Nexa Resources S.A. completed the sale of its Otavi Project in Namibia to Midnab Resources (Pty) Ltd. on Dec. 22, 2025. The transaction included the transfer of 10 Exclusive Prospecting Licenses (EPLs) within the Damara Belt of northern Namibia, known for copper mineralization.

The sale proceeds for the Otavi Project include a purchase price of $3 million, up to $7 million in contingent milestone payments, and Nexa retaining royalty rights on any future project advancement. This move supports Nexa’s portfolio optimization strategy by focusing on higher-return assets and disciplined capital allocation.

NEXA’s shares have risen by 88.5% in the past six months, outperforming the industry’s 19.6% increase. The company’s long-term growth plans include maintaining Namibia as a strategic priority for future copper exploration despite divesting the Otavi licenses.

NEXA currently holds a Zacks Rank #3 (Hold), while other better-ranked stocks in the Basic Materials space include Kinross Gold Corporation (KGC), Fortuna Mining Corp. (FSM), and Equinox Gold Corp. (EQX). KGC is rated a Zacks Rank #1 (Strong Buy), while FSM and EQX hold a Zacks Rank #2 (Buy) each.

The Zacks Consensus Estimate for KGC’s current-year earnings is $1.67 per share, showing a 145.59% rise. FSM’s current fiscal-year earnings estimate is 76 cents per share, a 65.22% year-over-year increase, and EQX is estimated to earn 54 cents per share, a 170% year-over-year rise.

Read more at Nasdaq: Nexa Closes Otavi Project Divestment, Focuses on Core Assets