Boliden (BOL) investor relations material

Deal rationale and strategic fit

• Acquisition provides entry into Latin America, diversifies the portfolio, and leverages local expertise and partnerships, notably with Votorantim.

• Strengthens position as a leading global zinc producer with a diversified base and precious metals portfolio.

• Combines European and Latin American operations for enhanced global presence and resilience.

• Integrated mining-to-smelting model aligns with existing operations and supports low-carbon business practices.

• Votorantim remains a significant, long-term shareholder, contributing regional experience and stability.

Financial terms and conditions

• Votorantim receives 0.25 newly issued Boliden shares per Nexa share, resulting in about 7% ownership in Boliden.

• Implied total equity value for Nexa is approximately USD 2,025 million; enterprise value is USD 3,666 million.

• Acquisition of 64.68% of Nexa share capital paid with newly issued shares; implied consideration of USD 15.29 per Nexa share, a 14.2% premium to 20-day VWAP as of July 1, 2026.

• Payment in shares preserves Boliden's balance sheet and is expected to be immediately accretive to EPS.

• Bridge facility of $2 billion arranged for liquidity assurance.

Synergies and expected cost savings

• Immediate EPS accretion of over 8% anticipated, with strong cash flow and robust return on capital employed.

• No quantified synergy target; value driven by asset quality, technical sharing, and portfolio risk reduction.

• Combined operations expected to deliver strong consolidated EBITDA with limited capex.