Ero Copper (ERO) investor relations material

Strategic overview and growth model

• Focus on copper and gold production with operations in Bahia, Pará, and Mato Grosso states, Brazil, and a pipeline of advanced projects including Furnas, which features a 24-year mine life and first quartile operating costs.

• Transitioning from a heavy capital expenditure phase to a period of cash generation, while maintaining disciplined, return-on-invested-capital-driven capital allocation and shareholder returns.

• Exploration-forward operating model with a proven history of uncovering value and expanding resources.

Operational performance and outlook

• Caraíba: Integrated mining and processing complex with steady copper production, 2026 C1 cash costs of $2.30–$2.50/lb, and ongoing shaft expansion to access deeper, high-grade zones.

• Tucumã: Open pit copper mine in Pará, commercial production started July 2025, 2026 C1 cash costs of $1.95–$2.15/lb, and significant brownfield/greenfield exploration potential.

• Xavantina: High-grade, low-cost underground gold mine, transition to mechanized mining in 2025, with concentrate sales from stockpiled gold expected through mid-2027.

• 2026 production guidance: Caraíba 35–40 kt Cu, Tucumã 32.5–37.5 kt Cu, Xavantina 40–50 koz Au.

Project pipeline and exploration

• Furnas Copper-Gold Project: PEA outlines 24-year mine life, 81–108 kt copper equivalent annual production, and first quartile C1 cash costs ($0.24–$0.30/lb).

• Over 100,000 meters drilled since 2001, with 50,000 meters planned for 2026; project remains open at depth and along strike.

• Phased development approach aligns capital deployment with mining progression and cash flow.

• Updated mineral resource estimate: 275.6 Mt indicated at 0.59% Cu, 0.31 g/t Au, 1.66 g/t Ag; 195.9 Mt inferred at 0.52% Cu, 0.31 g/t Au, 1.34 g/t Ag.

• Earn-in agreement to acquire 60% interest in Furnas by completing staged work over five years.