Ero Copper (ERO) Investor presentation summary

Strategic overview and growth trajectory

• Focus on copper and gold production with operations in Bahia, Pará, and Mato Grosso states, Brazil, and a pipeline of high-quality growth projects, notably the Furnas Copper-Gold Project with a 24-year mine life and first quartile operating costs.

• Transitioning from a heavy capital expenditure phase to a period of cash generation, supporting high-return growth and shareholder returns, with capital allocation disciplined by return on invested capital (ROIC) principles.

• Near-term EBITDA margin expansion expected, driven by production growth at Tucumã and Xavantina, with 2026E EBITDA margin projected at 70%.

Operational performance and outlook

• Caraíba: Long-life, high-grade copper operation with 2026 C1 cash costs of $2.30–$2.50/lb, ongoing shaft project to increase mining rates and access deeper zones.

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

• Xavantina: High-grade, low-cost underground gold mine, transition to mechanized mining in 2025, gold concentrate sales commenced Q4 2025, with sales expected through mid-2027.

Project pipeline and exploration

• Furnas Copper-Gold Project: PEA outlines 24-year mine life, initial capex of $1.3B, after-tax NPV (8%) of $2.0B, IRR of 27% at $4.60/lb Cu and $3,300/oz Au, and first quartile C1 cash costs of $0.30/lb.

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

• Earn-in agreement to acquire 60% interest in Furnas, with phased work and capital commitments over five years.