ERO.TO · 2021-10-14 12:00:00

Ero Copper intercepts 71.2 meters grading 3.55% copper, further extending high-grade mineralization within the Deepening Extension zone of the Pilar Mine

Drill Results

October 14, 2021

Ero Copper intercepts 71.2 meters grading 3.55% copper, further extending high-grade

mineralization within the Deepening Extension zone of the Pilar Mine

Vancouver, British Columbia – Ero Copper Corp. (TSX: ERO, NYSE: ERO) (“Ero” or the

“Company”) is pleased to provide a quarterly update on the ongoing exploration programs for its 99.6%

owned MCSA Mining Complex located in Bahia State, Brazil and its 97.6% owned NX Gold Mine

located in Mato Grosso State, Brazil . This update encompasses drill and assay results received from

mid-June through the end of September 2021 ahead of the Company's 2021 National Instrument 43-101,

Standards of Disclosure for Mineral Projects ("NI 43-101") compliant resource and reserve updates for

the MCSA Mining Complex and the NX Gold Mine, expected to be completed prior to year-end.

HIGHLIGHTS

MCSA In-Mine and Near-Mine Exploration Programs

• Deepening Extension drilling, within the Pilar Mine, continues to extend high-grade "Superpod"

mineralization down-plunge and along strike from the current mineral resource:

◦ FC5527: 71.2 meters at 3.55% copper ("Cu"), including 13.0 meters at 8.87% Cu (65 meters

south of previously released hole FC5522, which intercepted 67.0 meters at 9.21% Cu)

◦ FC5396: 61.0 meters at 2.11% Cu, including 18.0 meters at 3.92% Cu (located on the same

level approximately 150 meters south of intercept FC5527 and over 200 meters south of

previously released intercept FC5522)

• Drilling within the South Extension, located in the upper levels of the Pilar Mine, has intercepted

new and unexpected high-grade mineralization approximately 40 meters outside of the current

mineral resource shell and 50 meters from existing mine infrastructure. This new high-grade

zone remains open to the south where additional exploration drilling is underway:

◦ FC2974: 8.7 meters at 5.39% Cu, including 4.7 meters at 7.99% Cu

◦ FC2977: 22.0 meters at 1.57% Cu, including 4.0 meters at 3.43% Cu

• Results within the Deepening Extension and ongoing drill programs within the upper levels of

the Pilar Mine, including new drilling within the South Extension, are supportive of new design

efforts to evaluate the potential for increasing overall production volumes from the mine relative

to the 2020 life-of-mine plan through the development of a two-mine system in which the upper

levels of the mine would be serviced by the existing shaft while lower levels would be

completely serviced by the new external shaft.

• Exploration drilling at the Vermelhos Mine continued to extend the limits of known

mineralization within a north-trending mineralized corridor (encompassing the East Zone

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Conduit, in-mine extensions of UG1 and UG3 and the Southern Vermelhos Corridor connecting

the Vermelhos Mine to Siriema). Drilling during the period targeted the northern extension of

this corridor between the Vermelhos Mine and the N8 deposit as well as extensions of

mineralization adjacent to the main Vermelhos Mine orebodies. Highlights include:

◦ FV-321: 24.0 meters at 0.81% Cu, including 4.0 meters at 1.50% Cu ( East Zone Conduit,

beneath N8 deposit)

◦ FVS-876: 13.5 meters at 1.24% Cu, including 2.0 meters at 2.53% Cu (East Zone Conduit,

approximately 475 meters south of the intercept in FV-321)

◦ FVS-1162: 16.9 meters at 1.66% Cu, including 5.8 meters at 9.87% Cu (Vermelhos Mine,

extension of Sombrero orebody to depth)

◦ FVS-1275: 8.4 meters at 3.01% Cu and 13.8 meters at 4.65% Cu, including 5.3 meters at

7.90% Cu (Vermelhos Mine, extension of Toboggan orebody within existing infrastructure)

MCSA Past Producing Open Pit Mine Re-Evaluation

• Exploration activities at Lagoa da Mina, part of the past-producing Angicos Mine, continued to

undertake wide-spaced step-out drilling beyond the previously identified high-grade zone of

mineralization located approximately 70 meters beneath the historic open pit. New drill results

indicate the zone of high-grade mineralization extends an additional 200 meters down-plunge

and remains open to depth. Results are highlighted by:

◦ FLM-94: 16.0 meters at 1.18% Cu and 24.0 meters at 1.54% Cu, including 11.0 meters at

2.30% Cu (intercept located 250 meters down-plunge from previously announced hole

FLM-77 that intercepted 32.2 meters at 2.69% Cu, including 6.0 meters at 4.00% Cu)

NX Gold Mine Highlights

• Drilling throughout the NX Gold Mine continues to demonstrate continuity of high-grade gold

mineralization within the Santo Antonio Vein as well as extend the limits of known

mineralization within the recently discovered Matinha Vein with apparent thickening at depth:

◦ Santo Antonio, SA104: 8.8 meters at 3.92 grams per tonne (“gpt”) gold (“Au”), including 2.6

meters at 6.33 gpt Au (a down-plunge extension of approximately 115 meters from the limit

of the current Inferred mineral resource shell)

◦ Santo Antonio, SA94B: 6.0 meters at 23.61 gpt Au (intercept located 40 meters south of

previously released drill hole SA94A that intercepted 9.0 meters at 22.66 gpt Au and

approximately 40 meters down-plunge of previously released drill hole SA89 that intercepted

2.7 meters at 15.38 gpt Au)

◦ Matinha, MAT25: 10.9 meters at 3.52 gpt Au (located 65 meters down-plunge of previously

announced drill hole MAT20A: 2.8 meters @ 19.73 gpt Au)

Commenting on the results, David Strang, CEO, stated, “Our third quarter drill results continued to

highlight our disciplined and methodical exploration strategy throughout our exploration portfolio

where we have made significant strides thus far in 2021. With the latest set of drill results from the

Deepening Extension zone of the Pilar Mine, the Vermelhos Mine and at NX Gold, we expect to see a

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positive impact on our year-end mineral reserve and resource estimates across our assets. At the same

time, we have continued to advance our programs throughout the Curaçá Valley including further

extending high-grade mineralization at Lagoa da Mina and throughout our regional exploration

programs where efforts are currently focused on newly identified mineralization within the Pilar

District.

"Within the Deepening Extension zone, recent drilling has further extended the known limits of the high-

grade 'Superpod' mineralization and enhanced our understanding of the increasing potential of the

Deepening relative to the project as outlined in 2020. Site clearing and early civil works commenced in

September, and in parallel, new drill results are being incorporated into engineering efforts focused on

ensuring the optimal external shaft design. We are taking the time to strategically review the shaft

design parameters relative to what we knew about the mineral resources of the Deepening in 2020 to

provide the maximum benefit for the long-term future of the Company. These efforts are centered upon a

potential increase in the shaft depth and diameter in order to (i) enhance flexibility for continuing to

extend the mine to depth with new drilling and (ii) optimize material and personnel movement to

maximize productive shaft capacity from the highest-grade known area of the Pilar Mine. In the simplest

sense, we see an opportunity for increased production volumes from the Pilar Mine through

development of a two-mine system with upper level production, including new high-grade areas

identified within the South Extension, to be serviced by the existing 650 meter shaft while the Deepening

Project will be a mine within a mine, fully serviced by our new 1,500 meter external shaft.

"Our exploration activities at the NX Gold Mine are also generating exciting results, particularly at the

Matinha Vein, which like the early days of Santo Antonio, now appears to have the potential to become

an additional feed source for the mill while leveraging the nearby mine infrastructure of the Brás Vein."

There are currently twenty-four drill rigs working throughout the Curaçá Valley, including six drill rigs

allocated to regional exploration. Nine drill rigs are operating at NX Gold and the Company now has

four drill rigs operating at the Boa Esperança project in Pará State.

Exploration activities during the period continued to advance target zones and new mineral systems

within each of the Company’s core exploration programs. These programs are focused on developing a

portfolio of assets in parallel with potential to meaningfully augment each phase of the Company’s life-

of-mine production plans from the near to medium-term and over the long-term at both the MCSA

Mining Complex and the NX Gold Mine. A summary of relevant highlights from these programs is

presented in Table 1, attached to this press release. Highlights from ongoing exploration activities at the

Boa Esperança project were included in the Company's press release dated September 28, 2021 and

additional drilling will be included in subsequent exploration updates.

Expansions and extensions, as referenced herein, reflect mineralization not captured in the Company’s

NI 43-101 compliant mineral resource and mineral reserve models, as outlined in the Company’s

technical reports dated January 8, 2021, and January 14, 2021 for NX Gold Mine and the MCSA Mining

Complex (or the “Curaçá Valley”), respectively. There has been insufficient work and analysis

surrounding new discoveries, as referenced herein, to define a mineral resource, and it is uncertain if

further exploration and analysis will result in such targets being delineated as a mineral resource.

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The drill holes outlined in this press release within the Pilar and Vermelhos Districts will be made

available on the Company’s Curaçá Valley site tour and interactive three-dimensional models for the

Pilar Mine and the Vermelhos System, which can be accessed via the Company’s website

(www.erocopper.com) or via VRIFY Technology Inc. (“VRIFY”) (www.vrify.com).

IN-MINE & NEAR-MINE EXPLORATION PROGRAMS

During the period, the Company continued to prioritize infill and extensional drilling of several key

areas within the Company's operations in advance of its 2021 mineral resource and reserve update,

expected to be released prior to year-end. These programs prioritized drilling of (i) the Deepening

Extension within the Pilar Mine, where the Company continues to confirm thick and high-grade

mineralization at depth, (ii) new drilling in the South Extension, targeting a high-grade zone located

within the upper levels of the Pilar Mine, and (iii) extensions of the Vermelhos Mine, including the

northern extension between the Vermelhos Mine and N8 deposit known as the East Zone Conduit.

The Deepening Extension Zone, Pilar Mine

Exploration activities within the Deepening Extension remain focused on upgrading high-grade zones of

Inferred mineral resources through infill drilling as well as further extending the known limits of

mineralization to depth. Deepening Extension drilling is currently targeting mineralization on the East

Limb of the Pilar Mine to level -1550 approximately 1,200 to 2,000 meters below surface. Current

development within the mine has been completed to level -1000.

At the deepest limits of the 2020 Inferred mineral resource shell, new drilling continues to increase

confidence and extend the limits of an extremely high-grade "Superpod" style zone of mineralization

where two plunging zones previously identified within the Deepening Extension appear to join together

over an identified strike length of approximately 450 meters and demonstrated vertical continuity over

365 meters. Drilling in this area continues to confirm some of the best drill results drilled by the

Company in the Curaçá Valley. The zone remains open to depth and is located approximately 550

meters beneath current mine infrastructure. In parallel with early site works that commenced in

September, engineering and design efforts are underway to review the 2020 shaft design, incorporating

the latest drilling. These efforts are centered upon maximizing productive shaft capacity for the highest

grade areas of the Pilar Mine through the creation of a two-mine system. In this scenario, all personnel

and material movement for the deeper levels of the mine would be independent from activities in the

upper levels of the mine. Design efforts are targeting increased overall production volumes from the

Pilar Mine relative to the Company's 2020 life-of-mine plan as well as enhanced operational flexibility

to support future development of the mine at depth, where high-grade mineralization remains open.

Results during the period are highlighted by hole FC5527 that intercepted 71.2 meters grading 3.55%

copper, including 13.0 meters at 8.87% copper. This intercept is located at the same level, approximately

65 meters south, of the previously released intercept within the Deepening Extension (hole FC5522 that

intercepted 67.0 meters grading 9.21% copper). Demonstrating continuity of high-grade mineralization

along strike, new drilling in hole FC5396 intercepted 61.0 meters grading 2.11% copper, including 18.0

meters at 3.92% copper, drilled at the same level approximately 150 meters south of intercept FC5527,

and over 200 meters south of previously released hole FC5522. Vertical continuity within the zone is

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highlighted by the previously released hole FC5625 that intercepted 96.4 meters grading 3.97% copper,

including 60.6 meters grading 5.61% copper, located approximately 230 meters above the intercepts

highlighted in holes FC5527, FC5522 and FC5396. Together with prior results, these intercepts

demonstrate localized thickening and vertical continuity of high-grade mineralization over a down-dip

distance of approximately 365 meters throughout the 450 meters of identified strike length. Please refer

to the Company's press releases dated July 7, 2021 and June 23, 2020 for additional detail on

previously released holes.

Please see Figure 1 for a north-south long section, Figure 2 for a west to east composite section and

Figure 3 for a level map showing collar locations of Deepening Extension drilling within the Pilar Mine.

Q3 2021 Deepening Intercepts(1)

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

FC48185 574.3 577.3 3.0 17.81

and 605.6 610.3 4.6 1.20

and 649.7 665.5 15.8 5.31

including 659.7 664.5 4.8 8.40

and 673.7 681.7 8.0 6.66

including 675.7 678.7 3.0 11.90

FC5184 560.7 565.1 4.4 4.87

including 561.7 563.7 2.0 9.22

and 663.7 669.7 6.0 1.18

FC5185 NSI NSI NSI NSI

FC5396 773.5 776.5 3.0 1.90

and 785.5 846.5 61.0 2.11

including 824.9 842.9 18.0 3.92

FC5524 807.7 810.8 3.1 1.07

and 892.4 901.0 8.6 6.11

including 896.4 899.4 3.0 8.75

FC5526 713.8 726.5 12.7 3.50

including 723.8 726.5 2.7 7.78

and 758.6 761.6 3.0 1.87

FC5527 818.1 889.3 71.2 3.55

including 858.1 871.1 13.0 8.87

and 900.8 925.2 24.4 1.70

including 901.8 904.8 3.0 3.97

(1) NSI indicates no significant intercept based on a three meter mining width and cut-off grade of 0.51% copper. Drill holes

were drilled from level -674 in the Pilar Mine. Holes not included are either pending assay results, have been included in a

different section of this press release, or were included in a prior press release. The length of intercept may not represent

the true width of mineralization. Values may not add up due to rounding. From, To and Length are rounded to the nearest

tenth of a meter.

South Extension, Pilar Mine

In 2019, a comprehensive exploration campaign targeting the southern limits of the Pilar Mine orebody,

known as the "South Extension" was undertaken. The results of this campaign, along with subsequent

exploration programs throughout the mine, have contributed to significant increases in the known extent

of mineralization. During the period new drilling within the South Extension, located approximately 100

meters below the underground primary crushers and existing shaft infrastructure on level -120, was

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performed adjacent to an active mining area beyond the known limits of the mineral resource shell. This

drilling encountered unexpected extensions of high-grade mineralization approximately 40 meters from

the previously modeled limits of the mineral resource shell and 50 meters from existing mine

infrastructure. Relative to the 2019 campaign, newly encountered high-grade mineralization is on the

same level approximately 100 meters further south of the previously released intercept of hole FC3264

(21.0 meters grading 1.41% copper, including 4.0 meters grading 3.54% copper, and 31.9 meters

grading 2.78% copper, including 3.0 meters grading 5.63% copper, as detailed in the Company’s press

release dated June 20, 2019 ). Engineering work is focused on incorporating this newly identified

extension into the Pilar Mine's near-term mine plan while additional drilling is planned to further extend

high-grade mineralization, which remains open to the south.

Results during the period are highlighted by hole FC2974 that intercepted 8.7 meters grading 5.39%

copper, including 4.7 meters grading 7.99% copper, and hole FC2977 that intercepted 22.0 meters

grading 1.57% copper, including 4.0 meters grading 3.43% copper. These new intercepts, drilled

approximately 25 meters apart, demonstrate lateral continuity over 50 meters and vertical continuity of

40 meters and, with prior drilling, continue to provide evidence of high-grade continuity south of known

mineralization in the upper levels of the Pilar Mine.

Please see Figure 4 for a level map showing collar locations of South Extension drilling within the Pilar

Mine.

South Extension Intercepts(1)

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

FC2974* 86.0 94.7 8.7 5.39

including 89.0 93.7 4.7 7.99

and 101.8 111.3 9.5 1.15

FC2975* 79.4 85.3 5.9 1.36

and 106.6 113.1 6.5 3.91

including 107.1 110.1 3.0 5.11

FC2977* 96.4 103.1 6.7 1.25

and 118.6 140.7 22.0 1.57

including 123.6 127.6 4.0 3.43

FC2980* 106.6 116.6 10.0 0.88

FC2981* 87.5 91.4 3.9 1.04

and 98.6 103.6 5.0 1.03

and 118.9 136.0 17.1 1.06

(1) NSI indicates no significant intercept based on a three meter mining width and cut-off grade of 0.51% copper. Drill holes

were drilled from level -170 in the Pilar Mine. Holes not included are either pending assay results, have been included in a

different section of this press release, or were included in a prior press release. The length of intercept may not represent

the true width of mineralization. Values may not add up due to rounding. From, To and Length are rounded to the nearest

tenth of a meter. (*) Denotes short-term drilling undertaken for mine planning purposes that intersected new un-modeled

mineralized envelopes.

Vermelhos Mine Extensions

Within the Vermelhos District, drilling during the period sought to conclude a planned program

targeting mineralization within the northern portion of the East Zone from the Vermelhos Mine to the

southern limits of the N8 deposit over a strike length of approximately 500 meters. The results of this

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program have now demonstrated continuity of mineralization along a structural corridor connecting

Siriema with the planned mining stopes of UG1 and UG3 (within the Vermelhos Mine) through the

Southern Vermelhos Corridor, north through the East Zone to the N8 Deposit. The results of this

concluded program are expected to be reflected in the Company's upcoming 2021 mineral resource and

reserve update. Additionally, drilling within the Vermelhos Mine during the period sought to further test

continuity of mineralization within the vicinity of the Vermelhos Mine main orebodies, Toboggan and

Sombrero.

East Zone Conduit results during the period are highlighted by hole FV-321 that intercepted 24.0 meters

grading 0.81% copper, including 4.0 meters grading 1.50% copper, and hole FVS-876 that intercepted

13.5 meters grading 1.24% copper, including 2.0 meters grading 2.53% copper. These intercepts were

drilled approximately 475 meters apart. The intercept of hole FVS-876 is located at the same depth,

approximately 430 meters north of the existing eastern-most underground infrastructure of the

Vermelhos Mine, and when pa ired with new and previously released drilling, demonstrates mineralized

continuity along the north-trending corridor from Siriema, located south of the Vermelhos Mine, to the

N8 deposit north of the mine.

Ongoing infill drilling within the main Vermelhos Mine orebodies, including at depth, continues to

extend mineralization beyond the previously defined limits of the deposit. Results are highlighted by

hole FVS-1162 that intercepted 16.9 meters grading 1.66% copper, including 5.8 meters grading 9.87%

copper, located approximately 25 meters beneath the existing infrastructure of the mine below the

Sombrero orebody, and hole FVS-1275 that intercepted 8.4 meters grading 3.01% copper and 13.8

meters grading 4.65% copper, including 5.3 meters grading 7.90% copper, located immediately above

the Toboggan orebody. The intercept of hole FVS-1275, paired with holes FVS-1273, FVS-1278,

FVS-1282 and FVS-1283, demonstrates extensions of mineralization approximately 30 meters above the

previously defined limits of the Toboggan orebody within the existing infrastructure of the mine.

Please see Figure 5 for a plan map detailing all Vermelhos near-mine collar locations, Figure 6 for

north-south long section detailing all Vermelhos near-mine drilling.

Vermelhos Intercepts(1)

Vermelhos Mine Orebody Extensions

FVS-1048* 37.2 42.2 5.0 1.08

FVS-1124* 10.8 18.2 7.5 2.18

FVS-1162* 37.3 54.1 16.9 1.66

and 106.6 112.3 5.8 9.87

FVS-1165* 42.7 49.8 7.2 1.10

and 52.0 65.0 13.0 1.39

and 104.5 116.6 12.1 2.25

FVS-1226* 6.0 12.0 6.0 3.16

FVS-1273* 31.2 36.1 4.9 1.09

and 43.0 48.7 5.7 0.54

FVS-1275* 30.3 38.6 8.4 3.01

and 45.2 59.0 13.8 4.65

including 47.4 52.7 5.3 7.90

FVS-1276* 27.3 47.6 20.3 1.07

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

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including 42.6 47.6 5.0 2.71

FVS-1278* 57.1 77.3 20.2 0.90

and 80.0 83.5 3.6 0.73

FVS-1282* 70.5 87.0 16.5 1.22

FVS-1283* 50.2 63.0 12.8 1.80

including 59.1 63.0 4.0 4.16

East Zone Conduit

FV-199 277.8 294.8 17.0 0.81

and 322.3 339.3 17.0 0.68

and 342.3 348.5 6.1 0.84

FV-301 255.0 273.0 18.0 0.85

including 255.0 258.0 3.0 1.57

and 292.2 300.2 8.0 1.91

including 297.2 299.2 2.0 5.09

and 321.3 329.3 8.0 0.94

FV-304 274.4 281.4 7.0 0.84

and 291.4 294.4 3.0 1.27

and 324.0 331.0 7.0 0.69

and 352.3 363.6 11.4 0.96

FV-308 NSI NSI NSI NSI

FV-309 370.8 374.2 3.4 0.86

FV-310 332.6 336.6 4.0 0.77

and 388.2 393.2 5.0 0.85

and 423.1 430.1 7.0 0.95

FV-311 387.1 399.5 12.4 1.36

including 395.1 398.5 3.4 2.16

and 423.1 433.0 9.9 0.40

FV-312 341.2 345.4 4.2 0.75

and 368.5 375.7 7.2 0.91

FV-313 359.7 362.7 3.0 1.51

FV-321 325.5 331.5 6.0 0.76

and 344.2 368.1 24.0 0.81

including 353.1 357.1 4.0 1.50

FV-331 367.5 388.3 20.8 0.84

including 370.4 376.1 5.7 1.37

FVS-876 112.2 125.7 13.5 1.24

including 122.3 124.3 2.0 2.53

FVS-877 NSI NSI NSI NSI

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

(1) NSI indicates no significant intercept, based on a three meter mining width and a cut-off grade of 0.18% copper for near-

surface intervals and 0.51% for intervals below 200 meters down hole. Drill holes were drilled from surface and from level

+170, level +165, and level +350 in the Vermelhos Mine. Holes not included are either pending assay results, have been

included in a different section of this press release, or were included in a prior press release. The length of intercept may

not represent the true width of mineralization. Values may not add up due to rounding. From, To and Length are rounded to

the nearest tenth of a meter. (*) Denotes short-term drilling undertaken for mine planning purposes that intersected new un-

modeled mineralized envelopes.

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