Ero Copper (ERO) Investor presentation summary

Strategic overview and growth initiatives

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

• Significant near-term growth expected as the Tucumã Operation ramps up to full capacity and the Furnas Copper-Gold Project advances.

• Expansion includes a 60% earn-in at the Furnas project, with phased drilling and feasibility studies through 2028.

• Recent achievements include the Caraíba mill expansion and the start of commercial production at Tucumã in July 2025.

• Ongoing exploration at all sites targets mine life extension and resource growth.

Operational performance and asset profiles

• Caraíba: Integrated mining complex in Bahia with steady copper output, new shaft project to boost efficiency and access deeper zones.

• Tucumã: Open pit copper mine in Pará, commercial production from July 2025, low C1 cash costs ($1.05–$1.25/lb), and strong growth potential.

• Xavantina: High-grade underground gold mine in Mato Grosso, sustaining 50,000–60,000 oz annual production, with mechanization and exploration underway.

• Furnas: Large, high-grade copper-gold resource (35 Mt indicated, 61 Mt inferred), with 40,000m drilling planned in 2025 and phased feasibility studies.

Financial performance and outlook

• Q1 2025 liquidity at $116M, net debt leverage ratio of 2.4x, and adjusted EBITDA of $61M for the quarter.

• 2025 copper production guidance: 75–85 kt (Caraíba and Tucumã combined), gold: 50–60 koz (Xavantina).

• 2025 copper C1 cash costs: $2.15–$2.35/lb (Caraíba), $1.05–$1.25/lb (Tucumã); gold C1 cash cost: $650–$800/oz.

• Three-year outlook projects copper production rising to 85–95 kt and gold steady at 50–60 koz annually.

• Q1 2025 saw lower grades at Caraíba and Xavantina, but higher processed volumes are expected to drive improved results through the year.