Ero Copper (ERO) Investor presentation summary

Strategic positioning and growth outlook

• Focused on high-margin, high-growth copper production in Brazil, with meaningful gold output and a robust long-term development pipeline including the Furnas Copper-Gold Project.

• Significant near-term growth expected as the Tucumã Operation ramps up and the Caraíba Mill expansion is completed.

• Long-term pipeline includes advancing the Furnas project with Vale Base Metals and ongoing brownfield and greenfield exploration.

• Strong balance sheet and liquidity position support funding for growth initiatives.

• Sustainability focus is reinforced by Brazil’s clean energy matrix and low carbon intensity operations.

Operational performance and production guidance

• 2025 copper production guidance: Caraíba 37.5–42.5 kt, Tucumã 30.0–37.5 kt; Xavantina gold production: 40–50 koz.

• Caraíba’s new external shaft at Pilar Mine is on track for late 2026/early 2027, expected to boost mining rates and access high-grade zones.

• Tucumã achieved commercial production in July 2025, with C1 cash costs of $1.35–$1.55/lb and strong sequential production growth.

• Xavantina is transitioning to mechanized mining, increasing operational efficiency and production.

• Q4 2025 is anticipated to be the strongest quarter for all operations, driven by higher throughput and grades.

Financial performance and capital structure

• Net debt leverage ratio improved to 1.9x in Q3 2025, with total liquidity of $111 million and adjusted EBITDA of $282 million LTM.

• Cash flow from operations and adjusted EBITDA have shown consistent quarterly growth.

• Capital expenditures for 2025 are guided at $165–$180M for Caraíba, $30–$40M for Tucumã, and $25–$35M for Xavantina.

• Non-IFRS performance measures are used to monitor operational efficiency and financial health.