.76 0.61 0.75 1.12 1.21 0.91 1.29 - -
Cu Concentrate II '000 tonnes 70 13.9 13.6 11.6 8.1 6.2 10.2 2.5 1.1 0.2 1.2 1.1 - -
Cu % 30.00% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%

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Ag oz/t 72.04 22.26 31.48 43.81 59.44 74.73 50.44 229.54 437.64 1,755.64 368.61 378.43 - -
Au oz/t 1.06 0.56 0.71 0.69 0.81 1.00 0.68 2.56 4.66 25.09 5.06 4.79 - -

TOTAL Recovered
Zn '000 tonnes 766.0 47.1 72.7 76.4 67.2 68.6 70.4 81.8 78.8 65.2 73.6 64.2 - -
Pb '000 tonnes 264.9 15.8 24.0 25.1 23.6 23.9 23.2 31.0 25.6 23.6 27.1 21.9 - -
Cu '000 tonnes 42.4 9.1 7.3 4.3 5.8 4.8 5.4 1.1 0.5 2.1 1.1 1.0 - -
Ag koz 19,476.8 1,243.5 1,675.3 1,946.3 1,888.0 1,803.3 2,013.5 2,220.4 1,757.3 1,578.9 1,764.8 1,585.4 - -
Au koz 159.1 20.7 20.3 14.0 18.9 16.1 14.4 9.8 7.5 16.4 11.0 10.0 - -
Page 22-3

Zn equivalent kt /year 1,307 108.3 132.8 124.4 118.5 122.6 125.6 130.2 116.8 110.3 116.6 100.9 - -
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Cash Flow Summary Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16
Aripuanã Project
Inputs UNITS TOTAL 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
REVENUES
Metal Prices
Zn price $1.26 US$/t $ 2,474.52 $ 2,298.00 $ 2,539.00 $ 2,720.00 $ 2,928.00 $ 2,449.00 $ 2,449.00 $ 2,449.00 $ 2,449.00 $ 2,449.00 $ 2,449.00 $ 2,449.00 $ 2,449.00 $ 2,449.00
Pb price $0.98 US$/t $ 1,928.56 $ 1,898.00 $ 1,957.00 $ 2,039.00 $ 2,247.00 $ 1,910.00 $ 1,910.00 $ 1,910.00 $ 1,910.00 $ 1,910.00 $ 1,910.00 $ 1,910.00 $ 1,910.00 $ 1,910.00
Cu price $3.22 US$/t $ 6,586.11 $ 6,137.00 $ 6,277.00 $ 6,351.00 $ 6,639.00 $ 6,627.00 $ 6,627.00 $ 6,627.00 $ 6,627.00 $ 6,627.00 $ 6,627.00 $ 6,627.00 $ 6,627.00 $ 6,627.00
Ag price US$/oz $ 16.85 $ 17.11 $ 16.95 $ 16.40 $ 16.40 $ 16.87 $ 16.87 $ 16.87 $ 16.87 $ 16.87 $ 16.87 $ 16.87 $ 16.87 $ 16.87
Au price US$/oz $ 1,503.63 $ 1,613.00 $ 1,553.00 $ 1,466.00 $ 1,466.00 $ 1,500.00 $ 1,500.00 $ 1,500.00 $ 1,500.00 $ 1,500.00 $ 1,500.00 $ 1,500.00 $ 1,500.00 $ 1,500.00
FX Rate BRL/USD $ 4.77 $ 5.25 $ 5.05 $ 4.84 $ 4.85 $ 4.80 $ 4.80 $ 4.80 $ 4.80 $ 4.80 $ 4.80 $ 4.80 $ 4.80 $ 4.80 $ 4.80 $ 4.80
Payable Metal
Zn '000 tonnes 713 43.8 67.7 71.1 62.5 63.9 65.5 76.2 73.4 60.7 68.5 59.8 - -
Pb '000 tonnes 251 15.0 22.8 23.8 22.4 22.7 22.0 29.4 24.3 22.4 25.7 20.7 - -
Cu '000 tonnes 41 8.8 7.1 4.1 5.6 4.7 5.2 1.0 0.5 2.1 1.1 0.9 - -
Ag kozs 16,654 1,058.5 1,425.6 1,671.0 1,618.8 1,542.0 1,735.3 1,899.6 1,500.5 1,343.7 1,502.9 1,356.5 - -
Au kozs 131 18.0 17.3 11.5 15.9 13.4 11.9 7.4 5.5 13.7 8.7 8.0 - -
Gross Revenue
Zn US$ '000 1,794,803 - 100,675 171,772 193,357 183,063 156,451 160,417 186,565 179,693 148,628 167,746 146,436 -
Pb US$ '000 491,016 - 28,505 44,544 48,429 50,362 43,335 41,952 56,139 46,363 42,732 49,037 39,620 -
Cu US$ '000 263,781 - 54,239 44,352 26,207 37,139 30,853 34,354 6,843 3,065 13,596 7,043 6,088 -
Ag US$ '000 279,783 - 18,111 24,164 27,405 26,548 26,014 29,275 32,046 25,313 22,668 25,354 22,884 -
Au US$ '000 198,971 - 29,069 26,850 16,833 23,382 20,162 17,859 11,078 8,258 20,508 12,991 11,981 -
TOTAL US$ '000 3,028,354 - 230,599 311,683 312,231 320,494 276,815 283,858 292,671 262,693 248,132 262,170 227,008 -

Zn Concentrate
Selling Price US$/t conc $ 1,097.73 $ 971.43 $ 1,099.02 $ 1,196.20 $ 1,306.01 $ 1,065.12 $ 1,064.97 $ 1,064.20 $ 1,064.26 $ 1,066.14 $ 1,070.07 $ 1,072.21 $ - $ -
Concentrate '000 tonnes 1,380 84.8 131.0 137.6 121.0 123.7 126.8 147.5 142.0 117.5 132.6 115.8 - -
Revenues US$ '000 $ 1,515,113 $ 82,386 $ 143,933 $ 164,611 $ 158,067 $ 131,721 $ 135,042 $ 156,939 $ 151,166 $ 125,254 $ 141,886 $ 124,109 $ - $ -
Pb Concentrate
Selling Price US$/t conc $ 1,386.20 $ 1,449.74 $ 1,408.01 $ 1,456.08 $ 1,563.16 $ 1,363.91 $ 1,444.10 $ 1,335.82 $ 1,312.59 $ 1,312.24 $ 1,302.28 $ 1,349.31 $ - $ -
Concentrate '000 tonnes 461 27.6 41.8 43.6 41.1 41.6 40.3 53.9 44.5 41.1 47.1 38.1 - -
Revenues US$ '000 $ 638,548 $ 39,949 $ 58,804 $ 63,456 $ 64,284 $ 56,780 $ 58,200 $ 72,042 $ 58,461 $ 53,868 $ 61,347 $ 51,356 $ - $ -
Cu Concentrate I
Selling Price US$/t conc $ 2,870.78 $ 2,555.52 $ 2,612.94 $ 3,231.42 $ 3,007.09 $ 2,874.22 $ 2,720.83 $ 2,883.01 $ 3,366.76 $ 3,486.20 $ 3,122.17 $ 3,593.96 $ - $ -
Concentrate '000 tonnes 72 16.5 10.7 2.7 11.2 9.9 7.7 1.0 0.5 6.8 2.4 2.1 - -
Revenues US$ '000 $ 205,528 $ 42,238 $ 28,002 $ 8,625 $ 33,742 $ 28,404 $ 20,893 $ 2,947 $ 1,819 $ 23,857 $ 7,551 $ 7,452 $ - $ -
Cu Concentrate II
Selling Price US$/t conc $ 4,225.31 $ 2,802.54 $ 3,152.25 $ 3,237.62 $ 3,715.23 $ 4,243.22 $ 3,446.38 $ 8,605.47 $ 14,502.56 $ 61,347.06 $ 14,021.56 $ 13,798.43 $ - $ -
Concentrate '000 tonnes 70 13.9 13.6 11.6 8.1 6.2 10.2 2.5 1.1 0.2 1.2 1.1 - -
Revenues US$ '000 $ 294,757 $ 39,090 $ 43,023 $ 37,428 $ 29,980 $ 26,188 $ 35,143 $ 21,843 $ 15,298 $ 14,189 $ 17,475 $ 15,101 $ - $ -

(=) TOTAL Gross Revenues US$ '000 $ 2,653,946 $ 203,663 $ 273,762 $ 274,119 $ 286,072 $ 243,093 $ 249,277 $ 253,771 $ 226,744 $ 217,168 $ 228,260 $ 198,018 $ - $ -
Zn Concentrate % 57% 40% 53% 60% 55% 54% 54% 62% 67% 58% 62% 63% 0% 0%
Pb Concentrate % 24% 20% 21% 23% 22% 23% 23% 28% 26% 25% 27% 26% 0% 0%
Cu Concentrate % 8% 21% 10% 3% 12% 12% 8% 1% 1% 11% 3% 4% 0% 0%

( - ) Royalties US$ '000 $ 112,641 $ 8,526 $ 11,278 $ 11,303 $ 12,081 $ 10,197 $ 10,442 $ 10,859 $ 9,709 $ 9,641 $ 9,969 $ 8,636 $ - $ -
Luiz Almeida US$ '000 $ 16,913 $ 2,439 $ 3,122 $ 2,928 $ 3,152 $ 2,065 $ 2,184 $ 748 $ 276 $ - $ - $ - $ - $ -
Anglo America US$ '000 $ 28,617 $ 2,276 $ 2,992 $ 2,981 $ 3,218 $ 2,635 $ 2,705 $ 2,667 $ 2,345 $ 2,328 $ 2,394 $ 2,076 $ - $ -
Garimpeiros US$ '000 $ 18,331 $ - $ 111 $ 355 $ 393 $ 1,011 $ 952 $ 2,814 $ 2,983 $ 3,326 $ 3,420 $ 2,965 $ - $ -
CFEM US$ '000 $ 48,782 $ 3,811 $ 5,053 $ 5,039 $ 5,318 $ 4,486 $ 4,601 $ 4,630 $ 4,106 $ 3,987 $ 4,154 $ 3,595 $ - $ -

(=) TOTAL Net Revenues US$ '000 $ 2,541,305 $ 195,137 $ 262,484 $ 262,816 $ 273,991 $ 232,895 $ 238,836 $ 242,912 $ 217,035 $ 207,527 $ 218,291 $ 189,382 $ - $ -

NSR US$/t ROM $ 94.0 $ 100.8 $ 106.8 $ 104.2 $ 112.9 $ 93.5 $ 93.8 $ 91.3 $ 81.4 $ 81.3 $ 83.6 $ 86.5 $ - $ -
OPERATING COST
Mining (Underground) US$ '000 $ 360,650 $ 35,657 $ 34,828 $ 34,803 $ 37,374 $ 37,346 $ 36,425 $ 31,932 $ 33,034 $ 34,322 $ 26,649 $ 18,278 $ - $ -
Processing + Tailings US$ '000 $ 312,962 $ 22,395 $ 28,394 $ 29,470 $ 28,704 $ 28,818 $ 29,563 $ 30,512 $ 30,465 $ 29,481 $ 29,978 $ 25,181 $ - $ -
G&A US$ '000 $ 133,852 $ 13,220 $ 13,333 $ 13,548 $ 13,792 $ 13,152 $ 12,612 $ 12,781 $ 12,431 $ 12,482 $ 9,575 $ 6,926 $ - $ -

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Total Operating Cost US$ '000 $ 807,464 $ 71,271 $ 76,555 $ 77,820 $ 79,871 $ 79,317 $ 78,600 $ 75,226 $ 75,931 $ 76,285 $ 66,202 $ 50,386 $ - $ -
Mining (Underground) US$ /t proc $ 15.34 $ 21.0 $ 16.2 $ 15.8 $ 17.3 $ 17.3 $ 16.4 $ 14.0 $ 14.5 $ 15.5 $ 11.9 $ 9.7 $ - $ -
Processing + Tailings US$ /t proc $ 13.31 $ 13.2 $ 13.2 $ 13.3 $ 13.3 $ 13.3 $ 13.3 $ 13.4 $ 13.4 $ 13.3 $ 13.3 $ 13.3 $ - $ -
G&A US$ /t proc $ 5.69 $ 7.8 $ 6.2 $ 6.1 $ 6.4 $ 6.1 $ 5.7 $ 5.6 $ 5.4 $ 5.6 $ 4.3 $ 3.7 $ - $ -
Total Operating Cost US$ /t proc $ 34.35 $ 42.0 $ 35.6 $ 35.2 $ 37.0 $ 36.6 $ 35.5 $ 32.9 $ 33.3 $ 34.5 $ 29.5 $ 26.7 $ - $ -

Cost/Zn eq. US$ /t Zn eq. $ 617.7 $ 657.9 $ 576.3 $ 625.6 $ 674.1 $ 646.7 $ 625.7 $ 577.6 $ 650.1 $ 691.8 $ 567.8 $ 499.2 $ - $ -

Selling Expenses US$ '000 $ 331,368 $ 24,088 $ 32,901 $ 32,671 $ 30,486 $ 30,409 $ 31,003 $ 34,195 $ 31,244 $ 27,667 $ 30,577 $ 26,126 $ - $ -
Zn Concentrate US$ '000 $ 221,301 $ 13,526 $ 20,874 $ 22,087 $ 19,426 $ 19,849 $ 20,353 $ 23,670 $ 22,798 $ 18,857 $ 21,282 $ 18,579 $ - $ -
Page 22-4

Pb Concentrate US$ '000 $ 84,251 $ 5,015 $ 7,596 $ 7,978 $ 7,529 $ 7,621 $ 7,378 $ 9,873 $ 8,154 $ 7,515 $ 8,624 $ 6,968 $ - $ -
Cu Concentrate US$ '000 $ 25,816 $ 5,547 $ 4,432 $ 2,605 $ 3,531 $ 2,939 $ 3,272 $ 652 $ 292 $ 1,295 $ 671 $ 580 $ - $ -

(=) Operating Cash Flow - EBITDA US$ '000 $ 1,402,473 $ 99,777 $ 153,027 $ 152,326 $ 163,634 $ 123,169 $ 129,232 $ 133,491 $ 109,860 $ 103,575 $ 121,511 $ 112,870 $ - $ -
EBITDA Margin % 53% 49% 56% 56% 57% 51% 52% 53% 48% 48% 53% 57% 0% 0%
Technical Report NI 43-101 – November 17, 2020
Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Cash Flow Summary Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16
Aripuanã Project
Inputs UNITS TOTAL 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
CAPITAL COST
Initial Capital Cost
Mining US$ '000 $ 92,264 $ 33,234 $ 29,664 $ 0
Plant & Infrastructure US$ '000 $ 280,391 $ 110,559 $ 115,210 $ 6
Total Direct Cost US$ '000 $ 372,655 $ 143,793 $ 144,874 $ 6
EPCM / Owners / Indirect Cost US$ '000 $ 157,818 $ 48,723 $ 66,154 $ 1,134
Subtotal Costs US$ '000 $ 530,473 $ 192,516 $ 211,027 $ 1,140
Contingency US$ '000 $ 16,040 $ - $ 16,040 $ -
(=) TOTAL Initial Capital US$ '000 $ 546,513 $ 192,516 $ 227,067 $ 1,140
Operating Capital Cost
Mine Development US$ '000 $ 65,772 $ - $ - $ 8,505 $ 10,653 $ 11,477 $ 8,229 $ 11,225 $ 5,373 $ 4,873 $ 4,337 $ 981 $ 119 $ - $ - $ -
Sustaining infrastructure US$ '000 $ 115,679 $ - $ - $ 23,793 $ 13,259 $ 22,742 $ 3,747 $ 11,676 $ 12,882 $ 4,354 $ 11,440 $ 8,955 $ 2,309 $ 523 $ - $ -
Closure and Other US$ '000 $ 19,940 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 3,226 $ 2,618 $ 2,727 $ 8,413 $ 2,956
Operational Working Capital US$ '000 $ - $ - $ - $ 9,606 $ 3,681 $ 1 $ 592 $ (2,199) $ 370 $ 209 $ (1,389) $ (525) $ 829 $ (1,366) $ (9,808) $ -
(=) TOTAL Operating Capital Cost US$ '000 $ 201,391 $ - $ - $ 41,903 $ 27,592 $ 34,219 $ 12,568 $ 20,701 $ 18,626 $ 9,436 $ 14,388 $ 12,636 $ 5,875 $ 1,883 $ (1,394) $ 2,956

CASH FLOW NPV

(+) Revenues US$ '000 $ 1,593,815 $ - $ - $ 203,663 $ 273,762 $ 274,119 $ 286,072 $ 243,093 $ 249,277 $ 253,771 $ 226,744 $ 217,168 $ 228,260 $ 198,018 $ - $ -
( - ) Royalties US$ '000 $ 67,301 $ - $ - $ 8,526 $ 11,278 $ 11,303 $ 12,081 $ 10,197 $ 10,442 $ 10,859 $ 9,709 $ 9,641 $ 9,969 $ 8,636 $ - $ -
( - ) Mining Costs US$ '000 $ 219,878 $ - $ - $ 35,657 $ 34,828 $ 34,803 $ 37,374 $ 37,346 $ 36,425 $ 31,932 $ 33,034 $ 34,322 $ 26,649 $ 18,278 $ - $ -
( - ) Processing Costs US$ '000 $ 183,777 $ - $ - $ 22,395 $ 28,394 $ 29,470 $ 28,704 $ 28,818 $ 29,563 $ 30,512 $ 30,465 $ 29,481 $ 29,978 $ 25,181 $ - $ -
( - ) G&A US$ '000 $ 81,756 $ - $ - $ 13,220 $ 13,333 $ 13,548 $ 13,792 $ 13,152 $ 12,612 $ 12,781 $ 12,431 $ 12,482 $ 9,575 $ 6,926 $ - $ -
( - ) Selling Expenses US$ '000 $ 196,385 $ - $ - $ 24,088 $ 32,901 $ 32,671 $ 30,486 $ 30,409 $ 31,003 $ 34,195 $ 31,244 $ 27,667 $ 30,577 $ 26,126 $ - $ -
(=) EBITDA US$ '000 $ 844,717 $ - $ (14,586) $ 99,262 $ 153,027 $ 152,326 $ 163,634 $ 123,169 $ 129,232 $ 133,491 $ 109,860 $ 103,575 $ 121,511 $ 112,870 $ - $ -

( - ) Initial Capital (net of taxes) US$ '000 $ 205,602 $ - $ 213,670 $ 1,073 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

( - ) Sustaining Capital (net of taxes) US$ '000 $ 107,813 $ - $ - $ 28,138 $ 20,832 $ 29,811 $ 10,433 $ 19,951 $ 15,905 $ 8,039 $ 13,745 $ 8,656 $ 2,115 $ 456 $ - $ -
( - ) Closure and Other US$ '000 $ 7,283 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 3,226 $ 2,618 $ 2,727 $ 8,413 $ 2,956
( +- ) Operational Working Capital US$ '000 $ -6,352 $ - $ - $ (9,606) $ (3,681) $ (1) $ (592) $ 2,199 $ (370) $ (209) $ 1,389 $ 525 $ (829) $ 1,366 $ 9,808 $ -
(=) Pre-Tax Cashflow US$ '000 $ 517,668 $ - $ (228,256) $ 60,446 $ 128,515 $ 122,514 $ 152,609 $ 105,418 $ 112,958 $ 125,243 $ 97,504 $ 92,218 $ 115,949 $ 111,054 $ 1,394 $ (2,956)
( - ) Income Tax US$ '000 $ 79,452 $ - $ - $ 4,575 $ 13,947 $ 13,375 $ 14,893 $ 8,265 $ 12,225 $ 12,939 $ 9,590 $ 8,540 $ 11,519 $ 32,995 $ - $ -
( - ) PIS/COFINS US$ '000 $ 64,583 $ 7,475 $ 9,532 $ 7,449 $ 7,023 $ 8,020 $ 6,185 $ 7,161 $ 6,735 $ 5,659 $ 6,322 $ 5,827 $ 4,604 $ 3,415 $ - $ -
( - ) ICMS US$ '000 $ 60,671 $ 4,700 $ 6,491 $ 7,320 $ 7,437 $ 7,957 $ 7,252 $ 7,698 $ 7,494 $ 6,770 $ 7,140 $ 6,937 $ 5,901 $ 4,476 $ - $ -
(+) Tax Recovery US$ '000 $ 57,010 $ - $ - $ 4,575 $ 13,947 $ 13,375 $ 14,893 $ 8,174 $ 7,053 $ 6,224 $ 6,390 $ 6,126 $ 5,218 $ 4,004 $ - $ -
(=) After-Tax Cashflow US$ '000 $ 369,972 $ (12,175) $ (244,279) $ 45,676 $ 114,055 $ 106,538 $ 139,172 $ 90,467 $ 93,557 $ 106,099 $ 80,843 $ 77,040 $ 99,143 $ 74,173 $ 1,394 $ (2,956)
495,908 50,092
$ 0.54
PROJECT ECONOMICS period -0.5 0.5 1.5 2.5 3.5 4.5 5.5 6.5 7.5 8.5 9.5 10.5 11.5 12.5 13.5
Pre-Tax
Pre-tax IRR % 45.0%
Pre-tax NPV at 7.82% discounting 8.00% US$ '000 $541,689 $ - $ (219,640) $ 53,855 $ 106,021 $ 93,584 $ 107,938 $ 69,037 $ 68,495 $ 70,320 $ 50,690 $ 44,391 $ 51,679 $ 45,831 $ 533 $ (1,046)
Pre-tax NPV at 9.00% discounting 9.00% US$ '000 $503,244 $ - $ (218,630) $ 53,116 $ 103,606 $ 90,614 $ 103,552 $ 65,625 $ 64,513 $ 65,623 $ 46,870 $ 40,669 $ 46,912 $ 41,222 $ 475 $ (923)
Pre-tax NPV at 10.00% discounting 10.00% US$ '000 $467,658 $ - $ (217,634) $ 52,393 $ 101,268 $ 87,763 $ 99,383 $ 62,410 $ 60,794 $ 61,279 $ 43,370 $ 37,290 $ 42,623 $ 37,112 $ 424 $ (816)

After-Tax
After-tax IRR % 31.9%
Pre-tax NPV at 7.82% discounting 8.00% US$ '000 $387,499 $ (12,653) $ (235,057) $ 40,696 $ 94,092 $ 81,381 $ 98,434 $ 59,246 $ 56,731 $ 59,571 $ 42,028 $ 37,084 $ 44,189 $ 30,611 $ 533 $ (1,046)
Pre-tax NPV at 9.00% discounting 9.00% US$ '000 $355,548 $ (12,711) $ (233,977) $ 40,138 $ 91,949 $ 78,797 $ 94,435 $ 56,318 $ 53,433 $ 55,592 $ 38,861 $ 33,975 $ 40,113 $ 27,532 $ 475 $ (923)
Pre-tax NPV at 10.00% discounting 10.00% US$ '000 $325,933 $ (12,769) $ (232,911) $ 39,592 $ 89,874 $ 76,318 $ 90,633 $ 53,559 $ 50,353 $ 51,912 $ 35,959 $ 31,152 $ 36,445 $ 24,787 $ 424 $ (816)

Discount factor 9.00% 1.04 0.96 0.88 0.81 0.74 0.68 0.62 0.57 0.52 0.48 0.44 0.40 0.37 0.34 0.31

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Regular Payback (after start-up) years 3.0 - - 1.0 1.0 1.0 - - - - - - - - - -
1/1/2022 Cumulative After-Tax Cashflow US$ '000 (19,597) (263,876) (218,199) (104,144) 2,394 141,566 232,032 325,590 431,689 512,532 589,572 688,714 762,887 764,281 761,325

Discounted Payback (after start-up) years 3.3 - - 1.0 1.0 1.0 0.3 - - - - - - - - -
Dicounted Casflow US$ '000 (12,711) (233,977) 40,138 91,949 78,797 94,435 56,318 53,433 55,592 38,861 33,975 40,113 27,532 475 (923)
Cumulative discounted Cashflow US$ '000 (21,170) (255,146) (215,009) (123,059) (44,262) 50,173 106,490 159,923 215,515 254,376 288,351 328,464 355,996 356,471 355,548
Page 22-5
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CASH FLOW ANALYSIS

Considering the Project on a stand-alone basis, the undiscounted after-tax cash flow totals
US$370 million over the mine life, and simple payback occurs 3.0 years from the start of
production.

The Net Present Value (NPV) at a 9% discount rate is $356 million, and the Internal Rate of
Return (IRR) is 31.9%, not considering capital expenditures prior to 2021.

SENSITIVITY ANALYSIS
Project risks can be identified in both economic and non-economic terms. Key economic risks
were examined by running cash flow sensitivities:
• Metal price
• Head grade
• Metallurgical recovery
• Operating costs
• Capital costs

IRR sensitivity over the base case has been calculated for a variety of ranges depending on
the variable. The sensitivities are shown in Figure 22-1 and Table 22-2.

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FIGURE 22-1 PRE-TAX SENSITIVITY ANALYSIS EXAMPLE

After-Tax NPV at 9% Discount Rate (US$ $700

$600

$500
Head Grade
$400
millions)

Recovery
Metal Price
$300
Exchange Rate
$200 Operating Cost
Capital Cost
$100

$0
0.600 0.700 0.800 0.900 1.000 1.100 1.200 1.300

Percent Change From Base Case

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TABLE 22-2 SENSITIVITY ANALYSES

Nexa Resources S.A. – Aripuanã Zinc Project

Mid- Mid-
Low Base High
Description Units Low High
Case Case Case
Case Case
Head Grade (Zn) % Zn 2.9 3.3 3.7 4 4.4
Overall Recovery (Zn) % 80.2 84.6 89.1 90.9 92.7
Metal Prices (Zn) US$ / lb Zn 1.01 1.13 1.26 1.38 1.51
Exchange Rate R$/US$ 3.63 4.27 4.77 5.27 5.78
Operating Costs US$/t 32.63 33.49 34.35 36.93 39.5
Capital Cost US$ millions 332 341 349 376 402

Adjustment Factor
Head Grade (ZnEq) % 80 90 100 110 120
Overall Recovery % 90 95 100 102 104
Metal Prices (Zn) % 80 90 100 110 120
Exchange Rate % 76 90 100 111 121
Operating Costs % 95 97.5 100 107.5 115
Capital Cost % 95 97.5 100 107.5 115

Post-Tax NPV @ 9%
Head Grade (ZnEq) US$ millions 84 225 356 476 595
Overall Recovery US$ millions 240 299 356 378 400
Metal Prices (Zn) US$ millions 39 206 356 498 641
Exchange Rate US$ millions 8 236 356 447 524
Operating Costs US$ millions 376 366 356 324 293
Capital Cost US$ millions 375 365 356 325 291

For head grade, recovery, and metal prices, factors were applied to all metals in the various
categories, however, in Table 22-2, values for zinc are shown because it provides the most
revenue.

The Project is most sensitive to changes in metal prices, and least sensitive to capital and
operating costs.

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23 ADJACENT PROPERTIES
RPA is not aware of any significant deposits or properties adjacent to the Aripuanã Project.

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24 OTHER RELEVANT DATA AND

INFORMATION
No additional information or explanation is necessary to make this Technical Report
understandable and not misleading.

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25 INTERPRETATION AND CONCLUSIONS

RPA offers the following conclusions for each area:

GEOLOGY AND MINERAL RESOURCES

• The Aripuanã deposits are located within the central-southern portion of the Amazonian
Craton, in which Paleoproterozoic and Mesoproterozoic lithostratigraphic units of the
Rio Negro-Juruena province (1.80 Ga to 1.55 Ga) predominate.
• The Aripuanã polymetallic deposits are typical VMS deposits associated with felsic
bimodal volcanism. Four main elongate mineralized zones, Arex, Link, Ambrex, and
Babaçú, have been defined in the central portion of the Project.
• Two separate material types have been identified – massive sulphide stratabound Zn-
Pb mineralization, and Cu-Au bearing stringer mineralization found in the footwall of
the stratabound zones.
• The drilling, sampling, sample preparation, analysis, and data verification procedures
meet or exceed industry standard, and are appropriate for the estimation of Mineral
Resources.
• As prepared by Nexa and adopted by RPA, the Aripuanã Measured and Indicated
Mineral Resources, effective as of September 30, 2020, comprise 8.1 Mt at 2.1% Zn,
0.7% Pb, 0.3% Cu, 0.4 g/t Au, and 22 g/t Ag for 169 kt of Zn, 60 kt of Pb, 25 kt of Cu,
98 koz of Au, and 5.8 Moz of Ag. The Mineral Resources are exclusive of Mineral
Reserves.
• Inferred Mineral Resources comprise 39.5 Mt at 3.3% Zn, 1.2% Pb, 0.3% Cu, 0.6 g/t
Au, and 34 g/t Ag for 1.3 Mt of Zn, 482 kt of Pb, 131 kt of Cu, 737 koz of Au, and 43
Moz of Ag.
• The Mineral Resource estimate is consistent with CIM (2014) definitions as
incorporated by reference into NI 43-101.
• Based on additional drilling completed since 2018, the Babaçú deposit has been
incorporated into the Project’s Mineral Resource estimate. The deposit remains open
and presents exploration potential beyond the current Mineral Resources. Limited
exploration has identified additional mineralized bodies including Massaranduba to the
south and Arpa to the north.

MINING AND MINERAL RESERVES

• The deposits support a production rate of 2.2 Mtpa, producing an average of 70 kt of
zinc per year (zinc equivalent of 119 kt per year, after converting other metals based
on net revenue).
• Deposit geometry and geomechanical properties are amenable to bulk longhole mining
methods, in primary/secondary or longitudinal retreat sequencing, depending on
thickness.

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• As prepared by Nexa and adopted by RPA, the Aripuanã Proven and Probable Mineral
Reserves, effective as of September 30, 2020, comprise 23.5 Mt at grades of 3.7% Zn,
1.4% Pb, 0.25% Cu, 0.31 g/t Au, and 34 g/t Ag, containing 859.8 kt Zn, 319.0 kt Pb,
59.7 kt Cu, 236.1 koz Au, and 25.9 Moz Ag.
• The Mineral Reserve estimate is consistent with the CIM (2014) definitions as
incorporated by reference into NI 43-101.
• Dilution and extraction estimates include:
o Dilution – planned (captured within stope designs) and additional unplanned
dilution applied as factors ranging from 5% to 15%, by mining method.
 RPA’s preference is to apply dilution as a hangingwall/footwall distance, rather
than a global percentage (as has been done in estimating Mineral Reserves).
The percentage approach applies too much dilution to larger stopes and not
enough to smaller stopes.
 RPA reviewed the impact of this methodology and found that using percentage
dilution may introduce small inaccuracies to some individual stope estimates,
however, it has little impact on the overall estimate.
o Extraction – initial selection of resources by stope optimization and design, plus
additional factors of 85% to 100%, by mining method.
• The stope shapes are based on optimizer output, with some editing and manual
redesign. There will be opportunities to reduce planned dilution and increase extraction
after infill drilling and before mining as part of the short-term planning process.
• The Arex, Link, and Ambrex deposits are not directly connected underground, making
it difficult to share slow-moving mobile equipment efficiently. Fleet unit numbers are
adequate to achieve the proposed mine production with limited sharing.

MINERAL PROCESSING
• The results of the metallurgical test work form the basis for the current engineering
design of the sequential talc, copper, lead, and zinc flotation circuit.
• Stringer and stratabound mineralization have been tested separately and in blends of
various proportions. Different comminution results and recovery kinetics were
observed during bench-scale test work for the different mineralization. The decision
was initially made to process the two material types separately on a campaign basis,
however, continued test work on blends indicated that acceptable recoveries and
concentrate grades can be achieved when processing blended ore. Therefore, the
processing strategy has been changed to one of processing blended ore as produced
according to the mining schedule.
• Process performance is projected as:
o Stratabound Zinc – 89.5% recovery to Zn concentrate. Silver recovery to this
concentrate will be 10%.
o Stratabound Lead – Variable recovery in the range of 80% to 90% with a LOM
average of 84.5% to Pb concentrate. Gold and silver recoveries to this concentrate
will be 20% and 55%, respectively.

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o Stratabound Copper – 67.6% to Cu concentrate. Gold and silver recoveries to this

concentrate will be 50% and 20%, respectively.
o Stringer Copper – Variable recovery in the range of 85% to 95% with a LOM
average of 86.9% recovery to Cu concentrate. Gold and silver recoveries to this
concentrate will be 63% and 50%, respectively.
o Regression models have been developed from the test work to relate recovery to
head grade for each of the metals and have been used to estimate recovery in the
cash flow model for the LOM.
• Test work in late 2019 and early 2020 by SGS GEOSOL on composites representing
ore to be processed in the first nine quarters of operation (based on the FEL3 LOM
plan) confirmed that acceptable recoveries and concentrate grades could be achieved.
While zinc and copper recoveries were within expected ranges, lead recovery was
below expectations. However, since many of the LCT using these composites did not
reach equilibrium, recoveries and concentrate grades need to be verified.
• Pilot plant test work is being conducted by Nexa at its Vazante Mine using blended
(stratabound and stringer) bulk ore samples drawn from the ROM stockpile at Aripuanã.
Results from this test work were not available at the time of writing this Technical
Report.
• Grinding circuit simulations were conducted to evaluate the capacity of the grinding
circuit when processing different ore types. The simulations indicated that throughput
would be limited to 216 tph (4,730 tpd) for stringer ore and 289 tph (6,300 tpd) for
stratabound ore, with throughput between these two cases for blends of stringer and
stratabound ore. RPA estimated that throughput of stringer ore of up 5,000 tpd could
be achieved for ore corresponding to the 75th percentile of hardness values determined
during test work, rather than the higher hardness values used in the grinding circuit
simulations.
• Talc (non-sulphide fines) removal by flotation is sometimes required prior to sequential
flotation of Cu, Pb, and Zn. Copper losses to the talc concentrate can be recovered by
reverse copper flotation from the talc concentrate, which will be implemented in the
processing plant if required.
• Concentrates are expected to be generally clean without penalizable levels of
deleterious elements.

ENVIRONMENT
• Nexa reports that it has ISO systems in place and has committed to complying with all
relevant legal requirements.
• Nexa has assessed the environmental impacts of the Project in the 2017 EIA for all
Project phases, taking into account the baseline conditions. Management programs
and monitoring plans were included in the EIA to mitigate the identified impacts, and
further detail on these programs and plans were provided in a stand-alone
Environmental Control Plan in 2018. The EIA and subsequent management plans are
comprehensive in the detail they provide. Some aspects such as resource use
efficiency are yet to be considered by the developing Project.

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SOCIAL
• Nexa’s developing the Project contributes positively to community well-being and
development. The Project has provided assistance to the local authorities and
communities in responding to the current COVID-19 pandemic. Nexa has established
environmental and social management programs, as well as health and safety
programs for its employees. Corporate policies, procedures, and practices are
implemented in a manner consistent with relevant IFC Performance Standards.

CONSTRUCTION PROGRESS
• Detailed engineering is 99% complete.
• Physical construction progress has been estimated by Nexa to be 51% as of the end
of August 2020.
• 70% of long-lead equipment has been delivered to site.
• Pre-commissioning and commissioning is scheduled for the second half of 2021, with
ramp-up to full production starting in 2022.
• Delays from the original schedule include:
o Delays in completion of detailed engineering and outcomes of detailed engineering
resulting in increases in quantities including earthworks and construction materials,
investment in mine development, consumables, and spare parts, among others;
o Additional infrastructure services due to issues experienced during earthworks
activities;
o Additional scope such as new equipment and infrastructure items in the process
plant and in the tailings dry stack piles;
o Increase in third-party services;
o Upgrades at the Dardanelos power substation;
o Logistics constraints on the upgrade of the Aripuanã river bridge;
o The COVID-19 pandemic.

COSTS AND ECONOMICS

• Pre-production capital costs remaining from 2021 onward total US$228 million.
• Contingency comprises 7.6% of direct and indirect capital costs.
• Operating costs average US$34.35 per tonne over the LOM, with higher unit costs at
the start and end when full production is not achievable.
• Long-term metal prices (from 2026 onwards) are based on Nexa’s projections. Nexa’s
long term price model uses multiple variables including supply (mine and refined),
demand, cost drivers, capital cost, and other key elements. The long-term prices
derived are in line with the consensus forecasts from banks and independent
institutions and are as follows: US$1.11/lb Zn, US$0.87/lb Pb, US$3.01/lb Cu,
US$1,500/oz Au, and US$16.87/oz Ag.

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• Smelter terms are projected by Nexa based on selling 46% of produced concentrates
directly to China and 54% to Nexa’s internal smelters, and are consistent with industry
benchmarks.
• Considering the Project on a stand-alone basis, the undiscounted after-tax cash flow
totals US$370 million over the mine life of 11 years (including mining activities from
2022 to 2032), and simple payback occurs 3.0 years from start of production. The
after-tax NPV at a 9% discount rate is $356 million, and the IRR is 31.9%.
• This NPV and IRR does not include capital expenditures to date. Capital costs up to
2Q20 amounted to US$201 million. Nexa has forecast expenditures of US$117 million
in 2H20, US$227 million in 2021 and US$1 million in 2022, totalling US$547 million.
An additional US$201 million of sustaining capital is estimated during the LOM, which
includes US$66 million in mine development and US$20 million in mine closure cost.
Considering capital expenditures to date, the Project’s after-tax NPV at a 9% discount
rate is $27 million, and the IRR is 9.8%.

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26 RECOMMENDATIONS
RPA offers the following recommendations for each area:

GEOLOGY AND MINERAL RESOURCES

• Infill areas where poorly angled drill holes are driving the geological interpretation.
• Investigate the use of density weighting during compositing and interpolation.
• Following up with additional step out drilling at Babaçú to increase the Mineral
Resource.
• Drill the Babaçú NW Exploration Target to convert the exploration target to Mineral
Resources.
• Continue to review minor issues with certain CRMs used in analytical quality assurance
procedures.

MINING
• Review and optimize stope shapes after infill drilling and before mining as part of the
short-term planning process.
• Implement a rigorous grade control program during operations, to assess the impact of
the various material grades and effectiveness of blending on the process recovery.

MINERAL PROCESSING
• Confirm the recovery and concentrate grade values derived from earlier test work that
have been used in project cash flow calculations by completing the ongoing pilot test
work at Nexa’s Vazante Mine using bulk blended ore samples simulating the
processing of stringer and stratabound material together. This test work may also
provide opportunities to optimize flotation conditions to maximize recovery and
concentrate quality.
• Verify the talc flotation circuit configuration to minimize copper losses through pilot test
work at Vazante Mine.

ENVIRONMENT
• Develop and implement a project-specific environmental policy.
• Revise the management plans on a regular basis and improve them where relevant
based on feedback such as monitoring data or stakeholder comments. An action
should therefore be specifically included in the management plans which describes
how and when these plans will be revised and updated.
• Ensure that the environmental monitoring plans are being implemented according to
the Environmental Control Plan.

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• Compare monitoring results to relevant international standards, e.g., IFC standards

specified in various guideline documents, in addition to local or national applicable
standards.
• Nexa has indicated that all third-party water users were identified, and the monitoring
program was developed taking these users into account. Information should be
maintained on potential sensitive receptors with respect to impacts such as dust
generation, noise and third-party water surface and groundwater users so that these
receptors can be monitored as relevant in order to ensure that all potential Project
impacts are adequately managed.

The following recommendations associated with tailings disposal are proposed for the next
phase of the design:
• Classify the TMF in terms of the Global Tailings Standard or the Canadian Dam
Association. The classification may require more conservative design criteria in terms
of flood management and seismic loading.
• Consider the stability assessment of the individual components of the double lined
system and the interface between the components in the stability analyses. In
particular, the interface between the smooth side of the geomembrane and the sand
leakage detection layer.
• Complete a deformation analysis to determine if the long-term strain of the high density
polyethylene geomembrane is within acceptable limits.
• Implement measures to control dust generation from the slopes of the TMF and internal
access roads and ramps during the dry season.
• Implement requirements to allow the progressive rehabilitation of the slopes.
• Implement deposition planning for the wet season and the associated logistical
requirements for the use and management of the inflatable warehouses.
• Investigate the extent of the colluvial layer within the foundation of the TMF to provide
a more accurate estimate of the volume of material that must be removed.
• Carry out an initial assessment of the stability of the capping clay layer on the
intermediate bench slopes to determine if slope flattening is required for closure.
• Determine a source of clay with suitable quality for use as a lining and capping material.
• Complete a formal risk assessment.

SOCIAL
• Nexa has conducted extensive stakeholder engagement with communities in the area,
including Indigenous Communities. As the Project moves forward, Nexa should
develop a stakeholder engagement plan going forward and update this plan regularly.
A separate plan should be developed for engagement with Indigenous Communities
going forward. The Engagement with Indigenous Communities plan should specifically
determine if these stakeholders are satisfied with the risks, impacts, and management
measures identified for the Project. All stakeholder engagement plans should consider
the current COVID-19 pandemic in terms of how interaction with stakeholders can be
achieved both effectively and safely for as long as the pandemic is a factor.

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• Revise the social management plans on a regular basis and improve where relevant,
based on feedback such as monitoring data or stakeholder comments. An action
should therefore be specifically included in the management plans which describes
how and when these plans will be revised and updated.
• Clearly document the socio-economic monitoring program and methods and include
benchmarks.
• Develop and implement site-specific occupational, health, and safety plans.
• Develop and implement a Chance Find procedure for heritage resources.
• Maintain clear records on any worker grievances or ethical violations, if not done
already.
• Consider implementing preferential hiring, training, and development of Indigenous
People specifically.

COSTS AND ECONOMICS

• Continuously monitor costs and exchange rates and lock in costs as soon as possible
to eliminate economic uncertainty.

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27 REFERENCES
AMEC International (Chile) S.A., 2007, Aripuanã Property NI 43-101 Technical Report Mato
Grosso State. Brazil. prepared for Karmin Exploration Inc., filed on SEDAR/available at
www.sedar.com (October 31, 2007).

Azevedo Sette Advogados, 2017, Title Opinion – Projects Aripuanã and Caçapava do Sul.
Belo Horizonte (June 14. 2017).

Canadian Institute of Mining, Metallurgy and Petroleum (CIM), 2014, CIM Definition Standards
for Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10,
2014.

Comtexto Consultoria, 2018: Study of the Indigenous Component of the Arara Indigenous
Lands Rio Branco and Aripuanã – Project Dardanelles Mining Aripuanã - Votorantim
Metals / Nexa Resources.

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Indigenous Lands Arara Do Branco e Aripuanã – Aripuanã Nexa Resources/Votorantim
Metals Project.

Diagonal Transmormacao de Territorios 2019: Integrated Socioeconomics Plan Aripuanã

Project.

Engler. A., 2009, The Geology of South America. GEOLOGY Vol. IV. pp. 374-405.

Galley, A.G., Hannington, M.D., and Jonasson, I.R., 2007, Volcanogenic Massive Sulphide
Deposits in Goodfelloiw, W.D., ed., Mineral Deposits of Canada, A Synthesis of Major
Deposit Types, District Metallogeny, the Evolution of Geological Provinces and Exploration
Methods. Geological Association of Canada Mineral Deposits Division, Special Publication
No. 5, pp. 141-161.

Geologica Mineração e Assessoria Ltda (GeoMinAs), 2017, Estudo de Impacto Ambiental,

Projecto Aripuana/MT: Mina Subterranea de Polimetalicos (Environmental Impact Study
Aripuanã Project), July 2017.

LCASSIS Consultoria em Recursos Minerais, 2017, Relatório de Validação das Amostras

Selecionadas para Teste Metalúrgico. Projecto Aripuanã – MT, prepared for Votorantim
Metais (March 2017).

Mineral Processing Solutions, 2020, ESTUDO DE VARIABILIDADE DA CAPACIDADE DO

CIRCUITO DE COMINUIÇÃO ARIPUANÃ PARA OS MINÉRIOS STRINGER E
STRATABOUND, prepared for Nexa Resources (April, 2020).

Nexa Resources S.A., 2019: Annual Report 2019.

Nexa Resources S.A., 2019 Corporate Policies.

RPA, 2017, Technical Report on the Aripuanã Zinc Project. Mato Grosso State. Brazil.
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RPA, 2017, Technical Report on the Aripuanã Zinc Project. Mato Grosso State. Brazil.
prepared for VM Holding S.A. (July 31, 2017).

RPA, 2018, Technical Report on the Feasibility Study on the Aripuanã Project, State of Mato
Grosso, Brazil, prepared for Nexa Resources S.A., available at www.sedar.com (October,
15, 2018).

SGS GEOSOL, 2017, Bench Scale Metallurgical Testwork on Drill Core Samples from the
Aripuanã Project. Final Report. prepared for Votorantim Metais (February 15, 2017).

SGS GEOSOL, 2018, Estudo Piloto de Flotação com Minério sulfetado de Aripuanã, prepared
for Nexa Resources (February 2018)

SGS GEOSOL, 2020, Geometallurgical Testwork on Quarterly Composites from the Aripuanã
Project, prepared for Nexa Resources (August 2020).

Simon. A., Marinho. R., and Lacroix. P., 2007: Aripuanã Property NI43-101 Technical Report.
Mato Grosso. Brazil. A technical report prepared by AMEC Americas Limited for Karmin
Exploration Inc.

SNC-Lavalin, 2018a, Projeto Aripuanã, FEL 3, Critérios de Projeto, Dados Básicos e Critérios
de Projeto Processo, CP-I721515002-0000PCD0001, Rev. 2, prepared for Votorantim
Metais (May 11, 2018).

SNC-Lavalin, 2018b, Projeto Aripuanã, FEL 3, Memorial Descritivo Processo, MD-

I721515002-0000PCD0001, Rev. 1, prepared for Votorantim Metais (May 15, 2018).

SNC-Lavalin, 2019, Projeto Detalhado – E&C, Criterios de Projeto, Dados Basicos e Criterios
de Projeto Processo, prepared for Nexa Resources, 19 June 2019.

SNC-Lavalin, 2019, Projeto Detalhado – E&C, Lista de Equipamentos, Equipamentos

Mecanicos Rev 4, prepared for Nexa Resources, 23 January 2020

SNC-Lavalin, 2020a, Deposicao de Rejeitos – Pilha de Rejeitos 1 (Dry Tailings Stack Design),
report No. 0856-001-0301-41EB-1202 Rev 1, prepared for Votorantim Metais, 9 April 2020.

SNC-Lavalin, 2020b, Engenharia Detalhada Pilha de Esteril 2 – Fase 1 (Waste Rock Stockpile
Design), report No. 0856-001-0303-41EB-1202 Rev 2, prepared for Nexa Resources, 3
August 2020.

Soluções e Tecnologia Ambiental (SETE), 2018, Plano Conceitual de Fechamento de Mina –

PFM, Aripuana MT, prepared for Nexa Resources, October 2018.

Tassinari. C.C.G., Cordani. U.G., Nutman. A.P., Van Schmus. W.R., Bettencourt. J.S., and
Taylor. P.N., 2010: Geochronological systematics on basement rocks from the Rio Negro-
Juruena Province (Amazonian Craton) and tectonic implications. International Geology
Review. Vl. 38. Issue 2.

Votorantim Metais Ltda., 2015, Technical Report. FEL 2 Study. Location: Aripuanã. MT.
Commodity: Zn. Pb. Cu. Rev. 00, internal report.

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 www.rpacan.com

Votorantim Metais Ltda., 2016, Relatório De Recursos Minerais Projeto Aripuanã by Talita C.
de O. Ferreira and Rafael Moniz Caixeta (30 December 2016).

Walm Engineering, 2017, Geomechanical Model and Sizing of Underground Excavation –

Aripuanã Project – Level 1 Target Ambrex, prepared for Votorantim Metais (May 17, 2017).

Walm Engineering, 2017, Geomechanical Model and Sizing of Underground Excavation –

Aripuanã Project – Sizing of Underground Excavation – Phase 1 – Target Ambrex,
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Walm Engineering, 2017, Geomechanical Model and Sizing of Underground Excavation –

Aripuanã Project - Description of the Survey of News – Phase 3 – Target Ambrex, prepared
for Votorantim Metais, (February 4, 2018).

Walm Engineering, 2017, Geomechanical Model and Sizing of Underground Excavation –

Aripuanã Project – Phase 3 – Target Ambrex, prepared for Votorantim Metais (May 25,
2018).

Walm Engineering, 2017, Geomechanical Model and Sizing of Digging Underground –

Aripuanã Project – Phase 1 – Target Arex, prepared for Votorantim Metais (June 26, 2017).

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Aripuanã Project – Phase 1 – Target Arex, prepared for Votorantim Metais, (June 26,
2017).

Walm Engineering, 2017, Geomechanical Model and Sizing of Underground – Aripuanã

Project – Description of the Survey of News – Phase 3 – Target Arex, prepared for
Votorantim Metais (February 6, 2018).

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Project – Geomechanical Model – Level 3 Target Arex, prepared for Votorantim Metais
(March 23, 2018).

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Project – Phase 3 – Target Arex, prepared for Votorantim Metais (May 28, 2018).

Worley Parsons, 2017a, Projeto Aripuanã. Fase V1. Metallurgical Testwork. 7MI-0401-RL-
0200PCD0804. Rev. 1. prepared for Votorantim Metais (April 26, 2017).

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0000COR1021R01. Rev. 1. prepared for Votorantim Metais (January 19, 2017).

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2017).

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28 DATE AND SIGNATURE PAGE

This report titled “Technical Report on the Aripuanã Zinc Project, State of Mato Grosso, Brazil”
with an effective date of September 30, 2020 was prepared and signed by the following
authors:

(Signed and Sealed) Jason J. Cox

Dated at Toronto, ON
November 17, 2020 Jason J. Cox, P.Eng.
Technical Director – Canada Mining Advisory

(Signed and Sealed) Sean Horan

Dated at Toronto, ON
November 17, 2020 Sean Horan, P.Geo.
Principal Geologist

(Signed and Sealed) Brenna J.Y. Scholey

Dated at Toronto, ON
November 17, 2020 Brenna J.Y. Scholey, P.Eng.
Principal Metallurgist

(Signed and Sealed) Luis Vasquez

Dated at Toronto, ON
November 17, 2020 Luis Vasquez, M.Sc., P.Eng.
Senior Hydrological Engineer

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29 CERTIFICATE OF QUALIFIED PERSON

JASON J. COX
I, Jason J. Cox, P.Eng., as an author of this report entitled “Technical Report on the Aripuanã
Zinc Project, State of Mato Grosso, Brazil” with an effective date of September 30, 2020
prepared for Nexa Resources S.A., do hereby certify that:

1. I am Technical Director – Canada Mining Advisory, with Roscoe Postle Associates Inc.,
now part of SLR Consulting Ltd, of Suite 501, 55 University Ave., Toronto, ON M5J 2H7.

2. I am a graduate of the Queen’s University, Kingston, Ontario, Canada, in 1996 with a

Bachelor of Science degree in Mining Engineering.

3. I am registered as a Professional Engineer in the Province of Ontario (Reg. #90487158).

I have worked as a mining engineer for 23 years since my graduation. My relevant
experience for the purpose of the Technical Report is:
• Review and reporting as a consultant on many mining operations and projects around
the world for due diligence and regulatory requirements
• Engineering study work (PEA, PFS, and FS) on many mining projects around the world,
including commodities such as precious metals, base metals, bulk commodities,
industrial minerals, and rare earths
• Operational experience as Planning Engineer and Senior Mine Engineer at three North
American mines
• Contract Co-ordinator for underground construction at an American mine

4. I have read the definition of "qualified person" set out in National Instrument 43-101 (NI 43-
101) and certify that by reason of my education, affiliation with a professional association
(as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be
a "qualified person" for the purposes of NI 43-101.

5. I visited the Aripuanã Zinc Project on June 2 to 5, 2017.

6. I am responsible for Sections 15, 16, 19, 21, and 22 to 24 and related disclosure in Sections
1, 2, 25, 26, and 27 of the Technical Report.

7. I am independent of the Issuer applying the test set out in Section 1.5 of NI 43-101.

8. I have prepared a previous Technical Report dated October 15, 2018 on the property that
is the subject of the Technical Report.

9. I have read NI 43-101, and the Technical Report has been prepared in compliance with NI
43-101 and Form 43-101F1.

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10. At the effective date of the Technical Report, to the best of my knowledge, information, and
belief, the Technical Report contains all scientific and technical information that is required
to be disclosed to make the Technical Report not misleading.

Dated this 17th day of November, 2020

(Signed and Sealed) Jason J. Cox

Jason J. Cox, P.Eng.

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Technical Report NI 43-101 – November 17, 2020 Page 29-2
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SEAN HORAN
I, Sean Horan, P.Geo., as an author of this report entitled “Technical Report on the Aripuanã
Zinc Project, State of Mato Grosso, Brazil” with an effective date of September 30, 2020
prepared for Nexa Resources S.A., do hereby certify that:

1. I am Technical Manager - Geology with Roscoe Postle Associates Inc., now part of SL
Consulting Ltd, of Suite 501, 55 University Ave., Toronto, ON M5J 2H7.

2. I am a graduate of Rhodes University, South Africa, in 2003 with a B.Sc. (Hons.) degree in
Environmental Studies, and in 2004 with a B.Sc. (Hons.) degree in Geology. I also have
a post-graduate certificate in Geostatistics from the University of Alberta, Canada.

3. I am registered as a Professional Geologist in the Province of Ontario (Reg. #2090). I have

worked as a geologist for a total of 13 years since my graduation. My relevant experience
for the purpose of the Technical Report is:
• Geological consulting to the mining and exploration industry in Canada and worldwide,
including resource estimation and reporting, due diligence, geostatistical studies,
QA/QC, and database management.
• Geologist responsible for all geological aspects of underground mine development,
underground exploration, resource definition drilling planning, and resource estimation
at a gold mine in Ontario, Canada.
• Grade control and prospecting geologist for an alluvial diamond mining company in
Angola.
• Experienced user of AutoCAD, Datamine Studio 3. SQL Database Administration,
Visual Basic, Javascript (Datamine Studio 3), Century Systems (Fusion SQL drill hole
database tools), Snowden Supervisor, X10, python, and GSLIB.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 (NI 43-
101) and certify that by reason of my education, affiliation with a professional association
(as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be
a "qualified person" for the purposes of NI 43-101.

5. I visited the Aripuanã Zinc Project on January 30 to February 3, 2017.

6. I am responsible for Sections 3 to 12 and 14 and related disclosure in Sections 1, 25, 26,
and 27 of the Technical Report.

7. I am independent of the Issuer applying the test set out in Section 1.5 of NI 43-101.

8. I have prepared a previous Technical Report dated October 15, 2018 on the property that
is the subject of the Technical Report.

9. I have read NI 43-101, and the Technical Report has been prepared in compliance with NI
43-101 and Form 43-101F1.

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10. At the effective date of the Technical Report, to the best of my knowledge, information, and
belief, the Technical Report contains all scientific and technical information that is required
to be disclosed to make the Technical Report not misleading.

Dated this 17th day of November, 2020

(Signed and Sealed) Sean Horan

Sean Horan, P.Geo.

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 29-4
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BRENNA J.Y. SCHOLEY

I, Brenna J.Y. Scholey, P.Eng., as an author of this report entitled “Technical Report on the
Aripuanã Zinc Project, State of Mato Grosso, Brazil” with an effective date of September 30,
2020 prepared for Nexa Resources S.A., do hereby certify that:

1. I am Principal Metallurgist with Roscoe Postle Associates Inc., now part of SLR Consulting
Ltd, of Suite 501, 55 University Ave., Toronto, ON M5J 2H7.

2. I am a graduate of The University of British Columbia in 1988 with a B.A.Sc. degree in

Metals and Materials Engineering.

3. I am registered as a Professional Engineer in the Province of Ontario (Reg. #90503137)

and British Columbia (Reg. #122080). I have worked as a metallurgist for a total of 32
years since my graduation. My relevant experience for the purpose of the Technical Report
is:
• Reviews and reports as a metallurgical consultant on numerous mining operations
and projects for due diligence and regulatory requirements.
• Senior Metallurgist/Project Manager on numerous base metals and precious metals
studies for an international mining company.
• Management and operational experience at several Canadian and U.S. milling,
smelting and refining operations treating various metals, including copper, nickel, and
precious metals.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 (NI 43-
101) and certify that by reason of my education, affiliation with a professional association
(as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be
a "qualified person" for the purposes of NI 43-101.

5. I did not visit the Aripuanã Zinc Project.

6. I am responsible for Sections 13 and 17, parts of Section 18 and related disclosure in
Sections 1, 25, 26, and 27 of the Technical Report.

7. I am independent of the Issuer applying the test set out in Section 1.5 of NI 43-101.

8. I have had no prior involvement with the property that is the subject of the Technical Report.

9. I have read NI 43-101, and the Technical Report has been prepared in compliance with NI
43-101 and Form 43-101F1.

10. At the effective date of the Technical Report, to the best of my knowledge, information, and
belief, the Technical Report contains all scientific and technical information that is required
to be disclosed to make the Technical Report not misleading.

Dated this 17th day of November, 2020

(Signed and Sealed) Brenna J.Y. Scholey

Brenna J.Y. Scholey, P.Eng.

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 29-5
 www.rpacan.com

LUIS VASQUEZ
I, Luis Vasquez, M.Sc., P.Eng., as an author of this report entitled “Technical Report on the
Aripuanã Zinc Project, State of Mato Grosso, Brazil” with an effective date of September 30,
2020 prepared for Nexa Resources S.A., do hereby certify that:

1. I am a Senior Hydrotechnical Engineer with SLR Consulting (Canada) Ltd. at Suite 501,
55 University Ave., Toronto, ON M5J 2H7..

2. I am a graduate of Universidad de Los Andes, Bogotá, Colombia, in 1998 with a B.Sc.

degree in Civil Engineering.

3. I am registered as a Professional Engineer in the Province of Ontario (Reg. #100210789).

I have worked as a civil engineer on mining related projects for a total of 15 years since
my graduation. My relevant experience for the purpose of the Technical Report is:
• Preparation of numerous environmental impact assessments for mining projects
located in Canada, and Perú for regulatory approval.
• Preparation of multiple mine closure plans for mining projects in Canada and Perú.
• Preparation of several scoping, prefeasibility, feasibility and detailed design level
studies for projects located in North America, South America, the Caribbean and Asia
with a focus on planning, design and safe operation of water management systems
and waste disposal facilities.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 (NI 43-
101) and certify that by reason of my education, affiliation with a professional association
(as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be
a "qualified person" for the purposes of NI 43-101.

5. I did not visit the Aripuanã Zinc Project.

6. I am responsible for Section 20 and related disclosure in Sections 1, 25, 26, and 27 of the
Technical Report.

7. I am independent of the Issuer applying the test set out in Section 1.5 of NI 43-101.

8. I have had no prior involvement with the property that is the subject of the Technical Report.

9. I have read NI 43-101, and the Technical Report has been prepared in compliance with NI
43-101 and Form 43-101F1.

10. At the effective date of the Technical Report, to the best of my knowledge, information, and
belief, the Technical Report contains all scientific and technical information that is required
to be disclosed to make the Technical Report not misleading.

Dated this 17th day of November, 2020

(Signed and Sealed) Luis Vasquez

Luis Vasquez, M.Sc., P.Eng.

Nexa Resources S.A. – Aripuanã Zinc Project, Project #3252

Technical Report NI 43-101 – November 17, 2020 Page 29-6