The document is Nexa Resources' 4Q17 results presentation. It summarizes strong operational performance in 4Q17 after issues earlier in 2017. Key highlights include mining production being up 11% in 4Q17 compared to 3Q17, revenue of $737 million for 4Q17 and $2.45 billion for FY17 due to higher base metal prices, and adjusted EBITDA of $223 million for 4Q17 and $668 million for FY17 mainly from mining cash cost reductions.

1. February 16th 2018
4Q17 Results
Nexa Resources

2. This presentation, prepared by Nexa Resources S.A. (formerly VM Holding S.A., herein referred to as the “Company” or “Nexa”), is solely for informational purposes.
Disclosure of this presentation, its contents, extracts or abstracts to third parties is not authorized without express and prior written consent from the Company.
Certain statements disclosed herein are “forward-looking statements” in which statements contained herein that the information is not clearly historical in nature are forward-
looking, and the words “anticipate,” “believe,” “continues,” “expect,” “estimate,” “intend,” ”strategy,” “project” and similar expressions and future or conditional verbs such
as “will,” “would,” “should,” “could,” “might,” “can,” “may,” or similar expressions are generally intended to identify forward-looking such statements. These forward-looking
statements speak only as of the date hereof and are based on the Company’s current plans and expectations and are subject to a number of known and unknown
uncertainties and risks, many of which are beyond the Company’s control. As a consequence, current plans, anticipated actions, and future financial position and results of
operations may differ significantly from those expressed in any forward-looking statements in the presentation. You are cautioned not to unduly rely on such forward-looking
statements when evaluating the information presented herein and we do not intend to update any of these forward-looking statements.
This presentation includes the Company’s unaudited non-IFRS measures, including: adjusted EBITDA; net debt; working capital. The Company presents non-IFRS measures
when we due to the belief that the additional information is useful and meaningful to investors. Non-IFRS measures do not have any standardized meaning and are therefore
unlikely to be comparable to similar measures presented by other companies. The presentation of non-IFRS measures is not intended to be a substitute for, and should not
be considered in isolation from, the financial measures reported in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International
Accounting Standards Board.
The information and opinions contained herein should not be construed as a recommendation to potential investors and no investment decision should be based on the
truthfulness, timeliness or completeness of such information or opinions. None of the advisors to the Company or any parties related to them or their representatives shall be
liable for any losses that may result from the use or contents of this presentation.
This presentation also contains information concerning the Company’s industry that are based on industry publications, surveys and forecasts. The information contained
herein involves and assumes a number of assumptions and limitations, and the Company did not independently verified the accuracy or completeness of such information.
All dollar amounts referenced in this presentation, unless otherwise indicated, are expressed in United States dollars. The contents hereof should not be construed as
investment, legal, tax or other advice and you should consult your own advisers as to legal, business, tax and other related matters concerning an investment in the
Company. The Company is not acting on your behalf and does not regard you as a customer or a client. It will not be responsible to you for providing protections afforded to
clients or for advising you on the relevant transaction. There is no obligation to update the information included in this presentation.
Certain information contained in this presentation with respect to the Company’s Morro Agudo, Aripuanã, Shalipayco, Magistral and Florida Canyon Zinc projects are
preliminary economic assessments within the meaning of NI 43-101 (as defined herein). Such preliminary economic assessments are preliminary in nature, including certain
information as of inferred mineral resources that are too speculative geologically to have the economic considerations applied to them that would enable them to be
categorized as mineral reserves, and there is no certainty that such preliminary economic assessments will be realized. The bases for such preliminary economic assessments
(including certain qualifications and assumptions) are described in the Company’s documents filed with the SEC and in each of the provinces and territories of Canada.
Disclaimer
Important information concerning this presentation
2

3. • CEO Message and Highlights
Tito Martins, Nexa CEO
• Nexa Results
Mario Bertoncini, Nexa CFO
• Projects & Closing Remarks
Tito Martins, Nexa CEO
Agenda
3

4. Strong operational performance in 4Q17
after severe rains, floods and safety
issues earlier in 2017
CEO Message
4
New Board of Directors composition to
reinforce governance through a multi-
skilled and multi-cultural team
Important capital structure measures
during 2017 to support growth with
financial discipline
• US$ 700 million 10y bond
• NYSE/TSX IPO, raising US$ 312 million
net equity as primary tranche
Very challenging year for safety. The
company has reinforced procedures and
implemented new ones aiming to reduce
accidents and zero fatalities
Development of brownfield projects such
as Vazante LoM extension, Cerro Lindo
production stability at higher levels and
evolution on Pasco complex operational
integration
Advance in Nexa’s efforts on cost
control, automation and synergies,
aiming productivity gains
Another important priority has been the
development of greenfield projects, such
as Aripuanã, to support new levels of
production and efficiency in the near
future

5. Strong mining production in 4Q17, 11% higher compared to 3Q17 and in line with
4Q16, recovering from operational issues earlier in the year
Stable metallic zinc sales volume in the 4Q17, with smelters operating at capacity
4Q17 revenue of US$737 million and FY17 of US$2,450 million, 25% higher than
FY16 mainly driven by positive base metals prices
US$223 million adjusted EBITDA in 4Q17 and US$668 million in FY17, a 65%
increase compared to FY16, mainly due to mining cash cost reductions
Net Debt/Adj. EBITDA of 0.34x as of 31 December 2017
Share premium distribution of cash of US$0.60 per share to shareholders of record
date on March 14th, 2018 and payment on March 28th, 2018
Performance Highlights
5

6. 1Based on daily stocks, as reported by the London Metal Exchange
2Based on daily prices, as traded in the London Metal Exchange
2,517
3,236
2,095
2,896
4Q16 4Q17 2016 2017
LME average price2
US$/ton
LME price evolution
US$/ton
LME stocks1
kton
Zinc prices in upward trend due to mining supply
contraints and low metal inventories
Consistent demand, supply disruption and weaker US
dollar driving Copper and Lead prices up
2,553
3,309
4Q16 1Q17 2Q17 3Q17 4Q17
Market Fundamentals
Strong LME prices across base metals markets
Zinc Copper Lead
6
LME average price2
US$/ton
LME price evolution
US$/ton
LME average price2
US$/ton
LME price evolution
US$/ton
+29%
+38%
253
1,236
182
2 Jan 09 29 Dec 176 Dec 12
5,277
6,808
4,863
6,166
4Q16 4Q17 2016 2017
+29%
+27%
2,149
2,492
1,872
2,317
4Q16 4Q17 2016 2017
+16%
+24%
2,007
2,495
4Q16 1Q17 2Q17 3Q17 4Q17
5,574
7,157
4Q16 1Q17 2Q17 3Q17 4Q17

7. 4Q17 production positively impacted by higher Zn grades
and consistent treated ore volumes, recovering from first
quarters issues with floods in Peru, reinforcement of safety
procedures and lower grades
Mining Production
Strong production in 4Q17
7 1Copper, lead, silver and gold contents in concentrate production, converted to a zinc equivalent grade at FY17 benchmark prices (average LME, LBMA and Gold prices)
Mining production per metal
Mining production per mine
Metal contained in concentrates (kton)
Zinc equivalent¹ (kton)
Zinc equivalent¹ (kton)
67 70 68 78
34 33 34
35
16 20 18
22
12
1313
11
7
1Q17
135
6
143
2Q17
6
154
3Q17
139
4Q17
7
Cerro Lindo
Vazante
El Porvenir
Atacocha
Morro Agudo
Mining production evolution
Metal 4Q16 4Q17 FY16 FY17
Zinc 104 102 417 375
Lead 13 15 59 53
Copper 11 11 42 44
Silver 1,990 2,188 8,315 7,590
Gold 8 8 28 33
Zinc Equivalent¹ 153 154 614 570
Metal 4Q16 4Q17 FY16 FY17
Cerro Lindo 75 78 296 283
Vazante 36 35 136 136
El Porvenir 22 22 98 77
Atacocha 13 12 55 49
Morro Agudo 7 6 29 26
Zinc Equivalent¹ 153 154 614 570
+0,1% -7,1%

8. 4Q17 sales are in line with current smelting capacity.
Cajamarquilla recovered 2016 sales pace after suffering
with 1H17 floods, while Brazilian smelters sales
remained in line with 2016
Smelting Sales
Smelting operating back at capacity
8
Smelting sales per product
Smelting sales per plant
(kton)
(kton)
(kton)
73 72
84 84
47 51
50 52
20 23
20 19
155
4Q173Q17
154
2Q17
146
1Q17
140
Cajamarquilla
Três Marias
Juiz de Fora
Smelting sales evolution
Metal 4Q16 4Q17 FY16 FY17
Cajamarquilla 85 84 329 313
Três Marias 51 52 198 199
Juiz de Fora 22 19 84 82
Total 158 155 610 594
-1,9% -2,7%
Metal 4Q16 4Q17 FY16 FY17
Metallic zinc 149 145 573 555
Zinc oxide 9 10 37 38
Total 158 155 610 594

9. Adjusted EBITDA increased as a result of higher net
revenues, mostly driven by base metals price performance
and lower AISC
626 737
1,965
2,450
4Q16 4Q17 2016 2017
27
223
404
668
4Q16¹ 4Q17 2016¹ 2017
Financial Results
Robust EBITDA due to base metals prices and mining cash cost reduction
9
Net Revenues
(US$ million)
Adjusted EBITDA
(US$ million)
Adjusted EBITDA Reconciliation
+27%
+713%
5% 30%
Margin
+25%
+65%
21% 27%
US$ million 4Q17 4Q16 2017 2016
Adjusted EBITDA 222.5 27.4 667.5 403.9
Gain (loss) on sales of invest. 0.0 0.0 4.6 0.4
Impairment (Reversal) 0.0 0.4 -0.1 0.7
EBITDA 222.5 27.8 672.0 405.0
Deprec., amort. and depletion -70.1 -67.7 -270.5 -275.0
Net financial results -90.0 -11.2 -130.2 79.1
Taxes on income -38.4 -25.9 -106.2 -98.4
Net Income 24.0 -77.0 165.3 110.5
2017 Cash Flow
(US$ million)
¹ 4Q16 EBITDA was impacted by US$68.6 million provision. Excluding this non-recurring effect, the variation 4Q17/4Q16 is an increase of 106%
² Others: mainly non-cash events
³ Investments: mainly Pollarix share purchase
97
198
61
668
137
198
Deferred
Revenues
Adjusted
EBITDA
59
Taxes Free cash
flow before
debt
principals,
IPO and
dividends
45
Others
3536
Energy
assets deal
Financial
Result
CapexWorking
Capital
Free cash
flow before
debt
principals,
IPO,
dividends and
energy assets

10. 2017 mining adjusted EBITDA was 55%
higher than 2016 mainly due to base
metals price and lower mining costs that
offset operational issues during the year
Segments
10
Revenue per segment
FY (US$ million)
Adj. EBITDA per segment
FY (US$ million)
1Includes intersegment revenues; ² 4Q16 impacted by provisions (US$68.6 million)
86
183
337
522
4Q16 4Q17 2016 2017
-57
32
71
153
4Q16² 4Q17 2016² 2017
237
375
907
1,213
4Q16 4Q17 2016 2017
435 564
1,492
1,952
4Q16 4Q17 2016 2017
+34%
Mining¹Smelting
37% 43%
Margin
The smelting business was able to offset the
negative impacts from lower treatment
charges and sales volumes given floods,
mainly due to better recoveries and LME
Zinc prices
36% 49%
5% 8%
Margin
-13% 6%
+58% +114%
+55%
+30%
+31% +117%
Results improving for both mining and smelting

11. 1,226
30 64
172
107
19
348
700
Cash 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
72%
14%
7%
8%
Debt repayment schedule (US$ million)
Average debt maturity: 6.7 years
Bonds
Banks
BNDES
Others
89%
11%
USD
BRL
126
225
Dec 16 Dec 17
0.32x 0.34x
Net Debt/EBITDA
Debt by Category
Total debt: 1,448
Liquidity and Indebtedness
Extended debt profile and unleveraged position
11 1Principal only / 2Considering interest accrual and costs, according to the Company’s covenants criteria
Debt profile1 (as of December 2017) Net debt2
• On May 2017, Nexa issued a ten-year bond of US$700 million with an interest rate of 5.375% per year
• On October 2017, the Company concluded its IPO with net proceeds of US$312 million as primary tranche
(US$ million)
Dec 16 Dec 17
Dec 16 Dec 17

12. 19%
81%
Non-Expansion
Expansion
54%
41%
5%
Smelting
Mining
Others
Investments
Higher CAPEX in 2017 aligned with the company’s growth strategy
12
CAPEX
Total capital expenditures
(US$ million)
Total capital expenditures, by category
(4Q17, %)
68 67
183 198
4Q16 4Q17 2016 2017
-2%
+8% Main projects
• Vazante life of mine extension: US$30 million
• West module construction (tailing dam in Três Marias): US$20 million
• Acquisition of medium voltage cells (Atacocha): US$10 million
• Ambrosia Sul mine (Morro Agudo): US$10 million
• Pumping station expansion (Vazante): US$8 million
• San Gerardo (Atacocha): US$7 million
• Gas monitoring equipment (El Porvenir): US$6 million
• Pluvial water drainage (Três Marias): US$6 million

13. 2018 Guidance
13
Metal contained in
concentrate
2017(a) 2018(e)
Zinc (kton) 375.4 370 - 390
Lead (kton) 52.6 55 - 60
Copper (kton) 44.2 39 - 42
Silver (koz) 7,590 7,600 - 8,000
Gold (koz) 32.5 17 - 19
Smelting sales 2017(a) 2018(e)
Zinc Metal (kton) 555.4 560 - 580
Zinc Oxide (kton) 38.5 37 - 39
Total (kton) 593.9 597 - 619
Main assumptions
• Increase in total treated ore by more
than 6%
• Lower grades, especially in the Cerro
Lindo mine, in line with expectations
Main assumptions
• Increase in the performance of the
roasters in all Company’s smelters
• Regular production through 2018
compared to a 2017 which experienced
atypical rains and floods in Peru during
the first quarter
These estimates should be considered preliminary and subject to change. These estimates are based on a number of assumptions that management believes to be reasonable and reflect the
Company’s expectations as of February 15, 2018. Our independent registered public accounting firm has not audited, compiled, performed any procedures on or reviewed these estimates, and
accordingly does not express an opinion or any other form of assurance with respect to these estimates. Accordingly, you should not place undue reliance on these estimates, which may differ
materially from our final results.

14. 2018 Guidance
14
Exploration and Project
Development (US$mm)
2017(a) 2018(e)
Mineral exploration 77.7 86
Project development 16.6 54
Total 94.3 140
Capex per segment (US$mm) 2017(a) 2018(e)
Smelter 81.0 108
Mining 107.1 172
Others 9.5 -
Total 197.6 280
Capex per category (US$mm) 2017(a) 2018(e)
Expansion/Greenfield 48.8 90
Modernization 21.4 20
Sustaining 59.4 68
HS&E/Tailing dams 62.1 92
IT/others 5.9 10
Total 197.6 280
Main projects for 2018 are:
• Vazante’s life of mine extension (US$43
million)
• Implementation of dry stacking tailings in
Vazante (US$22 million)
• FEL 3 and potential execution of Aripuanã
(US$20 million)
• Process conversion at the Cajamarquila
Smelter – Goethite to Jarosite – to increase
recovery of zinc (US$20 million)
Expenses increasing as projects and exploration
advances, granting long term growth for Nexa
These estimates should be considered preliminary and subject to change. These estimates are based on a number of assumptions that management believes to be reasonable and reflect the
Company’s expectations as of February 15, 2018. Our independent registered public accounting firm has not audited, compiled, performed any procedures on or reviewed these estimates, and
accordingly does not express an opinion or any other form of assurance with respect to these estimates. Accordingly, you should not place undue reliance on these estimates, which may differ
materially from our final results.

15. Important milestones achieved
 Production stabilized at 21,000ktpd
 Dry Stacking Tailings Project
 FEL3 (feasibility study) completed and approved for execution
 Installation license and environmental license approved by respective authorities
 Life of Mine Extension (Deepening)
 Production moving to lower mining levels faster than planned where a larger share
of reserves are located
 New shaft installation (500 meters deep) 90% completed
Cerro Lindo
Projects and Operations Highlights
15
Vazante
Aripuanã
 Project advanced to FEL3 (feasibility study)
 34% of project development concluded
 26,600 meters Infill drilling program completed
Magistral and
Pukaqaqa  Projects advanced to FEL2 (pre-feasibility study)

16. Preparing Nexa for future levels of mineral production has involved key
actions in 4 main internal fronts:
Consistent expenditures in mineral exploration both on brownfield and greenfield
projects, in addition to growing mining developments in current operations
Disciplined approach on project development, aiming to assure these projects be
developed and implemented on time and on budget, seeking distinguished
positioning on cost curve and returns
Focus on solid cash generation, capital structure and liability management in order to
be prepared to grow under financial discipline
Building a benchmark in terms of increasing safety standards, transparency, high
governance and commitment to local communities where Nexa operates
Closing Remarks
16