Nexa Resources: Cash Flow Inflection And Structural Mining Alpha

Nexa Resources (NEXA) is rated Buy, with deep value driven by operational unlocks and margin expansion catalysts into H2-2026. NEXA's upside hinges on Aripuanã's 4th filter commissioning, the Cerro Lindo silver stream step-down, and Cerro Pasco's LOM extension. Material risks include SUNAT's $167M tax claims, smelting margin pressure from low TCs, and potential grade declines at key mines.