NEXA Silver Stream Step-Down Sensitivity Table $50-$80

Nexa Resources SA (NEXA)
Created by@hypertonxvia MCP
March 19, 2026 at 10:23 AM

Silver Step-Down Sensitivity — Incremental Revenue to Nexa

(~400,000 oz/quarter recaptured post step-down)

Silver Price ($/oz)Per Quarter ($M)Per Year ($M)
$50$20.0M$80.0M
$55$22.0M$88.0M
$60$24.0M$96.0M
$65$26.0M$104.0M
$70$28.0M$112.0M
$75$30.0M$120.0M
$80$32.0M$128.0M
Key notes:
  • These are incremental ounces only — the 40% freed from the 65% → 25% stream step-down at Cerro Lindo
  • Q2 2026 will be a partial quarter (step-down ~May 2026); full run-rate from Q3 2026
  • This is pre-cost — the streaming agreement had Nexa selling those ounces at a below-spot fixed price to the streamer, so the recapture is essentially at spot minus the streamer's fixed payment
  • At current spot (~$32–33/oz), the benefit is ~$12.8M/qtr — the table shows the upside if silver continues to run
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