Nexa Resources Announces 2024 Year-End Mineral Reserves and Mineral Resources
Nexa Resources (NYSE: NEXA) has released its 2024 Year-End Mineral Reserves and Mineral Resources update for operations in Peru and Brazil. The company's Proven and Probable Mineral Reserves reached 110.3 million tonnes containing 4,075kt of zinc, showing an increase from 4,031kt in 2023 despite similar tonnage.
Key highlights include:
- Successful zinc reserves replacement and expansion year-over-year
- Increased reserves driven by infill drilling at El Porvenir, Aripuanã, and Vazante
- Net revision of 172kt of contained zinc, mainly from new mining method at Vazante (+74kt) and geological model adjustments at Aripuanã (+81kt)
The company's Measured and Indicated Mineral Resources decreased to 3,163kt of contained zinc from 3,259kt in 2023, while Inferred Mineral Resources increased to 7,072kt from 6,897kt. The exploration program focused on near-mine expansion, brownfield and infill drilling, and greenfield projects.
Nexa Resources (NYSE: NEXA) ha pubblicato l'aggiornamento delle Risorse Minerarie e delle Riserve Minerarie a fine anno 2024 per le operazioni in Perù e Brasile. Le Riserve Minerarie Provate e Probabili dell'azienda hanno raggiunto 110,3 milioni di tonnellate contenenti 4.075 kt di zinco, mostrando un aumento rispetto ai 4.031 kt del 2023, nonostante un tonnellaggio simile.
I punti salienti includono:
- Sostituzione e ampliamento delle riserve di zinco con successo anno dopo anno
- Aumento delle riserve guidato da perforazioni di infill a El Porvenir, Aripuanã e Vazante
- Revisione netta di 172 kt di zinco contenuto, principalmente da un nuovo metodo minerario a Vazante (+74 kt) e aggiustamenti del modello geologico ad Aripuanã (+81 kt)
Le Risorse Minerarie Misurate e Indicate dell'azienda sono diminuite a 3.163 kt di zinco contenuto rispetto ai 3.259 kt del 2023, mentre le Risorse Minerarie Inferite sono aumentate a 7.072 kt rispetto ai 6.897 kt. Il programma di esplorazione si è concentrato sull'espansione vicino alla miniera, perforazioni brownfield e di infill, e progetti greenfield.
Nexa Resources (NYSE: NEXA) ha publicado su actualización de Reservas Minerales y Recursos Minerales a fin de año 2024 para las operaciones en Perú y Brasil. Las Reservas Minerales Probadas y Probables de la compañía alcanzaron 110,3 millones de toneladas que contienen 4.075 kt de zinc, mostrando un aumento respecto a los 4.031 kt de 2023, a pesar de un tonelaje similar.
Los aspectos más destacados incluyen:
- Reemplazo y expansión exitosos de reservas de zinc año tras año
- Aumento de reservas impulsado por perforaciones de infill en El Porvenir, Aripuanã y Vazante
- Revisión neta de 172 kt de zinc contenido, principalmente de un nuevo método minero en Vazante (+74 kt) y ajustes en el modelo geológico en Aripuanã (+81 kt)
Los Recursos Minerales Medidos e Indicados de la compañía disminuyeron a 3.163 kt de zinc contenido desde 3.259 kt en 2023, mientras que los Recursos Minerales Inferidos aumentaron a 7.072 kt desde 6.897 kt. El programa de exploración se centró en la expansión cercana a la mina, perforaciones brownfield y de infill, y proyectos greenfield.
넥사 리소스 (NYSE: NEXA)는 페루와 브라질에서의 운영을 위한 2024년 연말 광물 매장량 및 광물 자원 업데이트를 발표했습니다. 회사의 입증 및 추정 광물 매장량은 4,075kt의 아연을 포함하여 1억 110.3만 톤에 도달했으며, 2023년의 4,031kt에서 증가했습니다. 이는 유사한 톤수에도 불구하고 발생한 결과입니다.
주요 하이라이트는 다음과 같습니다:
- 연도별 아연 매장량의 성공적인 대체 및 확장
- 엘 포르베니르, 아리푸아나 및 바잔테에서의 인필 드릴링에 의해 증가한 매장량
- 바잔테에서의 새로운 채굴 방법(+74kt)과 아리푸아나에서의 지질 모델 조정(+81kt)으로 인한 172kt의 아연 포함량 순 수정
Nexa Resources (NYSE: NEXA) a publié sa mise à jour des Réserves Minérales et des Ressources Minérales à la fin de l'année 2024 pour ses opérations au Pérou et au Brésil. Les Réserves Minérales Prouvées et Probables de l'entreprise ont atteint 110,3 millions de tonnes contenant 4.075 kt de zinc, affichant une augmentation par rapport aux 4.031 kt de 2023 malgré un tonnage similaire.
Les points clés incluent:
- Remplacement et expansion réussis des réserves de zinc d'année en année
- Augmentation des réserves grâce à des forages d'infill à El Porvenir, Aripuanã et Vazante
- Révision nette de 172 kt de zinc contenu, principalement due à une nouvelle méthode d'exploitation à Vazante (+74 kt) et à des ajustements du modèle géologique à Aripuanã (+81 kt)
Les Ressources Minérales Mesurées et Indiquées de l'entreprise ont diminué à 3.163 kt de zinc contenu par rapport à 3.259 kt en 2023, tandis que les Ressources Minérales Inférées ont augmenté à 7.072 kt contre 6.897 kt. Le programme d'exploration s'est concentré sur l'expansion à proximité de la mine, les forages brownfield et d'infill, ainsi que les projets greenfield.
Nexa Resources (NYSE: NEXA) hat sein Update zu den Mineralreserven und Mineralressourcen zum Jahresende 2024 für die Betriebe in Peru und Brasilien veröffentlicht. Die Bewiesenen und Wahrscheinlichen Mineralreserven des Unternehmens erreichten 110,3 Millionen Tonnen mit 4.075 kt Zink, was einen Anstieg von 4.031 kt im Jahr 2023 zeigt, obwohl die Tonnage ähnlich blieb.
Wichtige Highlights sind:
- Erfolgreicher Ersatz und Ausbau der Zinkreserven Jahr für Jahr
- Erhöhung der Reserven durch Infill-Bohrungen in El Porvenir, Aripuanã und Vazante
- Nettoanpassung von 172 kt enthaltenem Zink, hauptsächlich durch eine neue Bergbaumethode in Vazante (+74 kt) und Anpassungen des geologischen Modells in Aripuanã (+81 kt)
Die Gemessenen und Angezeigten Mineralressourcen des Unternehmens sanken auf 3.163 kt enthaltenes Zink von 3.259 kt im Jahr 2023, während die Vermuteten Mineralressourcen auf 7.072 kt von 6.897 kt anstiegen. Das Explorationsprogramm konzentrierte sich auf die Expansion in der Nähe der Mine, Brownfield- und Infill-Bohrungen sowie auf Greenfield-Projekte.
- Increased zinc content in Mineral Reserves to 4,075kt from 4,031kt
- Successful reserves replacement and expansion year-over-year
- Net addition of 172kt contained zinc from mining method improvements and geological adjustments
- Inferred Mineral Resources increased by 175kt to 7,072kt
- Measured and Indicated Mineral Resources decreased by 96kt to 3,163kt
- Reduction of 82.7kt contained zinc due to Morro Agudo mine sale
Insights
Nexa Resources' 2024 year-end mineral reserves update presents a positive trend in resource replacement, with overall zinc reserves increasing despite ongoing mining depletion. Total Proven and Probable reserves now stand at 110.3 million tonnes containing 4,075kt of zinc (up from 4,031kt in 2023), reflecting slightly higher average zinc grades.
The company's successful resource replacement across multiple operations signals extended mine life potential and operational sustainability. Particularly noteworthy are the improvements at Aripuanã, where infill drilling at the Babaçu target added 94kt of contained zinc to reserves, plus 81kt from geological model updates. The implementation of a new Narrow Vein Sub-Level Stoping mining method at Vazante contributed an additional 74kt of contained zinc.
While Measured and Indicated Resources decreased slightly by 96kt of contained zinc (3,163kt vs. 3,259kt last year), this primarily reflects successful conversion to reserves. Importantly, Inferred Resources grew to 7,072kt from 6,897kt, providing a solid pipeline for future reserve development.
The company's consistent ability to replenish depleted reserves through brownfield exploration suggests disciplined capital allocation and effective exploration strategy. For a polymetallic producer like Nexa, maintaining reserve stability across its diversified asset base strengthens its position as the fifth largest global zinc producer while providing operational flexibility across economic cycles.
Luxembourg, Luxembourg--(Newsfile Corp. - March 27, 2025) - Nexa Resources S.A. (NYSE: NEXA) ("Nexa Resources" or "Nexa" or the "Company") announces its 2024 Year-End Mineral Reserves and Mineral Resources ("MRMR") update for its operations and projects in Peru and Brazil.
Commenting on the MRMR update, Ignacio Rosado, CEO of Nexa Resources, stated: "Our 2024 mineral exploration program focused on near-mine expansion, brownfield and infill drilling, and favorable greenfield projects. At Aripuanã, infill drilling at the Babaçu target defined new Mineral Reserves and increased Inferred Mineral Resources. Through these efforts, we were successful once again this year in replacing and expanding our zinc reserves year-over-year while maintaining a stable mineral resources base, reinforcing the strength and sustainability of our asset portfolio.
As a leading polymetallic producer and the fifth largest zinc producer globally, Nexa holds a unique portfolio of operating mines with strong exploration potential and an active pipeline of greenfield projects. In 2025, our mineral exploration program will focus on Mineral Reserves and Mineral Resources expansion near operating mines, along with drilling campaigns on advanced-stage projects."
2024 Year-End Mineral Reserves and Mineral Resources Highlights
Mineral Reserves
To view an enhanced version of this graphic, please visit:
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Note: "Addition" refers to new tonnages from brownfield and infill drilling, while "Revision" refers to changes in Mineral Reserves due to reclassification, mine design modifications, and economic parameters adjustments, leading to a model review and update. The Mineral Reserve figures are presented on
As of December 31, 2024, Proven and Probable Mineral Reserves were estimated at 110.3 million tonnes, containing 4,075kt of zinc, reflecting a higher average zinc grade resulting in the higher metal content compared to 110.4 million tonnes, containing 4,031kt of zinc as of December 31, 2023. The increase in contained zinc was mainly driven by infill drilling at El Porvenir, Aripuanã, and Vazante, partially offset by mining depletion. Nexa's 2024 Year-End Mineral Reserves estimate also incorporates ongoing refinements in geological modeling. Additionally, Mineral Reserves increased due to the conversion of Mineral Resources through infill drilling at Cerro Lindo, El Porvenir, Aripuanã, and Vazante.
The net revision of 172kt of contained zinc was primarily attributable to the new mining method (Narrow Vein Sub-Level Stoping (SLS)) at Vazante (+74kt) and geological model adjustments at Aripuanã (+81kt).
Proven and Probable Mineral Reserves at the Cerro Lindo Mine were estimated at 39.07Mt at
1.38% Zn,0.20% Pb,0.52% Cu, and 21.4 g/t Ag as of December 31, 2024, marking a0.5% decrease from 41.15Mt at1.49% Zn,0.22% Pb,0.55% Cu, and 22.6 g/t Ag as of December 31, 2023. The decrease was primarily due to mining depletion in 2024, partially offset by the conversion of Mineral Resources into Mineral Reserves through infill drilling (+36kt of contained zinc).Proven and Probable Mineral Reserves at the Vazante Mine were estimated at 11.77Mt at
8.91% Zn,0.25% Pb, and 12.2 g/t Ag as of December 31, 2024, up0.4% from 11.33Mt at9.62% Zn,0.21% Pb, and 13.8 g/t Ag as of December 31, 2023. This increase resulted from the conversion of Mineral Resources into Mineral Reserves through infill drilling at the Extremo Norte and Lumiadeira Sul areas (+40kt of contained zinc) and the implementation of the new mining method (Narrow Vein SLS). Mineral Reserve depletion in 2024 accounted for -1.80Mt containing 163kt of zinc.Proven and Probable Mineral Reserves at the El Porvenir Mine were estimated at 15.23Mt at
4.15% Zn,1.18% Pb,0.24% Cu, and 72.3 g/t Ag as of December 31, 2024, reflecting a0.4% increase from 14.65Mt at4.11% Zn,1.20% Pb,0.23% Cu, and 72.9 g/t Ag as of December 31, 2023. The increase resulted from the addition of 83.7kt of contained zinc, driven by the conversion of Mineral Resource into Mineral Reserve through infill drilling at the VCN, PORV9, ÉXITO, and AM areas, offset by mining depletion. Mineral Reserve depletion in 2024 accounted for -2.20Mt, containing 50.6kt of zinc.Proven and Probable Mineral Reserves at the Atacocha Mine for the underground operations were estimated at 5.87Mt at
4.36% Zn,1.36% Pb,0.40% Cu, and 79.5 g/t Ag as of December 31, 2024. Open pit operations were estimated at 3.66Mt at1.01% Zn,1.16% Pb, 35.5 g/t Ag, and 0.21g/t Au as of December 31, 2024. Mineral Reserve depletion for Atacocha (open pit) in 2024 accounted for -1.5Mt, containing 13kt of zinc.Proven and Probable Mineral Reserves at the Aripuanã Mine were estimated at 32.68Mt at
4.53% Zn,1.73% Pb,0.13% Cu, 40.9 g/t Ag, and 0.21 g/t Au as of December 31, 2024, reflecting a0.5% increase from 31.07Mt at4.35% Zn,1.66% Pb,0.15% Cu, 40.6 g/t Ag, and 0.22 g/t Au as of December 31, 2023. The Babaçu infill drilling program in 2024 resulted in 94kt of new contained zinc in Mineral Reserves. Additionally, 81kt of contained zinc were added due to the geological model updates at the Ambrex Deposit and refinements at the Link and Arex Deposits. Mineral Reserve depletion in 2024 accounted for -1.6Mt containing 47kt of zinc.
Mineral Resources
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10898/246396_2.jpg
Note: "Addition" refers to new tonnages from brownfield and greenfield drilling, while "Revision" refers to changes in Mineral Resources due to reclassification, mine design modifications, and economic parameters adjustments, leading to a model review and update. The Mineral Resource figures are presented on a
As of December 31, 2024, Nexa estimated Measured and Indicated Mineral Resources (exclusive of Mineral Reserves) at 3,163kt of contained zinc compared to 3,259kt as of December 31, 2023. The net decrease of 96kt of contained zinc was primarily due to the conversion of Mineral Resources into Mineral Reserves at Aripuanã, following the Babaçu infill drilling, and at El Porvenir mine, in the VCN, PORV9, ÉXITO, and AM areas.
At Aripuanã, 36.1kt of contained zinc in Mineral Resources were converted into Mineral Reserves, driven by the Ambrex geological model revision and Babaçu update. Additionally, the sale of the Morro Agudo mine resulted in a reduction of 82.7kt of contained zinc in Mineral Resources.
As of December 31, 2024, Nexa estimated Inferred Mineral Resources at 7,072kt of contained zinc compared to 6,897kt at the end of 2023. The addition of 356kt of contained zinc was primarily due to the geological model revision in the mineralized zone of the Ambrex site, geological model updates at the Link and Arex Deposits, and brownfield drilling in the Integración area at El Porvenir. The net revision reduction of -180kt of contained zinc was mainly due to recategorization of Inferred Mineral Resources into Measured and Indicated Mineral Resources, and conversion of Mineral Resources into Mineral Reserves through infill drilling in the Extremo Norte and Lumiadeira Sul areas at Vazante and at Aripuanã (Babaçu Deposit).
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About Nexa
Nexa is a large-scale, low-cost, integrated polymetallic producer, zinc being our main product, with over 65 years of experience developing and operating mining and smelting assets in Latin America. Nexa currently owns and operates four long-life underground polymetallic mines, two located in the Central Andes region of Peru, and two located in Brazil (one in the state of Minas Gerais and one in the state of Mato Grosso). Nexa also owns and operates one low-cost polymetallic open pit mine in the Central Andes of Peru, and three smelters, two located in the state of Minas Gerais in Brazil, Três Marias and Juiz de Fora, and one located in Lima, which is Cajamarquilla, the largest smelter in the Americas.
Nexa was among the top five producers of mined zinc globally in 2024 and one of the top five metallic zinc producers worldwide in 2024, according to Wood Mackenzie.
Cautionary Statement on Mineral Reserve and Mineral Resource Estimates
All Mineral Reserve and Mineral Resource estimates of the Company disclosed or referenced in this news release have been prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards on Mineral Resources and Mineral Reserves dated May 10, 2014 ("2014 CIM Definition Standards"), whose definitions are incorporated by reference in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), for the metals indicated per mine and project. Accordingly, such information may not be comparable to similar information prepared in accordance with Subpart 1300 of Regulation S-K ("S-K 1300"). For a discussion of the differences between the requirements under S-K 1300 and NI 43-101, please see our annual report on Form 20-F.
Mineral Reserve: is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.
Probable Mineral Reserve: is the economically mineable part of an indicated and, in some cases, a measured mineral resource.
Proven Mineral Reserve: is the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource.
Mineral Resource: is a concentration or occurrence of 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 economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable.
Inferred Mineral Resource: is that part of a Mineral Resource for which quantity and grade or quality can be estimated based on geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity.
Indicated Mineral Resource: is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit.
Measured Mineral Resource: is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters to support production planning and evaluation of the economic viability of the deposit.
Cautionary Statement on Forward-Looking Statements
This news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to in this news release as "forward-looking statements"). All statements other than statements of historical fact are forward-looking statements. The words "believe," "will," "may," "may have," "would," "estimate," "continues," "anticipates," "intends," "plans," "expects," "budget," "scheduled," "forecasts" and similar words are intended to identify estimates and forward-looking statements. Forward-looking statements are not guarantees and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Nexa to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results and developments may be substantially different from the expectations described in the forward-looking statements for a number of reasons, many of which are not under our control, among them, the activities of our competition, the future global economic situation, weather conditions, market prices and conditions, exchange rates, and operational and financial risks. The unexpected occurrence of one or more of the abovementioned events may significantly change the results of our operations on which we have based our estimates and forward-looking statements.
Our estimates and forward-looking statements may also be influenced by, among others, legal, political, environmental or other risks that could materially affect the potential development of our projects, including risks related to outbreaks of contagious diseases or health crises impacting overall economic activity regionally or globally, as well as risks relating to ongoing or future investigations by local authorities with respect to our business and operations and the conduct of our customers, including the impact to our financial statements regarding the resolution of any such matters.
Our estimates and forward-looking statements may also be influenced by regulatory changes in the countries where we operate, including new trade restrictions, tariff escalations, and policy shifts affecting cross-border commerce and supply chains. Certain forward-looking statements are based on third-party data, market forecasts, and assumptions that may be subject to change. Nexa does not guarantee the accuracy of such external data and disclaims any obligation to update these statements unless required by law.
These forward-looking statements related to future events or future performance and include current estimates, predictions, forecasts, beliefs and statements as to management's expectations with respect to, but not limited to, the business and operations of the Company and mining production our growth strategy, the impact of applicable laws and regulations, future zinc and other metal prices, smelting sales, CAPEX, expenses related to exploration and project evaluation, estimation of mineral reserves and/or mineral resources, mine life and our financial liquidity.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable and appropriate by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies and may prove to be incorrect. Statements concerning future production costs or volumes are based on numerous assumptions of management regarding operating matters and on assumptions that demand for products develops as anticipated, that customers and other counterparties perform their contractual obligations, full integration of mining and smelting operations, that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts and supplies, labor disturbances, interruption in transportation or utilities, adverse weather conditions, and that there are no material unanticipated variations in metal prices, exchange rates, or the cost of energy, supplies or transportation, among other assumptions.
We assume no obligation to update forward-looking statements except as required under securities laws. Estimates and forward-looking statements refer only to the date when they were made, and we do not undertake any obligation to update or revise any estimate or forward-looking statement due to new information, future events or otherwise, except as required by law. Estimates and forward-looking statements involve risks and uncertainties and do not guarantee future performance, as actual results or developments may be substantially different from the expectations described in the forward-looking statements. Further information concerning risks and uncertainties associated with these forward-looking statements and our business can be found in our public disclosures filed under our profile on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov).
For further information, please contact:
Investor Relations Team
ir@nexaresources.com
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FAQ
What are Nexa Resources' total Mineral Reserves as of December 2024?
How did NEXA's Mineral Reserves change from 2023 to 2024?
What caused the main increase in NEXA's zinc reserves during 2024?
How much did NEXA's Measured and Indicated Resources change in 2024?
What are NEXA's exploration plans for 2025?
