Nexa Resources Gains Traction on Zinc Cycle Shift and Strong Q1 Results

Key Facts

1Nexa Resources reported Q1 2026 revenues up 42% Y/Y with EPS at $0.67.

2NEXA trades at a forward EV/EBITDA of 3.3x, a significant discount compared to peers like TECK and HBM.

Amid a structural shift in commodity markets, Nexa Resources is emerging as a key beneficiary of the turning zinc cycle. The company reported robust Q1 2026 results, with revenues surging 42% year-over-year and earnings per share reaching $0.67. This performance is driven by improving margins and the successful ramp-up of the Aripuanã project, positioning the firm for growth as market dynamics tighten.

Financial metrics indicate that NEXA is trading at a forward EV/EBITDA of 3.3x, representing a significant valuation discount compared to industry peers. Per market data, competitors such as Teck Resources (TECK) and Hudbay Minerals (HBM) command higher multiples, while Nexa’s deleveraging to 1.59x and reduced silver streaming obligations suggest substantial upside potential that remains largely unrecognized by the broader market.

Monitoring current price levels, TECK stood at $66.99 (close June 16, 2026) and HBM at $28.75 (close June 15, 2026). Investors should watch upcoming global industrial production data and manufacturing indices, as these catalysts will likely dictate the next leg of the zinc price rally and impact mining equity valuations.