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.

• Significant near-term and long-term growth pipeline, including the Furnas Copper-Gold Project with Vale Base Metals.

• Robust balance sheet and strong sustainability focus, leveraging Brazil's clean energy matrix.

• Copper production has grown 126% since 2017, with 2025 guidance at 67.5–80 kt.

• Near-term catalysts include the Caraíba mill expansion, new Pilar shaft, and Tucumã commercial production.

Operational highlights

• Caraíba: High-margin, fully integrated copper operation with steady production and ongoing shaft expansion to increase mining rates.

• Tucumã: Open pit copper mine in Pará, commercial production effective July 2025, with low C1 cash costs and significant exploration upside.

• Xavantina: High-grade, low-cost underground gold mine, among the highest-grade in South America, with mechanization and exploration driving growth.

• Initiative to monetize stockpiled gold concentrates at Xavantina, with sales expected to continue through 2026.

Financial performance and guidance

• Q3 2025 net debt leverage ratio improved to 1.9x, with $111M in total liquidity.

• 2025 production guidance: Caraíba 37.5–42.5 kt Cu at $2.15–$2.35/lb C1 cash cost; Tucumã 30.0–37.5 kt Cu at $1.35–$1.55/lb; Xavantina 40–50 koz Au at $850–$1,000/oz C1 cash cost.

• Q3 2025 saw record plant throughput at Caraíba and sequential production growth at Tucumã and Xavantina.

• Adjusted EBITDA for Q3 2025 was $59M, with adjusted net income of $28M ($0.27 per diluted share).