Nexa Resources S.A.’s NEXA Aripuanã mine delivered a second consecutive quarter of record zinc production in the first quarter of 2026, driven by higher grades. The mine produced 13,000 tons of zinc, a 4% increase from the previous record of 12,000 tons set in the fourth quarter of 2025.
The Aripuanã mine is a long-life, tire-one asset for Nexa Resources that has been delivering steady performance. The mine began its ramp-up and achieved its first commercial sale in July 2022, reaching full operational status by July 2024. In the second half of 2025, the company commenced the fourth filter's arrival and installation. Installation of the fourth filter had concluded in the first quarter of 2026, which is expected to reduce the mine's reliance on weather conditions for tailings management.
Nexa Resources is executing its long-term strategy to replace and expand its mineral reserves and resources. In sync with that, the company is moving forward with its disciplined exploration program focused on identifying orebodies and upgrading resource classifications through infill drilling campaigns. The efforts have already extended current life-of-mine plans across its portfolio, pushing Aripuanã’s life to 2041.
The company expects the Aripuanã mine’s zinc production in 2026 to be 45,000-60,000 tons, indicating a 49% increase from the 2025 reported level. This will be driven by stable plant operations, the installation of the fourth filter and higher mining volumes. Zinc production is expected to increase 24% in 2027 to 60,000-70,000 tons, while it is expected to increase a further 7% in 2028, reaching 65,000-74,000 tons.
Nexa Resources expects consolidated zinc production for 2026 to increase 6% from 2025. The company expects zinc production to grow 8% in 2027 from the 2026 reported level. The upside will be driven by higher production from Aripuanã, along with solid performances from the Atacocha and Vazante mines.
Nexa Resources Peers’ Outlook
Hudbay Minerals Inc. HBM expects zinc production of 16,000-21,000 tons in 2026, indicating an increase of 5% at the mid-point.
Hudbay Minerals expects zinc production to increase to 29,000-36,000 tons by 2028, suggesting a 76% increase from the 2026 reported figure at the mid-point. The upside in Hudbay Minerals’ zinc production will be driven by higher production from the 1901 deposit.
Teck Resources Limited’s TECK production of zinc in concentrate declined to 120 thousand tons in the first quarter of 2026 from 137 thousand tons a year earlier, reflecting lower grades at Red Dog in line with the mine plan. Teck Resources expects zinc production to trend lower over the next three years as the mine approaches the end of its life. Teck Resources’ 2026 zinc production guidance is 410-460 thousand tons, whereas it produced 565 thousand tons in 2025.
NEXA’s Price Performance, Valuations & Estimates
Nexa Resources’ stock has rocketed 175.6% in a year, outperforming the Zacks Mining - Miscellaneous industry’s 36.3% return. Meanwhile, the Basic Materials sector has risen 24.7% and the S&P 500 has rallied 25.8%.
The Zacks Consensus Estimate for Nexa Resources’ 2026 sales is $3.44 billion, indicating a 14.5% year-over-year jump. The consensus mark for the year’s earnings is pegged at $2.70 per share, suggesting a year-over-year upsurge of 217%.
The Zacks Consensus Estimate for 2027 sales implies a 6.5% year-over-year dip. The same for earnings suggests a rise of 0.7%.
EPS estimates for 2026 have moved 3.4% north over the past 60 days, while the same for 2027 has moved up 32% over the past 60 days.
NEXA currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).