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    Hernan Kisluk • MetLife

    Hernan Kisluk's questions to Nexa Resources SA (NEXA) leadership

    Hernan Kisluk's questions to Nexa Resources SA (NEXA) leadership • Q1 2025

    Question

    Hernán Kisluk inquired about the geotechnical issues at the Vazante mine and the lower-than-average production at Cerro Lindo, asking about the potential for recovery in the near term and any long-term operational consequences.

    Answer

    CEO Ignacio Rosado explained that the Vazante issue was an isolated stope collapse with high-grade ore, and the company is working to recover some of the lost production throughout the year. He noted that production at the Pasco complex (El Porvenir and Atacocha) is expected to fully recover from the heavy rainfall. However, Aripuanã's recovery is constrained by tailings filter performance until a new filter is installed in Q1 2026, placing it in the lower range of guidance. Overall, Nexa anticipates being in the mid-range of its annual production guidance.

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    Hernan Kisluk's questions to Nexa Resources SA (NEXA) leadership • Q4 2024

    Question

    Hernan Kisluk asked about expectations for cash flow generation in 2025 and the company's capital allocation plans.

    Answer

    CFO José Carlos del Valle Castro stated that cash flow generation is expected to improve in 2025, contingent on metal prices, driven by better operational performance. He outlined capital allocation priorities as: extending the life of mines, reducing gross debt to lower interest expenses, and providing consistent shareholder returns via the new dividend policy.

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    Hernan Kisluk's questions to Southern Copper Corp (SCCO) leadership

    Hernan Kisluk's questions to Southern Copper Corp (SCCO) leadership • Q2 2024

    Question

    Hernán Kisluk from MetLife inquired about the company's capital allocation priorities in light of future CapEx for Tia Maria and recent dividend changes. He also asked if net debt levels are expected to increase as the asset base grows.

    Answer

    Executive Raul Jacob stated that the company's primary focus is organic growth through its project pipeline in Peru and Mexico. Regarding debt, he noted a $500 million bond maturity in April 2025 and acknowledged that while the company has been deleveraging, it would likely access debt markets in the future to fund major projects, though there are no immediate plans.

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