<SEC-DOCUMENT>0001292814-23-000473.txt : 20230215
<SEC-HEADER>0001292814-23-000473.hdr.sgml : 20230215
<ACCEPTANCE-DATETIME>20230215165505
ACCESSION NUMBER:		0001292814-23-000473
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20221231
FILED AS OF DATE:		20230215
DATE AS OF CHANGE:		20230215

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Nexa Resources S.A.
		CENTRAL INDEX KEY:			0001713930
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			N4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38256
		FILM NUMBER:		23636126

	BUSINESS ADDRESS:	
		STREET 1:		37A AVENUE J.F. KENNEDY
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L-1855
		BUSINESS PHONE:		352 26 00 53 43

	MAIL ADDRESS:	
		STREET 1:		37A AVENUE J.F. KENNEDY
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L-1855

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VM Holding S.A.
		DATE OF NAME CHANGE:	20170804
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>nexafs4q22_6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>U.S. SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE</B></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">SECURITIES EXCHANGE
ACT OF 1934</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">For the Month of February 2023</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Nexa Resources S.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Exact Name as Specified in its Charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.25in"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Translation of Registrant&#8217;s Name)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><B>37A, Avenue J.F. Kennedy<BR>
L-1855, Luxembourg<BR>
Grand Duchy of Luxembourg<BR>
</B>(Address of principal executive offices)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Indicate by check mark
whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">Form 20-F&nbsp;&nbsp;<U>&nbsp;&nbsp;X&nbsp;&nbsp;</U></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">Form 40-F <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Indicate by check mark
if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Indicate by check mark
if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Indicate by check mark
whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">Yes <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">No <U>&nbsp;&nbsp;X&nbsp;&nbsp;</U></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If &#8220;Yes&#8221; is marked,
indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable.</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SIGNATURES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Date:&nbsp;&nbsp;February 15, 2023</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-bottom: 48pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="text-transform: uppercase">Nexa Resources S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>By:</B>/s/ Jos&eacute; Carlos del Valle</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Name:</B>&nbsp;&nbsp;Jos&eacute; Carlos del Valle</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.5in; padding-left: 5.4pt; text-align: justify"><B>Title:</B>&nbsp;&nbsp;Senior Vice President of Finance and Group Chief Financial Officer</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">EXHIBIT INDEX</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><U>Exhibit</U></TD>
    <TD STYLE="width: 88%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><U>Description of Exhibit</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><A HREF="ex99-1.htm">99.1</A></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><A HREF="ex99-1.htm">Financial Statements at December 31, 2022</A></P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>&nbsp;<IMG SRC="nexafs4q226k_001.jpg" ALT=""></B></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt 340.2pt; text-align: justify; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt 340.2pt; text-align: justify; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt 340.2pt; text-align: justify; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt 212.65pt; text-align: justify; color: #D83C00"><B>Nexa Resources
S.A.</B></P>

<P STYLE="font: 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 0 212.65pt; text-align: justify; color: #D83C00"><B>Consolidated
financial statements at December 31, 2022 and report of independent registered public accounting firm</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #D83C00"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #D83C00"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;<IMG SRC="nexafs4q226k_001.jpg" ALT=""></P>

<P STYLE="font: 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #D83C00"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #D83C00"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; color: #D83C00"><A NAME="toc"></A><B>Contents</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>Consolidated financial statements</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_001">Consolidated income statement</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_001">3</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_002">Consolidated statement of comprehensive
income</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_002">4</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_003">Consolidated balance sheet</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_003">5</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_004">Consolidated statement of cash flows</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_004">6</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_005">Consolidated statement of changes in shareholders&rsquo;
equity</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_005">8</A></TD></TR>
</TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0"><B>Notes to the consolidated financial statements</B></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_006">1&nbsp;&nbsp;&nbsp;General information</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_006">10</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_007">2&nbsp;&nbsp;&nbsp;Information by business segment</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_007">10</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_008">3&nbsp;&nbsp;&nbsp;Basis of preparation of the consolidated financial statements</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_008">13</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_009">4&nbsp;&nbsp;&nbsp;Principles of consolidation</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_009">13</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_010">5&nbsp;&nbsp;&nbsp;Changes in the main accounting policies and disclosures</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_010">16</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_011">6&nbsp;&nbsp;&nbsp;Net revenues</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_011">18</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_012">7&nbsp;&nbsp;&nbsp;Expenses by nature</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_012">20</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_013">8&nbsp;&nbsp;&nbsp;Mineral exploration and project evaluation</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_013">21</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_014">9&nbsp;&nbsp;&nbsp;Other income and expenses, net</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_014">21</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_015">10&nbsp;&nbsp;&nbsp;Net financial results</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_015">22</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_016">11&nbsp;&nbsp;&nbsp;Current and deferred income tax</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_016">23</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_017">12&nbsp;&nbsp;&nbsp;Financial risk management</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_017">25</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_018">13&nbsp;&nbsp;&nbsp;Financial instruments</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_018">32</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_019">14&nbsp;&nbsp;&nbsp;Fair value estimates</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_019">34</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_020">15&nbsp;&nbsp;&nbsp;Cash and cash equivalents</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_020">36</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_021">16&nbsp;&nbsp;&nbsp;Other financial instruments</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_021">37</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_022">17&nbsp;&nbsp;&nbsp;Trade accounts receivables</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_022">39</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_023">18&nbsp;&nbsp;&nbsp;Inventory</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_023">40</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_024">19&nbsp;&nbsp;&nbsp;Other assets</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_024">41</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_025">20&nbsp;&nbsp;&nbsp;Related parties</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_025">42</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_026">21&nbsp;&nbsp;&nbsp;Property, plant and equipment</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_026">44</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_027">22&nbsp;&nbsp;&nbsp;Intangible assets</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_027">49</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_028">23&nbsp;&nbsp;&nbsp;Right-of-use assets and lease liabilities</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_028">51</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_029">24&nbsp;&nbsp;&nbsp;Loans and financings</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_029">52</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_030">25&nbsp;&nbsp;&nbsp;Trade Payables</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_030">54</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_031">26&nbsp;&nbsp;&nbsp;Confirming Payables</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_031">55</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_032">27&nbsp;&nbsp;&nbsp;Asset retirement and environmental obligations</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_032">55</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_033">28&nbsp;&nbsp;&nbsp;Provisions</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_033">57</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_034">29&nbsp;&nbsp;&nbsp;Contractual obligations</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_034">59</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_035">30&nbsp;&nbsp;&nbsp;Shareholders&rsquo; equity</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_035">61</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_036">31&nbsp;&nbsp;&nbsp;Impairment of long-lived assets</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_036">63</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_037">32&nbsp;&nbsp;&nbsp;Long-term commitments</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_037">68</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_038">33&nbsp;&nbsp;&nbsp;Events after the reporting period</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_038">69</A></TD></TR>
</TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: NewSection -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><A HREF="#toc">Table of Contents</A><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%">&nbsp;<IMG SRC="nexafs4q226k_001.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0"></P>






<P STYLE="margin: 0; font-family: Verdana, Helvetica, Sans-Serif"><A NAME="a_001"></A><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A</B></FONT><B><FONT STYLE="font-size: 9pt">.</FONT></B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Consolidated income statement</B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Years ended on December 31</B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 42%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Note </B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2020</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Net revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,033,990</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,622,110</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,950,929</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,395,180)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,989,019)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,576,159)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>638,810</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>633,091</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>374,770</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Operating expenses</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Selling, general and administrative</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(145,543)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(133,803)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(139,391)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Mineral exploration and project evaluation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7 and 8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(98,862)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(85,043)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(57,201)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Impairment loss of long-lived assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(32,512)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(557,497)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other income and expenses, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,674)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">31,948</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(19,164)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(279,591)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(186,898)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(773,253)</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Operating income (loss)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>359,219</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>446,193</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(398,483)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Results from associates&rsquo; equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Share in the results of associates</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4 (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,885</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>1,885</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Net financial results</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">10</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Financial income</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">25,018</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">11,472</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">11,168</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Financial expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(168,694)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(142,275)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(159,759)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other financial items, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">9,949</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(6,099)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(129,584)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(133,727)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(136,902)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(278,175)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Income (loss) before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>227,377</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>309,291</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(676,658)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">11 (a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(150,983)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(153,204)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>24,152</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>Net income (loss) for the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>76,394</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>156,087</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(652,506)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Attributable to NEXA's shareholders</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">49,101</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">114,332</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(559,247)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Attributable to non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">27,293</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">41,755</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(93,259)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>Net income (loss) for the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>76,394</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>156,087</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(652,506)</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Weighted
    average number of outstanding &nbsp;shares &ndash; in thousands </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">132,439</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">132,439</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">132,439</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Basic
    and diluted earnings (losses) per share &ndash; USD</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">30 (f)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">0.37</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">0.86</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(4.22)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">The accompanying notes are an integral part of these consolidated financial statements</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><A HREF="#toc">Table of Contents</A><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%">&nbsp;<IMG SRC="nexafs4q226k_001.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 12pt"><B><A NAME="a_002"></A>Nexa Resources S.A</B></FONT><B><FONT STYLE="font-size: 9pt">.</FONT></B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Consolidated statement of comprehensive income</B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Years ended on December 31</B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;<B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 47%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Note</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2020</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Net income (loss) for the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>76,394</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>156,087</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(652,506)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Other comprehensive income (loss), net of income tax - items that can be reclassified to the income statement</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Cash flow hedge accounting </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">16 (c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,329)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">488</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(98)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Deferred income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">998</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(161)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">101</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Translation adjustment of foreign subsidiaries </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">30 (e)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">65,243</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(64,575)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(138,840)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>64,912</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(64,248)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(138,837)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Other comprehensive loss, net of income tax - items that will not be reclassified to the income statement</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Changes in fair value of financial liabilities related to changes in the Company&rsquo;s own credit risk</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">24 (c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">521</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(5,066)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(787)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Deferred income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(178)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,375)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(88)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Changes in fair value of investments in equity instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(3,608)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,632)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(3,265)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(10,073)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(875)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Other comprehensive income (loss) for the year, net of income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>61,647</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(74,321)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(139,712)</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>Total comprehensive income (loss) for the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>138,041</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>81,766</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(792,218)</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Attributable to NEXA&rsquo;s shareholders</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">105,972</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">43,828</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(682,132)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Attributable to non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">32,069</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">37,938</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(110,086)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>Total comprehensive income (loss) for the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>138,041</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>81,766</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(792,218)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">The accompanying notes are an integral part of these consolidated financial statements</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><A HREF="#toc">Table of Contents</A><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%">&nbsp;<IMG SRC="nexafs4q226k_001.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 12pt"><A NAME="a_003"></A><B>Nexa Resources S.A</B></FONT><B><FONT STYLE="font-size: 9pt">.</FONT></B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Consolidated balance sheet</B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>As at December 31</B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 64%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Note</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">15</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">497,826</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">743,817</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Financial investments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">18,062</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">19,202</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">16 (a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,380</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">16,292</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Trade accounts receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">17</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">223,740</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">231,174</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Inventory</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">18</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">395,197</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">372,502</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Recoverable income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,455</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">8,703</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">19</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">75,486</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">81,119</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>1,220,146</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>1,472,809</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Non-current assets </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Investments in equity instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">14 (c) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,115</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,723</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">16 (a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">63</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">102</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Deferred income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;11 (b)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">166,983</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">168,205</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Recoverable income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,914</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,223</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">19</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">134,474</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">98,584</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Investments in associates</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4 (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">38,990</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Property, plant and equipment </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,295,275</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,087,730</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Intangible assets </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">22</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,016,927</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,056,771</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Right-of-use assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">23 (a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">6,895</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">12,689</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>3,671,636</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>3,432,027</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>4,891,782</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>4,904,836</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Liabilities and shareholders&rsquo; equity </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Loans and financings</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">24 (a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">50,840</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">46,713</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">23 (b)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,661</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">16,246</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">16 (a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">11,435</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">22,684</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">413,856</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">411,818</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Confirming payables</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">26</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">216,392</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">232,860</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Dividends payable</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,922</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">11,441</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Asset retirement and environmental obligations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">27</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">23,646</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">31,953</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Contractual obligations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">29</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">26,188</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">33,156</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Salaries and payroll charges</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">79,078</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">76,031</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Tax liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">40,610</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">65,063</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">25,136</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">41,317</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>898,764</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>989,282</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Loans and financings</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">24 (a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,618,419</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,652,602</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">23 (b)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,360</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,393</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">16 (a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">20,416</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">241</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Asset retirement and environmental obligations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">27</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">242,673</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">232,197</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">28</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">43,897</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">36,828</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Deferred income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">11 (b) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">199,499</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">208,583</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Contractual obligations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">29</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">105,972</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">114,076</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">50,528</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">23,354</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2,282,764</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2,271,274</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Total liabilities </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>3,181,528</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>3,260,556</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Shareholders&rsquo; equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Attributable to NEXA&rsquo;s shareholders</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,442,245</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,386,273</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Attributable to non-controlling interests&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">268,009</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">258,007</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>1,710,254</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>1,644,280</B></FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>Total liabilities and shareholders&rsquo; equity <I>&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>4,891,782</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>4,904,836</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">The accompanying notes are an integral part of these consolidated financial statements</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><A HREF="#toc">Table of Contents</A><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%">&nbsp;<IMG SRC="nexafs4q226k_001.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 12pt"><B><A NAME="a_004"></A>Nexa Resources S.A</B></FONT><B><FONT STYLE="font-size: 9pt">.</FONT></B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Consolidated statement of cash flows </B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Years ended on December 31</B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 48%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Note</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2020</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Cash flows from operating activities</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Income (loss) before income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">227,377</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">309,291</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(676,658)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Impairment loss of long-lived assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">32,512</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">557,497</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Depreciation and amortization </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">21, 22 and 23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">290,937</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">258,711</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">243,925</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Share in the results of associates</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,885)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Interest and foreign exchange effects</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">126,545</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">143,496</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">157,806</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Loss on sale of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">698</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,891</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,268</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Changes in accruals and other assets impairments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">84,393</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">21,325</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">13,159</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Changes in fair value of loans and financings</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">24 (c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,472</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(19,380)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">8,058</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Changes in fair value of derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">16 (c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(14,947)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">26,408</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,809</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Changes in fair value of offtake agreement</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">16 (d) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(24,267)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Contractual obligations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">29 (a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(20,873)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(25,729)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(20,679)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">GSF recovered costs</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">22 (a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(19,407)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Decrease (increase) in assets </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Trade accounts receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,223</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(9,375)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(68,896)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Inventory</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(75,071)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(102,068)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">8,883</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other financial instruments </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">8,648</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(14,936)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(7,809)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(72,607)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(47,312)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">30,557</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Increase (decrease) in liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(32,476)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">44,880</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">21,589</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Confirming payables</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(16,348)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">87,565</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">62,525</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(17,448)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,759</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">58,481</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Cash provided by operating activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>498,883</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>661,119</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>398,515</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Interest paid on loans and financings</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">24 (c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(109,263)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(121,112)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(69,906)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Interest paid on lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">23 (b)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(994)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,415)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,385)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Premium paid on bonds repurchase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">24 (b)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(3,277)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(14,481)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Income tax paid</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(118,719)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(45,607)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(21,043)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Net cash provided by operating activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>266,630</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>492,985</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>291,700</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Cash flows from investing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Additions of property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(382,468)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(485,204)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(323,688)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Additions of intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(4,595)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Net sales of financial investments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">10,647</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">20,076</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(47,522)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Proceeds from the sale of property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">751</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,210</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,014</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Investments in equity instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">14 (c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(7,000)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(6,356)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Acquisition of additional shares in associates</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4 (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(4,136)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Dividends received from associates</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,867</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(378,934)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(469,274)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(369,196)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Cash flows from financing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">New loans and financings</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">24 (c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">95,621</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">59,771</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,296,496</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Debt issue costs</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">24 (c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(63)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(178)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(9,921)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Payments of loans and financings</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">24 (c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(24,639)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(251,044)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(542,983)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Prepayment of fair value debt</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">24 (c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(90,512)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Bonds repurchase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">24 (c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(128,470)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(214,530)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Payments of lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">23 (b)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(17,091)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(9,827)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(9,100)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Dividends paid</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">30 (g)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(68,466)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(52,344)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(55,964)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Payments of share premium</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">30 (g)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(6,126)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Dividends not withdrawn</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,009</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Capital reduction of subsidiary &ndash; non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(13,392)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Net cash (used in) provided by financing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(149,234)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(344,134)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>451,615</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Foreign exchange effects on cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">15,547</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(21,923)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(16,070)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other high liquid short term investments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">29,496</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(Decrease) increase in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(245,991)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(342,346)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>387,545</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Cash and cash equivalents at the beginning of the year </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">743,817</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,086,163</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">698,618</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>Cash and cash equivalents at the end of the year</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>497,826</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>743,817</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,086,163</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">The accompanying notes are an integral part of these consolidated financial statements</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><A HREF="#toc">Table of Contents</A><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%">&nbsp;<IMG SRC="nexafs4q226k_001.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A</B></FONT><B><FONT STYLE="font-size: 9pt">.</FONT></B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Consolidated statement of cash flows </B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Years ended on December 31</B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 48%; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Non-cash investing and financing transactions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Additions to right-of-use assets </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;23 (a) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,018)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(5,174)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(5,785)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Additions to intangible assets related to GSF recovered costs </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;22 (a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(19,407)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Write-offs of property, plant and equipment </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,449</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,343</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Additions to intangible assets related to offtake agreement and other intangibles </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: center; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">22 (a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(52,934)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Increase in investment in associates</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;4 (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(32,456)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Derecognition of Nexa&rsquo;s share of Enercan&rsquo;s property, plant and equipment, intangible assets and financial investments </FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;4 (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">46,858</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(Decrease) increase in dividends payable </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,961</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">6,885</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,418)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Decrease in loans and financings at fair value</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(14,314)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">The accompanying notes are an integral part of these consolidated financial statements</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><A HREF="#toc">Table of Contents</A><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%">&nbsp;<IMG SRC="nexafs4q226k_001.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 12pt"><B><A NAME="a_005"></A>Nexa Resources S.A. </B></FONT> <FONT STYLE="font-size: 9pt">&#9;
</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Consolidated statement of changes in shareholders&rsquo; equity</B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the years ended on December 31</B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt"><B>All amounts in thousands of US dollars, unless otherwise
stated</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 36%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Capital</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Treasury shares</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Share premium</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Additional paid in capital</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Retained earnings (cumulative deficit)</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Accumulated other comprehensive loss</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total NEXA&rsquo;s shareholders</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Non-controlling interests</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total shareholders&rsquo; equity</B></FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>At January 1, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>133,320</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(9,455)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,043,755</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,245,418</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(196,855)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(106,606)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2,109,577</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>372,609</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2,482,186</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Net loss for the year</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(559,247)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(559,247)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(93,259)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(652,506)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other comprehensive loss for the year</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(122,885)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(122,885)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(16,827)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(139,712)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total comprehensive loss for the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(559,247)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(122,885)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(682,132)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(110,086)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(792,218)</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Dividends distribution to NEXA's shareholders - USD 0.38 per share</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(50,000)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(50,000)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(50,000)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Cancellation of 881,902 treasury shares acquired for USD 9,455 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(882)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">9,455</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(8,573)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Dividends distribution to non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(5,332)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(5,332)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Capital reduction of subsidiary - non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(13,392)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(13,392)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total contributions by and distributions to shareholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(882)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>9,455</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(58,573)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(50,000)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(18,724)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(68,724)</B></FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>At December 31, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>132,438</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,043,755</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,245,418</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(814,675)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(229,491)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,377,445</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>243,799</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,621,244</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Net income for the year</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">114,332</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">114,332</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">41,755</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">156,087</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other comprehensive loss for the year</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(70,504)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(70,504)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(3,817)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(74,321)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total comprehensive income (loss) for the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>114,332</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(70,504)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>43,828</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>37,938</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>81,766</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Transfer of the changes in fair value of prepaid debt related to changes in the Company&rsquo;s own credit risk to retained earnings</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(10,965)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">10,965</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Dividends distribution to NEXA's shareholders - USD 0.26 per share </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(35,000)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(35,000)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(35,000)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Dividends distribution to non-controlling interests </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(23,730)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(23,730)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total contributions by and distributions to shareholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(45,965)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>10,965</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(35,000)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(23,730)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(58,730)</B></FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>At December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>132,438</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,043,755</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,245,418</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(746,308)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(289,030)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,386,273</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>258,007</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,644,280</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">The accompanying notes are an integral part of these consolidated financial statements</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><A HREF="#toc">Table of Contents</A><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%">&nbsp;<IMG SRC="nexafs4q226k_001.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A. </B></FONT> <FONT STYLE="font-size: 9pt">&#9;
</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Consolidated statement of changes in shareholders&rsquo; equity</B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the years ended on December 31</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt"><B>All amounts in thousands of US dollars, unless otherwise
stated</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 39%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Capital</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Treasury shares</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Share premium</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Additional paid in capital</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Retained earnings (cumulative deficit)</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Accumulated other comprehensive loss</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total NEXA&rsquo;s shareholders</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Non-controlling interests</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total shareholders&rsquo; equity</B></FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>At January 1, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>132,438</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,043,755</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,245,418</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(746,308)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(289,030)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,386,273</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>258,007</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,644,280</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;Net income for the year&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">49,101</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">49,101</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">27,293</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">76,394</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;Other comprehensive income for the year </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">56,871</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">56,871</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,776</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">61,647</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;&nbsp;Total comprehensive income for the year&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>49,101</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>56,871</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>105,972</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>32,069</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>138,041</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0">Dividends distribution to NEXA's shareholders &ndash; USD 0.33 per
share &ndash; note 30 (g)</P></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(43,874)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(43,874)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(43,874)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0">Share premium distribution to NEXA's shareholders &ndash; USD 0.05
per share &ndash; note 30 (g)</P></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(6,126)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(6,126)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(6,126)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Dividends distribution to non-controlling interests </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(23,075)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(23,075)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Other equity movements&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,008</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,008</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;&nbsp;Total distributions to shareholders&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(6,126)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(43,874)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(50,000)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(22,067)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(72,067)</B></FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>At December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>132,438</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,037,629</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,245,418</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(741,081)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(232,159)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,442,245</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>268,009</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,710,254</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 9; Options: NewSection; Value: 9 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">The accompanying notes are an integral part of these consolidated financial statements</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A> <P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_006"></A></TD><TD STYLE="width: 18pt">1</TD><TD>General information</TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Nexa Resources S.A. (&ldquo;NEXA&rdquo;)
is a public limited liability company (soci&eacute;t&eacute; anonyme) incorporated and domiciled in the Grand Duchy of Luxembourg. Its
shares are publicly traded on the New York Stock Exchange (&ldquo;NYSE&rdquo;).</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Company&rsquo;s registered office is
located at 37A, Avenue J. F. Kennedy in the city of Luxembourg in the Grand Duchy of Luxembourg.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">NEXA and its subsidiaries (the &ldquo;Company&rdquo;)
have operations that include large-scale, mechanized underground and open pit mines and smelters. The Company owns and operates three
polymetallic mines in Peru, and two polymetallic mines in Brazil and currently continues the ramp-up process at its third polymetallic
mine in Aripuan&atilde;, Brazil. The Company also owns and operates a zinc smelter in Peru and two zinc smelters in Brazil.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">NEXA&rsquo;s majority shareholder is Votorantim
S.A. (&ldquo;VSA&rdquo;), which holds 64.68% of its equity. VSA is a Brazilian privately-owned industrial conglomerate that holds ownership
interests in metal, steel, cement, and energy companies, among others.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_007"></A></TD><TD STYLE="width: 18pt">2</TD><TD>Information by business segment</TD></TR></TABLE>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Business segment definition</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company&rsquo;s Chief Executive Officer has
been identified as the chief operating decision maker (&ldquo;CODM&rdquo;) since the role encompasses authority over resource allocation
decisions and performance assessment, mainly analyzing performance from the production obtained in the operations. The Company has identified
two operating segments:</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining:
consists of six long-life polymetallic mines, three located in the Central Andes of Peru and three located in Brazil (two in the state
of Minas Gerais and one in the state of Mato Grosso). In addition to zinc, the Company produces substantial amounts of copper, lead, silver,
and gold as by-products, which reduce the overall cost to produce mined zinc.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smelting:
consists of three operating units, one located in Cajamarquilla in Peru and two located in the state of Minas Gerais in Brazil. The facilities
recover and produce metallic zinc (SHG zinc and zinc alloys), zinc oxide and by-products, such as sulfuric acid.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Accounting policy</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Segment performance is assessed based on Adjusted
EBITDA, since net financial results, comprising financial income and expenses and other financial items, and income tax are managed at
the corporate level and are not allocated to operating segments. This measure is presented to provide information to investors and other
stakeholders about the Company&rsquo;s ability to generate cash flow from its core operations.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0 10pt; text-align: justify">During December, 2022, the Company updated
its definition of Adjusted EBITDA as follows: net income (loss) for the year, adjusted by (i) share in the results of associates; (ii)
depreciation and amortization; (iii) net financial results; (iv) income tax; (v) (loss) gain on sale of investments; (vi) impairment and
impairment reversals; (vii) (loss) gain on sale of long-lived assets; (viii) write-offs of long-lived assets; and (ix) remeasurement in
estimates of asset retirement obligations. In addition, management may adjust the effect of certain types of transactions that in its
judgment are not indicative of the Company&acute;s normal operating activities, or do not necessarily occur on a regular basis. For comparative
purposes, the related 2021 and 2020 amounts have also been adjusted following this updated definition.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 10; Options: NewSection; Value: 10 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0 10pt; text-align: justify">The internal information used for making
decisions is prepared using International Financial Reporting Standards (&ldquo;IFRS&rdquo;) based on accounting measurements and management
reclassifications between income statement lines items, which are reconciled to the consolidated financial statements in the column &ldquo;Adjustments&rdquo;,
as shown in the tables below. These adjustments include reclassifications of certain overhead costs and revenues from Other income and
expenses, net to Net Revenues, Cost of sales and/or Selling, general and administrative expenses.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0 10pt; text-align: justify">In 2022, the Company decided to stop
reclassifying certain accounts to better approximate business segment information to the financial statements. These reclassifications
included the effects of derivative financial instruments from Other income and expenses, net to Net revenues and Cost of sales. For comparative
purposes, the related 2021 and 2020 amounts have also been reclassified.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0 10pt; text-align: justify">The Company uses customary market terms
for intersegment sales. The Company&rsquo;s corporate headquarters expenses are allocated to the operating segments to the extent they
are included in the measures of performance used by the CODM.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">The presentation of segments results and reconciliation
to income before income tax in the consolidated income statement is as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 41%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Mining </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Smelting </B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Intersegment sales </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Adjustments</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Consolidated </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Net revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,248,027 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,466,967 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(683,583)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,579 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,033,990 </FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(905,241)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(2,190,903)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">683,583 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">17,381 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(2,395,180)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>342,786 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276,064 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>19,960 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638,810 </B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Selling, general and administrative </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(64,444)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(60,435)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(20,664)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(145,543)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Mineral exploration and project evaluation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(88,947)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(9,915)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(98,862)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Impairment loss of long-lived assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(32,276)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(236)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(32,512)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other income and expenses, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(32,787)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">43,049 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(12,936)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(2,674)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Operating income&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>124,332 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248,527 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;(13,640)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359,219 </B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">204,514 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">78,727 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,696 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">290,937 </FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Miscellaneous adjustments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">110,993 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(825)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">110,168 </FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>439,839 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326,429 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;(5,944)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760,324 </B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Change in fair value of offtake agreement (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">24,267 </FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Impairment loss of long-lived assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(32,512)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Aripua&ntilde;a&rsquo;s pre-operating expenses and ramp-up impacts (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(87,540)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Impairment of other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(9,302)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Loss on sale of long-lived assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(698)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="4" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Remeasurement in estimates of asset retirement obligations </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">6,182 </FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Remeasurement adjustment of streaming agreement (iii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(10,565)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Miscellaneous adjustments</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;(110,168)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(290,937)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Share in the results of associates</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,885 </FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Net financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(133,727)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227,377 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F79646 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #F79646 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #F79646 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #F79646 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #F79646 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #F79646 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #DBDBDB">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Mining</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Smelting</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Intersegment sales</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Adjustments</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Net revenues</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,165,584 </FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,021,787 </FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(636,212)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">70,951 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,622,110 </FONT></TD></TR>
  <TR STYLE="background-color: #DBDBDB">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Cost of sales</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(726,653)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,842,704)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">636,212 </FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(55,874)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(1,989,019)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Gross profit </B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>438,931 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>179,083 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,077 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>633,091 </B></FONT></TD></TR>
  <TR STYLE="background-color: #DBDBDB">
    <TD COLSPAN="10" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Selling, general and administrative </FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(64,739)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(51,635)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(17,429)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(133,803)</FONT></TD></TR>
  <TR STYLE="background-color: #DBDBDB">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Mineral exploration and project evaluation</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(75,550)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(9,493)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(85,043)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other income and expenses, net</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(32,286)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">70,874 </FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(6,640)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">31,948 </FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Operating income </B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>266,356 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>188,829 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8,992)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>446,193 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Depreciation and amortization</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">174,891 </FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">78,861 </FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,959 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">258,711 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Miscellaneous adjustments&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">35,697</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,234 </FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">38,931 </FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>Adjusted EBITDA</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>476,944 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>270,924 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,033)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>743,835 </B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Aripua&ntilde;a&rsquo;s pre-operating expenses (ii)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(8,753)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Loss on sale of long-lived assets</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(4,891)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Remeasurement in estimates of asset retirement obligations&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,371)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="8" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Remeasurement adjustment of streaming agreement (iii)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(19,580)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other adjustments</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">664</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Miscellaneous adjustments&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38,931)</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="9" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(258,711)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Net financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(136,902)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD COLSPAN="9" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>309,291 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="6" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;2020</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; width: 41%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Mining </B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Smelting </B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Intersegment sales </B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Adjustments </B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Consolidated </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Net revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">748,462 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,547,398 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(375,402)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">30,471 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,950,929 </FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(627,372)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,310,206)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">375,402 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(13,983)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(1,576,159)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>121,090 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>237,192 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,488 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>374,770 </B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Selling, general and administrative</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(70,223)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(54,021)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(15,147)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(139,391)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Mineral exploration and project evaluation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(48,555)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(5,466)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(3,180)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(57,201)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Impairment loss of long-lived assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(512,706)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(44,791)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(557,497)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other income and expenses, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(21,815)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">8,831 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(6,180)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(19,164)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Operating (loss) income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(532,209)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>141,745 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;(8,019)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;(398,483)</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">159,984 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">82,650 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,291 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">243,925 </FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Miscellaneous adjustments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">527,582 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">45,893 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">573,475 </FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>155,357 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>270,288 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;(6,728)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>418,917 </B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Impairment loss of long-lived assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(557,497)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Aripua&ntilde;a&rsquo;s pre-operating expenses (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(1,885)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Loss on sale of long-lived assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(2,268)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="5" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Remeasurement in estimates of asset retirement obligations&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(4,012)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Remeasurement adjustment of streaming agreement (iii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(7,813)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Miscellaneous adjustments</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;(573,475)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(243,925)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Net financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(278,175)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>Loss before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;(676,658)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) This amount represents the change in the
fair value of the offtake agreement described in note 16, which is being measured at Fair value through profit and loss (&ldquo;FVTPL&rdquo;).
This change in the fair value is a non-cash item and has been included in the Company&rsquo;s Adjusted EBITDA calculation.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">(ii) These amounts include Aripuan&atilde;&rsquo;s
pre-operating expenses and ramp-up impacts; considering that these items do not reflect the Company&rsquo;s normal operating activities,
they have been adjusted from its EBITDA. For the year 2022, this amount includes USD 42,785 related to the idleness of Aripuan&atilde;
mine&rsquo;s and plant&rsquo;s capacity (without depreciation), USD 8,916 related to other pre-operating expenses and USD 35,838 related
to the provision of Aripuan&atilde;&rsquo;s inventory to its net realizable value (without depreciation). For comparative purposes, the
related 2021 and 2020 amounts have also been adjusted.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">(iii) This amount includes the annual remeasurement
adjustment of the Company&rsquo;s silver streaming revenues previously recognized given the changes in long-term prices and in the mine
plan for the Cerro Lindo mining unit. This remeasurement is a non-cash item and has been included in the Company&rsquo;s Adjusted EBITDA
calculation.</P>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_008"></A></TD><TD STYLE="width: 18pt">3</TD><TD>Basis of preparation of the consolidated financial statements</TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">These consolidated financial statements
have been prepared in accordance with IFRS and interpretations issued by the IFRS Interpretations Committee applicable to companies reporting
under IFRS, as issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;).</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The consolidated financial statements have
been prepared under the historical cost convention, except for certain financial assets and financial liabilities (including other financial
instruments) measured at fair value at the end of each reporting period.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The consolidated financial statements of
the Company for the year ended December 31, 2022, were approved for issue in accordance with a resolution of the Board of Directors on
February 15, 2023.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_009"></A></TD><TD STYLE="width: 18pt">4</TD><TD>Principles of consolidation</TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The consolidated financial statements comprise
the financial statements of NEXA and its subsidiaries. The main entities included in the consolidated financial statements are:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Percentage of shares</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Company</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Headquarter</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Activities&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>controls</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 284px; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Subsidiaries</B></FONT></TD>
    <TD STYLE="width: 66px; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 87px; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 105px; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 141px; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0">Nexa Recursos Minerais S.A.</P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0">&quot;NEXA BR&quot;</P></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Directly</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Mining / Smelting</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0">Nexa Resources Cajamarquilla S.A. &quot;NEXA CJM&quot;</P></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">99.99</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">99.99</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Directly</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Peru</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Smelting</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Nexa Resources US. Inc.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Directly</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">United States</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Trading</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Exploraciones Chimborazo Metals &amp; Mining</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Directly</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Ecuador</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Holding and others</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0">L.D.O.S.P.E. Gera&ccedil;&atilde;o de Energia e
    Participa&ccedil;&otilde;es Ltda. &ndash; &ldquo;L.D.O.S.P.E.&quot;</P></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Indirectly</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Energy</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0">L.D.Q.S.P.E. Gera&ccedil;&atilde;o de Energia e
    Participa&ccedil;&otilde;es Ltda. - &quot;L.D.Q.S.P.E.&quot;</P></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Indirectly</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Energy</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0">L.D.R.S.P.E. Gera&ccedil;&atilde;o de Energia e
    Participa&ccedil;&otilde;es Ltda. - &quot;L.D.R.S.P.E.&quot;</P></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Indirectly</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Energy</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Minera&ccedil;&atilde;o Dardanelos Ltda. - &quot;Dardanelos&quot;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Indirectly</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Mining projects</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Minera&ccedil;&atilde;o Santa Maria Ltda.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">99.99</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">99.99</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Indirectly</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Mining projects</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Pollarix S.A. - &quot;Pollarix&quot; (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">33.33</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">33.33</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Indirectly</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Holding and others</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Karmin</FONT><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Holding Ltda.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Indirectly</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Holding and others</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Minera&ccedil;&atilde;o Rio Aripua&ntilde;a Ltda.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Indirectly</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Holding and others</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Votorantim Metals Canada Inc.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Indirectly</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Canada</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Holding and others</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Nexa Resources El Porvenir S.A.C. </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">99.99</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">99.99</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Indirectly</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Peru</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Mining</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Minera Pampa de Cobre S.A.C</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">99.99</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">99.99</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Indirectly</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Peru</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Mining</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Nexa Resources Per&uacute; S.A.A. - &quot;NEXA Peru&quot; </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">83.55</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">83.55</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Indirectly</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Peru</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Mining</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Nexa Resources Atacocha S.A.A. - &quot;NEXA Atacocha&quot; </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">66.62</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">66.62</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Indirectly</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Peru</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Mining</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Nexa Resources UK Ltd.&nbsp;&nbsp;- &quot;NEXA UK&quot;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Indirectly</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">United Kingdom</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Mining</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Joint-operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Campos Novos Energia S.A. - &quot;Enercan&quot; (ii) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">20.98</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Energy</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #E36C0A 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Cia. Minera Shalipayco S.A.C</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E36C0A 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">75</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E36C0A 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">75</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E36C0A 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E36C0A 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Peru</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E36C0A 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Mining projects</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) NEXA BR owns all the common shares of Pollarix,
which represents 33.33% of its total share capital. The remaining shares are preferred shares with limited voting rights, which are indirectly
owned by NEXA&rsquo;s controlling shareholder, VSA.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">(ii) On November 17<SUP>th</SUP>, 2022, NEXA, through
Pollarix, acquired 1.46% of Enercan&rsquo;s additional shares for BRL 21,731 (USD 4,136) by exercising its proportional pre-emptive rights
given the withdrawal of one of Enercan&rsquo;s previous shareholders. Prior to this date, NEXA and the other shareholders exercised joint
control over Enercan&rsquo;s assets and liabilities. However, because of this withdrawal, Enercan&rsquo;s remaining shareholders exercised
their option to acquire these additional shares, resulting in the loss of joint control by NEXA. Since this date, NEXA ceased recognizing
its share of Enercan&rsquo;s jointly held assets, liabilities, revenues and expenses and began to account for it as an investment in an
associate, through the equity method, since it still holds significant influence over this entity.</P>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The following table shows the amounts in
each balance sheet line that were derecognized since December 2022.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 66%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 31%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>November 30, 2022</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Financial investments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">8,260</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Trade accounts receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">9,137</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">275</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>17,674</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Non-current assets </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Deferred income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,320</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Recoverable income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">126</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">299</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Property, plant and equipment </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">29,216</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Intangible assets </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">9,382</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>40,342</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>58,016</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Liabilities and shareholders&rsquo; equity </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,014</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Dividends payable</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">8,745</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Salaries and payroll charges</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">35</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Tax liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,917</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">788</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>18,499</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">311</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Deferred income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,658</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,093</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>7,062</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Total liabilities </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>25,561</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Shareholders&rsquo; equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Attributable to NEXA&rsquo;s shareholders</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">32,456</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">As of December 31, 2022, the total investment
of NEXA in Enercan is USD 38,990, which is composed of: (i) USD 32,456 related to the net effect of the derecognition of its share of
Enercan&rsquo;s jointly controlled assets and liabilities; (ii) USD 4,136 related to the amount paid by NEXA for the additional shares;
(iii) USD 1,885 related to NEXA&rsquo;s share in Enercan&rsquo;s results; and (iv) USD 513 related to foreign exchange effects.</P>


<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Subsidiaries</B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Subsidiaries include all entities over
which the Company has control. The Company controls an entity when it (i) has the power over the entity; (ii) is exposed, or has the right,
to variable returns from its involvement with the entity; and (iii) has the ability to affect those returns through its power over the
entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company, except when the predecessor
basis of accounting is applied. Subsidiaries are unconsolidated from the date that control ceases.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Accounting policies of subsidiaries are
usually consistent with the policies adopted by the Company. If there are differences, to ensure the accounting policies&rsquo; standardization,
an adjustment is performed in the consolidation process.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Non-controlling interests in the subsidiaries&rsquo;
equity and results are shown separately in the consolidated balance sheet, income statement, statement of comprehensive income and statement
of changes in shareholders&rsquo; equity. A change in a subsidiary&rsquo;s ownership interest, without loss of control, is accounted for
as an equity transaction.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">If the Company loses control over a subsidiary,
it derecognizes the related assets, liabilities, non-controlling interests and other equity components and any resultant gain or loss
is recognized in the income statement. Any investment retained is recognized at fair value.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In general, there is a presumption that
a majority of voting rights results in control. When the Company has less than a majority of the voting rights of an investee, it considers
all relevant facts and circumstances to determine whether it has power over this investee. This may include contractual arrangements with
the other holders of voting rights in the investee; rights arising from other contractual arrangements; and the Company&rsquo;s voting
rights and potential voting rights that will give it the practical ability to direct the relevant activities of the investee unilaterally.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Intercompany transactions, balances, and
unrealized gains on transactions between companies in the consolidated group are eliminated in full on consolidation. Unrealized losses
are also eliminated unless the transaction indicates impairment of the transferred asset.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(b)</B></TD><TD STYLE="text-align: justify"><B>Joint operations</B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Company recognizes its direct right
to the assets, liabilities, revenues and expenses of joint operations and its share of any jointly held assets or incurred liabilities
or revenues and expenses. These have been included in the consolidated financial statements under the appropriate headings.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">A joint operation is a joint arrangement
whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating
to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about
the relevant activities require unanimous consent of the parties sharing control.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(c)</B></TD><TD STYLE="text-align: justify"><B>Associates </B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Associates are initially recognized at
cost and adjusted thereafter for the equity method, being increased, or reduced from its interest in the investee's income after the acquisition
date.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">For an entity to become an associate the
Company must have significant influence, which is the power to participate in the financial and operating policy decisions of the investee,
without having its control or joint control of those policies.</P>


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(d)</B></TD><TD STYLE="text-align: justify"><B>Transactions with non-controlling interests</B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Transactions with non-controlling interests
that do not result in a loss of control are recognized within shareholders&rsquo; equity as transactions with equity owners of the consolidated
group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests
to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests
and any consideration paid or received is recognized in Additional paid in capital within shareholders&rsquo; equity.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(e)</B></TD><TD STYLE="text-align: justify"><B>Foreign currency translation</B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; color: #D83C00"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0pt; text-align: left; color: #D83C00"><B>(i)
Functional and presentation currency</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Items included in the financial statements
of each of the Company&rsquo;s entities are measured using the currency of the primary economic environment in which each entity operates
(&ldquo;the functional currency&rdquo;). The Company&rsquo;s consolidated financial statements are presented in US Dollars (&quot;USD&quot;),
which is NEXA&rsquo;s functional currency and the Company&rsquo;s reporting currency.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0pt; text-align: left; color: #D83C00"><B>(ii)
Transactions and balances</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Foreign currency transactions are initially
recorded by each of the Company&rsquo;s entities at their respective functional currency spot rates at the date the transaction is recognized.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities
denominated in foreign currencies at the functional currency spot rates at the end of each reporting period are recognized in the income
statement. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rates at the
dates of the initial transaction. Translation differences on assets and liabilities carried at fair value are reported as part of the
fair value gain or loss.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0pt; text-align: left; color: #D83C00"><B>(iii)
Consolidated entities</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The results of operations and financial
position of the Company&rsquo;s entities that have a functional currency different from the Company&rsquo;s reporting currency are translated
into the reporting currency as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Assets and liabilities for each balance sheet presented are translated at the closing rate at the date
of that balance sheet;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Income and expenses for each income statement and statement of comprehensive income presented are translated
at average exchange rates for the annual period of that income statement and statement of comprehensive income, which are a reasonable
approximation of the cumulative effect of the rates prevailing on the transaction dates; and</TD></TR></TABLE>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">All resulting exchange differences are recognized in other
comprehensive income and accumulated in a separate component of shareholders&rsquo; equity.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_010"></A></TD><TD STYLE="width: 18pt">5</TD><TD>Changes in the main accounting policies and disclosures</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>New standards and amendments &ndash; applicable as of January 1, 2022 or thereafter </B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">There were some new standards and amendments
effective for annual periods commencing on January 1, 2022. The adoption of these new standards and amendments did not have a material
impact on the Company&rsquo;s financial statements. The Company has not early adopted any other standard, interpretation or amendment
that has been issued but is not yet effective and does not expect that the adoption of such issued but not early adopted standard, interpretation
or amendment will have a material impact on the Company&rsquo;s financial statements.</P>


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(b)</B></TD><TD STYLE="text-align: justify"><B>Critical estimates, assumptions and judgments </B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The preparation of the Company&rsquo;s
consolidated financial statements requires the use of estimates, assumptions and judgments that affect the reported amounts of revenues,
expenses, assets and liabilities, the accompanying disclosures, and the disclosure of contingent liabilities at the date of the consolidated
financial statements. Critical estimates, assumptions and judgments, by definition, will seldom equal the actual results and are continually
evaluated to reflect changing expectations about future events. Management also needs to exercise judgment in applying the Company&rsquo;s
accounting policies.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">This note provides an overview of the areas
that involve a higher degree of judgment or complexity, and of items which are more likely to be materially adjusted due to estimates
and assumptions turning out to be wrong due to their uncertainty. Detailed information about each of these estimates, assumptions and
judgments is included in other notes together with information about the basis of calculation for each affected item in the financial
statements.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The critical accounting estimates, assumptions
and judgments applied by the Company in the preparation of these financial statements are as follows:</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&bull; estimation of current and deferred income taxes
&ndash; note 11</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&bull; estimation of fair value of financial instruments
&ndash; note 14</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&bull; estimation of impairment of trade accounts
receivables &ndash; note 17</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">estimation of the net realizable value of inventories &ndash; note 18</TD></TR></TABLE>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&bull; estimation of quantification of mineral reserves
and resources for useful life calculation &ndash; note 22</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&bull; estimation of asset retirement and environmental
obligations &ndash; note 27</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&bull; estimation of provisions for legal claims &ndash;
note 28</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&bull; estimation of contractual obligations &ndash;
note 29</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&bull; estimation of impairment of long-lived assets
&ndash; note 31</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Estimates, assumptions and judgments are
continuously evaluated. They are based on historical experience and other factors, including expectations of future events that may have
a financial impact on the Company and that are believed to be reasonable under the circumstances.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">Among others, the Company has considered the effects of the
Environmental, Social and Governance (&ldquo;ESG&rdquo;) commitments when making its critical estimates, assumptions and judgments based
on the long-term ESG commitments announced by NEXA on October 6, 2022. Events and changes in circumstances arising after December 31,
2022 will be reflected in management&rsquo;s estimates for future periods.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; color: #D83C00"><B>Ukraine war impacts on
NEXA&acute;s financial statements and operations</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The invasion of Ukraine by Russia, the
resulting conflict, and retaliatory measures by the global community have created global security concerns and economic uncertainty, including
the possibility of expanded regional or global conflict, which have had, and are likely to continue to have, adverse impacts around the
globe. Potential ramifications include disruption of the supply chain, which may impact production, investment, and demand for the Company&rsquo;s
products, higher and more volatile prices for oil and gas, volatility in commodity prices, and disruption of global financial markets,
further exacerbating overall macroeconomic trends including inflation and rising interest rates. As of the date of issuance of these consolidated
financial statements, we have not identified any material impacts on the Company&acute;s operations, financial condition, or cash flows
related to this war. However, NEXA cannot predict any future impact that this war could have on its business and operations and continues
to closely monitor the developments related to it.</P>


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; color: #D83C00"><B>Peruvian political instability
impact on the Company&rsquo;s consolidated financial statements and operations&nbsp;</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">As of the date of the issuance of these
consolidated financial statements, there have been no identified impacts on the Company&acute;s operations, financial condition, or cash
flows that could be related to this political situation. However, the Company cannot predict any future impact that this situation could
have on its business and operations and continues to closely monitor the developments related to it, mainly considering that the Peruvian
mining sector, as well as other economic sectors have been affected in some ways, such as logistics and personnel transport.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_011"></A></TD><TD STYLE="width: 18pt">6</TD><TD>Net revenues</TD></TR></TABLE>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Accounting policy</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Revenues represent the amount of the consideration
received or receivable for the sale of goods in the ordinary course of the Company&rsquo;s activities. Revenues are shown net of value-added
tax, returns, rebates and discounts, after eliminating sales between the consolidated companies.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Company recognizes revenues when a
performance obligation is satisfied by transferring a promised good or service to a customer. The asset is transferred when the customer
obtains control of that asset. To determine the point in time at which a customer obtains control of a promised asset the Company considers
the following indicators: (i) the Company has a present right to payment for the asset; (ii) the customer has legal title to the asset;
(iii) the Company has transferred physical possession of the asset; (iv) the customer has the significant risks and rewards of ownership
of the asset; (v) the customer has accepted the asset.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><U>Identification and timing of satisfaction
of performance obligations</U></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Company has two distinct performance
obligations included in certain sales contracts:</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">(i) the promise to provide goods to its
customers; and (ii) the promise to provide freight and insurance services to its customers.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><I>Promise to provide goods:</I> this performance
obligation is satisfied when the control of such goods is transferred to the final customer, which is substantially determined based on
the Incoterms agreed upon in each of the contracts with customers.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><I>Promise to provide freight and insurance
services:</I> this performance obligation is satisfied when the freight and insurance services contracted to customers are completed.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">As a result of the distinct performance
obligations identified, part of the Company&rsquo;s revenues is presented as revenues from services. Cost related to revenues from services
is presented as Cost of sales. Revenues from the sale of goods and from freight and insurance services are recognized at a point in time
when control is transferred and when contracted services are provided. It is at this point that a trade receivable is recognized because
only the passage of time is required before the consideration is due. The Company does not have any contract assets, which give right
to consideration in exchange for goods or services that the Company has transferred to the customer, since all rights to consideration
of the contracts are unconditional.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Deferred revenues are related to contractual
obligations that are an entity&rsquo;s obligation to transfer goods or services to a customer for which the entity has received consideration
from the customer (or the payment is due) but the transfer has not yet been completed. For contracts where performance obligations are
satisfied over a period of time, the stage of completion is required to calculate how much revenue should be recognized to date and revenue
shall be deducted from the prepayment to the extent that performance obligations are delivered. Refer to note 29 for the specific accounting
policy and information related to NEXA&rsquo;s contractual obligations.</P>


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><U>Determining the transaction price and
the amounts allocated to performance obligations</U></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Company considers the terms of the
contract and its customary business practices to determine the transaction price. The transaction price is the amount of consideration
that the Company expects to be entitled to receive in exchange for transferring promised goods or services to its customers. Transaction
price is allocated to each performance obligation on a relative standalone selling price basis.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The transaction prices included in the
Company&rsquo;s sales contracts are mainly based on international prices references and subject to price adjustments based on the market
price at the end of the relevant quotation period stipulated in the sales contract. These are referred to as provisional pricing arrangements
which are subject to a monthly price adjustment as per the London Metal Exchange (LME) quotational periods. As of December 31, 2022, the
pending price adjustments to be made were not material.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">Additionally, the Company has a contractual
obligation related to a long-term silver streaming arrangement linked to specific production of its Cerro Lindo mine. The Company received
an upfront payment in advance of this specific production. The transaction price is linked to the silver production and spot market prices,
which change over time and, therefore, it is accounted for as variable consideration. For more details about this streaming transaction
see note 29.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Composition </B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; color: #D83C00"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(i)</B></TD><TD STYLE="text-align: justify"><B>Gross billing reconciliation</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 47%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2020</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Gross billing</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>3,440,863</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2,974,850</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2,138,786</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;Billing from products</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,330,975</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,898,210</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,074,203</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;Billing from freight and insurance services</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">109,888</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">76,640</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">64,583</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Taxes on sales</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(402,064)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(347,311)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(184,714)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Return of products sales</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(4,809)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(5,429)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(3,143)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>Net revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>3,033,990</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2,622,110</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,950,929</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; color: #D83C00"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(ii)</B></TD><TD STYLE="text-align: justify"><B>Net revenues breakdown </B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 51%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2020</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Zinc </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,093,105</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,844,632</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,323,287</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Lead</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">276,438</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">223,341</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">161,964</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Copper </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">290,519</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">305,793</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">197,756</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Silver</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">57,921</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">69,691</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">58,568</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Other products </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;206,119</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">102,013</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">144,771</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Freight and insurance services </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">109,888</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">76,640</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">64,583</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>Net revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>3,033,990</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2,622,110</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,950,929</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Taxes on sales </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">402,064</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">347,311</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">184,714</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Return of products sales </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,809</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">5,429</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,143</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>Gross billing</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;3,440,863</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2,974,850</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2,138,786</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; color: #D83C00"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(b)</B></TD><TD STYLE="text-align: justify"><B>Information on geographical areas in which the Company operates</B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The geographical areas are determined based
on the location of the Company&rsquo;s customers. The net revenues of the Company, classified by geographical location and currency, are
as follows:</P>


<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; text-indent: 0in; color: #D83C00"><B>(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> Net revenues by geographical location</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 40%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>2021</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>2020</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Peru </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">859,760</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">774,735</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">485,850</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Brazil </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">827,173</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">753,280</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">583,141</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;United States </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">174,526</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">119,564</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">116,717</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Singapore </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">166,412</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">56,879</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">76,724</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Switzerland </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">124,726</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">78,770</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">68,912</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Chile </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">120,060</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">54,044</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">48,969</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Luxembourg </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">95,252</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">97,462</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">76,072</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Argentina </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">94,433</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">93,107</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">56,165</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Japan </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">71,370</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">58,296</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">46,719</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Taiwan </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">65,036</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">53,752</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">28,764</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Colombia </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">64,013</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">54,325</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">34,768</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;South Africa </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">55,864</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">25,126</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Turkey </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">54,955</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">34,493</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">25,005</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Austria </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">48,676</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">45,057</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">35,197</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;South Korea </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">32,406</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">118,596</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">77,429</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Malaysia </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">26,032</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">25,681</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">13,948</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Belgium </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">17,905</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">13,690</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">30,174</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Ecuador </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">15,433</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">15,652</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">9,095</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Netherlands </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">13,623</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">17,693</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">11,740</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Italy </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">9,586</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">14,834</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">9,895</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Vietnam </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">8,396</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">14,555</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">10,798</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Other </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">88,353</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">102,519</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">104,847</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>Net revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>3,033,990</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2,622,110</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,950,929</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; text-indent: 0in; color: #D83C00"><B>(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Net revenues by currency</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 52%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>2021</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>2020</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;USD </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">2,251,866</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">1,914,905</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">1,388,746</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">Brazilian Real (&ldquo;BRL&rdquo;)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">782,124</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">707,205</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">562,183</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>Net revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>3,033,990</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2,622,110</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,950,929</B></FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_012"></A></TD><TD STYLE="width: 18pt">7</TD><TD>Expenses by nature</TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 35.45pt; color: #D83C00"><B>Accounting
policy</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">Cost of sales mainly consists of the cost
of manufacturing the products sold by the Company and is recognized in the income statement on the date of delivery to the customer at
the same time revenue is recognized from the related sale.</P>

<P STYLE="font: 11pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 9pt">Selling,
general and administrative expenses are recognized on the accrual basis and, if applicable, in the same period in which the income they
are related to is recognized.</FONT><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 20%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2020</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Cost of sales (i)</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Selling, general and administrative</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Mineral exploration and project evaluation</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Raw materials and consumables used &nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,463,472)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,463,472)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,189,728)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(856,300)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Third-party services</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(449,373)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(30,878)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(65,041)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(545,292)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(467,071)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(407,695)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(282,968)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(4,064)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(37)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(287,069)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(258,711)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(243,925)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Employee benefit expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(182,609)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(58,909)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(18,030)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(259,548)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(223,115)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(213,865)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(16,758)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(51,692)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(15,754)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(84,204)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(69,240)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(50,966)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(2,395,180)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(145,543)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(98,862)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(2,639,585)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(2,207,865)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(1,772,751)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">(i) Includes USD 52,215 (including depreciation
of USD 16,377) related to the provision of Aripuan&atilde;&rsquo;s inventory to its net realizable value, for both its ore stockpile and
its produced concentrates, as explained in note 18. This amount also includes USD 15,681 (including depreciation of USD 5,911) related
to the idleness of the Aripuan&atilde; mine&rsquo;s and plant&rsquo;s capacity since November given the start of the unit&rsquo;s revenues. Before November, 2022 these
idleness costs were recorded within Other income and expenses, net.</P>


<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_013"></A></TD><TD STYLE="width: 18pt">8</TD><TD>Mineral exploration and project evaluation</TD></TR></TABLE>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Accounting policy</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Mineral exploration and project evaluation costs
are expensed in the year in which they are incurred.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Mineral exploration activities involve the search
for mineral resources from potential areas up to the determination of commercial viability and technical feasibility of an identified
resource. Mineral exploration costs include gathering exploration data through geological and geophysical studies, conducting exploratory
drilling and sampling, and determining and examining the volume and grade of the identified resources.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Project evaluation costs are mainly related to
scoping, pre-feasibility and feasibility studies for greenfield and brownfield projects. Additionally, these evaluation costs could also
include costs incurred for studies related to other corporate projects, research, innovation, automation, and information technology projects.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Note 21 describes when mineral exploration and
project evaluation costs begin to be capitalized.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; color: #D83C00"><B>Composition </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 61%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>2021</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>2020</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">Mineral exploration</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">(61,986)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">(55,594)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">(38,519)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">Project evaluation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">(36,876)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">(29,449)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">(18,682)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(98,862)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(85,043)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(57,201)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_014"></A></TD><TD STYLE="width: 18pt">9</TD><TD>Other income and expenses, net</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 63%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2020</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">ICMS tax incentives (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">56,697</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">71,949</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Changes in fair value of offtake agreement - note 16 (d) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">24,267</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Changes in fair value of derivative financial instruments &ndash; note 16 (c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,363</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,486</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">948</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Loss on sale of property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(698)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(4,891)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,268)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Remeasurement of asset retirement and environmental obligations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,512)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(6,664)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(900)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Slow moving and obsolete inventory </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(11,511)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(985)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,057)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Provision of legal claims</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(7,664)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(13,173)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(10,912)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Contribution to communities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(17,233)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(7,070)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,773)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Pre-operating expenses related to Aripuan&atilde; (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(45,800)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(8,753)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,885)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Impairment of other assets (iii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(9,302)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">8,719</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(5,951)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(317)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(2,674)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>31,948</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(19,164)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">(i) <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; line-height: 115%">In
December 2021, the Company adhered to a Brazilian Law that states that government grants of the &ldquo;Imposto circula&ccedil;&atilde;o
de mercadorias e servi&ccedil;os&rdquo; (&ldquo;ICMS&rdquo;) tax incentives are considered investment subsidies and should be excluded
from taxable income for the purpose of calculating the Corporate Income Tax (&ldquo;IRPJ&rdquo;) and the Social Contribution on Net Income
tax (&ldquo;CSLL&rdquo;). In 2022, the Company received USD 56,697 of ICMS tax incentives, which were excluded from the corporate income
taxes basis for the year and were considered a permanent difference reducing the income tax to pay in the amount of USD 19,277 as shown
in note 11 (a). Additionally, based on this, the Company stopped presenting the expenses and revenues of the received ICMS tax incentives
on a net basis and started to separate the expenses in Taxes on Sales and the corresponding revenues in Other income and expenses, net.
The presentation on a gross basis became necessary to demonstrate the taxes on sales for Brazilian corporate tax deduction purposes.</FONT></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">(ii) Related to Aripuan&atilde;&rsquo;s pre-operating
expenses that mainly comprise USD 36,884 (including depreciation of USD 3,868) related to the idleness of the Aripuan&atilde; mine&rsquo;s
and plant&rsquo;s capacity from January to October, the period before the unit started to generate revenues. Since November, these idleness
costs were recorded within Cost of Sales.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">(iii) Amounts mainly related to the write-off
of some non-commercial account receivables and taxes, which the Company does not expect to recover.</P>


<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_015"></A></TD><TD STYLE="width: 18pt">10</TD><TD>Net financial results</TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 35.45pt; color: #D83C00"><B>Accounting
policy</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0">(i) Financial expenses</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Financial costs of obligations are recognized
as expenses when accrued, except for those directly attributable to the acquisition or the construction of qualifying assets, that is,
assets that require a substantial time to be ready for use, which are capitalized at cost within Property, plant and equipment and/or
Intangibles assets to which they relate.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0">(ii) Financial income</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Financial income is mainly composed of interest
income and is recognized on an accrual basis to reflect the asset&rsquo;s effective yield under the effective interest rate method.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">(iii</FONT>)
Other financial items, net <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">is composed by the net of the income
and expenses related to the fair value of loans and financings, derivative financial instruments, and foreign exchange losses.</FONT></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 54%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2020</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Financial income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Interest income on financial investments and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">16,913</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">6,074</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,295</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Interest on tax credits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">980</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,377</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">854</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other financial income</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,125</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,021</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,019</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>25,018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>11,472</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>11,168</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Financial expenses</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Interest on loans and financings</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(104,689)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(96,565)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(97,422)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Premium paid on bonds repurchase &ndash; note 24 (c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(3,277)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(14,481)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Interest on other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(35,134)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(12,371)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(8,051)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Interest on contractual obligations - note 29 (a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(5,801)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(6,936)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(6,182)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Interest on lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(542)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,272)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,757)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other financial expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(19,251)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(25,131)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(31,866)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(168,694)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(142,275)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(159,759)</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Other financial items, net</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Changes in fair value of loans and financings &ndash; note 24 (c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,472)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">19,380</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(8,058)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Changes in fair value of derivative financial instruments &ndash; note 16 (c) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(83)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(5,640)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(717)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Foreign exchange gains (losses) (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">11,504</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(19,839)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(120,809)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>9,949</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(6,099)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(129,584)</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;Net financial results </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(133,727)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(136,902)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(278,175)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) The amounts for years 2022 and 2021 include
USD 6,413 and USD (10,468), respectively, which are related to the outstanding USD denominated intercompany debt of NEXA BR with NEXA
and to the accounts payables of NEXA BR with related parties. The exchange variation of NEXA BR&rsquo;s loans and account payables with
its related parties are not eliminated in the consolidation process and both transactions were impacted by the volatility of the Brazilian
Real (&ldquo;BRL&rdquo;), which appreciated against the USD during 2022.</P>


<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; color: #D83C00; margin-top: 6pt; margin-right: 0pt; margin-bottom: 6pt"><A NAME="a_016"></A>11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;
</FONT> Current and deferred income tax</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Accounting policy</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The current income tax is calculated based
on the tax laws enacted or substantively enacted as of the balance sheet date in the countries where the Company&rsquo;s entities operate
and generate taxable income. Management periodically evaluates positions taken by the Company in the taxes on income returns with respect
to situations in which the applicable tax regulations are subject to interpretation.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">It establishes provisions, where appropriate,
considering amounts expected to be paid to the tax authorities.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The current income tax is presented net,
separated by tax paying entity, in liabilities when there are amounts payable, or in assets when the amounts prepaid exceed the total
amount due on the reporting date.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Deferred income tax is provided in full,
using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying
amounts for financial reporting purposes at the reporting date. However, deferred tax liabilities are not recognized if they arise from
the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from the initial recognition of an asset
or liability in a transaction other than a business combination that, at the time of the transaction affects neither the accounting nor
the taxable income or loss. Deferred income tax is determined using tax rates (and laws), of the Company&rsquo;s entities, that have been
enacted or substantially enacted at the end of the reporting period and that are expected to be applied when the related deferred income
tax asset is realized, or the deferred income tax liability is settled.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Deferred tax assets are recognized only
to the extent it is probable that future taxable income will be available against which the temporary deductible differences and/or tax
losses can be utilized. Deferred tax assets and liabilities are offset when there is a legally enforceable right and an intention to offset
them in the calculation of current taxes, generally when they are related to the same legal entity and the same tax authority. Accordingly,
deferred tax assets and liabilities in different entities or in different countries are generally presented separately, and not on a net
basis.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Deferred tax liabilities and assets are
not recognized for temporary differences between the carrying amounts and tax bases of investments in foreign operations where the Company
is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not be reversed
in the foreseeable future.</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Critical accounting estimates, assumptions
and judgments</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Company is subject to income tax in
all countries in which it operates where uncertainties arise in the application of complex tax regulations. Significant estimates, assumptions
and judgments are required to determine the amount of deferred tax assets that would be recovered since this amount may be affected by
factors including, but not limited to: (i) internal assumptions on the projected taxable income, which are based on production and sales
planning, commodity prices, operational costs and planned capital costs; (ii) macroeconomic environment; and (iii) trade and tax scenarios.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In addition, there are many transactions
and calculations for which the ultimate tax determination is uncertain. The Company also exercises judgment in the identification of these
uncertainties over income tax treatments which could impact the consolidated financial statements as the Company operates in a complex
multinational environment.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Company and its subsidiaries are subject
to reviews of income tax filings and other tax payments, and disputes can arise with the tax authorities over the interpretation of the
applicable laws and regulations.</P>


<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Reconciliation of income tax (expense) benefit</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 55%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2020</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Income (loss) before income tax </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">227,377</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">309,291</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(676,658)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Statutory income tax rate </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">24.94%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">24.94%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">24.94%</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Income tax (expense) benefit at statutory rate </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(56,708)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(77,137)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>168,759</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">ICMS tax incentives permanent difference &ndash; note 9</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">19,277</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">24,463</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Tax effects of translation of non-monetary assets/liabilities to functional currency</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">6,279</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(32,998)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(28,174)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Withholding tax over subsidiary capital reduction (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(5,263)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(10,526)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Impairment of goodwill</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(18,247)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(78,866)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Special mining levy and special mining tax</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(13,321)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(17,279)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(5,909)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Difference
    in tax rate of subsidiaries outside &nbsp;Luxembourg (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(10,319)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(3,179)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">36,390</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Unrecognized deferred tax on net operating losses (iii)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(66,069)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(36,577)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(35,849)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other permanent tax differences</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(6,612)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">29</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(32,199)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>Income tax (expense) benefit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(150,983)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(153,204)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>24,152</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Current&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(146,869)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(122,081)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(63,192)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Deferred&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(4,114)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(31,123)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">87,344</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>Income tax (expense) benefit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(150,983)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(153,204)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>24,152</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">(i) On July 13, 2022, NEXA and the other
shareholders of NEXA CJM approved a capital reduction of USD 105,350 (2021: USD 210,703), which was paid on August 30, 2022. Given this
capital reduction, the Company recognized USD 5,263 of tax expenses (2021: USD 10,526) given that the tax withheld by NEXA CJM on the
corresponding participation of NEXA in its capital was considered as not recoverable.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">(ii) NEXA&rsquo;s subsidiaries had a higher
taxable profit in 2022 which explains their higher income tax for the year.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">(iii) On December 31, 2022, Nexa has not
recognized deferred tax on net operating losses over a taxable basis of USD 211,780 (2021: USD 134,156), after an assessment made by management
considering the future recoverability of these net operating losses.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; text-indent: 0in; color: #D83C00"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Analysis of deferred income tax assets and liabilities</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 72%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;&nbsp;Tax credits on net operating losses (i) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">127,016</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">116,284</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;&nbsp;Uncertain income tax treatments </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(10,980)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(5,279)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>&nbsp;&nbsp;Tax credits on temporary differences </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Environmental liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">15,764</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">13,923</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Asset retirement obligations </FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">18,175</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">17,698</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Inventory provisions </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">10,569</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">7,224</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Tax, labor and civil provisions </FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">8,882</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">7,797</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Provision for employee benefits </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">7,099</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">7,138</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Revaluation of derivative financial instruments </FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">754</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">506</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Other </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">12,144</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">15,652</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>&nbsp;Tax debits on temporary differences </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Capitalized interest </FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">(10,504)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">(9,261)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Foreign exchange gains </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(25,542)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(16,365)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Depreciation, amortization and asset impairment </FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">(178,041)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">(189,799)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Other </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">(7,852)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">(5,896)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(32,516)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(40,378)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Deferred income tax assets&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">166,983</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">168,205</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Deferred income tax liabilities&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">(199,499)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">(208,583)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(32,516)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(40,378)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) As a result of adopting the Law described
in note 9, there was also an increase in the amount of USD 19,277 in the balance of tax losses for the year, amount which is included
in the tax credits on net operating losses.</P>


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>(c)</B></FONT></TD><TD STYLE="text-align: justify"><B>Effects of deferred tax on income <FONT STYLE="font-size: 10pt">statement and other comprehensive income</FONT></B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 58%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2020</B></FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;Balance at the beginning of the year&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(40,378)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>3,188</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(48,212)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;Effect on income (loss) for the year&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(4,114)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(31,123)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">87,344</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;Effect on other comprehensive income (loss) &ndash; Fair value adjustment&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">820</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,536)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">13</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;Prior years uncertain income tax treatment payment </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,923</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,706</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; padding-right: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect on other comprehensive income &ndash; Translation effect
    included in Cumulative translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">8,481</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(9,907)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(40,663)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;Derecognition of Nexa&rsquo;s share of Enercan's deferred income taxes - note 4 (ii)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,338</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;Others movements of deferred income tax </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,586)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;Balance at the end of the year&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(32,516)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(40,378)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>3,188</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; color: #D83C00"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; text-indent: 0in; color: #D83C00"><B>(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Summary of uncertain tax positions on income tax</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">There are discussions and ongoing disputes
with tax authorities related to uncertain tax positions adopted by the Company in the calculation of its income tax, and for which management,
supported by its legal counsel, concluded that the risk of loss is not more likely to occur, and then, it is not probable that an outflow
of resources will be required. In such cases, a provision is not recognized. As of December 31, 2022, the main legal proceedings are related
to: (i) the interpretation of the application of Cerro Lindo&acute;s stability agreement; and (ii) the carryforward calculation of net
operating losses. The estimated amount of these contingent liabilities on December 31, 2022 is USD 349,322 which increased compared to
that estimated on December 31, 2021 of USD 134,804, mainly due to the closing of tax audits in Peru and the beginning of certain administrative
proceedings in 2022 regarding (i) the stability agreement of Cerro Lindo for the years 2014, 2015 and 2016; and (ii) the result of the
Nexa CJM tax audit regarding income tax and transfer pricing for the fiscal year 2016.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_017"></A></TD><TD STYLE="width: 18pt">12</TD><TD>Financial risk management</TD></TR></TABLE>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Financial risk factors</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Company&rsquo;s activities expose it
to a variety of financial risks: a) market risk (including currency risk, interest rate risk and commodities risk); b) credit risk; and
c) liquidity risk.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">A significant portion of the products sold
by the Company are commodities, with prices pegged to international indices and denominated in USD. Part of the production costs, however,
is denominated in BRL and Peruvian Soles (&ldquo;PEN&rdquo;), and therefore, there is a mismatch of currencies between revenues and costs.
Additionally, the Company has debts linked to different indices and currencies, which may impact its cash flows.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In order to mitigate the potential adverse
effects of each financial risk factor, the Company follows a Financial Risk Management Policy that establishes governance and guidelines
for the financial risk management process, as well as metrics for measurement and monitoring. This policy establishes guidelines and rules
for: (i) Commodities Exposure Management, (ii) Foreign Exchange Exposure Management, (iii) Interest Rate Exposure Management, (iv) Issuers
and Counterparties Risk Management, and (v) Liquidity and Financial Indebtedness Management. All strategies and proposals must comply
with the Financial Risk Management Policy guidelines and rules, be presented to and discussed with the Finance Committee of the Board
of Directors, and, when applicable, submitted for the approval of the Board of Directors, under the governance structure described in
such Policy.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-right: 0; margin-bottom: 6pt; text-align: left; color: #D83C00"><B>(a)
Market risk</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">The purpose of the market risk management
process and all related actions are intended to protect the Company&rsquo;s cash flows against adverse events, such as changes in foreign
exchange rates, interest rates and commodity prices, to maintain the ability to pay financial obligations, and to comply with liquidity
and indebtedness levels defined by management.</P>


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-right: 0; margin-bottom: 6pt; text-align: left; color: #D83C00"><B>(i)
Sensitivity analysis</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Presented below is a sensitivity analysis
of the main risk factors that affect the pricing of the outstanding financial instruments related to cash and cash equivalents, financial
investments, loans and financings, and other financial instruments. The main sensitivities are the exposure to changes in the USD exchange
rate, the Interbank Deposit Certificate (&ldquo;CDI&rdquo;) interest rates, the National Broad Consumer Price Index (&ldquo;IPCA&rdquo;)
and the commodity prices. The scenarios for these factors are prepared using market sources and other relevant sources, in compliance
with the Company's policies. The scenarios on December 31, 2022 are described below:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Scenario I: considers a change in the market forward yield curves and quotations as of December 31, 2022,
according to the base scenario defined by the Company for March 31, 2023.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Scenario II: considers a change of + or -25% in the market forward yield curves as of December 31, 2022.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Scenario III considers a change of + or -50% in the market forward yield curves as of December 31, 2022.</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Impacts on income statement</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Impacts on statement of comprehensive income</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Scenarios II and III</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Scenarios II and III</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>&nbsp;Risk factor </B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Quotation at December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Amount</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Changes from 2022</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Scenario I</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>-25%</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>-50%</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>+25%</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>+50%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Scenario I</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>-25%</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>-50%</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>+25%</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>+50%</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Cash and cash equivalents and financial investments </B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>&nbsp;Foreign exchange rates </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;BRL </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">5.2177</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">61,919</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">2.06%</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">1,274</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(15,479)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(30,959)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">15,479</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">30,959</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;EUR </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">1.0674</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(6.01%)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(3)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(6)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">3</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;PEN </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">3.7895</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">32,963</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(5.41%)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(1,783)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(8,240)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(16,480)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">8,240</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">16,480</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;CAD </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">1.3536</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">641</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">2.46%</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">16</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(160)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(321)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">160</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">321</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;NAD </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">16.9647</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">1,862</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">6.19%</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">115</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(466)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(931)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">466</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">931</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>&nbsp;Interest rates </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;BRL - CDI - SELIC </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">13.65%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">61,341</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(1) bps</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(8)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(2,093)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(4,187)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">2,093</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">4,187</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Impacts on income statement</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Impacts on statement of comprehensive income</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Scenarios II and III</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Scenarios II and III</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>&nbsp;Risk factor </B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Quotation at December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Amount</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Changes from 2022</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>&nbsp;Scenario I </B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>-25%</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>-50%</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>+25%</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>+50%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Scenario I</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>-25%</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>-50%</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>+25%</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>+50%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>&nbsp;Loans and financings </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>&nbsp;Foreign exchange rates </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;BRL </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">5.2177</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">277,852</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">2.06%</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(5,717)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">69,463</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">138,926</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(69,463)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(138,926)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;PEN </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">3.7895</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">443</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(5.41%)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;&nbsp;24 </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">111</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">222</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(111)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(222)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>&nbsp;Interest rates </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;BRL - CDI - SELIC </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">13.65%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">78,904</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(1) bps</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;&nbsp;10 </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">2,693</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">5,385</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(2,693)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(5,385)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD></TR>

<TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;USD - LIBOR </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">4.77%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">182,067</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">6 bps</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;&nbsp;(106)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">2,169</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">4,339</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(2,169)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(4,339)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;IPCA - TLP </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">5.79%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">176,269</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(29) bps</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;&nbsp;511 </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">2,551</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">5,103</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(2,551)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(5,103)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;TJLP </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">7.37%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">22,634</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">17 bps</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;&nbsp;(38)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">417</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">834</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(417)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(834)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Impacts on income statement</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Impacts on statement of comprehensive income</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Scenarios II and III</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Scenarios II and III</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>&nbsp;Risk factor </B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Quotation at December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Amount</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Changes from 2022</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>&nbsp;Scenario I </B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>-25%</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>-50%</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>+25%</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>+50%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Scenario I</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>-25%</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>-50%</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>+25%</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>+50%</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>Other financial instruments</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>&nbsp;Foreign exchange rates </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;BRL </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">5,2177</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(292)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">2.06%</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;&nbsp;(6)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">73</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">146</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(73)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(146)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>&nbsp;Interest rates </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;BRL - CDI - SELIC </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">13.65%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(292)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(1) bps</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;&nbsp;41 </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">986</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">2,114</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(867)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(1,633)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;USD - LIBOR </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">4.77%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(2,283)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">6 bps</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;&nbsp;(2)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">140</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">280</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(140)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(280)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(0)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(36)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(71)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">36</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">71</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt"><B>&nbsp;Commodities price </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: middle; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;Zinc </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">3,025</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(2,283)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">1.79%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;&nbsp;18,733 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">20,988</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">41,976</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(20,988)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(41,976)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(4,174)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(4,676)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(9,353)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">4,676</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">9,353</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">Copper </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">8,387</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(21,833)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(8.49%)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;(14,153)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(4,483)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(360)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(55,027)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">(97,498)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 20%; text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-right: 0; margin-bottom: 6pt; text-align: left; color: #D83C00"><B>(ii)
Foreign exchange risk</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Foreign exchange risk is managed through
the Company&rsquo;s Financial Risk Management Policy, which states that the objectives of derivative transactions are to reduce cash flow
volatility, hedge against foreign exchange exposure and minimize currency mismatches.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Presented below are the financial assets
and liabilities in foreign currencies on December 31, 2022. These mainly result from NEXA BR&rsquo;s operations, for which the functional
currency is the BRL.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0 10pt; text-align: justify">Intercompany loans balances are fully
eliminated in the consolidated financial statements. However, the related foreign exchange gain or loss is not, and is presented as foreign
exchange effects.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 66%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>USD amounts of foreign currency balances</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Assets </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Cash, cash equivalents and financial investments </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">97,397</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">95,320</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Derivative Financial Instruments </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">143</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">314</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Trade accounts receivables </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">19,132</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">34,858</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>116,672</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>130,492</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Liabilities </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Loans and financings </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">276,634</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">272,353</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Derivative Financial Instruments </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">435</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">380</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Trade payables and other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">182,275</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">200,983</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Lease liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,738</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,921</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Use of public assets </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">23,263</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">24,384</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>485,345</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>506,021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Net exposure </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(368,673)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(375,529)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-right: 0; margin-bottom: 6pt; text-align: left; color: #D83C00"><B>(iii)
Interest rate risk</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">The Company's interest rate risk arises mainly
from long-term loans. Loans at variable rates expose the Company to cash flow interest rate risk. Loans at fixed rates expose the Company
to fair value risk associated with interest rates. For further information related to interest rates, refer to note 24.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Company&rsquo;s Financial Risk Management
Policy establishes guidelines and rules to hedge against changes in interest rates that impact the Company&rsquo;s cash flows. Exposure
to each interest rate is projected until the maturity of the assets and liabilities exposed to this index. Occasionally the Company enters
into floating to fixed interest rate swaps to manage its cash flow interest rate risk. In the case of loans and financings contracted
together with swaps, the Company accounts for them under the fair value option to eliminate the accounting mismatch that would arise if
amortized cost were used.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-right: 0; margin-bottom: 6pt; text-align: left; color: #D83C00"><B>(iv)
Commodity price risk</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The commodity price risk is related to
the volatility in the prices of the Company's commodities. Prices fluctuate depending on demand, production capacity, inventory levels,
commercial strategies adopted by large producers, and the availability of substitutes for these products in the global market.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Company&rsquo;s Financial Risk Management
Policy establishes guidelines to mitigate the risk of fluctuations in commodity prices that could impact the Company's cash flows. The
exposure to the price of each commodity considers the monthly production projections, inputs purchases and the maturity flows of hedges
associated with them.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Commodity prices hedge transactions are
classified into the following hedging strategies:</P>


<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; color: #D83C00"><B>Hedges for sales of
zinc at a fixed price (Customer Hedge)</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The objective is to convert fixed priced
sales to floating prices, observed on the London Metal Exchange (LME). The purpose of the strategy is to maintain the revenues of a business
unit linked to the LME prices. These transactions usually relate to purchases of zinc for future settlement on the over-the-counter market.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; color: #D83C00"><B>Hedges for mismatches
of quotational periods (Hedge Book)</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The objective is to hedge quotational periods
mismatches arising between the purchases of metal concentrate or processed metal and the sale of the processed metal. These transactions
usually relate to purchases and sales of zinc for future trading on the over-the-counter market.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 6pt; text-align: left; color: #D83C00"><B>(b)
Credit risk</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Trade receivables, derivative financial
instruments, term deposits, bank deposit certificates (&quot;CDBs&quot;) and government securities create exposure to credit risk with
respect to the counterparties and issuers. The Company has a policy of making deposits in financial institutions that have, at least,
a rating from two of the following international rating agencies: Fitch, Moody&rsquo;s or Standard &amp; Poor&rsquo;s. The minimum rating
required for counterparties is determined as follows:</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">- Onshore operations: rating &quot;A&quot;,
or equivalent, on a local scale by two rating agencies. In the case of foreign financial institutions that have a local rating by only
one rating agency, it should be at least &quot;AA-&quot;, and its headquarters should have a rating &quot;A&quot; minimum on a global
scale.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify">- Offshore operations: rating &quot;BBB-&quot;,
or equivalent, on a global scale by two rating agencies.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In the case of financial institutions in
Peru or in Luxembourg, local ratings from local agencies associated with rating agencies approved in the Company&rsquo;s policy are accepted.
In case that only a global rating is available, it will be eligible provided that it has a rating &quot;BBB-&quot; at least by one rating
agency.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In the case of financial institutions that
do not have a rating available for a specific country, it will be eligible provided that its headquarters follow the minimum ratings specified
above.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The pre-settlement risk methodology is
used to assess counterparty risks in derivative transactions.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">This methodology consists of determining
the risk associated with the likelihood (via Monte Carlo simulations) of a counterparty defaulting on the financial commitments defined
by contract.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The global ratings were obtained from the
rating agencies Fitch, Moody&rsquo;s or Standard &amp; Poor&rsquo;s ratings and are related to commitments in foreign or local currency
and, in both cases, they assess the capacity to honor these commitments, using a scale applicable on a global basis. Therefore, both ratings
in foreign currency and in local currency are internationally comparable ratings.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The ratings used by the Company are always
the most conservative ratings of the referred agencies.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In the case of credit risk arising from
customer credit exposure, the Company assesses the credit quality of the customer, considering mainly the history of the relationship
and financial indicators defining individual credit limits, which are continuously monitored.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Company performs initial analyses of
customer credit and, when deemed necessary, guarantees or letters of credit are obtained to mitigate the credit risk. Additionally, most
sales to the United States of America, Europe and Asia are collateralized by letters of credit and credit insurance.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The carrying amount of the Company&rsquo;s
financial instruments best represents the maximum exposure to their credit risk.</P>


<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following table reflects the credit quality
of issuers and counterparties for transactions involving cash and cash equivalents, financial investments and derivative financial instruments.
The variations presented are mainly related to the Company's transactions in the year and not to changes in the counterparties&rsquo;
ratings.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 18%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Local rating</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Global rating</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Local rating</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Global rating</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Cash and cash equivalents &nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;AAA </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">191,269</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">191,269</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">117,439</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">117,439</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;AA+ </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;AA </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">10,259</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">10,259</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">19</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">19</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;AA- </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">15,958</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">15,958</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">21,252</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">21,252</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;A+ </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">117,968</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">117,968</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">35,923</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">318,120</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">354,043</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;A </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">93,117</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">93,117</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">25,354</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">115,653</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">141,007</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;A- </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">54,737</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">54,737</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">104,528</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">104,528</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;No rating (i) </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">8,451</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">6,067</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">14,518</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,660</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,869</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">5,529</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>209,979</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>287,847</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>497,826</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>181,395</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>562,422</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>743,817</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="13" STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Financial investments &nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;AAA </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">18,006</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">18,006</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">16,849</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">16,849</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;AA </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,353</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,353</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;No rating (i) </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">56</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">56</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>18,062</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>18,062</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>19,202</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>19,202</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="13" STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Derivative financial instruments &nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;AAA </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">144</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">144</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">314</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">314</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;A+ </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,061</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,061</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">8,491</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">8,491</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;A- </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,238</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,238</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,589</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,589</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>144</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>7,299</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>7,443</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>314</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>16,080</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>16,394</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) Refers to subsidiaries of international financial
institutions that do not have a global rating available in the international rating agencies. According to the Company's policy, for these
financial institutions, the rating of the financial institution controlling entities is assumed, which must be at least BBB-.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-right: 0; margin-bottom: 6pt; text-align: left; color: #D83C00"><B>(c)
Liquidity risk</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Liquidity risk is managed through the Company's
Financial Risk Management Policy, which aims to ensure the availability of funds to meet the Company&rsquo;s financial obligations. The
main liquidity measurement and monitoring instrument is the cash flow projection, using a minimum projection period of 12 months from
the benchmark date.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The table below shows the Company's financial
obligations to be settled by the Company based on their maturity (the remaining period from the balance sheet up to the contractual maturity
date). The amounts below represent the estimated undiscounted future cash flows, which include interests to be incurred and, accordingly,
do not reconcile directly with the amounts presented in the consolidated balance sheet.</P>


<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022 </B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Less than 1 year</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Between 1 and 3 years</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Between 3 and 5 years</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Over 5 years</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Loans and financings </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">136,348</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">391,201</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">981,759</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">704,944</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,214,252</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Lease liabilities </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,105</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,410</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">5,515</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Derivative financial instruments </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">9,712</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">215</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">86</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">5</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">10,018</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Trade payables and other liabilities</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">413,856</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">12,154</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">426,010</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Confirming payables </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">216,392</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">216,392</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Salaries and payroll charges </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">79,078</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">79,078</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Dividends payable </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,922</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,922</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Related parties </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">487</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">546</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,033</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Asset retirement and environmental obligations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">19,360</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">29,625</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">28,868</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">241,258</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">319,111</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Use of public assets&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,484</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,972</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,890</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">16,584</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">28,930</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>889,744</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>440,123</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,015,603</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>962,791</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>3,308,261</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021 </B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Less than 1 year</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Between 1 and 3 years</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Between 3 and 5 years</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Over 5 years</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Loans and financings </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">114,240</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">443,780</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">247,226</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,439,295</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,244,541</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Lease liabilities </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">17,340</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,744</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">21,084</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Derivative financial instruments </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">22,684</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">146</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">71</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">24</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">22,925</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Trade payables </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">411,818</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">411,818</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Confirming payables </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">232,860</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">232,860</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Salaries and payroll charges </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">76,031</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">76,031</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Dividends payable </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">11,441</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">11,441</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Related parties </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">321</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">71</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">392</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Asset retirement and environmental obligations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">31,953</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">64,752</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">85,021</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">243,076</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">424,802</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Use of public assets&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,368</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,244</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,657</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">21,840</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">30,109</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>920,056</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>515,737</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>335,975</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,704,235</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>3,476,003</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 29%; text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; color: #D83C00"><B>(d) Capital management</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company&rsquo;s objectives when managing
capital are to safeguard its ability to continue as a going concern, so it can continue to provide returns for shareholders and benefits
for other stakeholders; and to maintain an optimal capital structure to reduce the cost of capital.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">To maintain or adjust the capital structure,
the Company may adjust the dividends level paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce
debt. The Company monitors capital mainly using the leverage ratio, calculated as net debt to Adjusted EBITDA.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Net debt and Adjusted EBITDA measures should
not be considered in isolation or as a substitute for net income or operating income, as indicators of operating performance, or as alternatives
to cash flow as measures of liquidity. Additionally, management&rsquo;s calculation of Adjusted EBITDA may be different from the calculation
used by other companies, including competitors in the mining and smelting industry, so these measures may not be comparable to those of
other companies.</P>


<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 45%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Note </B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2020</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Loans and financings </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;24 (a) </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,669,259</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,699,315</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,024,314</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Derivative financial instruments </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;16 (a) </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,575</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">6,531</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(5,106)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Lease liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;23 (b) </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">5,021</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">19,639</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">25,689</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Cash and cash equivalents </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;15 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(497,826)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(743,817)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,086,163)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Financial investments </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(18,062)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(19,202)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(35,044)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Net debt (i) </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,160,967</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>962,466</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>923,690</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Net income (loss) for the year </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">76,394</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">156,087</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(652,506)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Plus (less): </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;21, 22 and 23 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">290,937</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">258,711</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">243,925</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share in the results of associates </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,885)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net financial results </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;10 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">133,727</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">136,902</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">278,175</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;11 (a) </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">150,983</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">153,204</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(24,152)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous adjustments </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">110,168</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">38,931</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">573,475</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Adjusted EBITDA (ii) </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>760,324</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>743,835</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>418,917</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Leverage ratio (Net debt/Adjusted EBITDA) </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1.53</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1.29</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2.20</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">(i) Net debt is defined as (a) loans and
financings, plus lease liabilities, plus or minus (b) the fair value of derivative financial instruments, less (c) cash and cash equivalents,
less (d) financial investments.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">(ii) Adjusted EBITDA for capital management
calculation uses the same assumptions described in note 2 for Adjusted EBITDA by segment.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_018"></A></TD><TD STYLE="width: 18pt">13</TD><TD>Financial instruments</TD></TR></TABLE>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Accounting policy</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Normal purchases and sales of financial assets
are recognized on the trade date &ndash; the date on which the Company commits to purchase or sell the asset. Financial assets are initially
recognized at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets
carried at fair value through profit or loss, if any, are initially recognized at fair value, and transaction costs are expensed in the
income statement.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Financial assets are derecognized when the rights
to receive cash flows from the investments have expired or the Company has transferred substantially all the risks and rewards of ownership.
Financial assets at fair value through profit or loss and at fair value through other comprehensive income are subsequently carried at
fair value. Financial assets at amortized costs are subsequently measured using the effective interest rate method.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Equity instruments may be irrevocably elected
on their initial recognition for their fair value changes to be presented in other comprehensive income instead of in the income statement.
Since the objective of the Company&rsquo;s equity instruments is to buy more participation in a project and not sell the investment, they
are classified as fair value through other comprehensive income.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Then, the Company classifies its financial assets
and liabilities under the following categories: amortized cost, fair value through profit or loss and fair value through other comprehensive
income.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(i)</B></TD><TD STYLE="text-align: justify"><B>Amortized cost</B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Financial assets measured at amortized cost are
assets held within a business model whose objective is to hold financial assets to collect contractual cash flows and for which the contractual
terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest (&ldquo;SPPI&rdquo;)
on the principal amount outstanding.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Financial liabilities are measured at amortized
cost, except for financial liabilities at fair value through profit or loss such as derivatives and some specific loans and financings.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(ii)</B></TD><TD STYLE="text-align: justify"><B>Fair value through profit or loss</B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Financial assets measured at fair value through
profit or loss are assets which an entity manages with the objective of realizing cash flows through the sale of such assets and financial
assets that do not give rise to cash flows that are SPPI on the principal amount outstanding.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Financial liabilities measured at fair value
through profit or loss are liabilities which were not measured at amortized cost, such as derivatives and loans and financings that are
designated at fair value option when is necessary to eliminate the accounting mismatch that would arise if amortized cost were used.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">For these loans and financings, the portion of
the variation in credit risk is recorded in the OCI.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(iii)</B></TD><TD STYLE="text-align: justify"><B>Fair value through other comprehensive income</B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Financial assets measured at fair value through
other comprehensive income are held within a business model whose objective is achieved by both collecting contractual cash flows and
selling financial assets and for which the contractual terms of the financial asset give rise on specified dates to cash flows that are
SPPI on the principal amount outstanding. Investments in equity instruments are measured at fair value through other comprehensive income
as mentioned before.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Breakdown by category</B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company&rsquo;s financial assets and liabilities
are classified as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Assets per balance sheet </B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Note</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Fair value through profit or loss</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Fair value through other comprehensive income</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">15</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">497,826</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">497,826</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Financial investments</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">18,062</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">18,062</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Other financial instruments</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">16 (a)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,443</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,443</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Trade accounts receivables</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">17</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">53,123</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">170,617</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">223,740</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Investments in equity instruments</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">14 (c)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,115</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,115</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Related parties (i)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">20 (a)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>569,013</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>178,060</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>7,115</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>754,188</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Liabilities per balance sheet </B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Note </B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Fair value through profit or loss</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Fair value through Other comprehensive income</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Loans and financings </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;24 (a) </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,578,864</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">90,395</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,669,259</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Lease liabilities </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;23 (b)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">5,021</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">5,021</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Other financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;16 (a)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">31,851</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">31,851</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Trade payables </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;25 </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">413,856</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">413,856</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Confirming payables </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;26 </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">216,392</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">216,392</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Use of public assets (ii) </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">23,263</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">23,263</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Related parties (ii) </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;20 (a) </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,033</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,033</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2,238,429</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>122,246</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2,360,675</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 34%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Assets per balance sheet </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Note </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Fair value through profit or loss</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Fair value through Other comprehensive income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Cash and cash equivalents </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;15 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">743,817</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">743,817</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Financial investments </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">19,202</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">19,202</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Other financial instruments </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;16 (a) </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">16,394</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">16,394</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Trade accounts receivables </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;17 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">84,969</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">146,205</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">231,174</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Investments in equity instruments </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;14 (c)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,723</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,723</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Related parties (i) </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;20 (a) </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>847,990</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>162,599</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>3,723</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,014,312</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Liabilities per balance sheet </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Note </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Fair value through profit or loss</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Fair value through Other comprehensive income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Loans and financings </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;24 (a) </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,610,638</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">88,677</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,699,315</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Lease liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;23 (b)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">19,639</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">19,639</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Other financial instruments </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;16 (a)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">22,925</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">22,925</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Trade payables </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;25 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">411,818</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">411,818</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Confirming payables </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;26 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">232,860</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">232,860</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Use of public assets (ii) </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">24,384</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">24,384</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Related parties (ii) </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;20 (a) </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">393</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">393</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2,299,732</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>111,602</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2,411,334</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">(i) Classified as Other assets in the consolidated
balance sheet.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">(ii) Classified as Other liabilities in
the consolidated balance sheet.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_019"></A></TD><TD STYLE="width: 18pt">14</TD><TD>Fair value estimates</TD></TR></TABLE>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Critical accounting estimates, assumptions
and judgments</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The fair value of financial instruments
that are not traded in an active market is determined using valuation techniques. The Company uses judgment to select among a variety
of methods and makes estimates and assumptions that are mainly based on market conditions existing at the end of each reporting period.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Although management has used its best judgment
in estimating the fair value of its financial instruments, any technique for making said estimates and assumptions involves some level
of inherent fragility.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Analysis</B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The main financial instruments and the
estimates and assumptions made by the Company for their valuation are described below:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Cash and cash equivalents, financial investments, trade accounts receivables and other current assets
&ndash; considering their nature, terms and maturity, the carrying amounts approximate their fair value.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Financial liabilities &ndash; these instruments are subject to usual market interest rates. The fair value
is based on the present value of expected future cash disbursements, at interest rates currently available for debt with similar maturities
and terms and adjusted for the Company&rsquo;s credit risk. Loans and financings are measured at amortized cost, except for certain contracts
for which the Company has elected the fair value option.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Other financial instruments &ndash; the fair value is determined by calculating their present value through
yield curves at the closing dates. The curves and prices used in the calculation for each group of instruments are developed based on
data from Brazilian Securities, Commodities and Futures Exchange &ndash; B3, Central Bank of Brazil, LME and Bloomberg, interpolated between
the available maturities. The main derivative financial instruments are:</TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Swap contracts &ndash; the present value of both the assets and liabilities are calculated through the
discount of forecasted cash flows by the interest rate of the currency in which the swap is denominated. The difference between the present
value of the assets and the liabilities generates its fair value.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Forward contracts &ndash; the present value is estimated by discounting the notional amount multiplied
by the difference between the future price at the reference date and the contracted price. The future price is calculated using the convenience
yield of the underlying asset. It is common to use Asian non-deliverable forwards for hedging non-ferrous metals positions. Asian contracts
are derivatives in which the underlying is the average price of certain asset over a range of days.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Option contracts &ndash; the present value is estimated based on the Black and Scholes model, with assumptions
that include the underlying asset price, strike price, volatility, time to maturity and interest rate.</TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 0 35.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; text-indent: 0in; color: #D83C00"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Fair value by hierarchy</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>Note</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>Level 1</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>Level 2</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>&nbsp;Assets </B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Other financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">16 (a)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">7,443</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">7,443</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Trade accounts receivables </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">170,617</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">170,617</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Investments in equity instruments (i) </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">14 (c)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">7,115</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">7,115</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>7,115</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>178,060</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>185,175</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>&nbsp;Liabilities </B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Other financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">16 (a)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">31,851</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">31,851</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Loans and financings designated at fair value (ii) </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">90,395</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">90,395</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>122,246</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>122,246</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Note </B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Assets </B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Other financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;16 (a) </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">16,394</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">16,394</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Trade accounts receivables </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">146,205</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">146,205</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Investments in equity instruments (i) </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;14 (c)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,723</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,723</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>3,723</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>162,599</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>166,322</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Liabilities </B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Other financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;16 (a) </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">22,925</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">22,925</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Loans and financings designated at fair value (ii)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">88,677</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">88,677</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>111,602</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>111,602</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) To determine the fair value of the investments
in equity instruments, the Company uses the share&rsquo;s quotation as of the last day of the reporting period.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">(ii) Loans and financings are measured at amortized
cost, except for certain contracts for which the Company has elected the fair value option.</P>




<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">The Company discloses fair value measurements
based on their level on the following fair value measurement hierarchy:</P>


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Level 1:</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">When fair value is calculated with quoted
prices (unadjusted) in active markets for identical assets and liabilities traded in active markets at the balance sheet date. A market
is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service,
or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm&rsquo;s length basis. The
quoted market price used for financial assets held by the Company is the current bid price.</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Level 2:</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">When fair value is calculated with valuation
techniques since the financial instruments are not traded in an active market and all of the significant inputs required to identify the
fair value of an instrument are observable. Specific valuation techniques used to value financial instruments include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Quoted market prices or dealer quotes for similar instruments are used where available;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The fair values of interest rate swaps are calculated at the present value of the estimated future cash
flow based on observable yield curves; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The fair value of forward foreign exchange contracts is determined using forward exchange rates at the
balance sheet date, with the resulting value discounted to present value.</TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Other techniques, such as discounted cash
flows analysis, are used to determine the fair value of the remaining financial instruments.</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Level 3:</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">When fair value is calculated with inputs
for the asset or liability that are not based on observable market data (that is, unobservable inputs). As of December 31, 2022, there
were no financial assets and liabilities carried at fair value classified as Level 3.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; text-indent: 0in; color: #D83C00"><B>(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Investments in equity instruments &ndash; Increase of equity interest in Tinka Resources</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In 2021, the Company acquired 9.0% of the
issued and outstanding common shares of Tinka Resources Limited (&ldquo;Tinka&rdquo;), an exploration and development company which holds
100% of the Ayawilca zinc-silver project in Peru. On May 31, 2022, the Company subscribed to an additional 40,792,541 common shares in
a private transaction at a price of CAD 0.22 per share (approximately USD 0.17) for a total consideration of CAD 8,974 thousand (USD 7,000).
After this subscription, the Company holds 18.23% of the issued and outstanding common shares of Tinka. Similar to the original acquisitions
made in 2021, this transaction has been accounted for as an investment in equity instruments at its acquisition cost and all are being
subsequently measured at fair value through other comprehensive income.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_020"></A></TD><TD STYLE="width: 18pt">15</TD><TD>Cash and cash equivalents</TD></TR></TABLE>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Accounting policy</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Cash and cash equivalents include cash,
bank deposits, and highly liquid short-term investments (investments with an original maturity less than 90 days), which are readily convertible
into a known amount of cash and subject to an immaterial risk of changes in value. Bank overdrafts are shown within Loans and financings
in current liabilities in the balance sheet.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; text-indent: 0in; color: #D83C00"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Composition</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 33%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 19%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Cash and banks </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">330,653</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">276,761</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Term deposits </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">167,173</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">467,056</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>497,826</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>743,817</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_021"></A></TD><TD STYLE="width: 18pt">16</TD><TD>Other financial instruments</TD></TR></TABLE>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Accounting policy</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Derivatives are initially recognized at
fair value as at the date on which a derivative contract is entered into and are subsequently measured at fair value. Derivatives are
only used for risk mitigation purposes and not as speculative investments. When derivatives do not meet the hedge accounting criteria,
they are classified as held for trading and accounted for at fair value through profit or loss.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">For derivatives that meet the hedge accounting
criteria, the Company documents at the inception of the hedging transaction the relationship between hedging instruments and hedged items,
as well as its risk management objectives and strategy for undertaking the hedge transactions. The Company also documents its assessment,
both at hedge inception and on an ongoing basis, whether the derivatives that are used in hedging transactions and accounted for as hedge
accounting were, and will continue to be, highly effective in offsetting changes in the fair value or cash flow of hedged items.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(i)</B></TD><TD STYLE="text-align: justify"><B>Derivative financial instruments designated as cash flow hedge </B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Derivatives that are designated for hedge
accounting recognition are qualified as cash flow hedges when they are related to a highly probable forecasted transaction. The effective
portion of the changes in fair value is recognized in shareholders&rsquo; equity in Accumulated other comprehensive income and is subsequently
reclassified to the income statement in the same period when the hedged expected cash flows affects the income statement.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The reclassification adjustment is recognized
in the same income statement line item affected by the highly probable forecasted transaction, while gains or losses related to the non-effective
portion are immediately recognized as Other income and expenses, net.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">When a hedging instrument expires, is sold
or no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in shareholders&rsquo; equity at that time
remains in shareholders&rsquo; equity and is recognized when the forecast transaction is ultimately recognized in the income statement.
When a forecasted transaction is no longer expected to occur, the cumulative gain or loss that was previously accounted in shareholders&rsquo;
equity is immediately transferred to the income statement within Other income and expenses, net.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Currently, the Company classifies as cash
flow hedge only some strategies related to mismatches of quotational periods.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(ii)</B></TD><TD STYLE="text-align: justify"><B>Derivative financial instruments designated as fair value hedge </B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">Derivatives that are designated for hedge accounting recognition
are qualified as fair value hedges when they are related to assets or liabilities already recognized in the consolidated balance sheet.
Changes in the fair values of derivatives that are designated and qualify as fair value hedges and changes in the fair value of the hedged
item are recorded in the income statement in the same period.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Currently, the Company does not have any
derivatives designated as fair value hedge.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(iii)</B></TD><TD STYLE="text-align: justify"><B>Derivatives financial instruments not designated as hedge accounting</B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Changes in the fair value of derivative
financial instruments not designated as hedge accounting are recognized in the income statement in the line affected by the related transaction.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Currently, the Company does not designate
as hedge accounting some strategies related to mismatches of quotational periods, to sales of zinc at a fixed price, and to interest rate
risk.</P>


<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(iv)</B></TD><TD STYLE="text-align: justify"><B>Offtake agreement</B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">On January 25, 2022, the Company signed
an offtake agreement with an international offtaker (the &ldquo;Offtaker&rdquo;) a subsidiary of a BBB rated company, in which it agreed
to sell 100% of the copper concentrate to be produced by Aripuan&atilde; for a 5-year period starting in February 2023 up to a total of
30,810 tons, at the lower of current spot market prices or a price cap.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">The offtake agreement resulted from negotiations
with the Offtaker to sell the copper concentrate in lieu of paying future royalties related to the previous acquisition of the Aripuan&atilde;
project mining rights from the Offtaker. The amount of USD 46,100, representing the fair value of the agreement at its inception date,
was recognized as an intangible asset and will be amortized over the life of the mine according to the Units of Production (&ldquo;UoP&rdquo;)
method.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">Additionally, the Company opted to voluntarily
and irrevocably designate the entire offtake agreement at fair value through profit and loss within the scope of IFRS 9, rather than separate
the value of the embedded derivative associated with the price cap, recognizing a non-cash accumulated gain of USD 24,267 in the income
statement for period ended on December 31, 2022. Refer to note 22 for additional information about the offtake agreement accounting treatment.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Composition</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; width: 54%; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Derivatives financial instruments </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Current assets </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,380</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">16,292</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Non-current assets </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">63</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">102</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Current liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(9,711)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(22,684)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Non-current liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(307)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(241)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;Derivatives financial instruments, net&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(2,575)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(6,531)</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Offtake agreement measured at FVTPL </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Current liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,724)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Non-current liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(20,109)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Offtake agreement measured at FVTPL, net </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(21,833)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #D83C00"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(b)</B></TD><TD STYLE="text-align: justify"><B>Derivative financial instruments: Fair value by strategy </B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Strategy </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Per Unit </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Notional</B></FONT></TD>
    <TD COLSPAN="2"STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Fair value</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Notional</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Fair value</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Mismatches of quotational periods </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Zinc forward </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;ton&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">209,319</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,357)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">215,809</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(9,898)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(2,357)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(9,898)</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Sales of zinc at a fixed price </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Zinc forward </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;ton&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">8,297</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">74</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">8,787</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,433</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>74</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>3,433</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Interest rate risk </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;IPCA vs. CDI </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;BRL </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">226,880</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(292)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">226,880</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(66)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(292)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>(66)</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(2,575)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(6,531)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; width: 34%; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="line-height: 115%"><B>(c)</B></FONT></TD><TD STYLE="text-align: justify"><B>Derivative financial instruments: Changes in fair value &ndash; At the end of each period&#9;</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="8" STYLE="white-space: nowrap; border-bottom: #D33700 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBDBDB">
    <TD STYLE="width: 29%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Strategy</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Inventory</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Cost of sales</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Net revenues</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Other income and expenses, net</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Net financial results</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Other comprehensive income</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Realized (loss)</B></P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>gain</B></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Mismatches
    of quotational &nbsp;periods </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,014)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">19,394</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,868)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">743</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,329)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,385</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Sales of zinc at a fixed price </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,859)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">620</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,120</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Interest rate risk &ndash; IPCA vs. CDI </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(83)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">143</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;2022 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(1,014)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>19,394</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(5,727)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,363</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(83)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(1,329)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>8,648</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;2021 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,146</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(37,963)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>9,709</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>7,486</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(5,640)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>488</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(13,137)</B></FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="line-height: 115%"><B>(d)</B></FONT></TD><TD STYLE="text-align: justify"><B>Offtake agreement measured at FVTPL: Changes in fair value</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 48%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 26%; border-bottom: #D33700 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 26%; border-bottom: #D33700 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Inception date </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>46,100</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Changes in fair value&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(24,267)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the end of year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>21,833</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Notional (ton) </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;30,810</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_022"></A></TD><TD STYLE="width: 18pt">17</TD><TD>Trade accounts receivables</TD></TR></TABLE>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Accounting policy</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Trade accounts receivables are amounts
due from customers for goods sold or services provided in the ordinary course of the Company&rsquo;s business.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Trade accounts receivables are recognized
initially at fair value and subsequently measured at:</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">(i) Fair value through profit or loss when
are related to the Company&rsquo;s accounts receivables portfolio outstanding at the balance sheet date that is designated at inception
to be included in a forfaiting program whereby the Company, at its discretion, can discount certain outstanding trade accounts receivables
and receive payments in advance. The program is used to meet short-term liquidity needs. Trade accounts receivables within this program
are derecognized since all risks and rewards, control of the assets and contractual rights to receive the assets cash flows are transferred
to the counterparty.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">(ii) Fair value through profit or loss
when are related to sales that are subsequently adjusted to changes in LME prices, which is recorded on net revenues. These accounts receivable
do not meet the SPPI criteria because there is a component of commodity price risk that modifies the cash flows that otherwise would be
required by the sales contract.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">(iii) Amortized cost using the effective
interest rate method, less impairment, when the receivables do not meet the aforementioned classifications.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Credit risk can arise from non-performance
by counterparties of their contractual obligations to the Company. To ensure an effective credit risk evaluation, management applies procedures
related to the application for credit granting and approvals, renewal of credit limits, continuous monitoring of credit exposure in relation
to established limits and events that trigger requirements for secured payment terms. As part of the Company&rsquo;s process, the credit
exposures with all counterparties are regularly monitored and assessed.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Company applies the IFRS 9 simplified
approach to measure the impairment losses for trade accounts receivables. This approach requires the use of the lifetime expected credit
losses on its trade accounts receivables measured at amortized cost. To calculate the lifetime expected credit losses the Company uses a provision matrix and forward-looking
information. The additions to impairment of trade accounts receivables are included in selling expenses. Trade accounts receivables are
generally written off when there is no expectation of recovering additional cash.</P>


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0.2in; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Composition</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; width: 52%; border-top: white 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 24%; border-top: white 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; border-top: white 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 21%; border-top: white 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Trade accounts receivables </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;227,265</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">233,623</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Related parties - note 20 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">801</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,016</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Impairment of trade accounts receivables </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(4,326)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(3,465)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>223,740</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>231,174</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/150% Verdana, Helvetica, Sans-Serif; margin-top: 0.2in; margin-right: 0; margin-bottom: 6pt; text-align: left; color: #D83C00"><B>(b)
Changes in impairment of trade accounts receivables</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; width: 61%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 3%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 20%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the beginning of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(3,465)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(3,179)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Additions </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;&nbsp;(1,793)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">(1,586)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Reversals </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;&nbsp;1,005</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">1,206</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Foreign exchange (losses) gains</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">(73)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">94</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the end of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(4,326)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(3,465)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/150% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -28.35pt; color: #D83C00"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/150% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 6pt; text-align: left; color: #D83C00"><B>(c)
Analysis by currency</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; width: 37%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 4%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 34%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 19%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;USD </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;&nbsp;204,608</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">196,316</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;BRL </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;&nbsp;18,740</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">34,464</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Other </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;&nbsp;392</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">394</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>223,740</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>231,174</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/150% Verdana, Helvetica, Sans-Serif; margin-top: 0.2in; margin-right: 0; margin-bottom: 6pt; text-align: left; color: #D83C00"><B>(d)
Aging of trade accounts receivables</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; width: 45%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 4%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; vertical-align: middle; white-space: nowrap; width: 26%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; white-space: nowrap; width: 24%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Current </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; vertical-align: middle; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;&nbsp;212,814 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;&nbsp;222,083 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Up to 3 months past due </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; vertical-align: middle; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;&nbsp;10,495 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;&nbsp;9,201 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;From 3 to 6 months past due </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; vertical-align: middle; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;&nbsp;2,181 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;&nbsp;51 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Over 6 months past due </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; vertical-align: middle; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;&nbsp;2,576 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;&nbsp;3,304 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: black">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; vertical-align: middle; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;228,066 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;234,639 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Impairment of trade accounts receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; vertical-align: middle; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;&nbsp;(4,326)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;&nbsp;(3,465)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: black">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; vertical-align: middle; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;223,740 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;231,174 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0 6pt 21.3pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_023"></A></TD><TD STYLE="width: 18pt">18</TD><TD>Inventory</TD></TR></TABLE>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Accounting policy</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Inventory is stated at the lower of cost
and net realizable value. Cost is determined using the weighted average cost method. The cost of finished goods and work in progress comprises
raw materials, direct labor, other direct costs and related fixed production overheads (based on normal operating capacity). Variable
production overhead costs are included in inventory costs based on the actual production level. Imports in transit are stated at the accumulated
cost of each import. At the end of the reporting period, the net realizable value of inventories is assessed and a provision for non-realizable,
losses on obsolete or slow-moving inventory may be recognized.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The provision for net realizable value
is estimated considering the current selling price in the ordinary course of business, less any additional selling expenses. The write-downs
and reversals are recognized within Cost of sales.</P>


<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">A provision for obsolete inventory, finished
products, semi-finished products, raw materials and auxiliary materials is recognized when items cannot be used in normal production or
sold because they are damaged or do not meet the Company&rsquo;s specification and is recognized as Other income and expenses.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Slow-moving provision is recognized for
inventory items that are in excess of the expected normal use or sale. The amount of slow-moving provision recognized is determined based
on 20% of the carrying amount for each six-month period without use or sale and is recognized as Other income and expenses.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%"><B>(a)</B></FONT></TD><TD STYLE="text-align: justify"><B>Composition</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; width: 51%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 3%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 25%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Finished products </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">142,935</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">157,285</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Semi-finished products (i) </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">163,805</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">60,315</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Raw materials </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">68,497</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">90,087</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Auxiliary materials and consumables&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">115,562</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">94,564</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Inventory provisions&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(95,602)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(29,749)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>395,197</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>372,502</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">(i)</TD><TD STYLE="text-align: justify">Semi-finished products in December 2022 include the stockpile produced during Aripuan&atilde;&rsquo;s
commissioning phase in the total amount of USD 40,303. In 2021, the amount of USD 23,009 of the ore stockpile that was included in raw
material was reclassified as a semi-finished products.</TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%"><B>(b)</B></FONT></TD><TD STYLE="text-align: justify"><B>Changes in the provision of the year</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; width: 59%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 3%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 21%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the beginning of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(29,749)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(29,074)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Additions (i) </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(69,761)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(15,094)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Reversals </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,634</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">13,986</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Exchange variation (losses) gains </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(726)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">433</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the end of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(95,602)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(29,749)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">(i) The main amount is related to the
provision of Aripuan&atilde;&rsquo;s inventory to its net realizable value for both its ore stockpile and its produced concentrates in
the total amount of USD 52,215 (including depreciation of USD 16,377) as of December 31, 2022.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_024"></A></TD><TD STYLE="width: 18pt">19</TD><TD>Other assets</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; width: 56%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 22%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Other recoverable taxes </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">139,168</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">128,377</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Advances to third parties&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,057</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">8,545</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Prepaid expenses </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">9,858</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">10,361</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Judicial deposits </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">16,753</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">5,446</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Works-for-taxes program</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;7,902</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;5,338</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;29,222</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;21,636</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>209,960</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>179,703</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Current assets </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">75,486</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">81,119</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Non-current assets </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">134,474</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">98,584</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_025"></A></TD><TD STYLE="width: 18pt">20</TD><TD>Related parties</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: left"><B>Balances</B></TD></TR></TABLE>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Trade accounts receivables</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Related parties&rsquo; assets</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Trade payables</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Dividends payable</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Related parties&rsquo; liabilities</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 30%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Assets and liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 4%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Parent </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Votorantim S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">765</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,102</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Related parties </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Andrade Gutierrez Engenharia S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,353</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,890</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Auren Comercializadora de Energia Ltda.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">302</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">976</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">945</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Campos Novos Energia S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">9,652</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Companhia Brasileira de Alum&iacute;nio&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">187</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">158</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">263</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">264</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Votorantim Cimentos S.A. </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">607</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">551</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">163</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">64</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Votorantim International CSC S.A.C</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">306</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">487</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">152</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Other </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">164</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">240</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,922</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">11,441</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">546</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">241</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>801</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,016</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>15,337</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>4,811</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>7,922</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>11,441</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,033</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>393</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Current</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">801</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,016</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">15,337</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,811</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,922</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">11,441</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Non-current</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,033</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">393</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>801</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,016</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>15,337</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>4,811</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>7,922</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>11,441</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,033</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>393</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(b)</B></TD><TD STYLE="text-align: left"><B>Transactions</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Sales </B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Purchases </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; width: 42%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Profit and loss </B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Parent </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Votorantim S.A. </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;4,704 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;3,735 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;4,378 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Related parties&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Andrade Gutierrez Engenharia S.A. (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;38,907 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;41,498 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;26,280 </FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Auren Comercializadora de Energia Ltda. </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;744 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;5,993 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;9,740 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;4,974 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;16,207 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;7,721 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Campos Novos Energia S.A. </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;4,954 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;- </FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Companhia Brasileira de Alum&iacute;nio&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;9,708 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;8,988 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;7,828 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;8,891 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;3,736 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;1,156 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Votorantim Cimentos S.A.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;3,078 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;661 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;524 </FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Votorantim International CSC S.A.C </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;12,480 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;4,278 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;6,638 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Other&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;113 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;11 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;1,157 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;1,120 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;582 </FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;10,452 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;15,094 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;17,579 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>79,145 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;71,235 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;47,279 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">(i) As part of the execution of the Aripuan&atilde;
project, in June 2019 the Company entered into a mining development services agreement with Andrade Gutierrez Engenharia S.A., in which
one of the Company director&rsquo;s close family member may have significant influence at its holding level. Additionally, in June 2020,
NEXA entered into one additional agreement with Cons&oacute;rcio Construtor Nova Aripuan&atilde; (a consortium of the Andrade Gutierrez
group of companies) in connection with construction services for the Aripuan&atilde; project.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(c)</B></TD><TD STYLE="text-align: left"><B>Key management compensation</B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Key management includes the members of
the Company's global executive team and Board of Directors. Key management compensation, including all benefits, was as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; white-space: nowrap; width: 74%; border-bottom: #ED7D31 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; vertical-align: middle; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="vertical-align: middle; width: 13%; border-bottom: #ED7D31 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Short-term benefits </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;7,371</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">6,602</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Other long-term benefits </FONT></TD>
    <TD STYLE="vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;158</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">664</FONT></TD>
    </TR>
  <TR STYLE="background-color: black">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;7,529</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>7,266</B></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">Short-term benefits include fixed compensation,
payroll charges and short-term benefits under the Company&rsquo;s variable compensation program. Other long-term benefits relate to the
variable compensation program.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_026"></A></TD><TD STYLE="width: 18pt">21</TD><TD>Property, plant and equipment</TD></TR></TABLE>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Accounting policy</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Property, plant and equipment are stated
at their historical cost of acquisition or construction less accumulated depreciation and any recognized impairment losses. Historical
cost includes expenditures that are directly attributable to the acquisition and construction of the assets. The mining projects development
costs that are registered within Property, plant and equipment include (i) direct and indirect costs attributed to building the mining
facilities; (ii) financial charges incurred during the construction period; (iii) depreciation of other fixed assets used during construction;
and (iv) estimated decommissioning and site restoration expenses.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Subsequent costs are included in the asset&rsquo;s
carrying amount, or recognized as a separate asset as appropriate, only when it is probable that future economic benefits associated with
the item will flow to the Company and they can be measured reliably. The carrying amount of any component accounted for as a separate
asset is derecognized when replaced. All other repairs and maintenance are charged to the income statement during the reporting period
in which they are incurred.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Replacement costs are included in the carrying
amount of the asset when it is probable that the Company will realize future economic benefits in excess of the benefits expected from
the asset in its current condition. Replacement costs are depreciated over the remaining useful life of the related asset.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Land is not depreciated. Depreciation of
other assets is calculated using the straight-line method to reduce their costs to their residual values over their estimated useful lives.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The assets' residual values and useful
lives are reviewed annually and adjusted if appropriate.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">An asset's carrying amount is reduced to
its recoverable amount when it is greater than the estimated recoverable amount, in accordance with the criteria adopted by the Company
to determine the recoverable amount.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Gains and losses on disposals are determined
by comparing the proceeds with the carrying amount and are recognized within Other income and expenses, net in the income statement.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Loans and financings costs directly related
to the acquisition, construction or production of a qualifying asset that requires a substantial period of time to prepare for its intended
use or sale are capitalized as part of the cost of that asset when it is probable that future economic benefits associated with the item
will flow to the Company and costs can be measured reliably.</P>


<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Stripping costs</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">In its surface mining operations, the
Company must remove overburden and other waste to gain access to mineral ore deposits. The removal process is referred to as stripping.
During the development of a mine, before production commences, when the stripping activity improves access to the ore body, the component
of the ore body for which access has been improved can be identified and the costs can be measured reliably, a stripping activity asset
is capitalized as part of the investment in the construction of the mine and is accounted for as part of Property, plant and equipment
within Assets and projects under construction. Subsequently, when the operation starts, the stripping costs are transferred to Buildings
and are depreciated by a linear calculation considering the asset&rsquo;s useful life.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Stripping costs incurred during the production
phase of operations are treated as production costs and are part of the inventory cost.</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Mining Projects</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company starts to capitalize a project&rsquo;s
mineral exploration and evaluation costs at the beginning of its feasibility study phase, following completion of a pre-feasibility study
in which probability of economic feasibility has been established and where there is sufficient geologic and economic certainty of converting
mineral resources into proven and probable mineral reserves at a development stage (construction or execution phase) or production stage
based on various factors including the known geology, metallurgy and life-of-mine (&ldquo;LOM&rdquo;) plans.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">Capitalized costs incurred during a project&rsquo;s
mineral exploration and evaluation stages are classified within Mining projects, under Property, plant and equipment until the project
starts its development stage and are only depreciated by the UoP method once the development stage finishes and the project&rsquo;s operation
starts.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Costs incurred during a project&rsquo;s development
stage are also capitalized under Property, plant, and equipment but within Assets and projects under construction. In this way, the capitalized
mineral exploration and evaluation costs will remain within Mining projects and will only be depreciated once the development stage finishes
and the project&acute;s operation starts.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Once the development stage is finished and the
project&rsquo;s operation starts, the capitalized development costs are reclassified to the appropriate group of assets considering their
nature and are depreciated on a linear calculation based on the assets&rsquo; useful life.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">Based on the above, once a project begins
operation, there will be depreciation coming from the project&rsquo;s capitalized mineral exploration and evaluation costs within the
Mining projects account and based on the UoP method and from the project&rsquo;s capitalized development costs within the corresponding
group of assets based on their useful life.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">The carrying value of the capitalized mineral
exploration and evaluation costs, which remain within Mining projects, and the capitalized development costs, which are within Assets
and projects under construction, of the projects are assessed for impairment at least annually or whenever evidence indicates that the
assets may be impaired in accordance with IFRS 6 and IAS 36. If the Company decides at any moment to discontinue the project, this could
be an impairment indicator that will be assessed under the impairment test. For purposes of this impairment assessment, the projects are
allocated to cash generating units (&ldquo;CGUs&rdquo;) when applicable. The annual impairment test is disclosed in note 31.</P>


<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">Refer to note 8 for the Company&rsquo;s
accounting policy related to expensed mineral exploration and project evaluation costs for mining projects.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Costs to acquire exploration legal mining rights
are included as Intangible within Rights to use natural resources as explained in note 22.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Asset retirement obligations</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">An asset retirement obligation is an obligation
related to the permanent removal from service of a tangible long-lived asset that results from the acquisition, construction or development,
or the normal operations of a tangible long-lived asset. At the initial recognition of an asset retirement obligation and at the periodical
revisions of the expected disbursements and the discount rate, the changes in the liability are charged to Property, plant and equipment.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The capitalized amount recognized in Property,
plant and equipment is depreciated based on the UoP method. Any reduction in the provision that exceeds the carrying amount of the asset,
is immediately recognized in the income statement as Other income and expenses, net.</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Impairment</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Refer to note 31 for the Company&rsquo;s
accounting policy related to impairment of Property, plant and equipment.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"></P>


<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Changes in the year</B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; width: 37%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Dam and buildings</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Machinery, equipment, and facilities</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Assets and projects under construction</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Asset retirement obligations</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Mining projects (iii)</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Other</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the beginning of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Cost </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,054,413</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,330,748</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">874,776</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">202,242</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">181,528</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">35,266</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,678,973</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Accumulated depreciation and impairment </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(615,428)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,763,377)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(62,681)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(118,439)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(16,291)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(15,027)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,591,243)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the beginning of the year&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>438,985</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>567,371</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>812,095</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>83,803</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>165,237</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>20,239</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2,087,730</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Additions (ii) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">706</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">381,223</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">22,252</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">479</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">56</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">404,720</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Disposals and write-offs </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(568)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(369)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(430)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(82)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,449)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Depreciation </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(82,293)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(109,009)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(5,169)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,120)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,302)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(199,893)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Impairment (loss) reversal of long-lived assets - note 31 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">19,802</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,513</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(6,168)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(39,910)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(18,763)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Derecognition of Nexa&rsquo;s share of Enercan's property, plant and equipment - note 4 (ii) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(19,688)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(8,711)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(634)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(183)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(29,216)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Foreign exchange effects </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">18,577</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">23,855</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">37,280</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,686</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,215</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">839</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">85,452</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Transfers (v) &ndash; note 22 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">466,513</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">284,635</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(767,561)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,524</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">8,608</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(4,281)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Remeasurement of asset retirement obligations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(29,025)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(29,025)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the end of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>841,332</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>765,991</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>455,805</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>75,547</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>128,425</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>28,175</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2,295,275</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Cost </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,512,360</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,636,582</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">521,191</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">200,665</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">221,077</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">44,094</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">5,135,969</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Accumulated depreciation and impairment </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(671,028)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,870,591)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(65,386)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(125,118)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(92,652)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(15,919)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,840,694)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the end of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>841,332</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>765,991</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>455,805</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>75,547</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>128,425</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>28,175</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2,295,275</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Average annual depreciation rates % </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">UoP</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">UoP</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; width: 37%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Dam and buildings</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Machinery, equipment, and facilities</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Assets and projects under construction</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Asset retirement obligation</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Mining projects (iii)</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Other</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: black">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the beginning of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Cost </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,022,432</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,360,426</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">596,675</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">211,650</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">292,322</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">36,816</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,520,321</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Accumulated depreciation and impairment </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(567,829)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,734,232)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(69,143)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(124,838)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(108,698)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(17,285)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,622,025)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Net balance at the beginning of the year&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>454,603</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>626,194</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>527,532</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>86,812</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>183,624</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>19,531</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,898,296</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Reclassification (i) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(31,851)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(31,851)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Net balance at the beginning of the year - adjusted </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>454,603</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>626,194</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>527,532</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>86,812</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>151,773</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>19,531</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,866,445</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Additions (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">671</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">507,907</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;42,739</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,576</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;552,905</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Disposals and write-offs </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(567)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(7,663)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(454)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,751)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(10,435)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Depreciation </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(56,493)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(110,895)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(6,436)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,062)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,143)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(177,029)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Foreign exchange effects </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(15,963)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(23,188)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(40,278)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;(2,452)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,027)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(631)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(83,539)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Transfers (iv)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">57,393</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">82,252</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(182,612)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">16,553</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,657</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(23,757)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Remeasurement of asset retirement obligations &nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;(36,860)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;(36,860)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the end of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>438,985</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>567,371</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>812,095</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>83,803</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>165,237</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>20,239</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2,087,730</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Cost </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,054,413</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,330,748</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">874,776</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">202,242</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">181,528</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">35,266</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,678,973</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Accumulated depreciation and impairment </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(615,428)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,763,377)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(62,681)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(118,439)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(16,291)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(15,027)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,591,243)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the end of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>438,985</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>567,371</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>812,095</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>83,803</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>165,237</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>20,239</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2,087,730</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD COLSPAN="2" STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Average annual depreciation rates % </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;7 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;UoP </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;UoP </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 2.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 2.35pt; text-align: justify">(i) Reclassification of USD 31,851 from Mining
projects to Intangible assets (Rights to use natural resources), as explained in note 22 (a).</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 2.35pt; text-align: justify">(ii) Additions include capitalized borrowing
costs on Assets and projects under construction in the amount of USD 15,946 for the year ended on December 31, 2022 (December 31, 2021:
USD 19,614).</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 2.35pt; text-align: justify">(iii) Only the amounts related to the operating
unit Atacocha are being depreciated under the UoP method.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">(iv) Amount includes: (i) in 2021 a transfer from
Assets and projects under construction to Inventories (raw materials) of USD 23,009 related to the ore pile costs that were incurred during
Aripuan&atilde;&acute;s commissioning phase and which should already be included in the Company's inventory; and (ii) USD 748 thousand
related to other intangibles.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">(v) Mainly related to the transfers from Assets and
projects under construction to the corresponding group of assets, given the ramp-up process in Aripuan&atilde;&rsquo;s mining unit as
explained in note 1.</P>


<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_027"></A></TD><TD STYLE="width: 18pt">22</TD><TD>Intangible assets</TD></TR></TABLE>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Accounting policy</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Goodwill</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Goodwill arising from business combinations
is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and
the fair value of the acquirer&rsquo;s previously held equity interest in the acquiree (if any) over the net assets acquired. Goodwill
is not amortized but is tested for impairment annually and whenever circumstances indicate that the carrying amount may not be recovered.
Refer to note 31 for the Company&rsquo;s impairment accounting policy and critical estimates and assumptions and judgments.</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Rights to use natural resources</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The significant costs incurred for the
acquisition of legal rights to explore mining concessions and develop mineral properties are capitalized and are amortized as production
costs when the associated projects start their commercial operation using the UoP method over their useful lives. Useful lives consider
the period of extraction for both mineral reserves and mineral resources, which includes a portion of the Company&rsquo;s inferred resources
in the Company&rsquo;s mining operations. The costs for the acquisition of legal rights attributed to mining projects are not depreciated
until the project becomes operational and production activities start.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The costs incurred are impaired if the
Company determines that the projects and their mineral rights associated have no future economic value. For purposes of impairment assessment,
rights to use natural resources are allocated to CGUs. Refer to note 31 for the Company&rsquo;s impairment accounting policy.</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Critical accounting estimates, assumptions
and judgments - Quantification of mineral reserves and resources for useful life calculation</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Company classifies proven and probable
reserves, and measured, indicated and inferred resources based on the definitions of the United States Securities and Exchange Commission&rsquo;s
(SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure
by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The useful life determination applied to
the rights to use natural resources reflect the pattern in which the benefits are expected to be derived by the Company and is based on
the estimated life of mine (&ldquo;LOM&rdquo;). Any changes to the LOM, based on new information regarding estimates of mineral reserves
and mineral resources and mining plan, may affect prospectively the LOM and amortization rates.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The estimation process of mineral reserves
and mineral resources is based on a technical evaluation, which includes geological, geophysics, engineering, environmental, legal and
economic estimates and may have relevant impact on the economic viability of the mineral reserves and mineral resources. These estimates
are reviewed periodically, and any changes are reflected in the expected LOM. Management is confident based on testing, continuity of
the ore bodies and conversion experience that a part of the inferred resources will be converted into measured and indicated resources,
and if they are economically recoverable, and such inferred resources may also be classified as proven and probable mineral reserves.
Where the Company can demonstrate the expected economic recovery with a high level of confidence, inferred resources are included in the
amortization calculation.</P>


<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">However, the future conversion of inferred
resources is inherently uncertain and involves estimates, assumptions and judgments that could have a material impact on the Company&rsquo;s
results of operations.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Changes in the year</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 48%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 18%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Goodwill (iv)</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Rights to use natural resources</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Other</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the beginning of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Cost </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">673,570</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,791,643</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">72,414</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,537,627</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Accumulated amortization and impairment </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(267,342)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,179,373)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(34,141)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,480,856)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the beginning of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>406,228</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>612,270</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>38,273</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,056,771</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Additions (ii) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">57,529</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">57,529</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Amortization </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(76,695)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(5,639)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(82,334)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Impairment (loss) reversal of long-lived assets &ndash; note 31 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(61,856)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">48,107</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(13,749)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Derecognition of Nexa&rsquo;s share of Enercan's intangible assets - note 4 (ii) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(9,382)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(9,382)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Foreign exchange effects </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">195</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,661</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(45)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,811</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Transfers &ndash; note 21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,546</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,735</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,281</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the end of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>344,567</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>647,418</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>24,942</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,016,927</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Cost </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">611,909</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,855,014</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">65,246</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,532,169</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Accumulated amortization and impairment </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(267,342)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,207,596)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(40,304)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,515,242)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the end of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>344,567</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>647,418</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>24,942</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,016,927</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Average annual depreciation rates % </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">UoP</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 47%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Goodwill</B></P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>(iv)</B></P></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Rights to use natural resources</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Other&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the beginning of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Cost </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">673,776</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,665,149</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">53,463</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,392,388</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Accumulated amortization and impairment </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(267,342)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,016,279)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(32,362)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,315,983)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Net balance at the beginning of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>406,434</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>648,870</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>21,101</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,076,405</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Reclassification (i) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">31,851</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">31,851</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>406,434</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>680,721</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>21,101</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,108,256</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Additions (iii) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">21,821</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">21,821</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Disposals </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(9)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(9)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Amortization </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(67,829)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(3,550)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(71,379)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Foreign exchange effects </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(206)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(622)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,838)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,666)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Transfers &ndash; note 21 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">748</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">748</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the beginning of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>406,228</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>612,270</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>38,273</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,056,771</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Cost </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">673,570</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,791,643</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">72,414</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,537,627</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Accumulated amortization and impairment </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(267,342)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,179,373)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(34,141)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,480,856)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the end of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>406,228</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>612,270</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>38,273</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,056,771</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Average annual depreciation rates % </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;UoP </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">(i) The Company identified USD 31,851 of
legal mining rights that were being classified as Mining projects within Property, plant and equipment, instead of as Rights to use natural
resources within Intangible assets. Given the nature of this reclassification, which is entirely between Property, plant and equipment
and Intangible assets, the Company made an out-of-period adjustment, to account for the correct classification of those legal mining rights
as of December 31, 2021.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">(ii) The main addition is related to the
offtake agreement signed on January 25, 2022 to sell 100% of the copper concentrate to be produced by Aripuan&atilde; for a specified
period. As explained in note 16, this agreement replaced the obligation of future royalty payments arising from the acquisition of mining
rights by the Company for the Aripuan&atilde; project. The fair value of this agreement on its inception date, in the amount of USD 46,100,
was recognized as Rights to use natural resources within Intangible assets and should be amortized during the life of the mine by the
UoP method.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">(iii) As described in the audited consolidated
financial statements for the year ended on December 31, 2021, in 2021, the Brazilian Electric Energy Chamber (&ldquo;CCEE&rdquo;) finalized
the necessary calculations for the extension of the concession period for the energy power plants that were affected by the increased
costs related to the Generation Scaling Factor (&ldquo;GSF&rdquo;). After evaluating the amounts involved, NEXA agreed to accept the renegotiation
agreement with the Brazilian Electricity Regulator Agency (&ldquo;ANEEL&rdquo;) and to waive any future judicial claim related to the
increased GSF costs. This had an impact of USD 19,407 (Picada &ndash; 5 years of extended concession period: USD 4,592; Armador Aguiar
I &ndash; 6 years and 2 months of extended concession period: USD 3,293; Igarapava &ndash; 2 years and 7 months of extended concession
period: USD 2,565; and Enercan &ndash; 3 years and 6 months of extended concession period: USD 8,957). These amounts were recorded as
an Intangible asset against recovered energy costs in the income statement within Cost of sales, and will be amortized using the straight-line
method until the end of the extended concession period without any direct cash benefit in 2021.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">(iv) At December 31, 2022, the balances
of the Company&rsquo;s recognized goodwill were: (i) USD 95,484 allocated to the Cajamarquilla CGU; and (ii) USD 249,082 allocated to
the Mining Peru group of CGUs. In the third quarter of 2022, the recoverability of goodwill was tested, as explained in note 31.</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_028"></A></TD><TD STYLE="width: 18pt">23</TD><TD>Right-of-use assets and lease liabilities</TD></TR></TABLE>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Accounting policy</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Right-of-use assets represent the right to use
an underlying asset for the lease term and lease liabilities represent the Company&rsquo;s obligation to make lease payments arising from
the lease.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Lease terms are negotiated on an individual asset
basis and contractual provisions contain a wide range of different terms and conditions. The lease agreements do not impose any covenants,
but leased assets may not be used as security for borrowing purposes.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company accounts for non-lease components
such as service costs separately, whenever applicable. The Company&rsquo;s lease terms may include options to extend or terminate the
lease and when it is reasonably certain that we will exercise that option, the financial effect is included in the contract&rsquo;s measurement.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Measurement</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Liabilities arising from a lease contract
are initially measured on a present value basis, using the incremental borrowing rate approach. The incremental borrowing rate is determined
by the Company based on equivalent financial costs that would be charged by a counterparty for a transaction with the same currency and
a similar amount, term and risk of the lease contract. The finance cost charged to the income statement produces a constant periodic rate
of interest over the lease term. On December 31, 2022, interest rates were between 5.87% to 11.39% for Brazil; and, 2.85% to 5.93% for
Peru.</P>





<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">Lease contracts are recognized as a liability
with a corresponding right-of-use asset at the date at which the leased asset is available for use by the Company. The right-of-use asset
also includes any lease payments made and it is amortized over the shorter of the asset&rsquo;s useful life and the lease term on a straight-line
basis. Amortization expenses are classified either in Cost of sales or Administrative expenses based on the designation of the related
assets.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Right-of-use assets - Changes in the year </B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 38%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Buildings</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Machinery, equipment, and facilities</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>IT equipment</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Vehicles</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the beginning of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt"></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt"></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt"></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt"></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt"></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt"></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Cost </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">5,731</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">17,560</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">5,427</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">21,286</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">50,004</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">47,562</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Accumulated amortization </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(3,844)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(12,757)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(5,427)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(15,286)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(37,314)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(28,693)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the beginning of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,887</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>4,803</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>6,000</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>12,690</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>18,869</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;New contracts </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,547</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">189</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">282</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,018</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">5,174</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Amortization&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,235)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,330)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(84)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(5,061)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(8,710)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(10,303)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Remeasurement </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">563</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(98)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(46)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">419</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(290)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Foreign exchange effects </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">71</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">148</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">259</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">478</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(761)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the end of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2,833</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2,712</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>198</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,152</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>6,895</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>12,689</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Cost </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,300</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">18,106</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">282</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">18,830</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">44,518</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">50,003</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Accumulated amortization </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(4,467)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(15,394)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(84)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(17,678)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(37,623)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(37,314)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the end of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2,833</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2,712</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>198</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,152</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>6,895</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: black; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>12,689</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Average annual amortization rates % </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">34</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">33</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">34</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #D83C00"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #D83C00"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(b)</B></TD><TD STYLE="text-align: justify"><B>Lease liabilities - Changes in the year</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; width: 68%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 4%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the beginning of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>19,638</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>25,689</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;New contracts </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,018</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">5,174</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Payments of lease liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(17,091)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(9,827)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Interest paid on lease liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(994)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,415)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Remeasurement </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">419</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(302)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Accrued interest &ndash; note 10 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">542</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,272</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Foreign exchange effects </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">489</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(952)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the end of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>5,021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>19,639</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;Current liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,661</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">16,246</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;Non-current liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,360</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,393</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_029"></A></TD><TD STYLE="width: 18pt">24</TD><TD>Loans and financings</TD></TR></TABLE>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Accounting policy</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Loans and financings are initially recognized
at fair value, net of transaction costs incurred, and are subsequently measured at amortized cost, unless they are designated as fair
value option, if necessary to eliminate the accounting mismatch that would arise if amortized cost were used. Any difference between the
proceeds (net of transaction costs) and the total amount payable is recognized in the income statement as interest expense over the period
of the loans using the effective interest rate method, except for the loans measured at fair value.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Loans and financings are classified as
current liabilities unless the Company has the unconditional right to defer repayment of the liability for at least 12 months after the
reporting period.</P>





<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Fees paid on the establishment of loan
facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be
drawn down. In this case, the fee is deferred until the drawdown occurs.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">To the extent that there is no evidence
that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services
and amortized over the period of the facility to which it relates.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Composition</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 25%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Fair Value</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Type&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Average
interest rate</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; text-align: right; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Current</B></FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; text-align: right; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0">Eurobonds &ndash; USD</P></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Pre-USD 5.84%&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">18,656</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,191,827</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,210,483</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,338,334</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,162,741</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,440,920</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;BNDES </FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;TJLP + 2.82 % <BR>
&nbsp;SELIC + 3.10 %<BR>
&nbsp;TLP - IPCA + 5.46 % </FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">26,105</FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">190,211</FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">216,316</FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">215,801</FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">183,452</FONT></TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">180,565</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0">Export credit notes</P></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;LIBOR + 1.54 %<BR>
134.20% CDI<BR>
SOFR + 2,5% </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">5,500</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">227,290</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">232,790</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">135,077</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">227,201</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">136,389</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Debentures </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;107.5 % CDI </FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,916</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,901</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Other </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">579</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">9,091</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">9,670</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">5,187</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,054</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,192</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>50,840</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,618,419</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,669,259</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,699,315</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,580,448</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,766,967</B></FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(b)</B></TD><TD STYLE="text-align: justify"><B>Loans and financing transactions during the year ended on December 31, 2022</B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; color: #D83C00"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">On March 18, 2022, the Company entered into
an Export Credit Note agreement in the total principal amount of USD 90,000 (equivalent to BRL 459,468 thousand) with maturity in 2027,
and an interest rate of 2.5% plus the 6-month TERM SOFR (Secured Overnight Financing Rate).</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0 10pt; text-align: justify">On March 28, 2022, the Company completed
the early redemption and cancellation of all outstanding 4.625% Senior Notes due in 2023. Holders of the 2023 Notes tendered an aggregate
principal amount of USD 128,470. In this transaction, the Company also paid an amount of USD 2,971 of accrued interest and USD 3,277 of
premium paid over the notes, which was recognized in Net financial results (note 10).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(c)</B></TD><TD STYLE="text-align: justify"><B>Changes in the year</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 67%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;Balance at the beginning of the year&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,699,315</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>2,024,314</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;New loans and financings </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">95,621</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">59,771</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Debt issue costs </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(63)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(178)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Payments of loans and financings </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(24,639)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(251,044)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Bonds repurchase </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(128,470)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Prepayment of fair value debt </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(90,512)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Foreign exchange effects </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">22,695</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(21,066)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Changes in fair value of financing liabilities related to changes<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the Company&acute;s own credit risk </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(521)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">5,066</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; width: 67%; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Changes in fair value of loans and financings&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,472</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(10,784)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Write-off of fair value of loans and financings&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(8,596)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Interest accrual&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">110,679</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">113,456</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Interest paid on loans and financings&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(109,263)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(121,112)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;Amortization of debt issue costs </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,433</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;Balance at the end of the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,669,259</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,699,315</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(d)</B></TD><TD STYLE="text-align: justify"><B>Maturity profile</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 24%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2025</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2026</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2027</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>As from<BR>
&nbsp;2028</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Eurobonds &ndash; USD (i) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">18,656</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,149)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,216)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,287)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">698,561</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">499,918</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,210,483</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;BNDES </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">26,105</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">24,773</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">23,722</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">21,154</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">13,454</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">107,108</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">216,316</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Export credit notes </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">5,500</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">88,907</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">48,382</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">90,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">232,790</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Other </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">579</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">97</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,285</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,285</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,285</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">5,139</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">9,670</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>50,840</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>111,628</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>71,173</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>20,152</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>803,300</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>612,166</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,669,259</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">(i)The negative balances refer to related funding costs (fee)
amortization.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(e)</B></TD><TD STYLE="text-align: justify"><B>Analysis by currency</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 29%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 19%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Current</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;USD </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">21,861</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,370,764</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,392,625</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,426,962</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;BRL </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">28,535</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">247,655</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">276,190</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">270,571</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Other </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">444</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">444</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,782</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>50,840</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,618,419</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,669,259</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,699,315</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #D83C00"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(f)</B></TD><TD STYLE="text-align: justify"><B>Analysis by index</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; width: 30%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 19%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #ED7D31 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Current</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Fixed rate </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">19,144</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,191,828</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,210,972</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,340,247</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;LIBOR </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,474</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">88,937</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">90,411</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">88,677</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;TLP </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">14,348</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">160,924</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">175,272</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">170,324</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;BNDES SELIC </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,943</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">19,853</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">27,796</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">29,680</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;CDI </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,369</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">48,353</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">50,722</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">51,316</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;SOFR </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,657</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">90,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">91,657</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;TJLP </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3,830</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">18,524</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">22,354</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">19,071</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Other </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">75</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">75</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>50,840</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,618,419</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,669,259</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,699,315</B></FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(g)</B></TD><TD STYLE="text-align: justify"><B>Guarantees and covenants</B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Company has loans and financings that
are subject to certain financial covenants at the consolidated level, such as: (i) leverage ratio; (ii) capitalization ratio; and (iii)
debt service coverage ratio. When applicable, these compliance obligations are standardized for all debt agreements. No changes to the
contractual guarantees occurred in the period ended on December 31, 2022.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">As of December 31, 2022, the Company was
in compliance with all its financial covenants, as well as the Company was compliant with other qualitative covenants.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_030"></A></TD><TD STYLE="width: 18pt">25</TD><TD>Trade Payables</TD></TR></TABLE>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Accounting policy</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Trade payables represent liabilities for
goods and services that were provided to the Company before the end of the financial year which are unpaid. Trade and other payables are
presented as current liabilities unless payment is not due within 12 months after the reporting period. These amounts are recognized initially
at their fair value and subsequently measured at amortized cost using the effective interest method.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0.2in; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Composition</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 46%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 4%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 23%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 23%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Trade payables </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">398,519</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">407,007</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Related parties - note 20 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">15,337</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,811</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>413,856</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>411,818</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_031"></A></TD><TD STYLE="width: 18pt">26</TD><TD>Confirming Payables</TD></TR></TABLE>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Accounting policy</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">The Company has contracts
with some suppliers in which the commercial payment term is 180 days. In these contracts, the suppliers have the option to request a bank
to advance the payment of their commercial invoice within 180 days, before the invoice matures. As a result of those contracts between
the suppliers and the bank, the commercial terms agreed with the Company do not change. In accordance with the commercial agreement, the
supplier communicates to the Company its interest in selling the invoice to the bank, and it is only the supplier who can decide to sell
its invoice at any time during the commercial period. With this option, suppliers can improve their working capital position. The bank
pays the supplier with an interest discount and the Company assumes part of the interest payment to the supplier.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Applying the concepts of IFRS 9, this transaction
maintains its essence as a trade account payable since the Group has not derecognized the original liabilities to which the agreement
applies because neither a legal release was obtained, nor the original liability was substantially modified in the execution of the agreement.
The Company understands that the 180-day period can be considered common for the sector, as it is a specific product and the 90% of the
outstanding balance of the concentrate belongs to these suppliers. The Company, however, understands that the separate presentation of
these accounts within Confirming payables is relevant to the understanding of the entity's financial position.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Payments of the principal amounts and interest
reimbursements are presented within the operating activities group in the Company's cash flow statement, in accordance with IAS 7.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">The total amount of interests paid in the reverse
factoring program in 2022 was of USD 932 (December 31, 2021: USD 1,290).</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">As of December 31, 2022, accounts payable of
USD 216,392 were included in these contracts (December 31, 2021: USD 232,860; December 31, 2020: USD 145,295).</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_032"></A></TD><TD STYLE="width: 18pt">27</TD><TD>Asset retirement and environmental obligations</TD></TR></TABLE>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Accounting policy</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Provision for asset retirement obligations
include costs to restoration and closure of the mining assets and is recognized due to the development or mineral production, based on
the net present value of estimated closure costs. Management uses its judgment and previous experience to determine the potential scope
of rehabilitation work required and the related costs associated with that work, which are recognized as a Property, plant and equipment
for asset retirement obligations relating to operating mining assets or as Other income and expenses, net for non-operating structures.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Environmental obligations include costs related
to rehabilitation of areas damaged by the Company in its extractive actions (for example - soil contamination, water contamination, among
others) or penalties. Therefore, it becomes an event that creates obligations when these environmental damages are detected by the Company,
when a new law requires that the existing damage be rectified or when the Company publicly accepts any responsibility for the rectification,
creating a constructive obligation. The costs to remedy an eventual unexpected contamination, which give rise to a probable loss and can be reliably estimated,
must be recognized in Other income and expenses, net in income statement.</P>


<!-- Field: Page; Sequence: 55 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In addition, investments in infrastructure,
machinery and equipment regarding operational improvements to avoid future environmental damage, are not provisioned, because it is expected
that these assets will bring future economic benefits to the operating units, thus it is capitalized as Property, plant and equipment.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The cash flows are discounted to present
value using a credit risk-adjusted rate that reflects current market assessments of the time value of the money and the specifics risks
for the asset to be restored. The interest rate charges relating to the liability are recognized as an accretion expense in the Net financial
results. Difference in the settlement amount of the liability is recognized in the income statement.</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Critical accounting estimates, assumptions
and judgments</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The initial recognition and the subsequent
revisions of the asset retirement obligations and environmental obligations consider critical future closure and repairing costs and several
assumptions such as interest rates, inflation, useful lives of the assets and the estimated moment that the expenditure will be executed.
These estimates are reviewed annually by the Company or when there is a relevant change in these assumptions.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Cost estimates can vary in response to
many factors of each site that include timing, expected LOM, changes to the relevant legal or government requirements and commitments
with stakeholders, review of remediation and relinquishment options, emergence of new restoration techniques, among others.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">External experts support the cost estimation
process where appropriate. These factors either isolated or consolidated could significantly affect the future financial results and balance
sheet position.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Changes in the year</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 43%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Asset retirement obligations </B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Environmental obligations </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Total </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Total </B></FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the beginning of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221,710 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42,441 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;264,151 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;276,046 </B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Additions (ii) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;26,116 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;8,920 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;35,036 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;51,893</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Payments </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;(14,879)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;(10,514)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;(25,393)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;(26,255)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Foreign exchange effects </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;6,034 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;3,126 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;9,160 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;(7,851)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Interest accrual </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;20,014 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;3,648 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;23,662 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;9,667 </FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Remeasurement - discount rate (i) / (ii) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;(39,072)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;(1,225)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;(40,297)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;(39,350)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the end of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;219,923 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;46,396 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;266,319 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;264,150 </B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Current liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;18,658 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;4,988 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;23,646 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;31,953 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Non-current liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;201,265 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;41,408 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;242,673 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;232,197 </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">(i) As of December 31, 2022, the credit
risk-adjusted rate used for Peru was between 10.92% and 12.04% (December 31, 2021: 3.54% and 7.28%) and for Brazil was between 8.22% and
8.61% (December 31, 2021: 7.68% and 8.67%).</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">(ii) The change in the period ended on
December 31, 2022, was mainly due to the time change in the expected disbursements on decommissioning obligations in certain operations,
in accordance with updates in their asset retirement and environmental obligations studies, and by the increase in the discount rates,
as described above. In this way, asset retirement obligations for operational assets, decreased in an amount of USD 6,773 (December 31,
2021: increase of USD 5,879) as shown in note 21; and asset retirement and environmental obligations for non-operational assets expense
in USD 1,512 (December 31, 2021: expense of USD 6,664) as shown in note 9.<BR STYLE="clear: both">
</P>


<!-- Field: Page; Sequence: 56 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_033"></A></TD><TD STYLE="width: 18pt">28</TD><TD>Provisions</TD></TR></TABLE>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Accounting policy</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Provisions for legal claims and judicial
deposits</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Provisions for legal claims are recognized
when there is a combination of the following conditions: (i) the Company has a present legal or constructive obligation as a result of
past events; (ii) it is probable (more likely than not) that an outflow of resources will be required to settle the obligation; and (iii)
the amount can be reliably estimated. The provisions are periodically estimated, and the likelihood of losses is supported by the Company's
legal counsel.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Provisions are measured at the present
value of the expenditure expected to be required to settle the obligation using a discount rate that reflects current market assessments
of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognized
as Financial expenses.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">When a claim is secured by a judicial deposit,
the Company offsets the provision with the judicial deposit amount in the consolidated balance sheet. However, the Company also has judicial
deposits for claims for which the likelihood of loss is possible or remote and for which no provision is recognized. In such cases, these
amounts are recognized as outstanding judicial deposits in the Company&rsquo;s assets.</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Critical accounting estimates and assumptions
&ndash; Provisions for legal claims</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Company is part of ongoing tax, labor,
civil and environmental lawsuits which are pending at different court levels. The provisions for potentially unfavorable outcomes of litigation
in progress are established and updated based on management evaluation and require a high level of judgment regarding the matters involved,
supported by the positions of external legal advisors. Income tax claims are discussed at the current and deferred income tax section
(note 11).</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; color: #D83C00"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/150% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; text-indent: 0in; color: #D83C00"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Changes in the year</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>&nbsp;&nbsp;2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>Tax</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>Labor</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>Civil</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>Environmental</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the beginning of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>4,535</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>18,674</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>703</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>12,916</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>36,828</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>30,896</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">&nbsp;Additions (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">4,282</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">5,016</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">724</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">3,126</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">13,148</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: black">33,305</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0">Derecognition of Nexa&rsquo;s share of Enercan&rsquo;s provisions
&ndash; note 4 (ii)</P></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(311)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(311)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Reversals </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(722)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(3,288)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(409)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,065)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(5,484)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(20,132)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Interest accrual </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">547</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,494</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(383)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">96</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,754</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">746</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Payments </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(802)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,936)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,180)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(666)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(4,584)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(5,327)</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Foreign exchange effects </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">398</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,117</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">89</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">662</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,266</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,385)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Other </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">232</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(557)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">700</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(95)</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">280</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(275)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the end of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>8,159</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>20,520</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>244</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>14,974</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>43,897</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>36,828</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 68%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">(i)
Brazillian Court of Justice </FONT>ruled against the appeal filed by the Company related with a proceeding <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">in
which the tax authorities of the State of Minas Gerais charge VAT applied to interstate sales for manufactured goods with imported content.
This decision resulted in a new assessment of the likelihood of this proceeding by the Company in 2022, changing from possible to probable,
and according with this change in the evaluation a provision in the amount of USD 3,583&nbsp;was registered. Currently the proceeding
awaits decision by Brazillian Supreme Federal Court and Superior Court of Justice.&nbsp;</FONT></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 57 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/150% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; text-indent: 0in; color: #D83C00"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> Breakdown of legal claims provisions</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The provisions and the corresponding judicial
deposits are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 28%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Judicial deposits</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Provisions</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Judicial deposits</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Provisions</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Carrying amount</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Tax </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,200)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">9,359</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">8,159</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(1,528)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">6,062</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,534</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Labor </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(3,399)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">23,919</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">20,520</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,752)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">21,431</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">18,679</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Civil </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">244</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">244</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(751)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,451</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">700</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Environmental </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">14,974</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">14,974</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">12,915</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">12,915</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the end of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(4,599)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>48,496</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>43,897</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(5,031)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>41,859</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>36,828</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The outstanding judicial deposits of the
Company as of December 31, 2022 that are not presented net of the provisions are USD 16,753 (December 31, 2021: USD 5,446).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(c)</B></TD><TD STYLE="text-align: justify"><B>Contingent liabilities</B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Legal claims that have a possible likelihood
that an obligation will arise are disclosed in the Company&rsquo;s financial statements. The Company does not recognize a liability because
it is not probable that an outflow of resources will be required or because the amount of the liability cannot be reliably calculated.
These legal claims are summarized below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 44%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 28%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 28%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Tax (i) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">134,637</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">156,779</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Labor (ii) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">41,454</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">36,215</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Civil (iii) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">16,946</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">14,618</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Environmental (iv) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">112,541</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">97,027</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>305,578</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>304,639</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(i)</B></TD><TD STYLE="text-align: justify"><B>Comments on contingent tax liabilities</B></TD></TR></TABLE>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">The main contingent liabilities relating to tax lawsuits are discussed
below.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; color: #D83C00"><B>Income tax over transfers
of shares in Peru</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Relates to assessments issued by the SUNAT,
where the Company was jointly and severally liable for the payment of income tax by a foreign investor, in a supposed capital gain on
transfer of shares. The estimated financial effect of this contingent liability is USD 60,784.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; color: #D83C00"><B>Compensation for exploration
for mineral resources</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Relates to assessments issued by the Brazilian
National Department of Mineral Production for the alleged failure to pay or underpayment of financial compensation for the exploration
of mineral resources (&ldquo;CFEM&rdquo;). The estimated financial effect of this contingent liability is USD 11,219.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #D83C00"><B>Indirect taxes on sales</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Relates to assessments issued by the Brazilian
Internal Revenues Service concerning certain credits taken by the Company when calculating those indirect taxes on sales. The estimated
financial effect of this contingent liability is USD 3,802.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; color: #D83C00"><B>Value-added tax on sales</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Relates to assessments issued by the tax
authorities of the State of Minas Gerais concerning the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Incidence of value-added tax on sales of certain energy contracts. The estimated financial effect of this
contingent liability is USD 20,439.</TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 58 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The Company was challenged by the tax authorities regarding certain credits to the purchases of property,
plant and equipment. The estimated financial effect of this contingent liability is USD 7,046.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(ii)</B></TD><TD STYLE="text-align: justify"><B>Comments on contingent labor liabilities</B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Include several claims filed by former
employees, third parties and labor unions and labor public attorney&rsquo;s office mostly claiming the payment of indemnities related
to dismissals, such as overtime, work at night hours, commuting hours, health hazard premiums and hazardous duty premiums, as well as
indemnity claims by former employees and third parties based on alleged occupational illnesses, work accidents and payment of social benefits.
The individual amount of the claims are not material.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(iii)</B></TD><TD STYLE="text-align: justify"><B>Comments on contingent civil liabilities</B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The main contingent civil liability is
related to indemnity lawsuits against the Company alleging property, contractual and general damages/losses. The estimated financial effect
of this contingent liability is USD 16,374.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(iv)</B></TD><TD STYLE="text-align: justify"><B>Comments on contingent environmental liabilities</B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The main contingent environmental liabilities
in Brazil were filed by fishermen communities against the Company for indemnification, compensation for material and moral damages due
to alleged pollution of the S&atilde;o Francisco River close to the Company&rsquo;s Tr&ecirc;s Marias operation in Brazil. The estimated
financial effect of these contingent liabilities is USD 76,386.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_034"></A></TD><TD STYLE="width: 18pt">29</TD><TD>Contractual obligations</TD></TR></TABLE>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Accounting policy</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Contractual obligations consist of advance
payments received by the Company under a silver streaming agreement, signed with a counterparty (the &ldquo;Streamer&rdquo;) and by which
referential silver contents found in the ore concentrates produced by the Company&rsquo;s Cerro Lindo mining unit are sold to the Streamer.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Determining the accounting treatment of
silver streaming transactions requires the exercise of high degree of judgment.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Company assesses whether those advances
obtained under this agreement should be recognized as contractual obligations (a sale of a non-financial item) or as a financial liability.
For that purpose, the Company takes into consideration factors such as which party is exposed to the operational risk, the risk of access
to the resources, the price risk, and assesses whether the transaction involves a sale of an own use asset for the counterparty. In those
cases, in which the Company concludes that, in essence, the Streamer shares substantially the operational risks, the resource access and
price risks, it delivers a non-financial item that qualifies as an &ldquo;own use&rdquo; item; any advance payment obtained is recognized
as a contractual obligation in the framework of IFRS 15: Revenue from contracts with customers. Otherwise, the Company would recognize
a financial liability in the framework of the provisions of IFRS 9: Financial instruments.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">When a contractual obligation is recognized,
the balance is initially recognized at the amount received, and it is subsequently recognized as revenue when the control of the respective
assets is transferred, that is, upon the physical delivery of the nonfinancial item (silver certificate). Contractual obligations are recognized within non-current
liabilities, except for the portion of silver certificates that are estimated to be delivered over the 12 months following the balance
sheet date.</P>


<!-- Field: Page; Sequence: 59 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The advance payment obtained under the
silver streaming transaction entered by the Company in 2016 is recognized as contractual obligation to the extent that the risk assessment
conducted by the management indicates the relevant risks are substantially shared with the Streamer and the qualifying conditions of a
sale of an &ldquo;own use&rdquo; item are met.</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Determination of the transaction price</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The transaction price is the amount of
consideration to which the Company expects to be entitled in return for transferring the promised goods to its counterparty. The transaction
price is allocated to each performance obligation based on the relative standalone selling prices. In the silver streaming transaction,
the Company has variable considerations related to the production capacity of the mine linked to its LOM and to the LME. IFRS 15 requires
that for contracts containing variable considerations, the transaction price be continually updated and re-allocated to the transferred
goods. For this purpose, the contractual obligations require an adjustment to the transaction price per unit each time there is a change
in the underlying production profile of a mine or the expected metal prices. The change in the transaction price per unit results in a
retroactive adjustment to revenues in the period in which the change is made, reflecting the new production profile expected to be delivered
under the streaming agreement or the expected metal prices. A corresponding retroactive adjustment is made to accretion expenses, reflecting
the impact of the change in the contractual obligation balance.</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Critical accounting estimates, assumptions
and judgments</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; line-height: 115%">The</FONT>
r<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; line-height: 115%">ecognition of revenues and of the contractual
obligation related to the silver transaction require the use of critical accounting estimates and assumptions including, but not limited
to: (i) allocation of revenues on relative prices; (ii) estimate prices for determining the upfront payment; (iii) discount rates used
to measure the present value of future inflows and outflows; and (iv) estimates of LOM, reserves and mineral production.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/150% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Composition</B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In 2016, the Company entered a silver streaming
arrangement, which consisted of an upfront payment of USD 250,000 for the anticipated sale of a portion of the silver contained in the
ore concentrates produced by the Cerro Lindo mining unit. The advance payment was recognized as a Contractual obligation and the corresponding
revenues are recognized as the silver is delivered, which is the time that the contractual performance obligations are satisfied.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The changes in the contractual obligation
are shown below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 62%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the beginning of the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>147,232</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>166,025</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Revenues recognition upon ore delivery </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(31,438)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(45,309)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Remeasurement adjustment (i) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">10,565</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">19,580</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Accretion for the year &ndash; note 10</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">5,801</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">6,936</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Balance at the end of year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>132,160</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>147,232</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Current </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">26,188</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">33,156</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Non-current </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">105,972</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">114,076</FONT></TD></TR>
  </TABLE>



<!-- Field: Page; Sequence: 60 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0 10pt; text-align: justify">(i) In September 2022, the Company recognized
a remeasurement adjustment in its contractual obligations of silver streaming with a corresponding reduction in revenues for an amount
of USD 10,565 and an increase in accretion for an amount of USD 1,041 (September 30, 2021: USD 19,312 and USD 1,658, respectively), given
the higher long-term prices and the updated mine plan for its Cerro Lindo Mining Unit. According to the Company&rsquo;s silver streaming
accounting policy, prices and changes in the LOM given an update in mine plans are variable considerations and then, the recognized income
under the streaming agreement should be adjusted to reflect the updated variables.</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_035"></A></TD><TD STYLE="width: 18pt">30</TD><TD>Shareholders&rsquo; equity</TD></TR></TABLE>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Accounting policy</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Common shares are classified in shareholders&rsquo;
equity. Each time a share premium is paid to the Company for an issued share, the respective share premium is allocated to the share premium
account. Each time the repayment of a share premium is decided, such repayment shall be done pro-rata to the existing shareholders.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The distribution of dividends to the Company&rsquo;s
shareholders is recognized as a liability in the Company&rsquo;s consolidated financial statements in the period in which the dividends
are approved by the Company&rsquo;s shareholders.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Shares repurchased under buyback programs
that are not cancelled, are reported as treasury shares and are deducted from shareholders&rsquo; equity. These shares are also deducted
in the earnings per share calculation.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>(a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>Capital</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">As of December 31, 2022, the outstanding
capital of USD 132,439 (2021: USD 132,439) is comprised of 132,439 thousand subscribed and issued common shares (2021: 132,439 thousand),
with par value of US$ 1.00 per share. In addition to the subscribed and issued common shares, NEXA also has an authorized, but unissued
and unsubscribed share capital set at USD 231,925.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>(b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>Treasury shares</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">On June 4, 2020, at NEXA&rsquo;s Extraordinary
General Meeting (&ldquo;EGM&rdquo;), the Company&rsquo;s shareholders approved the cancellation of the 881,902 shares held in treasury,
purchased based on a share buyback program in prior years. For this reason, after the cancellation that occurred on June 4, 2020, VSA
holds 64.68% of NEXA&rsquo;s equity.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>(c)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>Share premium</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The share premium, if any, may be distributed
to the shareholders in accordance with Luxembourg Commercial Companies Act by a resolution of the Board of Directors.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>(d)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>Additional paid in capital</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Additional paid in capital arises from
transactions recognized in equity that do not qualify as capital or share premium in accordance with Luxembourg Commercial Companies Act
and, therefore, cannot be distributed to the shareholders of the Company.</P>


<!-- Field: Page; Sequence: 61 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>(e)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>Accumulated other comprehensive
income </B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The changes in the accumulated other comprehensive
income are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 52%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Cumulative translation adjustment</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Hedge accounting</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Changes in fair value of financial instruments</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;At January 01, 2020 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(130,903)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,263</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(129,640)</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Translation adjustment on foreign subsidiaries </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(138,840)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(138,840)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Cash flow hedge accounting </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">3</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Changes
    in fair value of financial liabilities related to changes in the Company&rsquo;s own credit risk&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(875)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(875)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;At December 31, 2020 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(269,743)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,266</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(875)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(269,352)</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Translation adjustment on foreign subsidiaries </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(64,575)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(64,575)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Cash flow hedge accounting </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">327</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">327</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Changes
    in fair value of financial liabilities related to changes in the Company&rsquo;s own credit risk&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(7,441)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(7,441)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Changes in fair value of investments in equity instruments </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,632)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,632)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;At December 31, 2021 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(334,318)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,593</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(10,948)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(343,673)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Translation adjustment on foreign subsidiaries </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">65,243</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">65,243</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Cash flow hedge accounting </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(331)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(331)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Changes in fair value of financial liabilities&nbsp;related to changes in the Company&rsquo;s own credit risk&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">343</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">343</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Changes in fair value of investments in equity instruments </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(3,608)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(3,608)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;At December 31, 2022 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(269,075)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,262</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(14,213)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(282,026)</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Attributable to NEXA's shareholders&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(243,124)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: left; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Attributable to non-controlling interests&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(38,902)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #D83C00"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(f)</B></TD><TD STYLE="text-align: justify"><B>Earnings per share </B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Basic earnings per share are computed by
dividing the net income attributable to NEXA&rsquo;s shareholders by the average number of outstanding shares for the year. Diluted earnings
per share is computed in a similar way, but with the adjustment in the denominator when assuming the conversion of all shares that may
be dilutive. The Company does not have any potentially dilutive shares and consequently the basic and diluted earnings per share are the
same.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: middle; width: 66%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2020</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Net income (loss) for the year attributable to NEXA's shareholders </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">49,101</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">114,332</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(559,247)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Weighted average number of outstanding shares &ndash; in thousands </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">132,439</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">132,439</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">132,439</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Earnings (losses) per share - USD </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>0.37</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>0.86</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(4.22)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(g)</B></TD><TD STYLE="text-align: justify"><B>Dividend distribution</B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">On February 15, 2022, the Company&rsquo;s Board
of Directors approved, subject to ratification by the Company&rsquo;s shareholders at the 2023 annual shareholders&rsquo; meeting in accordance
with Luxembourg laws, a cash distribution to the Company&rsquo;s shareholders of USD 50,000. From this amount, USD 43,874 were distributed
as dividends (cash dividend) and USD 6,126, as share premium (special cash dividend). This cash distribution was paid on March 25, 2022.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Additionally, the Company&rsquo;s subsidiary,
Pollarix, declared dividends to non-controlling interests, owned by Auren Energia S.A. (formerly Votorantim Gera&ccedil;&atilde;o de Energia
S.A.), which is a related party, in the amounts of (i) USD 14,951 (BRL 73,515), on April 29, 2022; (ii) USD 3,163 (BRL 16,622), on December
27, 2022; and (iii) USD 4,961 (BRL 25,883), on December 31, 2022. From these amounts and from dividends declared in previous periods,
payments of USD 9,449 (BRL 46,458), USD 2,996 (BRL 15,714) and USD 12,147 (BRL 63,825) were made in May, September and December of 2022,
respectively.</P>


<!-- Field: Page; Sequence: 62 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(h)</B></TD><TD STYLE="text-align: justify"><B>Non-controlling interests</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="text-align: left; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Summarized balance sheet</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>NEXA PERU</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Pollarix S.A.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; width: 52%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Current assets </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">658,099</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">680,609</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">9,822</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">23,070</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Current liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">260,980</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">288,736</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">8,820</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">13,279</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Current net assets </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>397,119</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>391,873</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>1,002</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>9,791</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Non-current assets </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,282,556</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,345,420</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">68,984</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">53,516</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Non-current liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">409,106</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">566,059</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;Non-current net assets </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>873,449</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>779,361</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>68,984</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>53,516</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Net assets </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,270,568</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>1,171,234</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>69,985</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>63,307</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Accumulated non-controlling interests </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">217,167</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">213,997</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">50,842</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">44,011</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="text-align: left; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Summarized income statement</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>NEXA PERU</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Pollarix S.A.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Net revenues </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">892,389</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">828,571</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">6,906</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">20,996</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Net income for the year </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">106,501</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">94,706</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">29,635</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">39,136</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Other comprehensive income (loss) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7,308</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(940)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">9,686</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(2,977)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Total comprehensive income for the year </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>113,809</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>93,766</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>39,321</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>36,159</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Comprehensive income attributable to non-controlling interests </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">1,199</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">12,991</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">30,870</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">24,947</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;Dividends paid to non-controlling interests&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>24,592</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>23,730</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="text-align: left; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Summarized statement of cash flows</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>NEXA PERU</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Pollarix S.A.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Net cash provided by (used in) operating activities&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">196,850</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">179,842</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">4,474</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(8,522)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Net cash used in investing activities </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(86,969)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(93,632)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;Net cash (used in) provided by financing activities </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(137,426)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(92,905)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(6,945)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">8,997</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: middle; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;(Decrease) increase in cash and cash equivalents </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(28,582)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(8,542)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>(2,471)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>475</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; color: #D83C00; margin-top: 6pt; margin-right: 0pt; margin-bottom: 6pt"><A NAME="a_036"></A>31<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;
</FONT>Impairment of long-lived assets</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Accounting policy</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Impairment of goodwill</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">As part of the impairment testing procedures,
the goodwill arising from a business combination is allocated to a CGU or groups of CGUs that are expected to benefit from the related
business combination and is tested at the lowest level that goodwill is monitored by management. Goodwill is tested annually for impairment
during the third quarter, regardless of whether there has been an impairment indicator or, more frequently, if circumstances indicate
that the carrying amount may not be recovered.</P>
<P STYLE="font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; color: #D83C00; margin: 0 0 6pt">Impairment of long-lived assets</P>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Company assesses at each reporting
date, whether there are indicators that the carrying amount of an asset or CGU, including goodwill balance, may not be recovered. If any
indicator exists, such as a change in forecasted commodity prices, a significant increase in operational costs, a significant decrease in production volumes,
a reduction in LOM, the cancelation or significant reduction in the scope of a project, market conditions or unusual events that can affect
the business, the Company estimates the recoverable amount of the assets or CGUs.</P>
<!-- Field: Page; Sequence: 63 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>



<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The recoverable amount is estimated by
reference to the higher of an asset&rsquo;s or CGU&rsquo;s fair value less cost of disposal (&ldquo;FVLCD&rdquo;) and its value in use
(&ldquo;VIU&rdquo;). The recoverable amount is determined for an individual asset unless the asset does not generate cash inflows that
are largely independent of those from other assets or groups of assets, in which case, the asset is tested as part of a larger CGU to
which it belongs.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">If the carrying amount of an asset or CGU
exceeds its recoverable amount, the asset or CGU is considered impaired and is reduced to its recoverable amount. Non-financial assets
other than goodwill that were adjusted due to impairment are subsequently reviewed for possible reversal of the impairment at each reporting
date. Generally, the opposite of indicators that gave rise to an impairment loss would be considered indicators that impairment losses
might have to be reversed. If the underlying reasons for the original impairment have been removed or the service potential of the asset
or CGU has increased, an assessment of impairment reversals is performed by the Company. Reversals of impairment losses that arise simply
from the passage of time or related with prior goodwill impairments are not recognized.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">For individual assets, if there is any
indicator that an asset become unusable by damage or a decision that would lead the asset to not contribute economically to the Company,
it is impaired. In addition, greenfields, projects for which the Company decides to quit exploration and there is no expectation that
in the future will bring cash inflows are also impaired.</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Impairment of exploration and evaluation
costs and development projects costs</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Exploration assets representing mineral
rights acquired in business combinations, mineral rights, and other capitalized exploration and evaluation costs, as well as development
projects costs capitalized included in Property, plant and equipment are tested for impairment in aggregation with CGU or groups of CGUs
that include producing assets or tested individually through FVLCD when there are indicators that capitalized costs might not be recoverable.
The allocation of exploration and evaluation costs, and development project costs to CGUs or group of CGUs is based on 1) expected synergies
or share of producing assets infrastructure, 2) legal entity level, and 3) country level. When testing a CGU or a group of CGUs that include
exploration and evaluation costs and development project costs, the Company performs the impairment test in two steps. In the first step,
producing assets or group of producing assets are tested for impairment on an individual basis. In the second step, exploration and evaluation
costs and development project costs are allocated to a CGU or a group of CGUs and tested for impairment on a combined basis.</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Valuation methods and assumptions for
recoverable amount based on FVLCD</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><U>FVLCD</U></P>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">FVLCD is an estimate of the price that
the Company would receive to sell an asset, CGU or group of CGUs in an orderly transaction between market participants at the measurement
date, less the cost of disposal. FVLCD is not an entity-specific measurement but is focused on market participants&rsquo; assumptions
for a particular asset when pricing the asset. FVLCD is estimated by the Company using discounted cash flows techniques (using a post-tax
discount rate) and market past transaction multiples (amount paid per ton of minerals for projects in similar stages) for greenfield projects
for which resources allocation is under review, although the Company considers observable inputs, a substantial portion of the assumptions
used in the calculations are unobservable. These cash flows are classified as level 3 in the fair value hierarchy. No CGUs are currently
assessed for impairment by reference to a recoverable amount based on FVLCD classified as level 1 or level 2.</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt"></P>


<!-- Field: Page; Sequence: 64 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt"><U>VIU</U></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">VIU is determined as the present value
of the estimated future cash flows expected to arise from the continued use of the asset in its current condition and its residual value.
VIU is determined by applying assumptions specific to the Company&rsquo;s continued use and does not consider enhancements or future developments.
These assumptions are different from those used in calculating FVLCD and consequently the VIU calculation is likely to give a different
result (usually lower) than a FVLCD calculation. Additionally, it is applied to the estimated future cash flows a pre-tax discount rate.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><U>Forecast assumptions</U></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The cash flow forecasts are based on management&rsquo;s
best estimates of expected future revenues and costs, including the future cash costs of production, capital expenditure, and closure,
restoration, and environmental costs. The resulting estimates are based on detailed LOM and long-term production plans. When calculating
FVLCD, these forecasts include capital and operating expenditures related to expansions and restructurings of both brownfield and greenfield
projects that a market participant would consider in seeking to obtain the highest and best use of the asset, considering their evaluation,
eventual changes in their scope or feasibility, and their development stage.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The cash flow forecasts may include net
cash flows expected to be realized from the extraction, processing and sale of material that does not currently qualify for inclusion
in ore reserves. Such non-reserve material is only included when the Company has confidence it will be converted to reserves. This expectation
is usually based on preliminary drilling and sampling of areas of mineralization that are contiguous with existing ore reserves, as well
as on the historical internal conversion ratio. Typically, the additional evaluation required for conversion to reserves of such material
has not yet been done because this would involve incurring evaluation costs earlier than is required for the efficient planning and operation
of the producing mine.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">For purposes of determining FVLCD from
a market participant&rsquo;s perspective, the cash flows incorporate management&rsquo;s internal price forecasts that also reflects the
view of market participants. The internal price forecasts are developed using a robust model that incorporates market-based supply, demand
and cost data. The internal price forecasts used for ore reserve estimation testing and the Company&rsquo;s strategic planning are generally
consistent with those used for the impairment testing.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Cost levels incorporated in the cash flow
forecasts are based on the current LOM plan and long-term production plan for the CGU, which are based on detailed research, analysis
and iterative modeling to optimize the level of return from investment, output and sequence of extraction. The mine plan considers all
relevant characteristics of the orebody, including waste-to-ore ratios, ore grades, haul distances, chemical and metallurgical properties
of the ore, process recoveries and capacities of processing equipment that can be used. The LOM plan and long-term production plans are,
therefore, the basis for forecasting production output and production costs in each future year.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The discount rates applied to the future
cash flow forecasts represent the Company&rsquo;s estimate of the rate that a market participant would apply to the time value of money
and the risks specific to the asset for which the future cash flow estimates have not been adjusted. The Company&rsquo;s weighted average
cost of capital is generally used for determining the discount rates, with appropriate adjustments for the risk profile of the countries
in which the individual CGUs operate.</P>


<!-- Field: Page; Sequence: 65 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">With respect to the estimated future cash
flows of capitalized exploration assets and development projects, for some assets the Company applies a price to net assets value ratio
discount in order to reflect the inherent risk of such projects and that are neither adjusted in the discount rate nor in the future cash
flows. The discount is based on the stage of the project and the type of metal.</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Critical accounting estimates, assumptions
and judgments - Impairment of long-lived assets</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Impairment is assessed at the CGU level.
A CGU is the smallest identifiable asset or group of assets that generates independent cash inflows. Judgment is applied to identify the
Company&rsquo;s CGUs, particularly when assets belong to integrated operations, and changes in CGUs could impact impairment charges and
reversals.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">External and internal factors are quarterly
monitored for impairment indicators. Judgment is required to determine, for example, whether the impact of adverse spot commodity price
movements is significant and structural in nature. Also, the Company&rsquo;s assessment of whether internal factors, such as an increase
in production costs and delays in projects, result in impairment indicators require significant judgment. Among others, the long-term
zinc price and the discount rate may have a significant impact in the Company&rsquo;s&rsquo; impairment estimations.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The process of estimating the recoverable
amount involves the use of assumptions, judgment and projections for future cash flows. These calculations use cash flow projections based
on financial and operational budgets for a five-year period. After the five-year period, the cash flows are extended until the end of
the useful LOM or indefinitely for the smelters. The smelters cash flows do not use growth rates in the cash flow projections of the terminal
value. Management&rsquo;s assumptions and estimates of future cash flows used for the Company&rsquo;s impairment testing of goodwill and
long-lived assets are subject to risk and uncertainties, including metal prices and macroeconomic conditions, which are particularly volatile
and partially or totally outside the Company&rsquo;s control. Future changes in these variables may differ from management&rsquo;s expectations
and may materially change the recoverable amounts of the CGUs.</P>

<P STYLE="color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt">Impairment test analysis</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">During September 2022, the Company performed
its annual impairment test for the CGUs to which goodwill has been previously allocated (Mining Peru group of CGUs: Cerro Pasco and Cerro
Lindo; and Cajamarquilla), considering available key assumptions included in the strategic planning process which is performed during
the third quarter of every year, as well as other variables discussed in such process, and did not identify any net material impairment
loss or reversal to be recognized. For Brazillian CGUs (Tr&ecirc;s Marias System and Juiz de Fora), no impairment indicators were identified,
and no impairment test was required for these CGUs.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">As of December 31, 2022, the Company identified
impairment indicators mainly related to: (i) a CAPEX and costs increase in the Cerro Pasco CGU given the review process started by management
in October; and (ii) the Company&rsquo;s decision not to maintain in its portfolio two of its greenfields projects (Shalipayco and Pukaqaqa)
which are included in the Cerro Lindo CGU which is also part of the Mining Peru group of CGUs. The Company also identified impairment
reversal indicators related to the performance of metal prices during the fourth quarter of 2022 which led the Company&rsquo; sensitivities
over the estimated metal price to increase.</P>


<!-- Field: Page; Sequence: 66 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The impairment assessment as of December
31, 2022, resulted in the recognition of an impairment reversal of USD 79,529 in the Cerro Pasco CGU, and of an impairment loss of USD
61,856 in the Mining Peru Group of CGUs (goodwill) identified for year 2022. In addition to these economic impairments, the Company recognized
individual assets impairments in the amount of USD 10,275, mainly within Assets and projects under construction, and in the amount of
USD 39,910, within Mining projects and in relation to the greenfields (Shalipayco and Pukaqaqa) mentioned above. As a result, a net impairment
loss of USD 32,512 (after-tax USD 30,971) was registered for the year.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">For the year ended on December 31, 2021,
the Company performed its annual impairment test, and did not identify impairment provisions or reversals for the period.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">For the year ended on December 31, 2020,
the Company recognized an impairment loss of USD 557,497.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/150% Verdana, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Key assumptions used in impairment test </B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify">The recoverable amounts for each CGU were
determined based on the FVLCD method, which were higher than those determined based on the VIU method.&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify">The Company identified long-term metal
prices, discount rate and LOM as key assumptions for the recoverable amounts determination, due to the material impact such assumptions
may cause on the recoverable value.&nbsp;Part of these&nbsp;assumptions&nbsp;are&nbsp;summarized&nbsp;below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2022</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2021</B></FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>2020</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Long-term zinc price (USD/t) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,787</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,724</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; vertical-align: middle; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,449</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Discount rate (Peru)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">6.93%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">6.22%</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">7.22%</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Brownfield projects - LOM (years) (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">From 5 to 14</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; background-color: #D9D9D9; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">from 4 to 13</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; vertical-align: middle; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">From 5 to 14</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify">(i) As part of the Cerro Lindo CGU recoverable
amount, the Company has included the value of its greenfield projects based on market multiples as disclosed above in the FVLCD section.
No impairment indicator was identified for these greenfield projects, other than for Shalipayco and Pukaqaqa.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/150% Verdana, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(b)</B></TD><TD STYLE="text-align: justify"><B>Impairment reversal &ndash; Cerro Pasco&nbsp;CGU</B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">As mentioned above, the impairment reversal
was identified at the CGU level, not being directly related to a single asset. Then, the gain was allocated on a pro rata basis to the
following assets:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 54%; border-bottom: #ED7D31 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #D83C00"><B>&nbsp;</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Carrying amount prior to impairment reversal</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Impairment reversal</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Carrying amount after impairment reversal</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.65pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">124,576 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">31,258 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 1.7pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">155,834 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 3.65pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">167,913 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">48,272 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 4.55pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">216,185 </FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Other net liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(100,379)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(100,379)</FONT></TD></TR>
  <TR STYLE="background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>192,110</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>79,529</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>271,640</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 67 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Company performed a stress test on
the key assumptions used for the calculation of the recoverable amount of the CGU Cerro Pasco. A decrease of 5% in the long-term LME zinc
price to USD 2,648 per ton compared to management&acute;s estimation as of December 31, 2022, would have resulted in an impairment reversal
of USD 31,061 (or a decrease in the impairment reversal of USD 48,468). Also, an increase of 5% in the discount rate compared to management&acute;s
estimation as of December 31, 2022, would have resulted in an impairment reversal of USD 70,010 (or a decrease in the impairment reversal
of USD 9,519).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/150% Verdana, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(c)</B></TD><TD STYLE="text-align: justify"><B>Impairment loss - Mining Peru group of CGUs Goodwill </B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Before the impairment test performed on December
31, 2022, the Mining Peru group of CGU&rsquo;s included a goodwill of USD 310,938. After the impairment loss mentioned above, the goodwill,
included in Intangible assets, has a balance of USD 249,082.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 55%; border-bottom: #ED7D31 1pt solid; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: #ED7D31 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Carrying amount prior to impairment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: #ED7D31 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Impairment </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: #ED7D31 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Carrying amount after impairment</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Goodwill- Mining Peru</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">310,938</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(61,856)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">249,082</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company performed a stress test on the key
assumptions used for the calculation of the recoverable amount of the Mining Peru group of CGUs. A decrease of 10% in the long-term LME
zinc price to USD 2,508 per ton compared to management&acute;s estimation as of December 31, 2022, would have resulted in an impairment
loss of USD 88,437 (or an additional impairment loss of USD 26,581).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/150% Verdana, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 6pt; color: #D83C00"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(d)</B></TD><TD STYLE="text-align: justify"><B>Impairment results &ndash; Other CGUs</B></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The impairment reversal indicator, identified
during the year, also led to an increase in the recoverable amount of the other CGUs included in the Mining Peru group of CGUs.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Company estimated the amount by which
the value assigned to the key assumptions must change in order for the assessed CGUs recoverable amount to be equal to their carrying
amount:</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>CGU</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Excess over recoverable amount</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Decrease in Long term Zinc (USD/t)</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Increase in WACC</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Change</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #ED7D31 1pt solid; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Price</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Change</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt"><B>Rate</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; width: 49%; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Cerro Lindo</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">179,440</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: #ED7D31 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(28.1%)</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: #ED7D31 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,003</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">175.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: #ED7D31 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">19.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">Cajamarquilla</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">407,027</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">(15.2%)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">2,246</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">41.9%</FONT></TD>
    <TD STYLE="border-bottom: #ED7D31 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #ED7D31 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt">9.8%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_037"></A></TD><TD STYLE="width: 18pt">32</TD><TD>Long-term commitments</TD></TR></TABLE>

<P STYLE="font: 9pt/150% Verdana, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-align: justify; color: #D83C00"><B>Projects evaluation</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">As part of NEXA&rsquo;s activities for
the execution of certain greenfield projects, the Company has agreed, with the Peruvian Government, to minimum investments levels in the
Magistral Project, that if the Company does not meet by September 2024, would require additional disbursements of USD 102,900 as a penalty
for the non-execution of certain levels.</P>


<!-- Field: Page; Sequence: 68 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A><P STYLE="text-align: left; font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-size: 12pt"><B>Nexa Resources S.A.</B></FONT> <FONT STYLE="font-size: 9pt">&#9; &#9; </FONT></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Notes to the consolidated financial statements</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>At and for the year ended on December 31, 2022</B></P><P STYLE="text-align: left; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>All amounts in thousands of US dollars, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #D83C00; font: bold 10pt/115% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><A NAME="a_038"></A></TD><TD STYLE="width: 18pt">33</TD><TD>Events after the reporting period</TD></TR></TABLE>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">On February 15, 2023, the Company&rsquo;s
Board of Directors approved, subject to ratification by the Company&rsquo;s shareholders at the 2024 annual shareholders&rsquo; meeting
in accordance with Luxembourg laws, a cash distribution to the Company&rsquo;s shareholders of approximately USD 25,000 to be paid on
March 24, 2023 as share premium (special cash dividend).</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 69; Options: NewSection; Value: 69 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --> of 69</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Management&rsquo;s report on internal control
over financial reporting</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">Our management is responsible
for establishing and maintaining adequate internal control over financial reporting and for assessing its effectiveness.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">Our internal control over
financial reporting is a process designed by, or under the supervision of, our chief executive officer and our chief financial officer,
and effected by our board of directors, management and other employees, and is designed to provide reasonable assurance regarding the
reliability of financial reporting and of preparation of our consolidated financial statements, in accordance with IFRS as issued by the
IASB.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">Due to its inherent limitations,
internal control over financial reporting may not prevent or detect misstatements. In addition, projections of any evaluation of effectiveness
of internal control over financial reporting to future periods are subject to the risk that controls may become inadequate because of
changes in conditions, or that the degree of compliance with our policies or procedures may deteriorate.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">Our management has assessed
the effectiveness of internal control over financial reporting as of December 31, 2022, based upon the criteria established in Internal
Controls &ndash; Integrated Framework (2013), issued by the Committee of Sponsoring Organizations of Treadway Commission (COSO). Based
on this assessment and criteria, our management has concluded that our internal control over financial reporting was effective as of December
31, 2022.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Audit of the effectiveness of internal control
over financial reporting</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">Our independent registered
public accounting firm, PricewaterhouseCoopers Auditores Independentes Ltda has audited the effectiveness of internal control over financial
reporting, as stated in their report as of December 31, 2022.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Changes in internal control over financial
reporting</B></P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">There were no changes in
our internal control over financial reporting during 2022, which have materially affected, or are reasonably likely to materially affect,
our internal control over financial reporting.</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">Sincerely,</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Nexa Resources S.A.</B></P>

<P STYLE="font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin: 0 0 0 269.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin: 0 0 0 269.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 46%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">/s/ Juan Ignacio Rosado Gomez de La Torre</TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 52%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">/s/ Jos&eacute; Carlos del Valle</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Juan Ignacio Rosado Gomez de La Torre</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Jos&eacute; Carlos del Valle</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">President and Chief Executive Officer</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Senior VP Finance and Group CFO</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 269.35pt; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 70; Options: NewSection -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: bold 12pt Georgia, Times, Serif; margin: 0; text-align: justify">Report of Independent Registered</P>

<P STYLE="font: bold 12pt Georgia, Times, Serif; margin: 0; text-align: justify">Public Accounting Firm</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">To the Board of Directors and Shareholders of</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">Nexa Resources SA</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify"><B><I>Opinions on the Financial Statements and</I></B></P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify"><B><I>Internal Control over Financial Reporting</I></B></P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">We have audited the accompanying consolidated balance
sheets of Nexa Resources S.A. and its subsidiaries (the &ldquo;Company&rdquo;) as of December 31, 2022 and 2021, and the related consolidated
income statement, consolidated statement of comprehensive income, consolidated statement of changes in shareholders&rsquo; equity and
consolidated statement of cash flows for each of the three years in the period ended December 31, 2022, including the related notes (collectively
referred to as the &ldquo;consolidated financial statements&rdquo;). We also have audited the Company's internal control over financial
reporting as of December 31, 2022, based on criteria established in <I>Internal Control - Integrated Framework</I> (2013) issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO).</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">In our opinion, the consolidated financial statements
referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021<B>,
</B>and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022 in conformity
with International Financial Reporting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Company
maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established
in <I>Internal Control - Integrated Framework</I> (2013) issued by the COSO.</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify"><B><I>Basis for Opinions</I></B></P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">The Company's management is responsible for these consolidated
financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness
of internal control over financial reporting, included in the accompanying Management&rsquo;s Report on Internal Control over Financial
Reporting. Our responsibility is to express opinions on the Company&rsquo;s consolidated financial statements and on the Company's internal
control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight
Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">We conducted our audits in accordance with the standards
of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial
reporting was maintained in all material respects.</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">Our audits of the consolidated financial statements included
performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud,
and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal
control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk
that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed
risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits
provide a reasonable basis for our opinions.</P>


<!-- Field: Page; Sequence: 71; Options: NewSection -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify"><B><I>Definition and Limitations of Internal Control</I></B></P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify"><B><I>over Financial Reporting</I></B></P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">A company&rsquo;s internal control over financial reporting
is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles. A company&rsquo;s internal control over
financial reporting includes those policies and procedures that (i)&nbsp;pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii)&nbsp;provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and
directors of the company; and (iii)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use, or disposition of the company&rsquo;s assets that could have a material effect on the financial statements.</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">Because of its inherent limitations, internal control
over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods
are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify"><B><I>Critical Audit Matters</I></B></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">The critical audit matter communicated below is a matter
arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to
the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii)
involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any
way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter
below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify"><B><I>Impairment Assessment &ndash; Long-lived assets</I></B></P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">As described in Note 31 to the consolidated financial
statements, management assesses at the end of each reporting period whether there is any indication that long-lived assets may be impaired
or there is an indicator that an impairment loss recognized in prior period (for a long-lived asset other than goodwill) may no longer
exist or may have decreased. Additionally, management conducts an annual impairment test of goodwill during the third quarter of each
year. Management tests long-lived assets for impairment at the individual asset level, or when it is not possible to estimate the recoverable
amount of the individual asset, at the level of the cash generating unit (CGU) and tests goodwill for impairment at the level of the CGU
or group of CGU to which the goodwill is allocated. An impairment loss is identified when carrying amounts, including goodwill where applicable,
exceed the recoverable value of the CGUs or an individual assets carrying amount exceeds its recoverable amount. Impairment reversal is
applicable to CGUs where impairment losses on long-lived assets have been recorded in previous periods, except for goodwill for which
impairment is never reverted, and it is identified when the recoverable value of these CGUs exceed their carrying amounts. The recoverable
value is the higher of fair value less costs of disposal and value in use. Management estimated the fair value less cost of disposal using
discounted cash flow techniques. Management&rsquo;s cash flow projections for each CGU tested for impairment included significant judgments
and assumptions relating to long-term metal prices and discount rate. In addition to the annual impairment test performed in the third
quarter, during the fourth quarter of 2022 the Company identified both impairment loss indicators mainly related to increase in forecasted
capital expenditures and impairment reversal indicators mainly related to the good performance of metal prices resulting in an update
impairment test for the Cerro Pasco CGU and for Mining Peru Group of CGUs prepared by management through the 2022 year end. Management
also recognizes impairment loss for other individual assets within Assets and Projects under Construction account and for greenfield projects
when facts and circumstances indicate that their carrying amounts are no longer recoverable. Impairment tests conducted for the year ended
December 31, 2022 resulted in the recognition of a net impairment loss of US$ 32,512 thousand (US$ 30,971 thousand, net of taxes), which
is presented net of recognized impairment reversal, comprised of an impairment loss of US$ 61,856 thousand in the Mining Peru Group of
CGUs where goodwill is allocated, an impairment reversal of US$ 79,529 thousand in the Cerro Pasco CGU and impairment</P>


<!-- Field: Page; Sequence: 72; Options: NewSection -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">losses of certain individual assets and discontinued
greenfield projects totaling US$ 50,185 thousand. The performing procedures relating to impairment assessment at the level of CGUs is
determined to be a critical audit matter.</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">The principal consideration for our determination that
performing procedures relating to impairment assessment at the level of CGUs is a critical audit matter is there was significant judgment
by management when developing the recoverable values of the CGUs. This in turn led to a high degree of auditor judgment, subjectivity,
and effort in performing procedures to evaluate management&rsquo;s cash flow projections and significant assumptions, including long-term
metal prices and discount rate. In addition, the audit effort involved the use of professionals with specialized skill and knowledge to
assist in performing these procedures and evaluating the audit evidence obtained.</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">Addressing the matter involved performing procedures
and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures
included testing design and the effectiveness of controls relating to management&rsquo;s impairment assessment, including controls over
the valuation of the Company&rsquo;s CGUs. These procedures also included, among others, testing management&rsquo;s process for developing
the recoverable value; evaluating the appropriateness of the discounted cash flow model; testing the completeness and accuracy of underlying
data used in the model; and evaluating the significant assumptions used by management, related to the long-term metal prices and discount
rate. Evaluating management&rsquo;s assumptions related to long-term metal prices and discount rate involved evaluating whether the assumptions
used by management were reasonable considering (i) the current and past performance of the CGUs, (ii) the consistency with external market
and industry data, and (iii) whether these assumptions were consistent with evidence obtained in other areas of the audit. Professionals
with specialized skill and knowledge were used to assist in the evaluation of the Company&rsquo;s discounted cash flow model and certain
significant assumptions, including the discount rate.</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">/s/PricewaterhouseCoopers Auditores Independentes Ltda.</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">Curitiba, Brazil, February 15, 2023</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0; text-align: justify">We have served as the Company&rsquo;s auditor since 2001.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 269.35pt; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 73; Options: NewSection -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>nexafs4q226k_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 nexafs4q226k_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  F '$# 2(  A$! Q$!_\0
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M2W,$'^MFCC_WW KB/%6B7^D>!+72?#(O&G$Z*S0,?,<$'<S-VR>M>>?\*O\
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K34TZ***]$\<**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@#__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
