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Ero Copper (ERO) investor relations material
Ero Copper Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved record consolidated copper production of 16,664 tonnes and gold production of 9,073 ounces in Q3 2025, driven by operational improvements and strong output at all sites.
Cash flow from operations reached $110.3 million, adjusted EBITDA was $77.1 million, and adjusted net income attributable to owners was $27.9 million, or $0.27 per share.
Declared commercial production at Tucumã, with sequential production growth and improved plant throughput.
All operations set all-time monthly productivity and production records in October, with strong momentum expected to continue.
Focused on deleveraging, operational excellence, and advancing long-term growth projects.
Financial highlights
Q3 2025 revenues were $177.1 million, up from $124.8 million in Q3 2024, supported by higher copper and gold prices and increased sales at Tucumã.
Adjusted EBITDA was $77.1 million; adjusted net income was $27.9 million ($0.27 per share); cash flow from operations was $110.3 million.
Available liquidity at quarter-end was $111.3 million, including $66.3 million in cash and $45 million undrawn on the credit facility.
Net debt stood at $545.5 million at quarter-end, with a leverage ratio of 1.9x, down from 2.1x in Q2 and 2.5x at end of 2024.
Consolidated copper C1 cash cost was $2.00/lb and gold C1 cash cost was $1,086/oz in Q3 2025.
Outlook and guidance
Q4 2025 anticipated to be the strongest production quarter across all operations, with full-year copper production guidance reaffirmed at 67,500–80,000 tonnes.
Caraíba 2025 copper production guidance: 37.5–42.5 kt; Tucumã: 30.0–37.5 kt; Xavantina gold: 40–50 koz, with Xavantina expected at the lower end.
2025 cost guidance: Caraíba C1 cash cost $2.15–$2.35/lb, Tucumã $1.35–$1.55/lb, Xavantina gold C1 $850–$1,000/oz, AISC $1,800–$2,000/oz.
Capital expenditures for 2025 expected at $165–$180 million, with total capex guidance unchanged at $230–$270 million.
Full volume of gold concentrate at Xavantina expected to be sold over the next 12–18 months, boosting financial performance.
Tucumã C1 cost increase: What's the outlook?
Xavantina gold concentrate sales: What's the plan?
Furnas drill results: What's the significance?
Xavantina gold concentrate: remaining volume plan
Tucumã filtration bottleneck resolution timeline
Xavantina mechanization: future production & costs?
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Next Ero Copper earnings date
Q4 20256 Mar, 2026
Next Ero Copper earnings date
Q4 20256 Mar, 2026
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Frequently asked questions
Ero Copper Corp. is a Canadian mining company focused on the exploration, development, and production of copper resources. The company operates primarily in Brazil, where it owns and manages the MCSA Mining Complex, which includes underground mining operations and a processing facility. Ero Copper also owns the NX Gold Mine, a high-grade gold production site, and is advancing additional exploration projects to expand its resource base. Ero Copper is headquartered in Vancouver, British Columbia, Canada, and its shares are listed on the TSX (Toronto Stock Exchange) and the NYSE (New York Stock Exchange).
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