Ero Copper (ERO) Investor presentation summary

Strategic overview and growth initiatives

• Focus on copper and gold production across three operating mines: Caraíba, Tucumã, and Xavantina, with the advanced-stage Furnas project as a key growth driver.

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

• Disciplined capital allocation and exploration-forward operating model underpin value creation.

Operational performance and outlook

• Caraíba: Long-life, high-grade copper operation in Bahia, with 2026 C1 cash costs of $2.30–$2.50/lb and production of 35–40 kt Cu.

• Tucumã: Open-pit copper mine in Pará, commercial production from July 2025, 2026 C1 cash costs of $1.95–$2.15/lb, and production of 32.5–37.5 kt Cu.

• Xavantina: High-grade, low-cost underground gold mine in Mato Grosso, targeting 40–50 koz Au in 2026, with C1 cash costs of $1,100–$1,350/oz.

• Three-year outlook projects increasing copper and gold production across all assets.

Project pipeline and exploration

• Furnas Copper-Gold Project: PEA outlines a 24-year mine life, first quartile C1 cash costs ($0.30/lb), and robust economics with $2.0B NPV (8%) and 27% IRR at base case prices.

• Over 100,000 meters drilled at Furnas since 2001, with updated mineral resource estimate and phased development plan.

• Aggressive exploration with 50,000 meters of drilling planned for 2026 to expand resources.