ERO.TO · 2018-12-11 12:00:00

Ero Copper intersects 27.4 meters grading 8.39% copper including 17.7 meters grading 10.76% copper in near-surface extension of Vermelhos East Zone discovery

Drill Results

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Ero Copper Corp

DECEMBER 11, 2018 NR:18-17

Ero Copper intersects 27.4 meters grading 8.39% copper including 17.7 meters grading

10.76% copper in near-surface extension of Vermelhos East Zone discovery

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

provide a quarterly update on the ongoing exploration drill programs at its Pilar, Vermelhos and

Surubim mineral districts, all part of its 99.6% owned Vale do Curaçá Property located in Bahia

State, Brazil. Significant exploration results are highlighted below:

• Near-surface extensions of the recently announced Vermelhos East Zone highlighted by

holes:

o FVS-311 that intersected 27.4 meters grading 8.39% copper including 17.7 meters

grading 10.76% copper from 81.2 meters downhole;

o FVS-269 that intersected 26.3 meters grading 3.63% copper including 15.7 meters

grading 4.93% copper from 3.1 meters downhole; and,

o FVS-292 that intersected 16.5 meters grading 4.22% copper including 9.0 meters

grading 6.10% copper from 64.2 meters downhole.

These high-grade results are part of a group of 7 holes drilled within 100 meters of surface,

that when combined with analysis following the discovery of the Vermelhos East Zone,

including the results of the 11 holes outlined in this press release, confirm the Vermelhos

East Zone is not a discrete zone, but rather a semi-continuous mineralized structure

extending from the Vermelhos Mine (UG1 mining area) in a north-northeast direction to

the Vermelhos West deposit – a combined strike length of approximately 1.1 kilometers.

To date, the Vermelhos East Zone has been delineated from surface to a depth of

approximately 400 meters and remains open along strike and to depth. Further drill testing

to determine continuity of t he high-grade portions of the Vermelhos East Zone is a top

priority of the Company’s ongoing exploration efforts in the Vermelhos District.

• Within the Vermelhos Mine’s main orebodies, drill results continue to expand known areas

of high-grade mineralization in and around the mine’s recently completed infrastructure.

Results during the period are highlighted by holes:

o FVS-257 that intersected 38.2 meters grading 7.29% copper including 23.1 meters

grading 11.16% copper and 10.1 meters grading 4.59% copper;

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o FVS-328 that intersected 38.2 meters grading 6.79% copper including 19.4 meters

grading 8.38% copper; and,

o FVS-331 that intersected 31.5 meters grading 8.72% copper and 8.5 meters grading

5.48% copper.

These results reflect significant increases in previously modeled thicknesses of the main

Vermelhos orebodies in the immediate areas surrounding these new intercepts. In addition,

the results are the product of the Company’s systematic, ongoing, borehole electromagnetic

(“EM”) program that is identifying EM targets within and adjacent to the main Vermelhos

deposit with positive results. The Company intends to expand the use of the borehole EM

to its other operations and regional exploration program to compliment the results from its

recently completed airborne geophysical survey.

This update encompasses exploration drill results received for the Company’s exploration

programs from August through to the end of November 2018. Expansions and e xtensions as

referenced herein reflect mineralization not captured in the Company’s mineral resource and

mineral reserve models used in the recently announced National Instrument 43-101, Standards of

Disclosure for Mineral Projects (“NI 43-101”) compliant mineral resource and reserve update (as

further detailed in the Company’s press release dated September 5, 2018). Currently, 19 drill rigs

are operating on the property.

VERMELHOS DISTRICT

The Vermelhos District is located approximately 80 kilometers to the north of the Pilar Mine and

Caraíba Mill complex and includes the newly constructed high -grade Vermelhos Mine. Drilling

is focused on expansion and new discovery initiatives (including the Vermelhos East Zone) within

and immediately adjacent to the Vermelhos Mine . Five drill rigs are currently operating within

the District.

Vermelhos East Zone Extension

The Vermelhos East Zone discovery ( see press release dated September 25, 2018 for

announcement of the Vermelhos East Zone discovery) is located approximately 100 meters to the

east of mineralization comprising the main Vermelhos orebodies and lies on the eastern side of an

intrusive body. The zone of mineralization, to date, has been delineated from surface copper oxide

mineralization to an interpreted depth of approximately 400 meters below surface. Recent drill

results, combined with data compilation work performed subsequent to the initial discovery ,

supports a new interpretation of the Vermelhos East Zone as a semi-continuous mineralized trend

extending from the UG1 mining area of the Vermelhos Mine to the Vermelhos West deposit – a

combined strike length of approximately 1.1 kilometers. The interpretation is based on the

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compilation of 250 drill hole intercepts (including oxide drilling performed by the Company and

historical drilling incorporated into the current mineral resource estimate of the Vermelhos West

deposit). Additional test work is underway to further delineate the continuity of recently identified

high-grade mineralization within the overall mineralized trend.

During the period, r esults from 1 1 drill holes were received that highli ght extensions of the

Vermelhos East Zone, as shown in the following table. P lease see Figures 1 and 2 for collar

locations and Figure 3 for a north-south long section highlighting the 1.1 kilometer mineralized

trend of the Vermelhos East Zone.

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

FVS-269* 3.1 29.4 26.3 3.63

including 12.7 28.3 15.7 4.93

FVS-278 121.4 127.4 6.0 1.15

FVS-284 50.1 58.9 8.8 1.18

FVS-285 327.6 331.2 3.6 1.43

and 336.8 339.8 3.0 1.45

FVS-286* 6.2 12.2 6.0 1.06

FVS-292 64.2 80.7 16.5 4.22

including 70.2 79.2 9.0 6.10

FVS-293 38.8 44.8 6.0 2.07

including 38.8 41.8 3.0 3.01

FVS-300 408.1 426.4 18.3 1.49

including 411.1 416.1 5.0 3.03

FVS-301 16.7 25.3 8.6 2.37

including 20.7 24.3 3.6 3.97

FVS-311 81.2 108.5 27.4 8.39

including 84.2 101.9 17.7 10.76

FVS-324 400.6 404.0 3.3 1.11

Drill holes were drilled from surface. Holes not included are either pending assay results, have been included in a

different section of this press release for clarity of discussing drill results or were previously 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 mineralized intercepts are rounded to the nearest tenth of a meter. (*) indicates drill holes

with near-surface copper intercepts containing oxide mineralization.

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Ero Copper Corp

Vermelhos Main Orebody Expansions

Exploration drilling within the main Vermelho s orebodies continues to target expansions and

extensions of the mineral resource, with a focus during the period on drilling several EM anomalies

identified during the Company’s systematic and ongoing bore hole EM program. Drilling during

the period continued to expand and extend the mineral resource and mineral reserve models of the

Vermelhos Mine as defined in the current NI 43-101 Technical Report.

Expansions within the Sombrero orebody of the Vermelhos Mine are highlighted by hole FVS -

256 that intersected 35.1 meters grading 2.70% copper including 12.3 meters grading 6.30%

copper and 8.2 meters grading 1.96% copper, hole FVS -257 that intersected 38.2 meters grading

7.29% copper including 23.1 meters grading 11.16% copper and 10.1 meters grading 4.59%

copper including 2.0 meters grading 18.07% coppe r. The mineralized thicknesses of these

intercepts are significant as they represent an approximate 40% increase in the modeled

thicknesses of the orebody in the immediate areas surrounding these holes within the current

mineral resource and reserve estimate.

Additionally, expansions of the Toboggan orebody of the Vermelhos Mine are highlighted by hole

FVS-328 that intersected 38.2 meters grading 6.79% copper including 19.4 meters grading 8.38%

copper and hole FVS -331 that intersected 31.5 meters grading 8.72% copper and 8.5 meters

grading 5.48% copper. The mineralized thicknesses of these intercepts are significant as they

represent an approximate 80% increase in the modeled thicknesses of the orebody in the immediate

areas surrounding these holes contained within the current mineral resource and reserve estimate.

During the period, results from 11 drill holes were received that highlight expansions of the main

Vermelhos orebodies, as shown in the following table. Please see Figure 1 for drill collar locations.

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

FVS-256 115.4 150.5 35.1 2.70

including 130.4 142.7 12.3 6.30

and 156.5 164.6 8.2 1.96

FVS-257 147.6 185.8 38.2 7.29

including 149.6 172.8 23.1 11.16

and 193.2 203.3 10.1 4.59

including 198.6 200.6 2.0 18.07

FVS-260 177.7 189.3 11.6 1.12

FVS-283 176.9 209.9 32.9 2.77

including 185.3 187.4 2.1 12.43

FVS-285 172.6 186.8 14.1 1.32

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

and 220.1 231.2 11.2 2.40

FVS-289 112.0 116.3 4.4 1.00

FVS-290 216.7 239.2 22.6 0.89

including 237.2 239.2 2.0 3.53

FVS-315 NSI NSI NSI NSI

FVS-322 93.5 95.9 2.5 2.34

and 118.4 123.7 5.3 1.94

and 191.2 195.2 4.0 0.88

FVS-328 184.8 222.9 38.2 6.79

including 185.8 205.1 19.4 8.38

FVS-331 179.1 210.6 31.5 8.72

and 215.6 224.1 8.5 5.48

NSI indicates no significant intercept, based on cut-off grade of 0.68% copper. Drill holes were drilled from surface.

Holes not included are either pending assay results, have been included in a different section of this press release for

clarity of discussing drill results or were previously 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 mineralized intercepts

are rounded to the nearest tenth of a meter.

The main orebodies remain open to the north, south and to depth and one of the five drill rigs

operating at Vermelhos will continue to evaluate their extensions. The remaining four drill rigs

will continue to test the continuity of the Vermelhos East Zone over its 1.1 kilometer strike length.

Vermelhos Mine - Nickel and Palladium

Test work is underway to quantify the significance of recent occurrences of high-grade nickel and

palladium within the main Vermelhos orebodies at depth and their relationship to the known

copper mineral resource s. While, to date, average nickel grades in the orebodies , based on

approximately 1,300 drill core samples, are approximately 0.25% nickel, with a maximum assay

result of 5.09% nickel, recent grab samples taken from a development heading containing massive

pentlandite measuring approximately 1 meter by 1 meter at level +285 of the Sombrero orebody

returned assay values up to 21.7% nickel . While these grab samples are not representative and

should not be relied upon, the discovery of high grade, massive pentlandite within the deposit is

an unexpected positive development.

Additionally, over 500 samples of core have been recently analyzed for platinum group metal

(“PGM”) content. The results were anomalous for palladium with an average assay result of 0.19

grams per tonne palladium, and a maximum of 1.19 grams per tonne palladium. There is a strong

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Ero Copper Corp

observed relationship between high-grade copper mineralization and palladium content based on

the samples analyzed to date.

In the New Year, a portion of the ongoing drill program at Vermelhos will focus on drilling deeper

holes below the Vermelhos main orebodies to test targets at depth and allow the Company to

conduct deeper downhole EM surveys to further evaluate the potential for additional copper, nickel

and PGM mineralization at Vermelhos.

PILAR DISTRICT

The Pilar District encompasses the area surrounding the Pilar underground mine, Caraíba M ill

complex and the past producing open pit Pilar and R22 M ines. Ten drill rigs are currently

operating within the District.

During the period, expansion and extensional drilling continued to focus on the West Limb and

Deepening Extension zone. Three underground and one surface drill rig are currently evaluating

the extent of the West Limb while four underground core rigs are operating in the Deepening

Extension zone (see the Company’s press release dated May 17, 2018 for the announcement of the

West Limb discovery) . One additional surface rig and one additional underground drill rig are

currently targeting other areas of the mine.

West Limb

Exploration drilling at the West Limb is focused on infill, extension and twin- hole drilling of the

previously announced West Limb discovery. Drilling has predominately focused on the area

beneath the past producing R22 open pit mine and extensions along strike to the north, highlighted

by hole FC5229 that intersected 61.5 meters grading 1.91% copper , 6.7 meters grading 0.95%

copper, 8.6 meters grading 1.20% copper and 4.0 meters grading 1.37% copper . Underground

drill rigs have recently commenced drill programs to test the southern extent of mineralization

within the West Limb.

During the period, results from 9 drill holes were received that highlight extensional drilling of the

West Limb, as shown in the following table. Please see Figure 4 for collar locations and Figure 5

for a cross section of the West Limb drill results.

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

FC5041 419.2 467.2 48.0 1.31

FC5224 282.8 302.7 19.9 2.66

including 290.3 296.5 6.1 4.93

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

FC5225 303.9 308.1 4.2 0.74

FC5226 264.2 271.0 6.8 4.71

and 275.0 285.0 10.0 1.27

FC5227 373.4 401.2 27.8 1.61

including 394.2 400.2 6.0 2.66

FC5228 239.1 249.9 10.9 1.62

including 243.0 249.9 6.9 1.83

and 257.9 259.9 2.0 2.41

and 270.9 279.3 8.4 1.60

FC5229 286.3 347.8 61.5 1.91

and 375.5 382.3 6.7 0.95

and 437.6 446.3 8.6 1.20

and 465.4 469.4 4.0 1.37

FC5230 325.8 331.8 6.0 0.91

and 336.8 342.8 6.0 0.93

and 364.5 372.7 8.2 1.63

FC5138 369.2 372.2 3.0 1.25

and 386.3 406.0 19.8 1.22

including 400.2 405.2 5.0 1.77

Drill holes were drilled from surface. Holes not included are either pending assay results, have been included in a

different section of this press release for clarity of discussing drill results or were previously 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 mineralized intercepts are rounded to the nearest tenth of a meter.

The Deepening Extension

The Deepening Extension drilling is currently targeting mineralization on the East Limb of the

Pilar Mine between level -725 and level -1040 approximately 1,200 meters to 1,500 meters below

surface and approximately 100 meters laterally from the current level of the primary ramp

(completed to level -881). During the period, results for 18 holes were received that continue to

demonstrate extensions of the modeled mineralization within the zone. The results are highlighted

by extensions beyond what was previously believed to be the southern limit of the Deepening

Extension zone in hole FC38151 that intersected 5.6 meters grading 5.36% copper as well as hole

FC38153 that intersected 8.3 meters grading 2.59% copper and 17.0 meters grading 2.05% copper.

These results indicate that the Deepening Extension remains open to the south.

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Ero Copper Corp

In addition, hole FC44204, that intersected 6.0 meters grading 7.91% copper including 3.0 meters

grading 11.03% copper, was drilled approximately 330 meters north of the aforementioned holes

and approximately 225 meters south of the previously announced “Deep Discovery” holes ( see

press release dated June 6, 2018) . This hole encountered higher grade mineralization similar to

copper grades encountered previously within the Deepening Extension to the north (reference

previously announced hole FC4884 that intersected 18.0 meters grading 6.28% copper and

previously announced hole FC4986 that intersected 6.9 meters grading 5.82% copper and 15.4

meters grading 3.71% copper). High-grade copper intercepts have now occurred over a combined

north-south strike length of approximately 550 meters within the Deepening Extension zone.

Additional follow-up drilling to determine continuity of high- grade mineralization in this area is

currently underway.

During the period, r esults from 1 8 drill holes were received that highli ght extensions of the

Deepening Extension zone, as shown in the following table. Please see Figures 6 for a north-south

long section of the Deepening Extension zone and Figure 7 for collar locations.

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

FC38146 150.6 158.6 8.0 1.07

FC38147 NSI NSI NSI NSI

FC38148 NSI NSI NSI NSI

FC38150 210.0 216.4 6.4 1.14

FC38151 136.1 141.7 5.6 5.36

FC38152 183.3 186.8 3.5 0.99

FC38153 274.6 282.9 8.3 2.59

and 294.1 311.2 17.0 2.05

FC38154 110.0 115.7 5.7 1.02

FC42239 NSI NSI NSI NSI

FC42241 NSI NSI NSI NSI

FC42243 339.2 343.2 4.0 0.97

FC42252 274.4 283.6 9.2 1.37

FC44200 255.0 260.1 5.0 1.97

including 256.9 260.8 3.9 2.41

FC44201 154.9 169.4 14.5 2.04

FC44204 200.4 206.4 6.0 7.91

including 202.4 205.4 3.0 11.03

FC44214 334.2 343.2 9.0 2.39

including 334.2 338.2 4.0 4.07

FC44222 379.3 383.3 4.0 1.79

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