Ero Copper (ERO) Investor presentation summary

Strategic overview and growth initiatives

• Focused on high-margin, high-growth copper production in Brazil, with meaningful gold output and a robust long-term development pipeline, including the ramp-up of the Tucumã Operation and advancement of the Furnas Copper-Gold Project with Vale Base Metals.

• Significant near-term growth expected as Tucumã reaches nameplate capacity and new projects come online.

• Strong balance sheet and liquidity position support ongoing and future growth initiatives.

• Sustainability is a core focus, leveraging Brazil’s clean energy matrix for low carbon-intensity operations.

Operational performance and production outlook

• Copper production has grown 126% since 2017, with 2025 production estimated at 73.8 kt, reflecting successful execution of growth strategy.

• Caraíba Operations: High-margin, long-life copper complex with steady production and ongoing expansion, including a new external shaft at Pilar Mine expected by late 2026/early 2027.

• Tucumã Operation: Achieved commercial production in July 2025, with ramp-up driving sequential production increases and C1 cash costs projected at $1.10–$1.30/lb.

• Xavantina Operations: High-grade, low-cost gold mine with ongoing mechanization and exploration targeting mine life extension.

Project pipeline and exploration

• Furnas Copper-Gold Project: Large, high-grade IOCG project with initial indicated and inferred resources of 35 Mt and 61 Mt, respectively; 40,000 meters of drilling planned for 2025.

• Multi-phase earn-in agreement with Vale Base Metals to acquire 60% interest, with investment decision expected post-2028 following feasibility studies.

• Ongoing brownfield and greenfield exploration at all major operations, targeting resource expansion and mine life extension.