Ero Copper Intercepts 105 Meters at 1.54% CuEq¹ at Furnas Copper-Gold Project – Successfully Completes Phase 1 Drill Program
Ero Copper Intercepts 105 Meters at 1.54% CuEq¹ at Furnas Copper-Gold
Project – Successfully Completes Phase 1 Drill Program
VANCOUVER, British Columbia, July 10, 2025 -- Ero Copper Corp. (TSX: ERO, NYSE: ERO) ("Ero" or the “Company”) is
pleased to announce the completion of its Phase 1 drill program at the Furnas Copper-Gold Project ("Furnas" or the "Project"),
located in the Carajás Mineral Province in Pará State, Brazil.
Initial results from the completed 28,000-meter Phase 1 program are highlighted by significant down-dip intercepts, including:
• FURN-DD-00284: 105 meters at 1.17% copper and 0.77 grams per tonne ("gpt") gold (1.54% CuEq 1), including 63
meters at 1.30% copper and 1.13 gpt gold (1.84% CuEq 1), drilled in the Southeast zone at the limit of the previously
defined indicated resource; and,
• FURN-DD-00271: 75 meters at 1.02% copper and 0.59 gpt gold (1.30% CuEq 1), including 30 meters at 1.71% copper
and 1.05 gpt gold (2.21% CuEq 1), and 15 meters at 2.30% copper and 1.60 gpt gold (3.06% CuEq 1), also drilled in the
Southeast zone, approximately 70 meters down-dip from the previously known extent of mineralization.
To date, assay results have been received for approximately 10,000 meters of the 28,000-meter drill program. The results
continue to both demonstrate continuity and extend the known limits of mineralization within the high-grade mineralized zones
(greater than 1% CuEq 1) that are the focus of future underground mining operations. Step-out drilling during the Phase 1
program has extended mineralization to a maximum depth of 730 meters down-dip from surface, and mineralization remains
open. The National Instrument 43-101 ("NI 43-101") mineral resource estimate for the Project is based on an average historical
depth of drilling of 300 meters (vertical), with a maximum localized down-dip depth from surface of 580 meters. Please refer to
the Company's press release dated October 2, 2024 for additional information on the Project's current mineral resource
estimate.
The Phase 1 drill program was primarily focused on confirming continuity of high-grade mineralization through infill drilling, as
well as increasing confidence at the down-dip limits of the current mineral resource. The remaining portion of the program,
approximately 25% of total meters, was dedicated to step-out drilling to extend the known limits of mineralization. Only one of
66 holes drilled by the Company during the Phase 1 campaign did not intercept mineralization. Complete results from the
program will be released following receipt of all pending assay results.
1. Where applicable, copper equivalent ("CuEq") in this press release has been calculated using the following formula: Cu
grade + (Au grade x 0.03215 x ($1,900 gold price x 61.50% gold metallurgical recovery / (0.01 x $9,259/tonne copper price x
85.00% copper metallurgical recovery)).
"The results from our Phase 1 drill program at Furnas are highly encouraging and reinforce the potential for Furnas to be a
significant large-scale, high-grade underground mining operation," said Makko DeFilippo, President and Chief Executive
Officer. "Extending high-grade mineralization to a down-dip depth of approximately 730 meters, while demonstrating strong high
-grade continuity, is an important step in allowing us to evaluate the potential scale of a future mining operation alongside our
partners at Vale Base Metals.
"We look forward to receiving the remaining assay results from the Phase 1 program and advancing the Phase 2 drill
campaign to further inform the emerging potential of the Furnas Project.”
There are currently eight drill rigs operating on the Project, where the Phase 2 drill program is underway. This program is
expected to comprise a minimum of 17,000 meters of drilling and includes a greater focus on step-out drilling aimed at further
extending known mineralization.
The complete results from the Phase 1 drill program will serve as the foundation for an updated NI 43-101 mineral resource
estimate as well as a preliminary economic assessment ("PEA") of the Project. The PEA, which was initiated earlier this year,
remains on track for completion during the first half of 2026.
ABOUT THE FURNAS COPPER-GOLD PROJECT
Furnas is an iron oxide copper-gold deposit located approximately 50 kilometers southeast of Vale Base Metal's ("VBM")
Salobo operations and approximately 190 kilometers northeast of Ero's Tucumã Operations. Covering an area of approximately
2,400 hectares, the Project sits within fifteen kilometers of extensive regional infrastructure, including paved roads, an
industrial-scale cement plant, a power substation and Vale S.A.'s railroad loadout facility.
In July 2024, the Company signed a definitive earn-in agreement ("Agreement") with Salobo Metais S.A, a subsidiary of VBM,
to earn a 60% interest in the Project upon completion of several exploration, engineering and development milestones over a
five-year period. In exchange for its 60% interest, Ero will solely fund a phased work program during the earn-in period and
grant VBM up to an 11.0% "free carry" on future Project construction capital expenditures. For additional details on the key
terms and execution of the Agreement, please refer to the Company's press releases dated October 30, 2023 and July 22,
2024.
Prior to the commencement of the Phase 1 drill program, the Company published an initial NI 43-101 mineral resource
estimate on the Project, based on approximately 90,000 meters of historical drilling. This estimate underscored the significant
potential of the Project. Using a 1.00% copper equivalent cut-off grade, the mineral resource estimate, effective June 30, 2024,
totaled:
• Indicated Mineral Resource: 35.2 million tonnes grading 1.04% copper and 0.69 gpt gold (1.36% CuEq 1), containing
an estimated 364,700 tonnes of copper and 775,300 ounces of gold
• Inferred Mineral Resource: 61.3 million tonnes grading 1.06% copper and 0.63 gpt gold (1.36% CuEq 1), containing
an estimated 647,400 tonnes of copper and 1,235,600 ounces of gold
For additional information on the Project's mineral resource estimate, please see the Company's press release dated October
2, 2024 as well as the corresponding technical report titled “Furnas Copper Project – Para State, Brazil – NI 43-101 Mineral
Resource Estimate Technical Report”, dated November 18, 2024 with an effective date of June 30, 2024.
1. Where applicable, copper equivalent ("CuEq") in this press release has been calculated using the following formula: Cu
grade + (Au grade x 0.03215 x ($1,900 gold price x 61.50% gold metallurgical recovery / (0.01 x $9,259/tonne copper price x
85.00% copper metallurgical recovery)).
Figure 1: Furnas Plan View Map, including drill collar locations. Rock types include:
Abbreviation Rock Type
HCS Calcic-sodic hydrothermal rock
GRA Granite
DIO Diorite
RCL HD Chlorite-rich hydrothermal rock
GMF HD Grunerite-garnet-magnetite hydrothermal rock
GMF HD-2 Grunerite-garnet-magnetite hydrothermal rock
XTA Aluminous schist
RSL host Quartz-rich rock
GMF RSL Magnetite-rich hydrothermally altered rock / Quartz-rich rock
Figure 2: Cross section within the high-grade SE Zone of Furnas. Rock types include:
Abbreviation Rock Type
RCL HD Chlorite-rich hydrothermal rock
GMF HD Grunerite-garnet-magnetite hydrothermal rock
RSL host Quartz-rich rock
XTA Aluminous schist
Figure 3: Cross section within the high-grade SE Zone of Furnas. Rock types include:
Abbreviation Rock Type
RCL HD Chlorite-rich hydrothermal rock
GMF HD Grunerite-garnet-magnetite hydrothermal rock
RSL host Quartz-rich rock
XTA Aluminous schist
Figure 4: Cross section within the high-grade SE Zone of Furnas. Rock types include:
Abbreviation Rock Type
RCL HD Chlorite-rich hydrothermal rock
GMF HD Grunerite-garnet-magnetite hydrothermal rock
RSL host Quartz-rich rock
XTA Aluminous schist
DRILL RESULTS - SOUTHEAST ZONE
Hole ID From (m) To (m) Length (m) Cu (%) Au (g/t) CuEq (%)
FURN-DD-00266 463 523 60 0.97 0.71 1.31
incl 463 505 42 1.11 0.81 1.50
incl 495 505 10 1.54 1.35 2.18
FURN-DD-00267 141 214 73 0.93 0.42 1.13
incl 170 191 21 1.45 0.73 1.80
FURN-DD-00268 383 454 71 0.79 0.47 1.01
incl 410 437 27 1.22 0.73 1.57
incl 410 418 8 1.73 0.52 1.98
FURN-DD-00269 204 231 27 3.60 0.24 3.71
incl 213 228 15 5.98 0.20 6.08
FURN-DD-00270 No Significant Intercept1
FURN-DD-00271 501 576 75 1.02 0.59 1.30
incl 523 553 30 1.71 1.05 2.21
incl 538 553 15 2.30 1.60 3.06
FURN-DD-00272 396 463 67 0.67 0.47 0.89
incl 397 411 14 0.89 0.64 1.20
FURN-DD-00273 214 244 30 0.97 0.37 1.15
incl 232 245 13 1.23 0.12 1.29
FURN-DD-00274 475 546 71 0.96 0.37 1.14
incl 522 546 24 1.44 0.47 1.66
FURN-DD-00275 209 246 37 0.97 0.47 1.19
incl 209 228 19 1.13 0.56 1.40
FURN-DD-00276 176 199 23 1.27 0.63 1.57
incl 178 192 14 1.55 0.87 1.97
FURN-DD-00277 268 285 17 0.72 0.29 0.86
incl 272 281 9 0.85 0.38 1.03
FURN-DD-00278 296 328 32 0.62 0.29 0.76
incl 306 322 16 0.85 0.34 1.01
FURN-DD-00279 252 280 28 1.06 0.36 1.23
incl 266 278 12 1.36 0.14 1.43
FURN-DD-00282 335 370 35 0.75 0.56 1.02
incl 335 347 12 0.89 0.77 1.26
FURN-DD-00284 332 437 105 1.17 0.77 1.54
incl 366 429 63 1.30 1.13 1.84
FURN-DD-00285 421 500 79 0.93 0.51 1.17
incl 425 450 25 1.32 0.52 1.57
incl 472 500 28 1.09 0.81 1.48
FURN-DD-00286 543 618 75 0.78 0.43 0.99
incl 543 575 32 1.05 0.63 1.35
FURN-DD-00287 259 304 45 0.75 0.57 1.02
incl 281 302 21 1.02 0.93 1.46
FURN-DD-00288 207 293 86 0.71 0.24 0.82
incl 274 293 19 1.37 0.33 1.53
FURN-DD-00289 295 401 106 0.65 0.32 0.80
incl 304 351 47 0.83 0.31 0.98
FURN-DD-00290 192 251 59 0.65 0.25 0.77
incl 217 250 33 0.81 0.31 0.96
FURN-DD-00293 280 371 91 1.08 0.25 1.20
incl 331 371 40 1.77 0.37 1.95
1This drill hole intercepted a non-mineralized dike west of the main southeast zone.
DRILL HOLE INFORMATION
Hole ID Easting Northing Elevation Azimuth Dip Length (m)
FURN-DD-00266 611,998 9,346,599 364 200 60 600.1
FURN-DD-00267 612,078 9,346,117 405 200 60 255.1
FURN-DD-00268 611,905 9,346,552 356 200 60 495.9
FURN-DD-00269 612,340 9,345,954 364 200 60 263.7
FURN-DD-00270 611,172 9,346,715 408 200 60 331.3
FURN-DD-00271 612,199 9,346,554 339 200 60 590.0
FURN-DD-00272 612,303 9,346,305 304 200 60 507.4
FURN-DD-00273 612,511 9,345,840 361 200 60 266.7
FURN-DD-00274 612,109 9,346,587 358 200 60 576.9
FURN-DD-00275 612,247 9,346,043 402 200 55 300.5
FURN-DD-00276 612,400 9,345,886 372 200 60 272.0
FURN-DD-00277 612,362 9,346,012 351 200 60 318.0
FURN-DD-00278 612,275 9,346,096 383 200 60 362.3
FURN-DD-00279 612,309 9,346,018 374 200 60 343.0
FURN-DD-00282 612,388 9,346,092 344 200 60 459.0
FURN-DD-00284 612,083 9,346,445 358 200 55 493.7
FURN-DD-00285 612,117 9,346,522 354 200 60 530.1
FURN-DD-00286 612,175 9,346,641 336 200 60 663.1
FURN-DD-00287 612,230 9,346,136 366 200 60 382.4
FURN-DD-00288 607,661 9,348,020 270 200 60 500.6
FURN-DD-00289 607,713 9,348,103 253 200 60 407.6
FURN-DD-00290 607,581 9,348,040 252 200 60 456.9
FURN-DD-00293 612,137 9,346,294 359 200 60 465.8
NOTE ON NI 43-101 COMPLIANT TECHNICAL REPORT
The conversion of drill results presented in this press release into NI 43-101 compliant mineral resources or mineral reserves
requires additional work and analysis that remains ongoing. Additional drilling and technical work are required to determine
whether the results related to down-dip intercepts will be included in future NI 43-101 compliant mineral resource or reserve
estimates.
QUALIFIED PERSON
Mr. Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), FAusIMM (No. 329148) of Ero Copper, a Qualified
Person as defined in NI 43-101, has reviewed this press release on behalf of the Company and has approved the scientific and
technical information contained in this press release.
QUALITY ASSURANCE & QUALITY CONTROL
Current QA/QC Program
At the Project, the Company is currently drilling with third-party contracted core drill rigs, operated by Major Drilling Group
International Inc. and Drillgeo Geologia e Sondagem Ltda. — independent contractors engaged from October 2024 to July
2025. Drill core is logged, photographed and split in half using a diamond core saw at the Company's 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 at a
minimum of 1.5 meters and a maximum of 2.5 meters with an average length of 2.0 meters. Sampling commences at least 3.0
meters before the start of the mineralized zone and continues at least 3.0 meters beyond the limit of the mineralized zone.
Sample collection is performed at the Company's logging facilities with all sample preparation performed at ALS Brasil Ltda.'s
laboratory, located in Parauapebas (PA), Brazil, who is independent of the Company. Samples are analyzed by the certified
laboratory of ALS Peru S.A., who is independent of the Company. Copper content is determined by four- acid digestion
followed by ICP-MS analysis, while gold content is analyzed using fire assay with ICP-AES. When copper grades exceed 1%,
Atomic Absorption Spectroscopy is used to determine it. All sample results from the Phase 1 drill program have been
monitored through a quality assurance and quality control ("QA/QC") program that includes adherence to the internal
operational procedures and the insertion of certified standards, blanks and duplicates at a rate of three standards, one coarse
blank, one fine blank, one field duplicate, one coarse duplicate, and one pulp duplicate for every 50 total samples, yielding a
blended QC rate of approximately 16%.
QA/QC Validation
The QA/QC validation process undertaken for the Phase 1 drill program of the Project is consistent with the process set out in
the NI 43-101 technical report with respect to Furnas , titled “Furnas Copper Project – Para State, Brazil – NI 43-101 Mineral
Resource Estimate Technical Report”, dated November 18, 2024 with an effective date of June 30, 2024 and Ero’s internal
guidelines and best practices.
NOTES ON MINERAL RESOURCES
The Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards (2014) were used for reporting mineral
resources, which are effective as at June 30, 2024 and presented on a 100% ownership basis. All figures have been rounded to
the relative accuracy of the estimates. Summed amounts may not add due to rounding. Mineral resources that are not mineral
reserves do not have a demonstrated economic viability.
Mineral resource estimates are prepared by or under the supervision of and verified by Mr. Cid Gonçalves Monteiro Filho, SME
RM (04317974), MAIG (No. 8444), FAusIMM (No. 329148). Mr. Monteiro is Manager, Resources & Reserves of the Company
and is a “qualified person” within the meanings of NI 43-101.
Mineral resources have been estimated using a copper price of US$9,259/tonne, a gold price of US$1,900/oz, a USD:BRL
foreign exchange rate of 5.10, and copper and gold metallurgical recovery rates of 85.00% and 61.50%, respectively. The
estimation was constrained using Datamine's Mineable Shape Optimizer ("MSO") at a 0.55% break-even copper cut-off grade.
Mineral resources were estimated using ordinary kriging within a 25-meter by 25-meter by 4- meter block size (X, Y, Z), with a
minimum sub-block size of 6.25 meters by 6.25 meters by 2.0 meters.
ABOUT ERO COPPER CORP
Ero Copper is a high-margin, high-growth copper producer with operations in Brazil and corporate headquarters in Vancouver,
B.C. 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 Company's Caraíba Operations, which are located in the Curaçá Valley, Bahia State, Brazil,
and the Tucumã Operation, an open pit copper mine located in Pará State, Brazil. The Company also owns 97.6% of NX Gold
S.A. ("NX Gold") which owns the Xavantina Operations, an operating gold mine located in Mato Grosso State, Brazil. In July
2024, the Company signed a definitive earn-in agreement with Vale Base Metals for a 60% interest in the Furnas Copper-Gold
Project, located in the Carajás Mineral Province in Pará State, Brazil. For more information on the earn-in agreement, please
see the Company's press releases dated October 30, 2023 and July 22, 2024. Additional information on the Company and its
operations, including technical reports on the Caraíba Operations, Xavantina Operations, Tucumã Operation and the Furnas
Copper-Gold Project, can be found on the Company’s website ( www.erocopper.com), on SEDAR+
(http://www.sedarplus.ca/landingpage/) and on EDGAR ( www.sec.gov). The Company’s shares are publicly traded on the
Toronto Stock Exchange and the New York Stock Exchange under the symbol “ERO”.
FOR MORE INFORMATION, PLEASE CONTACT
Courtney Lynn, Executive Vice President, External Affairs and Strategy (604) 335-7504
CAUTION REGARDING FORWARD LOOKING INFORMATION AND STATEMENTS
This press release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation
Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation
(collectively, “forward-looking statements”). Forward-looking statements include statements that use forward-looking
terminology such as “may”, “could”, “would”, “will”, “should”, “intend”, “target”, “plan”, “expect”, “budget”, “estimate”, “forecast”,
“schedule”, “anticipate”, “believe”, “continue”, “potential”, “view” or the negative or grammatical variation thereof or other
variations thereof or comparable terminology. Forward-looking statements may include, but are not limited to, statements with
respect to the future drilling continuing to demonstrate continuity of high grade mineralization at depth, Ero's ability to
complete the required 17,000 meter Phase 2 drill program and deliver a preliminary economic assessment during the first half
of 2026, and any other statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity,
results, performance or achievements.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could
cause actual results, actions, events, conditions, performance or achievements to materially differ from those expressed or
implied by the forward-looking statements, including, without limitation, risks discussed in this press release and in the
Company’s most recent Annual Information Form (“AIF”) under the heading “Risk Factors”. The risks discussed in this press
release and in the AIF are not exhaustive of the factors that may affect any of the Company’s forward-looking statements.
Although the Company has attempted to identify important factors that could cause actual results, actions, events, conditions,
performance or achievements to differ materially from those contained in forward-looking statements, there may be other
factors that cause results, actions, events, conditions, performance or achievements to differ from those anticipated, estimated
or intended.
Forward-looking statements are not a guarantee of future performance. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such
statements. Forward-looking statements involve statements about the future and are inherently uncertain, and the Company’s
actual results, achievements or other future events or conditions may differ materially from those reflected in the forward-
looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to
herein and in the AIF under the heading “Risk Factors”.
The Company’s forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management
on the date the statements are made, many of which may be difficult to predict and beyond the Company’s control. In
connection with the forward-looking statements contained in this press release and in the AIF, the Company has made certain
assumptions about, among other things: favourable equity and debt capital markets; the ability to raise any necessary
additional capital on reasonable terms to advance the production, development and exploration of the Company’s properties
and assets; future prices of copper, gold 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 Caraíba Operations, the Xavantina
Operations, the Tucumã Operation and the Furnas Copper-Gold Project being as described in the respective technical report
for each property; production costs; the accuracy of budgeted exploration, development and construction costs and
expenditures; the price of other commodities such as fuel; future currency exchange rates, interest rates and tariff rates;
operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; work
force continuing to remain healthy in the face of prevailing epidemics, pandemics or other health risks, 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 labour 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. Although the Company believes that the assumptions inherent in
forward-looking statements are reasonable as of the date of this press release, these assumptions are 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 statements. The Company cautions that the foregoing list of assumptions is 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 statements contained in this press release. There can be no assurance
that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any
obligation to update or revise any forward-looking statement, whether as a result of new information, future events or results or
otherwise, except as and to the extent required by applicable securities laws.
CAUTIONARY NOTES REGARDING MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES
Unless otherwise indicated, all reserve and resource estimates included in this press release and the documents incorporated
by reference herein have been prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral
Projects and the CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as
amended (the “CIM Standards”). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes
standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.
Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and