Ero Copper (ERO) Investor presentation summary

Strategic overview 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 to full capacity, complemented by ongoing brownfield and greenfield exploration.

• Well-capitalized with a strong balance sheet and liquidity position, supporting future expansion and project development.

• Sustainability is a core focus, leveraging Brazil’s clean energy matrix and achieving strong ESG ratings.

Operational performance and asset highlights

• Caraíba is a high-margin, long-life flagship copper operation with ongoing investments in mine life extension and efficiency, including a new external shaft at Pilar Mine.

• Tucumã achieved commercial production in July 2025, with low C1 cash costs ($1.10–$1.30/lb) and significant growth potential in the Carajás Mineral Province.

• Xavantina is a high-grade, low-cost underground gold mine, among the highest-grade in South America, with ongoing mechanization and exploration to extend mine life.

• The Furnas Copper-Gold Project offers large-scale, high-grade resource potential, with a phased earn-in agreement and aggressive drilling and study timelines.

Financial performance and guidance

• Copper production is projected to grow from 45.5 kt in 2021 to 73.8 kt in 2025 and 90.0 kt by 2026–2027, reflecting a 126% increase since 2017.

• 2025 guidance: Caraíba 37.5–42.5 kt Cu, Tucumã 30.0–37.5 kt Cu, Xavantina 40–50 koz Au; C1 cash costs for copper $1.10–$2.35/lb and gold $850–$1,000/oz.

• Q2 2025 liquidity at $113M, net debt leverage ratio at 2.1x, and adjusted EBITDA of $267M LTM.

• EBITDA margin expected to expand significantly by 2026, driven by Tucumã’s ramp-up.