Ero Copper (ERO) Investor presentation summary

Strategic overview and growth initiatives

• Focused on copper and gold production in Brazil, with operations in Bahia, Pará, and Mato Grosso states.

• Growth strategy includes expanding interest in the Furnas Copper-Gold Project and ongoing brownfield and greenfield exploration.

• Recent milestones: Caraíba mill expansion completed, Tucumã commercial production started July 2025, and new external shaft at Pilar expected by 2027.

• Strong sustainability profile, leveraging Brazil’s clean energy matrix for operations.

• Robust balance sheet supports funding for growth and exploration opportunities.

Operational performance and production outlook

• Caraíba: High-margin, long-life copper operation with steady production and ongoing shaft expansion to boost mining rates.

• Tucumã: Open pit copper mine with commercial production effective July 2025, ramping up to nameplate capacity and targeting low C1 cash costs.

• Xavantina: High-grade, low-cost underground gold mine, with mechanization and exploration aimed at extending mine life.

• 2025 production guidance: Caraíba 37.5–42.5 kt Cu, Tucumã 30.0–37.5 kt Cu, Xavantina 40–50 koz Au.

• Q3 2025 saw record throughput at Caraíba and sequential production growth at Tucumã; Xavantina increased output due to higher grades and mechanization.

Financial performance and balance sheet

• Continued deleveraging with net debt leverage ratio reduced to 1.9x by Q3 2025.

• Total liquidity at $111 million and net debt at $545 million as of September 30, 2025.

• Adjusted EBITDA for Q3 2025 reached $59 million, with cash flow from operations at $53 million.

• Strong EBITDA margin expansion expected through 2026, driven by Tucumã’s ramp-up.