Ero Copper (ERO) Investor Day 2026 summary

Strategic transformation and operational excellence

• Launched the One Ero/OneEro program to align leadership, culture, and operations, driving safety, innovation, and procurement savings of $10–15 million annually and over $20 million expected in 2026.

• Achieved significant deleveraging, reducing net leverage from 2.6x to 0.8x and gross leverage from 2.8x to 1.0x in 18 months, with nearly 90% of available cash used for debt repayment.

• Embedded a culture of continuous improvement, operational reliability, and asset optimization through technology and standardized processes.

• Maintained production and revenue growth on a stable share count, protecting shareholder value.

• Safety transformation initiatives led to record-low LTIFR in 2025 and zero fatalities in 2025 and YTD 2026.

Operational performance and growth

• Caraíba: Plant capacity expanded to 4.8 Mtpa, with new Pilar shaft to unlock higher mining rates, lower costs, and access to high-grade zones; sustained throughput of 4.5–4.7 Mtpa expected through 2028.

• Tucumã: Achieved commercial production in July 2025; tailings filtration expansion to enable full 4 Mtpa run-rate by end of 2026.

• Xavantina: Completed mine mechanization, enabling higher mining rates and safer operations; power infrastructure upgrades to deliver $5M annual opex savings.

• Gold concentrate sales from Xavantina’s historic stockpiles are generating incremental cash flow and supporting deleveraging, with concentrate grades around 35–37 g/t.

• Three-year production outlook (2026–2028): Caraíba 35–50 kt Cu, Tucumã 32.5–40 kt Cu, Xavantina 40–60 koz Au.

Growth projects and portfolio development

• Furnas Copper-Gold Project is the cornerstone of future growth, with a 24-year PEA mine plan, pre-feasibility study expected in 2027, and targeting FID in 2029.

• Over 200,000 meters drilled at Furnas; 11 rigs currently operating, supporting resource growth and reserve definition.

• Furnas targets first quartile costs ($0.24/lb CuEq) and 108 kt CuEq annual production (first 15 years).

• Exploration portfolio expanded with new regional and greenfield opportunities, including the Odin copper-nickel district.

• Continuous reserve replacement and mine life extension at Caraíba, Tucumã, and Xavantina, with strong resource growth and high-grade discoveries.