Ero Copper (ERO) Investor Presentation summary

Strategic positioning and growth outlook

• Focused on high-margin copper production in Brazil, with significant gold output and a robust pipeline for near- and long-term growth, including doubling copper production by 2025.

• Expansion into the Furnas Copper Project with a 60% earn-in agreement, and ongoing regional exploration in copper and nickel.

• Strong balance sheet and liquidity position, supporting growth initiatives and capital expenditures.

• Leadership in clean copper production, leveraging Brazil's renewable energy matrix for low carbon intensity.

• Board, management, and top five institutional shareholders collectively own over 53% of shares.

Operational highlights and project updates

• Caraíba Operations: High-grade, high-margin copper complex with mine life through 2042; mill expansion completed in 2023 and new external shaft on track for 2026.

• Tucumã Project: Low-capex open pit copper project in Pará, first production in H2 2024, ramping to commercial levels by Q3 2024.

• Xavantina Operations: High-grade underground gold mine, expected to produce 60,000–65,000 oz in 2024, with ongoing exploration for further growth.

• Project Honeypot at Caraíba added 8.1 Mt of ore at 1.59% Cu, enhancing operational flexibility.

• Emerging nickel sulphide district near Caraíba, with promising drill results and metallurgical recoveries.

Financial performance and guidance

• 2024 copper production guidance: 59–72 kt (Caraíba 42–47 kt, Tucumã 17–25 kt); gold production: 60–65 koz.

• 2024 copper C1 cash cost guidance: $1.50–$1.75/lb; gold AISC: $900–$1,000/oz.

• Capital expenditures for 2024 expected at $255–$285M (excluding exploration), with $30–$40M for exploration.

• Three-year copper production outlook: 2025—95–105 kt, 2026—90–100 kt; gold: 55–60 koz annually.

• Total liquidity of $170M and net debt leverage ratio of 2.5x as of June 30, 2024.