ERO.TO · 2019-07-30 12:00:00

Ero Copper announces new regional discovery south of Vermelhos Mine – Siriema

Corporate Updates

TSX: ERO

Ero Copper Corp

JULY 30, 2019 NR:19-10

Vancouver, British Columbia – Ero Copper Corp. (the “Company”) (TSX: ERO) is pleased to

announce the first regional discovery based upon the Company’s targeting exercise incorporating

the result of the airborne survey completed in late 2018. The new discovery, named Siriema, is

located approximately 1.5 kilometers south of the Vermelhos Mine.

To date, copper mineralization at Siriema has been defined by both core drilling (11 holes) and

reverse circulation (“RC”) drilling (22 holes) totaling 8,566 meters and has been interpreted as a

mineralized zone extending approximately 400 meters in strike -length, approximately 20 to 50

meters in width, and from surface to a depth of approximately 250 meters. The zone is interpreted

to contain multiple sub-vertical mineralized lenses and remains open to depth and to the east. While

the mineralization encountered to date is predominately disseminated, drilling following down-

hole electromagnetic (“EM”) anomalies continues to intercept a shallow-plunging east-dipping

zone of high-grade massive-sulphide breccia mineralization trending to t he north-northwest.

Follow-up drilling as well as additional down-hole EM surveys along this massive-sulphide zone

remain ongoing. Results received to date are highlighted by:

• Drill hole CRN5 -06 that intersected 32.0 meters gra ding 1.81% copper including 13.0

meters grading 2.57% copper from 43.0 meters downhole;

• Drill hole CRN5 -12 that intersected 21.0 meters grading 1. 74% copper including 5.0

meters grading 3.93% copper from 146.0 meters downhole;

• Drill hole FSI-37 that intersected 29.7 meters grading 1.13% copper, including 3.0 meters

grading 5.25% copper from 261.9 meters downhole.

Commenting on the discovery, David Strang, President & CEO, stated , “ We are absolutely

delighted with the Siriema discovery. As the first target to be drilled following our targeting

exercise, Siriema validates our data-driven exploration methodology particularly as Siriema had

several historic holes that were drilled in the opposite orientation missing the main mineralized

trend. Our geology teams’ data-driven approach gives us confidence in our regional exploration

program as we continue to step- out away from our existing mining operations towards the more

than fifty regional target clusters identified to date during this work . The Siriema discovery

confirms that the Vermelhos mineralized system continues to extend , remains open to the South

and has significant expansion potential that will remain a key area of exploration for the Company

for the foreseeable future.

TSX: ERO

Ero Copper Corp

At Siriema specifically, with mineralization extending from surface and higher-grade intercepts

occurring at depth, we will continue to work on delineating the extent of mineralization , move

towards delineating a mineral resource and reserve for the project and follow -up on several

promising EM anomalies between Siriema and the Vermelhos Mine.”

There are currently two core drill rigs continuing to test the extent of mineralization at Siriema.

The results for both core and RC exploration drill holes drilled to date are shown in the following

tables. Please see Figures 1 and 2 for plan maps detailing collar locations and Figure 3 for a north-

south long-section of the Siriema discovery.

Siriema Core Drill Results

Hole ID From (m) To (m) Length (m) Cu (%)

FSI-28 205.4 207.6 2.2 2.38

FSI-29 NSI NSI NSI NSI

FSI-30 50.3 106.8 56.5 0.74

including 70.3 74.3 4.0 1.41

including 95.0 97.0 2.0 3.24

including 103.3 106.8 3.5 1.11

FSI-31 226.3 235.6 9.3 1.38

including 226.3 228.5 2.2 3.89

FSI-32 NSI NSI NSI NSI

FSI-33 216.9 228.5 11.6 0.85

including 226.3 228.5 2.9 1.50

FSI-34 NSI NSI NSI NSI

FSI-35 NSI NSI NSI NSI

FSI-36 152.8 160.9 8.0 1.42

including 153.8 156.8 3.0 2.30

and 164.9 187.7 22.8 0.34

FSI-37 195.2 199.9 4.8 1.07

and 244.9 249.6 4.7 1.18

and 261.9 291.6 29.7 1.13

including 261.9 264.9 3.0 5.25

FSI-38 NSI NSI NSI NSI

NSI indicates no significant intercept, based on cut -off grade of 0.18% copper for near-surface intervals and 0.68%

for intervals below 200 meters down hole . Drill holes were drilled from surface. The length of intercept may not

represent the true width of mineralization. Values may not add up due to rounding. From, to and mineralized intercepts

are rounded to the nearest tenth of a meter.

TSX: ERO

Ero Copper Corp

Siriema RC Drill Results

Hole ID From (m) To (m) Length (m) Cu (%)

CRN5-01 NSI NSI NSI NSI

CRN5-02 NSI NSI NSI NSI

CRN5-03 77.0 109.0 32.0 0.93

including 77.0 96.0 19.0 1.25

CRN5-04 82.0 140.0 58.0 0.20

CRN5-05 NSI NSI NSI NSI

CRN5-06 43.0 75.0 32.0 1.81

including 56.0 69.0 13.0 2.57

CRN5-07 NSI NSI NSI NSI

CRN5-08 69.0 96.0 27.0 0.59

including 81.0 87.0 6.0 1.01

and 126.0 134.0 8.0 0.32

CRN5-09 73.0 97.0 24.0 0.50

including 92.0 97.0 5.0 0.94

and 121.0 147.0 26.0 1.14

including 137.0 143.0 6.0 1.62

CRN5-10 NSI NSI NSI NSI

CRN5-11 59.0 68.0 9.0 0.38

CRN5-12 146.0 167.0 21.0 1.74

including 152.0 157.0 5.0 3.93

CRN5-13 NSI NSI NSI NSI

CRN5-14 NSI NSI NSI NSI

CRN5-15 165.0 187.0 22.0 1.46

including 176.0 184.0 8.0 2.40

and 224.0 228.0 4.0 0.79

CRN5-16 NSI NSI NSI NSI

CRN5-17 NSI NSI NSI NSI

CRN5-18 NSI NSI NSI NSI

CRN5-19 NSI NSI NSI NSI

CRN5-20 NSI NSI NSI NSI

CRN5-21 189.0 199.0 10.0 0.34

CRN5-22 NSI NSI NSI NSI

NSI indicates no significant intercept, based on cut -off grade of 0.18% copper for near-surface intervals and 0.68%

for intervals below 200 meters down hole . Drill h oles were drilled from surface. The length of intercept may not

TSX: ERO

Ero Copper Corp

represent the true width of mineralization. Values may not add up due to rounding. From, to and mineralized intercepts

are based on RC drilling, which are composited every meter.

TSX: ERO

Ero Copper Corp

ABOUT ERO COPPER CORP

Ero Copper Corp, headquartered in Vancouver, B.C., is focused on copper production growth from

the Vale do Curaçá Property, located in Bahia, Brazil. The Company’s primary asset is a 99. 6%

interest in the Brazilian copper mining company, Mineração Caraíba S.A. (“MCSA”), 100% owner

of the Vale do Curaçá Property with over 39 years of operating history in the region. The Company

currently mines copper ore from the Pilar underground mine, the R22W open pit mine and the

Vermelhos underground mine. In addition to the Vale do Curaçá Property, MCSA owns 100% of

the Boa Esperanҫa development project, an IOCG-type copper project located in Pará, Brazil and

the Company, directly and indirectly, owns 97.6% of the NX Gold Mine, an operating gold and

silver mine located in Mato Grosso, Brazil . Additional information on the Company and its

operations, including Technical Reports on the Vale do Curaçá , Boa Esperanҫa and NX Gold

properties, can be found on the Company’s website ( www.erocopper.com) and on SEDAR

(www.sedar.com).

QUALITY ASSURANCE / QUALITY CONTROL

Vale do Curaçá Property

The Company is currently drilling on surface and underground with core and RC drill rigs using a

combination of owned and third-party contracted drill rigs. Drill rigs at Siriema were operated by

Major Drilling, Mackay Drilling Inc., Layne Christensen Co., and DrillGeo Geologia e Sondagem

Ltda., all of whom are independent of the Company. Drill core is logged, photographed and split

in half using a diamond core sa w at MCSA’s secure core logging and storage facilities . Half of

the drill core is retained on site and the other half core is used for analysis, with samples collected

on one-meter sample intervals unless an interval crosses a geological contact. All core sample

preparation is performed in MCSA’s secure on-site laboratory. Total copper is determined using

a nitric-hydrochloric acid digestion and atomic absorption spectrometry (“AAS”) and/or titration.

Oxide copper values are determined using sulfuric acid digestion followed by AAS. All sample

results have been monitored through a QA/QC program that includes the insertion of certified

standards, blanks, and pulp and reject duplicate samples . Regular check-assays are submitted to

ALS Brasil Ltda’s facility located in Vespasiano, Minas Gerais, Brazil, at a rate of approximately

5%. ALS Brasil Ltda is independent of the Company.

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Ero Copper Corp

RC drill sampling occurs at the drill- site using a rig -mounted Metz ke Exploration Cyclone

containing a cone splitter that collects both primary and duplicate sample s for each one -meter

intervals. Each one-meter interval is sampled twice with each sample weighing approximately 4

kilograms. The cyclone is cleaned at the end of every six meter drill rod. Samples are collected,

bagged, weighed, and labeled on site prior to being sent to ALS Brasil Ltd a’s facility located in

Vespasiano, Minas Gerais , Brazil where they are dried, crushed and subjected to four acid

digestion. Assay values for 48 elements are determined using ICP -AES and ICP -MS. Platinum,

palladium and gold values are determined using fire -assay with ICP -AES. ALS Brasil Ltda is

independent of the Company

Rubens Mendonça, MAusIMM, Chartered Professional – Mining, has reviewed and approved the

scientific and technical information contained in this press release. Mr. Mendonça is a Qualified

Person and is independent of the Company as defined by National Instrument 43-101, Standards

of Disclosure for Mineral Projects (“NI 43-101”).

TSX: ERO

Ero Copper Corp

ERO COPPER CORP.

Signed: “David Strang” For further information contact:

David Strang, President & CEO Makko DeFilippo, Vice President, Corporate Development

(604) 429-9244

[email protected]

CAUTION REGARDING FORWARD LOOKING INFORMATION AND STATEMENTS This Press Release contains “forward -looking information” within the meaning of

applicable Canadian securities laws. Forward-looking information includes statements that use forward -looking terminology such as “may”, “could”, “would”, “will”,

“should”, “intend”, “target”, “plan”, “expect”, “budget”, “estimate”, “forecast”, “schedule”, “anticipate”, “believ e”, “continue”, “potential”, “view” or the negative or

grammatical variation thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, statements with

respect to the estimation of mineral reserves and mineral resources, the significance of any particular exploration program or result and the Company’s expectations

for current and future exploration plans including, but not limited to, planned areas of additional exploration, expansion of mineralization near the Company’s existing

operations and throughout the Curaçá Valley including the Company’s plans to focus on, and the potential significance of EM plates, the significance of any zone of

massive sulphide mineralization or the extension of any portion of the Vermelhos Mine and District.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of

management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant

and reasonable in the circumstances, as of the date of this Press Release including, without limitation, assumptions about: favourable equity and debt capital markets;

the ability to raise any necessary additional capital on reasonable terms to advance the production, development and explorat ion of the Company’s properties and

assets; future prices of copper and other metal prices; the timing and results of exploration and drilling programs; the accuracy of any mineral reserve and mineral

resource estimates; the geology of the Vale do Curaçá Property, NX Gold MIne and the Boa Esperanҫa Property being as described in the technical reports for these

properties; production costs; the accuracy of budgeted exploration and development costs and expenditures; the price of other commodities such as fuel; future

currency exchange rates and interest rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner;

political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms; obtaining required

renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labo ur stability; stability in financial and

capital goods markets; availability of equipment; positive relations with local groups and the Company’s ability to meet its obligations under its agreements with such

groups; and satisfying the terms and conditions of the Company’s current loan arrangements. While the Company considers these assumptions to be reasonable, the

assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and

other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-

looking information. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to

be correct.

Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans,

intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance

or achievements expressed or implied by such forward -looking information. Such risks include, without limitation the risk factors listed under the head ing “Risk

Factors” in the Annual Information Form of the Company for the year ended December 31, 2018, dated March 14, 2019.

Although the Company has attempted to identify important factors that could cause actual actions, events, conditions, results, performance or achievements to differ

materially from those described in forward -looking information, there may be other factors that cause actions, events, conditions, results, performance or

achievements to differ from those anticipated, estimated or intended.

The Company cautions that the foregoing lists of important assumptions and factors are not exhaustive. Other events or circumstances could cause actual results to

differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information contained herein. There can be no assurance that

forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly,

readers should not place undue reliance on forward-looking information.

Forward-looking information contained herein is made as of the date of this press release and the Company disclaims any obligation to update or revise any forward-

looking information, whether as a result of new information, future events or results or otherwise, except as and to the extent required by applicable securities laws.

GENERAL Information of a scientific or technical nature in respect of the Vale do Curaçá Property included in thi s press release is based upon the Vale do Curaçá

technical report entitled “2018 Updated Mineral Resources and Mineral Reserves Statements of Mineração Caraíba’s Vale do Cura çá Mineral Assets, Curaçá Valley”,

dated October 17, 2018 with an effective date of August 1, 2018, prepared by Rubens Jose De Mendonça, MAusIMM, of Planminas and Porfirio Cabaleiro Rodrigues,

MAIG, Fábio Valério Cãmara Xavier, MAIG, and Bernardo Horta de Cerqueira Viana, MAIG, all of GE21 Consultoria Mineral, whom a re independent qualified persons

under NI 43-101.

Please see the relevant Technical Reports filed on the Company’s profile at www.sedar.com, for details regarding the data verification undertaken with respect to the

scientific and technical information included in this press release regarding the Vale do Curaçá Property.

Cautionary Notes Regarding Mineral Resource and Reserve Estimates In accordance with applicable Canadian securities regulatory requirements, all mineral reserve

and mineral resource estimates of the Company disclosed or incorporated by reference in this press release have been pr epared in accordance with NI 43-101 and

are classified in accordance with the CIM Standards.

Mineral resources which are not mineral reserves do not have demonstrated economic viability. Pursuant to the CIM Standards, mineral resources have a higher

degree of uncertainty than mineral reserves as to their existence as well as their economic and legal feasibility. Inferred mineral resources, when compared with

Measured or Indicated mineral resources, have the least certainty as to their existence, and it cannot be assumed that all or any part of an Inferred mineral resource

will be upgraded to an Indicated or Measured mineral resource as a result of continued exploration. Pursuant to NI 43-101, Inferred mineral resources may not form

the basis of any economic analysis. Accordingly, readers are cautioned not to assume that all or any part of a mineral resource exists, will ever be co nverted into a

mineral reserve, or is or will ever be economically or legally mineable or recovered.

8973880m N

398121m E

Figure 1

Vermelhos System Plan View

395565m E

8968706m N

LEGEND

Siriema Exploration, 2019

Completed Development

Surface Projection of Current Mineral Reserve

Geophysical & Soil Geochemistry Anomalies

Ground Gravity

Inverted density anomaly above 0.06 gram / cubic centimeter

Copper above 90th percentile

Nickel above 90th percentile

Cobalt above 90th percentile

Chrome above 90th percentile

Special Note: Geophysical and soil geochemistry anomalies shown to demonstrate

future area of exploration within the Vermelhos District. The projection is based on

data compilation work which includes review of geological controls, structural

analysis and copper mineralization identified during the Company’ s technical

programs. The interpretation and boundary limits do not imply continuity of

mineralization, or actual thickness of mineralization that has yet to be defined. For

additional scientific information related to the Vermelhos Mine, please refer to the

Company’ s Vale do Curaçá Property Technical Report dated October 17, 2018.

Vermelhos East Zone Interpretation

Interpreted Vermelhos System Trend

Vermelhos Main Orebodies

Current Mineral Reserve

Outline

N8 Deposit

Current Mineral Reserve Outline

Siriema Discovery

Vermelhos North

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