Ero Copper (ERO) investor relations material

Executive summary

• Achieved record consolidated copper production of 15,513 tonnes and gold production of 7,743 ounces in Q2 2025, driven by operational improvements and commercial production at Tucumã.

• Significant progress in operational excellence, predictive maintenance, and leadership integration across the portfolio.

• Cash flow from operations was $90.3M, with available liquidity of $113.3M at quarter-end.

• Commercial production at Tucumã was declared July 1, 2025, and Phase 1 drilling at Furnas was completed ahead of schedule.

• Initiatives to return capital to shareholders have been initiated, with a focus on deleveraging and balance sheet strengthening.

Financial highlights

• Adjusted EBITDA reached $82.7M in Q2 2025, up from $59M in Q1 2025.

• Adjusted net income attributable to owners was $48.1M ($0.46/share) in Q2 2025.

• Cash flow from operations increased to $90.3M, and available liquidity at quarter-end was $113.3M.

• Net debt to EBITDA ratio improved to 2.1x from 2.4x sequentially.

• Q2 2025 revenue was $163.5M, up from $125.1M in Q1 2025.

Outlook and guidance

• Q3 2025 expected to outperform Q2, Q4 to outperform Q3, and 2026 to surpass 2025.

• Consolidated 2025 copper production guidance updated to 67,500–80,000 tonnes due to slower ramp-up at Tucumã.

• Caraíba guidance reaffirmed at 37,500–42,500 tonnes, with C1 cash costs in the lower half of $2.15–$2.35/lb.

• Tucumã guidance revised to 30,000–37,500 tonnes at $1.10–$1.30/lb C1 cash cost.

• Xavantina gold production guidance lowered to 40,000–50,000 oz, with C1 cash cost $850–$1,000/oz and AISC $1,800–$2,000/oz.