ERO.TO · 2019-12-03 12:00:00

Ero Copper intersects 51.8 meters grading 3.49% copper including 33.4 meters grading 4.96% copper in Pilar Mine Deepening, announces two new regional discoveries in the Vermelhos District and the discovery of a nickel-PGM rich zone at Siriema

Drill Results

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1 Ero Copper Corp

DECEMBER 3, 2019 NR:19-18

Ero Copper intersects 51.8 meters grading 3.49% copper including 33.4 meters grading 4.96%

copper in Pilar Mine Deepening, announces two new regional discoveries in the Vermelhos

District and the discovery of a nickel-PGM rich zone at Siriema

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

provide a quarterly update on the ongoing exploration drill programs on its 99.6% owned Vale do

Curaçá Property located in Bahia State, Brazil. This update encompasses drill results received from

the end of August through mid-November 2019. Drilling during the period was focused primarily

on several priority target areas within the Pilar Mine, Vermelhos Mine and the Vermelhos Mineral

District following release of the Company’s updated National Instrument 43-101, Standards of

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

HIGHLIGHTS

• Most significant set of holes drilled in the Pilar Mine to date, indicative of a new high grade

mineralized chamber, or “Superpod”, below the known extent of mineralization in the

mine. Results are highlighted by hole FC5616 that intersected 51.8 meters grading 3.49%

copper including 33.4 meters grading 4.96% copper and hole FC5615 that intersected 62.5

meters grading 1.65% copper including 26.1 meters grading 2.37% copper.

• Two new, regional, copper discoveries within the ten kilometer Vermelhos System trend

at N1 South and Vermelhos North. Results at N1 South are highlighted by hole CRN1-08

that intersected 20.0 meters grading 0.92% copper including 7.0 meters grading 1.77%

copper from 52.0 meters downhole. Results at Vermelhos North are highlighted by hole

CRN10-02 that intersected 14.0 meters grading 1.01% copper including 5.0 meters grading

1.98% copper from 143.0 meters downhole. Borehole EM surv eys are ongoing to better

define high-grade targeting within these newly discovered mineralized areas.

• Identification of a brecciated massive sulphide zone within the Siriema deposit containing

copper, nickel and cobalt as well as platinum, palladium, rhodium and gold (“3PGE+Au”).

Results are highlighted by hole FSI -40 that intersected 9.1 meters grading 2.66% copper,

1.74% nickel, 0.07% cobalt and 1.46 grams per tonne 3PGE+Au including 5.6 meters

grading 3.37% copper, 2.59% nickel, 0.10% cob alt, and 2.08 grams per tonne 3PGE+Au.

The zone remains open at depth and has been delineated over approximately 150 meters in

strike length, 105 meters down plunge and over an average thickness of 10 meters.

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• Within the Vermelhos Mine, additional mineralization has been encountered just beneath

the main Vermelhos orebodies of Toboggan and Sombrero highlighted by drill hole FVS-

165 that intersected 6.4 meters grading 5.03% copper including 2.0 meters grading 10.50%

copper and FVS-66 that intersected 9.0 meters grading 1.82% copper. These holes continue

to confirm the high potential beneath the main orebodies . Additional drilling of the

Vermelhos East Zone at depth, also at the Vermelhos Mine, continues to intersect high-

grade mineralization, highlighted by hole FVS -413 that intersected 8.4 meters grading

4.02% copper including 3.0 meters grading 8.83% copper.

Commenting on the results, Mike Richard, Chief Geological Officer, stated, “This is an exciting

time for our exploration programs. At the Pilar Mine Deepening Extension, we haven’t seen drill

holes of this thickness and grade since we acquired MCSA in 2016 and the latest results give us

confidence in the long- term future of the Pilar Mine , not only with respect to securing future

production, as we have been able to demonstrate in drill results thus far, but also with respect to

maintaining an elevated grade profile in the years to come – a critical objective of the Company.

Infill drilling of this newly identified zone will be a key area of focus of our 2020 drill program in

the Pilar Mine.

At Siriema, the discovery of nickel and platinum group metals (“ PGMs”) provides the first

empirical evidence of a massive sulphide zone that is characterized by pyrrhotite, chalcopyrite,

pentlandite plus PGMs and suggests that the deposits of the Curaçá Valley may be zoned from

copper rich to copper-nickel rich. This copper-rich to nickel-rich zonation is observed in many of

the world’s largest magmatic sulphide deposi ts. The recent discovery at Siriema has added

another dimension to our exploration effort and, in my mind, to the potential value of the Curaçá

Valley. It goes without saying that the results surrounding Siriema highlight why a significant

portion of our regional exploration efforts to date have focused within the Vermelhos District.

On the regional side , we are pleased to announce the discoveries at N1 South and Vermelhos

North in the Vermelhos District. Additionally, two rece nt holes in a completely new regional

target, known as Bota Cela, located in the Surubim District, have intersected near-surface copper

mineralization approximately 100 meters apart. Assay results are pending for these holes and

significantly more work is needed in this area. Overall, we see the discoveries of Siriema, N1

South, Vermelhos North and the early results at Bota Cela as positive signs that our systematic

regional exploration program is effective and we look forward to our exploration efforts in 2020

where we intend to allocate over 65% of total meters drilled on regional targets . In 2019, for

comparison, regional exploration will total less than 20% of all meters drilled.”

Twenty-five drill rigs are on site, fifteen of which are currently operating with the remaining ten

rigs temporarily demobilized for year -end maintenance. Operating drill rigs include four within

the Pilar District, six within the Vermelhos District, four operating on regional targets within the

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Surubim and Vermelhos Districts plus one operating east of the main Curaçá Valley tenements for

exploration permit renewal purposes . There is currently one additional underground drill rig

operating at the NX Gold Mine.

Expansions and e xtensions, as referenced herein, reflect mineralization not captured in the

Company’s mineral resource and mineral reserve models used in the current (2019) mineral

resource and reserv e estimate. There has been insufficient work and analysis surrounding new

discoveries, as referenced her ein, 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.

The drill holes outlined in this press release within the Vermelhos and Pilar 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).

SUMMARY

• Within the Pilar District, drilling during the period was focused on upgrade and exploration

programs within and adjacent to the Pilar Mine, including within the Deepening Extension

and Baraúna zones.

o In the Pilar underground mine, drilling in the Deepening Extension zone continues

to significantly extend the known extent of high-grade copper mineralization of the

mine both with respect to thickness and grade. The latest results during the period

are indicative of the emergence of a new high grade, mineralized chamber, or

“Superpod”, at depth and are highlighted by hole FC5616 that intersected 51.8

meters grading 3.49% copper including 33.4 meters grading 4.96% copper and hole

FC5615 that intersected 62.5 meters grading 1.65% copper including 26.1 meters

grading 2.37% copper. These results are com plemented by previously announced

intercepts of FC47142 that intersected 34.7 meters grading 2.29% copper including

18.6 meters grading 3.15% copper and hole FC47139 that intersected 7.1 meters

grading 6.50% copper including 4.1 meters grading 9.01% copper, both located on

section 47, approximately 400 meters south of the new intercepts on section 56

(please refer to the Company’s press release dated September 12, 2019 for

previously released holes).

o Drilling within the Baraúna zone continues to extend the area of known

mineralization to the south. To date, the main extent of mineralization has been

delineated over a north-south strike length of approximately 450 meters, varying

thickness of up to 30 meters and has been interpreted as extending from outcrop at

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the bottom of the open pit and connecting to mineralization at depth in the Pilar

Mine. Recent drilling located another 200 meters south of the historic open pit and

main Baraúna zone, as currently defined, continues to intersect near-surface copper

mineralization. While results to date in this area are low-grade disseminated

mineralization, additional geophysical work is ongoing to better refine high-grade

targeting in this zone.

• Within the Vermelhos Distric t, drill results during the period highlight the Company’s

ongoing efforts to extend the known limits of mineralization within the district through

further testing of the brecciated massive sulphide zone within the Siriema d eposit,

extensions of the main mineralized Vermelhos orebodies to depth, drill testing higher grade

extensions of the N8/N9 deposit (previously known as Vermelhos West / East ) and

expanding the ongoing regional exploration effort throughout the district including at two

new regional discoveries, Vermelhos North and N1 South, located at the far north and south

ends of the ten kilometer Vermelhos System, respectively.

o Within the Siriema deposit, new drilling combined with multi-element analysis of

previously announced drill holes intersecting a brecciated massive-sulphide zone

at the Siriema deposit, or the “Keel Zone”, have returned nickel, cobalt and

3PGE+Au values. This is the first evidence in the history of the Curaçá Valley of a

consistent zone of elevated nickel and PGMs. To date, the zone has been identified

over 150 meters in strike length, 105 meters down plunge and over an average

thickness of approximately 10 meters. Results during the period are highlighted by

hole FSI-40 that intersected 9.1 meters grading 2.66% copper, 1.74% nickel, 0.07%

cobalt and 1.46 grams per tonne 3PGE+Au including 5.6 meters grading 3.37%

copper, 2.59% nickel, 0.10% cobalt, and 2.08 grams per tonne 3PGE+Au.

Additional highlights include the multi- element results received during the period

from the previously announced copper intercepts in hole FSI -42, which were

selected for multi-element analysis. The multi-element intercepts of FSI-42 include

31.8 meters grading 2.22% copper, 0.40% nickel, 0.02% cobalt and 0.60 grams per

tonne 3PGE+Au including 5.0 meters grading 5.63% copper, 0.90% nickel, 0.04%

cobalt and 1.97 grams per tonne 3PGE+Au ( please refer to the Company’s press

release dated September 12, 2019 for previously released copper intercepts).

o New drilling to test the continuity of mineralization beneath the main Vermelhos

orebodies of Toboggan and Sombrero continues to yield promising results that

highlight the potential for continuity of the mineralized zones at depth. Results

during the period are highlighted by hole FVS -165 that intersected 6.4 meters

grading 5.03% copper including 2.0 meters grading 10.50% copper and FVS -66

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that intersected 9.0 meters grading 1.82% copper. Additional down-hole EM work

targeting increased thicknesses of these zones at depth remains ongoing.

o Drilling to depth within the Vermelhos East Zone continues to intersect high-grade

mineralization, highlighted by hole FVS -413 that intersected 8.4 meters grading

4.02% copper including 3.0 meters grading 8.83% copper . This intercept, along

with previously announced drill results in hole FVS -432 that intersected 27.6

meters grading 1.95% copper and 7.0 mete rs grading 4.48% copper including 3.0

meters grading 8.02% copper are all located approximately 450 meters below

surface, and continue to define several high-grade lenses within the Vermelhos East

Zone. To date, the zone has been interpreted as a series o f lenses extending from

surface oxides to a depth of approximately 550 meters and it remains open to depth

and along strike (please refer to the Company’s press release dated September 12,

2019 for previously released holes).

o Recent drilling also focused on extending the current mineral resource limits of the

N8 and N9 deposits, modeled as two discrete orebodies in the current mineral

reserve estimate, in an effort to extend the known limits of mineralization in these

deposits. During the period, 17 reverse circulation “RC” holes were drilled at N9

and 7 core holes were drilled at N8 outside of the current mineral resource s and

reserves. Results are highlighted by hole CRN9- 23 that intersected 17.0 meters

grading 1.82% copper in cluding 8.0 meters grading 2.59% copper at N9. Follow-

up core drilling and down- hole EM surveys within the immediate area of the se

holes is planned to further determine the extent of mineralization and whether zones

of high-grade massive sulphide mineralization may emerge.

o Regionally within the Vermelhos District, two new discoveries were made during

the period, located at the northern and southern ends of the ten kilometer Vermelhos

System trend. Similar to prior regional targets, the near surfac e extent of

mineralization within these zones has initially been defined using RC drilling. The

Company will continue to test these target areas using a combination of core drilling

and down- hole EM surveys, targeting high- grade zones within these new

discoveries.

 N1 South is locate d at the southern end of the ten kilometer Vermelhos

System. To date, the mineralized zone has been identified over 250 meters

in north-west south-east strike length, approximately 100 meters wide along

section and from surface to a depth of up to 200 meters . Results are

highlighted by hole CRN1- 08 that intersected 20.0 meters grading 0.92%

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copper including 7.0 meters grading 1.77% copper from 52.0 meters

downhole.

 Vermelhos North is located at the northern end of the ten kilometer

Vermelhos System. To date, the mineralized zone has been identified over

700 meters in north-south strike length, approximately 50 to 150 meters

wide along section, and up to 350 meters below surface. Results are

highlighted by hole CRN10-02 that intersected 14.0 meters grading 1.01%

copper including 5.0 meters grading 1.98% copper from 143.0m downhole.

• At the Company’s 97.6% owned NX Gold Mine, one underground exploration drill rig is

focused on upgrading and extending the previously announced Santo Antonio discovery

(see press release dated April 18, 2019) where current mine development is ongoing.

Results of all previously announced drill results will be incorporated into the Company’s

updated NI 43-101 compliant mineral resource and reserve estimate and new life of mine

plan expected to be released prior to year-end.

PILAR DISTRICT

The Pilar District encompasses the area surrounding the Pilar underground mine, Caraíba Mill

complex and the past producing Pilar open pit and R22 Mines. Four drill rigs are currently focused

on resource upgrade and exploration programs within the Pilar Mi ne. Previously operating drill

rigs in the district have been temporarily idled for year-end maintenance.

During the period, the Company re -prioritized drilling of the Deepening Extension where a new

set of deep drill holes, drilled down plunge to the north have intersected thick and high- grade

mineralization indicative of a newly identified mineralized chamber, or “Superpod”, in the

Deepening. In addition, drilling of the Baraúna and Sout h Extension zones continued to confirm

extensions of mineralization within these zones.

The Deepening Extension

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

Mine between level -725 and level - 1300 approximately 1,200 meters to 1,750 meters below

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

(completed to level -925).

Underground drilling during the period continued work that commenced in mid- 2019 to re -

prioritize testing of the known extent of mineralization within the zone, including down- plunge

exploration drilling beneath the deepest known extents of mineralization within the Pilar Mine.

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Drilling captured in the Company’s previously announced third quarter e xploration update,

focused primarily on the central and southern sections of the Deepening Extension zone while

drilling during the current period focused on the northern sections. The results during the period

are among the most significant holes on a gra de-meter basis drilled by the Company in the Pilar

Mine since acquisition of the Vale do Curaçá Property in 2016. Results are highlighted by hole

FC5616 that intersected 51.8 meters grading 3.49% copper including 33.4 meters grading 4.96%

copper and hole FC5615 that intersected 62.5 meters grading 1.65% copper including 26.1 meters

grading 2.37% copper. These results are complemented by the previously announced intercepts of

FC47142 that intersected 34.7 meters grading 2.29% copper including 18.6 meters grading 3.15%

copper and hole FC47139 that intersected 7.1 meters grading 6.50% copper including 4.1 meters

grading 9.01% copper, both located on section 47, approximately 400 meters south of the new

intercepts on section 56 (please refer to the Company ’s press release dated September 12, 2019

for previously released holes).

Exploration results from the Deepening Extension supports that the Pilar Mine is open at depth,

where high-grade mineralization continues to be encountered approximately 350 meters below the

deepest level of current development at the mine.

Please see Figure 1 for a north -south long section and Figure 2 for a level map showing collar

locations of Deepening Extension drilling within the Pilar Mine.

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

FC49144 419.5 426.5 7.0 4.58

including 422.5 426.5 4.0 6.00

and 432.4 440.2 7.8 3.31

FC5074 421.4 438.4 17.0 0.87

including 424.4 429.4 5.0 1.13

FC5615 363.6 426.1 62.5 1.65

including 400.0 426.1 26.1 2.37

FC5616 572.2 624.0 51.8 3.49

including 572.2 605.6 33.4 4.96

and 649.6 657.4 7.8 1.84

FC5618 405.4 460.4 55.0 1.14

including 422.4 448.4 26.0 1.55

also including 430.4 441.4 11.0 2.22

NSI indicates no significant intercept based on a three meter mining width and cut-off grade of 0.68% copper . Drill

holes were drilled from level -670 in the Pilar Mine. 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.

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Baraúna Zone

The Baraúna zone of the Pilar Mine has been delineated, to date, over a north -south strike length

of approximately 450 meters, varying thickness of up to 30 meters and from outcrop at the bottom

of the open pit connecting to mineralization at depth in the Pilar Mine. Drilling during the period

was focused on extending the known mineralization to the south towards surface as well as testing

the limits of mineralization south of the main Baraúna zone. For planning purposes, drilling of the

zone is focused on an area that, on average, extends 110 meters beneath the southern limit of the

open pit mine (the pit floor is located approximately 230 meters below surface at its deepest).

Drilling was performed from surface targeting mineralization beneath the southern portion of the

open pit mine and extensions of mineralization to the south. The results are highlighted by hole

FC1923 that intersected 31.8 meters grading 0.83% copper including 7.0 meters grading 1.31%

copper immediately beneath the south pit wall and FC0901 that intersected 4.5 meters grading

0.44% copper from 19.6 meters down hole, approximately 200 meters south of the known limit of

mineralization within the Pilar Mine. While results to date in this area are low-grade disseminated

mineralization, additional geophysical work is ongoing to better refine high-grade targeting in this

zone.

Please see Figure 3 for a north-south long section of the Baraúna zone and Figure 4 for a plan map

showing collar locations.

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

FC0901 19.6 24.1 4.5 0.44

FC1206 5.0 17.0 12.0 0.19

and 53.6 67.6 14.0 0.19

and 70.3 78.3 8.0 0.18

and 131.4 140.5 9.1 0.67

including 135.0 137.3 2.3 1.12

and 144.3 147.2 3.0 0.65

and 153.9 159.9 6.0 0.22

and 173.6 178.2 4.6 0.22

and 181.8 188.6 6.8 0.26

and 192.7 202.6 9.9 0.34

FC1208 NSI NSI NSI NSI

FC1323 111.4 135.4 24.0 0.23

and 140.1 156.7 16.6 0.23

and 166.2 170.9 4.7 0.20

FC1324 NSI NSI NSI NSI

FC1533 NSI NSI NSI NSI

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