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 strong pipeline for near- and long-term growth, aiming to double copper production by 2025.

• Growth strategy includes near-term Tucumã project commissioning, Caraíba mill expansion, and a 60% earn-in on the Furnas Copper Project.

• Maintains a strong balance sheet and liquidity, supporting ongoing and future expansion initiatives.

• Positioned as a leader in clean copper production, leveraging Brazil's renewable energy matrix for low carbon intensity.

• Board, management, and top five institutional shareholders collectively own over 55% of shares.

Operational highlights and project updates

• Caraíba flagship operation features two underground and one open pit mine, with mine life through 2042 and recent mill expansion completed.

• Pilar Mine's new external shaft is on track for completion by December 2026, enhancing future production capacity.

• Tucumã project, a low-capex open pit copper mine, is over 97% physically complete, with first production expected in H2 2024.

• Xavantina gold mine, among the highest-grade in South America, expects 60,000–65,000 ounces of gold production in 2024.

• Exploration and development at Furnas target high-grade IOCG zones, with a phased earn-in and significant infrastructure advantages.

Financial performance and guidance

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

• 2024 copper C1 cash cost guidance: $1.50–$1.75/lb consolidated; gold AISC: $1,050–$1,150/oz.

• Capital expenditures for 2024 expected at $251–$286M (excluding exploration), with $30–$40M allocated to exploration.

• Three-year outlook projects copper production rising to 95–105 kt in 2025 and 90–100 kt in 2026.

• Net debt leverage ratio stands at 2.3x, with $157M in total liquidity as of March 31, 2024.