Nexa Resources SA's shares rose 3.4% on Friday after the miner published operational results showing it met consolidated mining production guidance for 2025 and set out an optimistic production trajectory through 2028.
The company reported zinc output of 316,000 tonnes for 2025. Cost performance was noteworthy: consolidated mining C1 cash cost ended approximately 48% below the company's annual guidance, equating to negative $0.30 per pound. That reading indicates mining cash costs materially outperformed management's expectation for the year.
On the smelting side, Nexa recorded metal sales of 567,000 tonnes, in line with its stated guidance. The Cajamarquilla smelter delivered a record annual production result, a performance that the company said helped mitigate operational headwinds at its Brazilian facilities.
Looking ahead, Nexa outlined production growth targets for zinc: an increase of roughly 6% in 2026, driven mainly by higher output at the Aripuanã, Atacocha and Vazante mines; further growth of about 8% in 2027; and a stabilization of production in 2028. Management also expects metal sales volumes to rise by around 3% in 2026 compared with 2025, with modest incremental growth continuing through 2027 and 2028.
Capital allocation for 2026 was also disclosed. The company plans $381 million of capital expenditures next year, an increase of $34 million from 2025 levels. The incremental spend is earmarked for mine development, sustaining capital and health, safety and environmental initiatives.
Nexa is scheduled to publish its complete fourth-quarter and full-year 2025 financial statements on February 26, 2026.
These operational results and the multi-year production guidance framed the company's near-term outlook and underpinned the positive market reaction. The combination of stronger-than-expected mining cost performance, record smelter output at Cajamarquilla and targeted capex to support mine development were highlighted as central elements of the update.
Contextual note: The information above is limited to the operational and planning details Nexa provided. No additional financial results beyond the scheduled release date were included.