ERO.TO · 2020-06-23 12:00:00

Ero Copper intersects 96.4 meters grading 3.97% copper including 60.6 meters grading 5.61% copper in the highest grade-meter intercept drilled to date in the Curaçá Valley

Drill Results

TSX: ERO

1 Ero Copper Corp

JUNE 23, 2020

Ero Copper intersects 96.4 meters grading 3.97% copper including 60.6 meters grading 5.61%

copper in the highest grade-meter intercept drilled to date in the Curaçá Valley

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 and its 97.6% owned NX Gold Mine located in

Mato Grosso State, Brazil . This update encompasses drill results received from March 2020

through early June 2020. Drilling during the period continued to focus on priority target areas

within the Pilar and Vermelhos Mines, the broader Curaçá Valley, as well as extensions of the

Santo Antonio Vein at the NX Gold Mine, all according to the drill program for the second quarter

of 2020, which continues to progress according to budget despite the COVID-19 pandemic.

HIGHLIGHTS

• Continued success in demonstrating high-grade continuity and wide-open potential at depth

within the Company’s ‘Superpod’ discovery below the known extent of the Pilar Mine, part

of the “Deepening Extension” zone. Results are highlighted by:

- FC5625: 96.4 mete rs grading 3.97% copper including 60.6 meters grading 5.61%

copper, the highest grade-meter intercept drilled by the Company at the Vale do Curaçá

Property to date;

- FC5367: 29.9 meters grading 5.90% copper , the deepest intercept drilled by the

Company in t he Pilar mine to -date, approximately 100 meters below the Company’s

previously announced deepest intercept;

- FC47165: 19.6 meters grading 3.61% copper including 10.0 meters grading 5.09%

copper, drilled approximately 265 meters and 400 meters south of hole FC5367 and

FC5625, respectively; and,

- mineralized intercepts within the Deepening Extension continue to demonstrate

continuity over approximately 800 meters in strike length and to depth over 500 meters

below the current level of the primary ramp. The zone remains open to the north and to

depth.

• New drilling, based on ongoing data compilation work, has demonstrated an extended zone

of thicker mineralization in an area previously modeled as discontinuous lenses within the

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2 Ero Copper Corp

northern known extent of the Pilar Mine. Mineralization in this area, known as “West Limb

North”, runs parallel and in close proximity to the mineralized lenses comprising the East

Limb and the planned mining stopes of P1P2W. The zone is located approximately 350

meters below surface and approximately 150 to 200 meters from the closest access point on

level +205 of the Pilar Mine . To date, the known extent of mineralization in this area has

been extended by over 40 meters in strike length, over a vertical extent of approximately 140

meters and over an average thickness of approximately 20 to 30 meters with local thicknesses

up to 60 meters. The zone remains open to the north. Results are highlighted by:

- FC48136: 113.4 meters grading 1.41% copper, including 67.2 meters grading 1.77%

copper, drilled obliquely to the domina nt orientation of mineralization in this area ,

demonstrating vertical continuity and localized thickening of mineralization within the

zone;

- FC5080: 24.8 meters grading 2.66% copper including 6.0 meters grading 5.47% copper;

- FC49169: 26.2 meters grading 2.40% copper including 5.0 meters grading 3.59%

copper;

- FC47159: 37.7 meter grading 1.76% copper including 12.4 meters grading 2.78%

copper; and,

- FC47158: 26.2 meters grading 1.93% copper.

• At the NX Gold Mine, drill results continue to demonstrate down-plunge extensions of the

high-grade mineralization of the Santo Antonio Vein. Results are highlighted by:

- SA77: 5.9 meters grading 5.09 grams per tonne, confirming a thicker core of

mineralization near previously announced hole s SA73 and SA70 (4.9 meters grading

10.21 grams per tonne gold and 4.9 meters grading 9.53 grams per tonne gold,

respectively), drilled approximately 30 to 50 meters down-plunge from the limits of the

current mineral resource; and,

- SA81: 2.8 meters grading 11.29 grams per tonne gold, located approximately 210 meters

down-plunge of the limit of the current inferred mineral resource . This is the deepest

intercept drilled in the Santo Antonio Vein to date and is located an additional 140

meters down-plunge from hole SA77.

• Regional work in the Curaçá Valley comprised of both exploration drilling and ground-based

geophysical work continues to remain focused on four newly interpreted mineral systems

within the portfolio of targets defined by the C ompany’s comprehensive targeting work.

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Each of the new systems has an average strike length of 5 kilometers and contains multiple

priority drill targets. While preliminary results are encouraging, additional detail on these

ongoing exploration programs continues to be expected during the second half of the year.

Commenting on the results, David Strang, President & CEO , stated, “The exploration results

highlighted in our second quarter update continue to build upon the success of several critical

exploration objectives we set out for the Company during the first half of 2020. These objectives

were centered upon continued demonstration of high- grade mineralization within the Deepening

Extension Zone of the Pilar Mine, extensions of mineralization at Vermelhos and Siriema and

extending the known limits of mineralization at the NX Gold Mine.

We continue to be extremely pleased with the results of drilling from the Deepening Extension

Project which now includes the best hole on a grade-meter basis we have drilled as a Company in

the Curaçá Valley, as well as new records for the deepest drill results at the Pilar Mine . Our

progress at Siriema remains encouraging as we continue to follow the mineralized conduit to depth

and to the north, and we are pleasantly surprised by the new drilling within the West Limb North

Zone, which appears to be outlining potential for a new, higher-grade zone of near surface

mineralization. In addition, the drilling on the Santo Antonio Vein at our NX Gold Mine continues

to expand the known extent of mineralization well outside of the current mineral resource.

The Curaçá Valley and the NX Gold Mine continue to deliver spectacular results and demonstrate

that many of our near -mine targets remain wide -open. The breadth of organic growth

opportunities available to the Company give us conf idence that our near -mine programs will

continue to deliver on our core objectives as we progress to more regional drilling during the

second half of the year. We continue to see the emergence of four key regional mineralized systems

on which we are focusing our regional exploration efforts in the near to medium-term.

As a testament to the quality of our operating and exploration teams in Brazil, the COVID -19

pandemic continues to have minimal impact on our planned exploration programs to date.

Additionally, in early June we began to see progress and the initial, yet incomplete, results for our

pending cobalt, gold and PGM assays at Siriema previously delayed due to global third-party

laboratory closures. We expect that we will obtain many of these delayed sample batches in the

coming months, provided these laboratories continue to remain open while we build this capability

in house for the future.”

Twenty-seven drill rigs are currently operating in the Curaçá Valley, including twelve within the

Pilar District, eleven in the Vermelhos District, and there are currently six drill rigs (including two

within the Vermelhos District) operating on regional exploration targets in the Curaçá Valley. Five

additional drill rigs are currently operating at the NX Gold Mine.

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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 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.

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).

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. Twelve drill rigs are currently

focused on resource upgrade and exploration programs within the Pilar Mine.

During the period, the Company has continued to prioritize drilling of the Deepening Extension

where the C ompany continues to confirm t hick and high- grade mineralization of a recently

identified mineralized chamber, or “Superpod”, within the Deepening Extension zone.

The Deepening Extension

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

Mine between level -725 and level - 1400 approximately 1,200 meters to 2,000 meters below

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

(completed to level -940). Drilling in the Deepening Extension zone continues to extend the known

limits of high-grade copper mineralization of the mine and has continued to intercept some of the

most significant holes on a grade-meter basis drilled in the Pilar Mine since acquisition of the Vale

do Curaçá Property in 2016, including the highest intercept on a grade -meter basis drilled in the

Curaçá Valley to date, confirming continuity within a high- grade, mineralized chamber, or

“Superpod”.

The Company has now identified a mineralized area within the Deepening Extension zone that

extends over approximately 800 meters in strike length, over a total depth of approximately 500

meters and over an average thickness of approximately 15 to 20 meters with localized thicknesses

in excess of 50 meters. Within the total strike length, a higher-grade continuous zone with a strike-

length of approximately 400 to 500 meters is emerging in the central and northern segments of the

target area. The zone remains open to the north and to depth. There are currently six underground

exploration drill rigs systematically drilling the defined exploration target area within the

Deepening Extension zone.

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New results during the period are highlighted by notable confirmatory a nd extensional drilling

within the high- grade target area . In the northern section of the target area, new results are

highlighted by hole FC5625 that intersected 96.4 meters grading 3.97% copper including 60.6

meters grading 5.61% copper, which is the highest grade-meter intercept drilled by the Company

to date. This results is complemented by previously released intercepts, also on section 56, of hole

FC5623 that intersected 21.8 meters grading 2.27% copper including 2.8 meters grading 7.76%

copper, 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.

Approximately 135 meters south of section 56, on section 53 in the center of the higher -grade

continuous zone, new drilling sought to test the known limits of the Deepening Extension zone to

depth. The results are highlighted by hole FC5367 that intercepted 29.9 meters grading 5.90%

copper including 6.0 meters grading 7.04% copper, which is the deepest intercept drilled by the

Company in the Pilar mine to-date and is located approximately 540 meters below the current level

of the primary ramp, and approximately 100 meters below the Company’s previously announced

deepest intercept in hole FC47144.

In the central portion of the Deepening Extension, located approximately 400 meters south of the

intercepts noted previously on section 56, new results are highlighted by hole FC47165 that

intersected 19.6 meters grading 3.61% copper including 10.0 meters grading 5.09% copper and

hole FC47169 that intersected 10.0 meters grading 6.27% copper including 5.0 meters grading

7.82% copper. Drill results in the central portion of the Deepening Exte nsion are complemented

by previously announced intercepts, also on s ection 47, in hole FC47163 that intersected 22.8

meters grading 3.18% copper including 10.6 meters grading 5.29% copper , hole FC47143 that

intersected 37.0 meters grading 1.49% copper incl uding 5.0 meters grading 2.92% copper , hole

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

December 3, 2019 and April 22, 2020 for previously announced Deepening Extension results).

Exploration results from the Deepening Extension during the period continue to provide evidence

that the Pilar Mine remains open to depth, w here high- grade mineralization continues to be

encountered, including the deepest intercept drilled in the Pilar Mine to date in hole FC5367. Due

to the limits of underground infrastructure to the north, the Company has commenced a surface

drill program utilizing directional drilling techn ology to evaluate the mineralized potential of the

Deepening Project north of section 57, the most northern extent of known mineralization to date.

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.

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

FC45168 131.7 135.0 3.3 2.71

FC45169 279.3 302.5 23.1 1.28

including 279.3 283.3 4.0 1.91

FC47165 481.8 501.4 19.6 3.61

including 483.3 493.3 10.0 5.09

FC47166 459.7 468.5 8.9 2.99

including 464.7 467.7 3.0 5.46

and 477.5 498.5 21.0 1.96

including 481.8 487.8 6.0 3.03

FC47169 501.8 511.8 10.0 6.27

including 505.8 510.8 5.0 7.82

and 577.1 584.6 7.5 2.40

including 577.7 579.6 2.0 6.53

and 594.6 599.9 5.3 2.60

and 634.9 653.9 19.0 1.07

and 689.9 720.5 30.6 1.29

FC47170 534.2 544.1 9.9 1.17

and 548.1 555.1 7.0 1.35

and 570.6 576.1 5.6 1.64

FC5364 NSI NSI NSI NSI

FC5366 609.7 617.2 7.5 3.09

FC5367 780.3 785.3 5.0 1.19

and 805.0 834.8 29.9 5.90

including 809.0 815.0 6.0 7.04

FC5621 619.4 628.9 9.4 3.62

FC5624 475.8 480.9 5.1 3.79

and 476.8 479.8 3.0 5.24

and 503.0 506.7 3.7 1.97

FC5625 600.1 696.5 96.4 3.97

including 615.8 676.5 60.6 5.61

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, level -740 and level -875 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 prev iously 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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West Limb North

Ongoing data compilation work combined with new drilling has resulted in the delineation of a

zone of thicker and continuous mineralization within the Pilar Min e at the northern extent of

known mineralization in an area previously modeled as low er grade, discrete and discontinuous

lenses. Mineralization in this area, known as West Limb North, runs parallel and in close proximity

to the mineralization and planned mining stopes of P1P2W on the East Limb of the Pilar Mine.

The zone is located approximately 350 meters below surface in the upper levels of the mine

(beneath the R22 open pit) and approximately 150 to 200 meters from the closest access point on

level +205 of the Pilar Mine. To date, new drilling has extended the known limits of mineralization

by over 40 meters in strike length, approximately 140 meters in vertical extent and over an average

thickness of approximately 20 to 30 meters with local thicknesses of up to 60 meters . The zone

remains open to the north.

Drilling during the period is highlighted by hole FC48136 that intersected 113.4 meters grading

1.41% copper, including 67.2 meters grading 1.77% copper . This hole was drilled at a new

orientation that is oblique relative to the dominant plunge of mineralization, demonstrating vertical

continuity and localized thickening of mineralization within the zone. In addition, several drill

holes, located approximately 45 meters north and 200 meters west of the intercept in hole

FC48136, were drilled perpendicular to the dominant plunge of mineralization and are indicative

of average true widths in this area. These results are highlighted by hole FC5080 that intersected

24.8 meters grading 2.66% copper including 6.0 meters at 5.47% copper , hole FC49169 that

intersected 26.2 meters grading 2.40% copper including 5.0 meters grading 3.59% copper , and

hole FC47159 that intersected 37.7 meter grading 1.76% copper including 12.4 meters grading

2.78% copper.

The potential significance of the new results within the West Limb North zone is that they define

new extensions of the planned mining stopes of P1P2W, a portion of which are currently being

prepared for mining. The proximity to surface and existing infrastructure in this area, allows for

mined tonnages to be either hauled to surface via the primary ramp, or trucked down- hill to the

underground crusher, both at relatively low transport cost and enhanced operational flexibility.

Please see Figure 3 for a north -south long section, Figure 4 for an east-west cross section and

Figure 5 for a level map showing collar locations of the West Limb North drilling within the Pilar

Mine.

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

FC47167 327.2 331.2 4.0 0.96

and 529.7 535.8 6.2 1.75

FC47171 496.4 520.0 23.5 1.59

FC47158 53.4 79.6 26.2 1.93

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

FC47159 5.0 9.1 4.1 1.10

and 77.1 114.8 37.7 1.76

including 86.4 98.8 12.4 2.78

FC47160 10.5 20.1 9.6 2.04

and 52.9 58.0 5.1 1.80

FC48136 93.3 206.8 113.4 1.41

including 105.5 172.7 67.2 1.77

FC49138 198.6 209.6 11.0 0.76

and 214.4 232.0 17.6 2.35

FC49139 179.9 186.9 7.0 1.80

FC48143 494.8 505.6 10.8 1.47

FC48149 NSI NSI NSI NSI

FC49143 170.5 175.4 4.9 1.75

FC49148 199.0 214.4 15.4 1.18

and 210.5 214.4 3.9 2.05

FC49155 296.0 301.0 5.0 1.39

and 307.0 311.0 4.0 0.77

and 328.0 367.6 39.5 1.23

including 365.0 367.6 2.6 5.15

and 461.2 471.2 10.0 1.26

FC49156 385.1 390.7 5.6 1.24

and 440.5 446.5 6.0 2.35

including 443.5 446.5 3.0 3.33

FC49163 NSI NSI NSI NSI

FC49165 318.4 342.6 24.3 1.53

and 459.1 470.9 11.8 1.20

FC49169 439.8 464.8 26.2 2.40

including 456.8 461.8 5.0 3.59

FC4983 313.1 317.4 4.3 0.92

and 320.4 330.4 10.0 1.94

including 322.3 324.7 2.4 3.57

FC5080 318.7 343.5 24.8 2.66

including 330.5 336.5 6.0 5.47

and 363.5 369.5 6.1 1.95

including 365.5 368.5 3.0 3.05

FC5088 267.0 279.0 12.0 1.50

and 364.3 367.7 3.4 1.72

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