Core Viewpoint - Nexa Resources S.A. reported a 4.4% increase in consolidated Mineral Reserves to 115.1 million tonnes as of December 31, 2025, driven by successful near-mine exploration and resource conversion drilling [2][5]. Mineral Reserves - Proven and Probable Mineral Reserves totaled 115.1 million tonnes, containing 4,047kt of zinc at an average grade of 3.52%, reflecting a 4.4% increase from 110.3 million tonnes in 2024 [5]. - The increase in Mineral Reserves was primarily due to the conversion of lower-grade resources becoming economically viable under updated price assumptions, despite a decrease in average zinc grade [5]. - Mineral Reserve additions of 282kt in contained zinc partially offset annual depletion of 373kt, indicating continued replacement through near-mine exploration [5]. - Significant contributions to Mineral Reserves came from Vazante (+140kt), Cerro Lindo (+82kt), El Porvenir (+46kt), Aripuanã (+7kt), and Atacocha (+7kt) [5]. Mineral Resources - As of December 31, 2025, Measured and Indicated Mineral Resources were estimated at 3,120kt of contained zinc, a decrease from 3,163kt in 2024, primarily due to the conversion of resources into Mineral Reserves [11]. - Inferred Mineral Resources were estimated at 6,935kt of contained zinc, down from 7,072kt in 2024, mainly due to the conversion of resources to reserves and geological model updates [11]. - The most significant addition to Inferred Mineral Resources came from the Integración target at the Cerro Pasco Complex, adding 116kt of contained zinc [11]. Life-of-Mine Extensions - Current life-of-mine plans have been extended to 2041 at Aripuanã, 2036 at El Porvenir and Atacocha Underground, 2034 at Vazante, 2032 at Cerro Lindo, and 2028 at Atacocha Open Pit, reflecting the impact of the 2025 exploration program [7].

Core Viewpoint - Allied Gold Corporation reported strong operational results for Q4 and full-year 2025, with gold production exceeding guidance and improved cost efficiencies, setting a positive outlook for 2026 and beyond [2][26][36]. Operational Highlights - The company produced 117,004 ounces of gold in Q4 2025, totaling 379,081 ounces for the year, surpassing the annual guidance of 375,000 ounces [2][6]. - All-in Sustaining Costs (AISC) for Q4 were approximately $1,980 per ounce, reflecting a 5% reduction from the previous quarter, despite higher royalties due to increased gold prices [11][32]. - Cash balances as of December 31, 2025, were approximately $480 million, indicating a strong financial position [2][12]. 2026 Guidance - For 2026, the company expects gold production between 485,000 and 575,000 ounces, including contributions from the Kurmuk Project, which is anticipated to start production in mid-2026 [26][30]. - AISC for 2026 is projected to be between $1,750 and $1,900 per ounce, based on a gold price assumption of $4,250 per ounce [32][33]. Mineral Reserves and Resources - As of December 31, 2025, Proven and Probable Mineral Reserves totaled 11.2 million ounces of gold, reflecting a net increase year-over-year due to successful replacement of mining depletion [3][38]. - Measured and Indicated Mineral Resources amounted to 15.3 million ounces, with a slight decrease attributed to the recategorization of some resources [38]. Project Developments - The Sadiola Phase 1 grinding circuit expansion was completed, with further optimizations planned for 2026 to enhance processing performance [15][17]. - The Kurmuk Project is progressing well, with operations expected to commence in mid-2026, contributing significantly to future production [24][25]. Transaction with Zijin Gold - On January 26, 2026, the company announced a definitive agreement for Zijin Gold to acquire all shares of Allied Gold at a price of C$44 per share, representing a 27% premium over the 30-day VWAP [43][50]. - The transaction is expected to close by late April 2026, pending shareholder and regulatory approvals [46].

Core Viewpoint - Nexa Resources announced its 2024 Year-End Mineral Reserves and Mineral Resources update, highlighting successful mineral exploration efforts that resulted in the replacement and expansion of zinc reserves while maintaining a stable mineral resources base [2][3]. Mineral Reserves - As of December 31, 2024, Proven and Probable Mineral Reserves were estimated at 110.3 million tonnes, containing 4,075kt of zinc, showing a slight increase in contained zinc compared to 4,031kt as of December 31, 2023 [6]. - The increase in contained zinc was primarily driven by infill drilling at El Porvenir, Aripuanã, and Vazante, partially offset by mining depletion [6]. - The net revision of 172kt of contained zinc was mainly due to a new mining method at Vazante (+74kt) and geological model adjustments at Aripuanã (+81kt) [6][7]. - Proven and Probable Mineral Reserves at the Cerro Lindo Mine were estimated at 39.07Mt at 1.38% Zn, reflecting a 0.5% decrease from the previous year due to mining depletion [11]. - The Vazante Mine's Proven and Probable Mineral Reserves increased to 11.77Mt at 8.91% Zn, up 0.4% from the previous year, attributed to infill drilling and the new mining method [11]. - El Porvenir Mine's Proven and Probable Mineral Reserves increased to 15.23Mt at 4.15% Zn, reflecting a 0.4% increase due to infill drilling [11]. - Aripuanã Mine's Proven and Probable Mineral Reserves increased to 32.68Mt at 4.53% Zn, reflecting a 0.5% increase driven by infill drilling and geological model updates [11][12]. Mineral Resources - As of December 31, 2024, Measured and Indicated Mineral Resources were estimated at 3,163kt of contained zinc, a decrease from 3,259kt as of December 31, 2023, primarily due to the conversion of Mineral Resources into Mineral Reserves [10]. - Inferred Mineral Resources increased to 7,072kt of contained zinc compared to 6,897kt at the end of 2023, with an addition of 356kt due to geological model revisions and brownfield drilling [20]. - The reduction of 96kt in Measured and Indicated Mineral Resources was mainly due to the conversion of Mineral Resources into Mineral Reserves through infill drilling [10][20]. Company Overview - Nexa Resources is a leading polymetallic producer and the fifth largest zinc producer globally, with a portfolio of operating mines and strong exploration potential [3][14]. - The company operates four long-life underground polymetallic mines and one low-cost open pit mine in Peru, along with three smelters in Brazil and Peru [14]. - Nexa was recognized among the top five producers of mined zinc globally in 2024 according to Wood Mackenzie [15].