Ero Copper (ERO) investor relations material

Executive summary

• Record Q3 results reflected stronger sales volumes, favorable metal prices, OneEro savings and FX hedges; operating cash flow funded rapid debt reduction.

• Copper production remained on track for 2026 guidance; Xavantina’s historic concentrate program supports expected gold production of 75,000–80,000 oz.

• Furnas completed its 45,000-meter Phase 3 drill program more than two years early, while pre-feasibility work advanced.

Financial highlights

• Q3 revenue was $348.0M versus $177.1M in Q3 2025; gross profit was $169.6M versus $57.4M.

• Operating cash flow was $191.2M and adjusted EBITDA was $200.6M, each up 39% QoQ; reported EBITDA was $195.8M.

• Net income was $118.0M; adjusted attributable net income was $129.3M, or $1.22 adjusted diluted EPS.

• YTD operating cash flow was $421.9M versus $266.0M in 2025; YTD adjusted EBITDA was $470M, up 110% YoY.

Outlook and guidance

• 2026 copper production guidance remains 67,500–77,500 tonnes; C1 cost guidance is $2.25–$2.45/lb, or $2.10–$2.30/lb after YTD hedge gains.

• 2026 gold guidance is 75,000–80,000 oz: 30,000–35,000 oz mined plus ~45,000 oz from historic stockpiles; capex guidance remains $285M–$330M.

• Mined-gold C1 and AISC guidance is $1,650–$1,800/oz and $3,300–$3,600/oz; hedge-adjusted ranges are $1,600–$1,750/oz and $3,250–$3,550/oz.

• Q4 is expected to be the strongest copper production quarter, with higher grades at Caraíba and throughput and recovery gains at Tucumã; filter benefits are excluded from 2026 guidance.

• Furnas’s Pre-Feasibility Study is expected in 2027; permitting, hydrogeological and environmental studies, and metallurgical testwork continue.