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NEXA INCREASES ITS EQUITY INTEREST IN TINKA RESOURCES

Nexa Resources S.A. has entered into an equity subscription agreement effective as of today's date with Tinka Resources Ltd., as part of a larger non-brokered private placement financing of units of Tinka, the first tranche of which closed today.

Under the terms of the agreement, Nexa acquired 9,859,155 units of Tinka at a price of 10 Canadian cents per unit, for aggregate proceeds of $985,915.50 (Canadian) (or $700,000 (U.S.)), having exercised its rights under the pre-existing investor rights agreement with Tinka. Each unit comprises one common share of Tinka and one-half of one common share purchase warrant. Each warrant will entitle Nexa to purchase one common share of Tinka at a price of 15 Canadian cents per warrant share for a period of 18 months following the closing of the private placement.

Prior to the private placement, Nexa held approximately 18.23 per cent or 71,343,053 of the issued and outstanding common shares of Tinka, and did not hold any warrants of Tinka. Upon the closing of the private placement, Nexa holds approximately 19.86 per cent or 81,202,208 of the issued and outstanding common shares of Tinka, and 4,929,577 warrants entitling Nexa to acquire 4,929,577 additional common shares of Tinka, representing 56.68 per cent of the issued and outstanding warrants of Tinka.

Nexa has agreed to a restriction on the exercise of any of the warrants held by it as at the closing of the private placement if such exercise would result in Nexa holding in excess of 19.99 per cent of the issued and outstanding common shares of Tinka, unless prior written approval is obtained from the TSX Venture Exchange and Tinka's disinterested shareholders.

All securities issued in connection with the private placement are subject to a statutory four-month hold period. The private placement was subject to certain conditions customary for transactions of this nature, including, but not limited to, all necessary approvals, including the conditional approval of the exchange.

The units were acquired for investment purposes. Nexa intends to review, on a continuous basis, various factors related to its investment in Tinka, and may decide to acquire or dispose of additional securities of Tinka through the market, privately or otherwise, as future circumstances may dictate (including under its pre-emptive rights), subject in all cases to market conditions and compliance with applicable securities laws. Under the terms of the investor rights agreement, Nexa has, among others, a pre-emptive right to maintain its percentage interest in the outstanding common shares of Tinka, in connection with any future issuances of Tinka securities, subject to certain exclusions.

This news release is issued by Nexa pursuant to the early warning requirements of National Instrument 62-103 of the Canadian securities regulators, which also requires a report to be filed with regulatory authorities in each of the appropriate jurisdictions containing additional information with respect to the foregoing matters. A copy of the early warning report will be filed on Tinka's profile on SEDAR+ and may also be obtained by contacting Tinka's corporate secretary at 1-604-685-9316 and/or info@tinkaresources.com. Tinka's head office is located at 1305, 1090 West Georgia St., Vancouver, B.C., Canada, V6E 3V7. The address of Nexa is 37A Ave. J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg.

About Tinka

Tinka is an exploration and development company with its flagship property being the 100%-owned Ayawilca zinc-silver-tin project in central Peru. The Zinc Zone at Ayawilca has an estimated Indicated Mineral Resource of 28.3 Mt grading 5.82% zinc, 16.4 g/t silver, 0.2% lead and 91 g/t indium, and an Inferred Mineral Resource of 31.2 Mt grading 4.21% zinc, 14.5 g/t silver, 0.2% lead and 45 g/t indium. The Silver Zone has an estimated Inferred Mineral Resource of 1.0 Mt grading 111.4 g/t silver, 1.54% zinc, & 0.5% lead. The Tin Zone has an estimated Indicated Mineral Resource of 1.4 million tonnes grading 0.72% tin and an Inferred Mineral Resource of 12.7 Mt grading 0.76% tin. Tinka filed a NI 43-101 technical report on an updated PEA for the Ayawilca Project on April 15, 2024 (link to NI 43-101 report here).

About Nexa

Nexa is a large-scale, low-cost integrated zinc producer with over 65 years of experience developing and operating mining and smelting assets in Latin America. Nexa currently owns and operates five long-life mines, three of which are located in the central Andes region of Peru, and two of which are located in Brazil (one in the state of Minas Gerais and one in the state of Mato Grosso). Nexa also currently owns and operates three smelters, two of which are located in the state of Minas Gerais in Brazil, and one of which is Cajamarquilla, located in Lima, which is the largest smelter in the Americas.

Nexa was among the top five producers of mined zinc globally in 2023 and one of the top five metallic zinc producers worldwide in 2023, according to Wood Mackenzie.

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