Ero Copper (ERO) Investor presentation summary

Strategic overview and growth initiatives

• Focused on copper and gold production in Brazil, with operations in Bahia, Pará, and Mato Grosso states.

• Transitioning from a heavy capital expenditure phase to cash generation, while funding high-return growth and shareholder returns.

• Disciplined, return-on-invested-capital-driven capital allocation strategy.

• Exploration-forward operating model with a proven history of uncovering value.

Operational performance and outlook

• Caraíba: Long-life, high-grade copper operation with 2026 C1 cash costs of $2.30–$2.50/lb and ongoing shaft expansion to boost mining rates.

• Tucumã: Open pit copper mine, commercial production since July 2025, 2026 C1 cash costs of $1.95–$2.15/lb, and significant growth potential.

• Xavantina: High-grade, low-cost underground gold mine, transitioning to mechanized mining for improved efficiency and safety.

• Three-year production outlook: Caraíba (35–50 kt Cu), Tucumã (32.5–40 kt Cu), Xavantina (40–60 koz Au) annually through 2028.

Project pipeline and exploration

• Furnas Copper-Gold Project: PEA outlines a 24-year mine life, first quartile operating costs, and robust economics with $1.3B initial capex and $2.0B NPV (8%).

• Over 100,000 meters drilled at Furnas since 2001, with 50,000 meters planned for 2026 to expand resources.

• Phased development approach at Furnas aligns capital deployment with mining progression and cash flow.

• Ongoing exploration at all sites, with near-mine and regional targets under evaluation.