ERO.TO · 2025-05-05 12:00:00

Ero Copper Reports First Quarter 2025 Operating and Financial Results

Financials

May 5, 2025

(all amounts in US dollars, unless otherwise noted)

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

“Company”) is pleased to announce its operating and financial results for t he three months

ended March 31, 2025 . Management will host a conference call tomorrow, Tuesday, May 6,

2025, at 11:30 a.m. Eastern time to discuss the results. Dial-in details for the call can be

found near the end of this press release.

HIGHLIGHTS

• Consolidated first quarter copper production was 12,424 tonnes, reflecting the

continued commissioning and ramp-up of the Tucumã Operation.

◦ The Tucumã Operation produced 5,067 tonnes of copper in concentrate, with

more than half of production occurring in March following the completion of

planned maintenance in January and February.

◦ The Caraíba Operations produced 7,357 tonnes of copper in concentrate at an

average C1 cash cost(*) of $2.22 per pound.

• Gold production during the quarter was 6,638 ounces at an average C1 cash cost(*) and

All-in Sustaining Cost ("AISC")(*) of $1,100 and $2,228 per ounce, respectively.

• Quarterly financial performance reflected higher metals prices and increased

production from the Tucumã Operation, which contributed to quarter-on-quarter

improvements in net income and adjusted EBITDA(*)

◦ Net income attributable to the owners of the Company of $80.2 million ($0.77

per share on a diluted basis).

◦ Adjusted net income attributable to the owners of the Company (*) of $35.8

million ($0.35 per share on a diluted basis).

◦ Adjusted EBITDA(*) of $63.2 million.

(*) These are non-IFRS measures and do not have a standardized meaning prescribed by IFRS and might not be comparable to

similar financial measures disclosed by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its

Management’s Discussion and Analysis for the three months ended March 31, 2025 and the Reconciliation of Non-IFRS

Measures section at the end of this press release.

TSX: ERO

NYSE: ERO

1 Ero Copper Corp

• In March 2025, the Company entered into an agreement with RGLD Gold AG, a

wholly-owned subsidiary of Royal Gold Inc., that effectively extend s the gold delivery

threshold under the June 2021 Precious Metals Purchase Agreement (the "Xavantina

Gold Stream") from 93,000 to 160,000 ounces before the stream percentage

decreases from 25% to 10% of gold produced over the remaining life of mine. I n

exchange, the Company received $50 million in upfront cash, bringing total proceeds

under the streaming agreements to $160 million. For more information, please see the

Company's press release dated March 31, 2025.

• At quarter-end, available liquidity was $115.6 million, including $80.6 million in cash

and cash equivalents and $35.0 million of undrawn availability under the Company's

senior secured revolving credit facility ("Senior Credit Facility").

• The Company is reaffirming its 2025 production, operating cost and capital

expenditure guidance.

◦ The Tucumã Operation remains on track to achieve commercial production in H1

2025, following the successful completion of repairs to and commissioning of

the third tailings filter in April 2025.

◦ At the Caraíba Operations, the Company achieved targeted mining rates at the

Pilar Mine in March 2025 and completed mobilization of a second underground

development contractor during the quarter. These milestones are expected to

support sequential growth in production volumes through the rest of the year.

◦ At the Xavantina Operations, o ngoing investments in mine modernization and

mechanization are anticipated to support sequential increases in mined and

processed volumes through the remainder of the year. Gold grades are also

expected to improve, supporting higher production levels and lower unit costs.

Makko DeFilippo, President and Chief Executive Officer, commented: "We remain laser-

focused on the execution of our 2025 strategy and are encouraged by the positive momentum

across our portfolio, evidenced by strong late-quarter performance, particularly at Tucumã.

"At Caraíba, mining rates at the Pilar Mine are now tracking to plan, supported by the

successful mobilization of a second development contractor during the quarter - an important

step toward improving operational flexibility for the balance of the year. At Xavantina, our

capital investments in growth and asset integrity, which we are advancing through our

partnership with Royal Gold, are showing early signs of success. In parallel, we continue to

advance the step-change growth opportunity we see at Furnas, where drilling is progressing

well with eight rigs currently operating on site.

"With a portfolio of high-margin, high-growth assets and exposure to a commodity essential

for the future, our fundamentals are strong. We are focused on making 2025 a record year of

copper production at Ero, investing in innovation and operational flexibility to improve

margins, and advancing long-term value creation at Furnas."

TSX: ERO

NYSE: ERO

2 Ero Copper Corp

FIRST QUARTER REVIEW

The Caraíba Operations

• Copper production totaled 7,357 tonnes, reflecting lower planned mined and

processed copper grades during the quarter. This resulted in an average C1 cash cost (*)

of $2.22 per pound.

• The Company completed the mobilization of a second underground development

contractor and achieved targeted mining rates at the Pilar Mine in March 2025, which

are expected to be maintained through the rest of the year.

The Tucumã Operation

• Commissioning and ramp-up of the Tucumã Operation progressed during Q 1 2025,

with a 32% quarter-on-quarter increase in ore tonnes processed. More than half of the

quarter's total throughput and production was achieved in March, following the

completion of maintenance activities aimed at addressing bottlenecks identified in Q4

2024.

• The plant processed 294,314 tonnes during the quarter. C opper head grades and

metallurgical recovery rates averaged 2.18% and 89.4%, respectively, resulting in

production of 5,067 tonnes of copper in concentrate, after accounting for a build in

work-in-progress inventory.

• In April 2025, the Company successfully completed repairs to and commissioning of

the third tailings filter, with commercial production on track to be achieved in H1 2025.

• C1 cash costs for the Tucumã Operation will be reported following the achievement of

commercial production.

The Xavantina Operations

• Quarterly gold production totaled 6,638 ounces, reflecting lower mined and processed

grades despite an increase of 27.2% in tonnes mined and processed. As a result, C1

cash costs(*) and AISC(*) averaged $1,100 and $2,228 per ounce, respectively.

• While decreased production levels were anticipated, grades encountered within

planned operational levels were slightly lower than expected. Additional ground

support was also required in several newly developed higher-grade levels of the Santo

Antônio vein, delaying mining activities within these areas and further impacting

quarterly production.

(*) These are non-IFRS measures and do not have a standardized meaning prescribed by IFRS and might not be comparable to

similar financial measures disclosed by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its

Management’s Discussion and Analysis for the three months ended March 31, 2025 and the Reconciliation of Non-IFRS

Measures section at the end of this press release.

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NYSE: ERO

3 Ero Copper Corp

OPERATING HIGHLIGHTS

2025 - Q1 2024 - Q4 2024 - Q1

Copper (Caraíba Operations)

Ore Mined (tonnes) 696,239 713,980 788,332

Ore Processed (tonnes) 692,901 719,942 853,371

Grade (% Cu) 1.18 1.30 1.08

Recovery (%) 90.2 91.8 88.1

Cu Production (tonnes) 7,357 8,566 8,091

Cu Production (000 lbs) 16,219 18,883 17,838

Cu Sold in Concentrate (tonnes) 6,949 8,420 9,461

Cu Sold in Concentrate (000 lbs) 15,318 18,563 20,859

Cu C1 cash cost(1)(2) $ 2.22 $ 1.85 $ 2.30

Copper (Tucumã Operation)

Ore Mined (tonnes) 328,291 1,065,108 —

Ore Processed (tonnes) 294,314 223,013 —

Grade (% Cu) 2.18 2.17 —

Recovery (%) 89.4 89.1 —

Cu Production (tonnes) 5,067 4,317 —

Cu Production (000 lbs) 11,171 9,516 —

Cu Sold in Concentrate (tonnes) 5,168 3,750 —

Cu Sold in Concentrate (000 lbs) 11,393 8,268 —

Gold (Xavantina Operations)

Ore Mined (tonnes) 33,228 26,119 37,834

Ore Processed (tonnes) 33,228 26,120 37,834

Grade (g / tonne) 6.87 11.18 16.38

Recovery (%) 90.8 92.8 91.5

Au Production (oz) 6,638 8,936 18,234

Au Sold (oz) 5,834 11,106 16,853

Au C1 cash cost(1) $ 1,100 $ 744 $ 395

Au AISC(1) $ 2,228 $ 1,691 $ 797

(1) EBITDA, adjusted EBITDA, adjusted net income (loss) attributable to owners of the Company, adjusted net income (loss)

per share attributable to owners of the Company, net (cash) debt, working capital, copper C1 cash cost, copper C1 cash

cost including foreign exchange hedges, gold C1 cash cost and gold AISC are non-IFRS measures. These measures do

not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed

by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its Management’s Discussion and

Analysis for the three months ended March 31, 2025 and the Reconciliation of Non-IFRS Measures section at the end of

this press release.

(2) Copper C1 cash cost including foreign exchange hedges was $2.36 in Q1 2025 (Q1 2024 - $2.28).

TSX: ERO

NYSE: ERO

4 Ero Copper Corp

FINANCIAL HIGHLIGHTS

($ in millions, except per share amounts)

2025 - Q1 2024 - Q4 2024 - Q1

Revenues $ 125.1 $ 122.5 $ 105.8

Gross profit 55.5 52.4 31.2

EBITDA(1) 117.9 (31.4) 17.8

Adjusted EBITDA(1) 63.2 59.1 43.3

Cash flow from operations 65.4 60.8 17.2

Net income (loss) 80.6 (48.9) (6.8)

Net income (loss) attributable to owners of the Company 80.2 (48.9) (7.1)

Per share (basic) 0.77 (0.47) (0.07)

Per share (diluted) 0.77 (0.47) (0.07)

Adjusted net income attributable to owners of the Company(1) 35.8 17.4 16.8

Per share (basic) 0.35 0.17 0.16

Per share (diluted) 0.35 0.17 0.16

Cash, cash equivalents, and short-term investments 80.6 50.4 51.7

Working capital (deficit)(1) 10.2 (69.9) (28.6)

Net debt(1) 561.8 551.8 415.1

(1) EBITDA, adjusted EBITDA, adjusted net income (loss) attributable to owners of the Company, adjusted net income (loss)

per share attributable to owners of the Company, net (cash) debt, working capital, copper C1 cash cost, copper C1 cash

cost including foreign exchange hedges, gold C1 cash cost and gold AISC are non-IFRS measures. These measures do

not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures

disclosed by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its Management’s

Discussion and Analysis for the three months ended March 31, 2025 and the Reconciliation of Non-IFRS Measures

section at the end of this press release.

TSX: ERO

NYSE: ERO

5 Ero Copper Corp

2025 PRODUCTION AND COST GUIDANCE(*)

Consolidated copper production for 2025 is expected to increase sequentially each quarter,

with full-year production projected to range between 75,000 and 85,000 tonnes. At the

Tucumã Operation, production is anticipated to increase sequentially throughout the year,

with higher mill throughput volumes expected to offset a gradual decline in processed copper

grades. At the Caraíba Operations, the Company achieved targeted mining rates at the Pilar

Mine in March 2025 and completed the mobilization of a second underground development

contractor during the quarter. As a result, higher mined and processed tonnage is expected to

be sustained for the remainder of the year.

At the Xavantina Operations, the Company is also reaffirming production guidance of 50,000

to 60,000 ounces with higher processed tonnage and improved gold grades projected to

support increased gold production and lower unit operating costs through the balance of the

year.

Consolidated Copper Production (tonnes)

Caraíba Operations 37,500 - 42,500

Tucumã Operation 37,500 - 42,500

Total Copper 75,000 - 85,000

Consolidated Copper C1 Cash Cost(1) Guidance

Caraíba Operations $2.15 - $2.35

Tucumã Operation $1.05 - $1.25

Consolidated Copper Operations $1.55 - $1.80

The Xavantina Operations

Au Production (ounces) 50,000 - 60,000

Gold C1 Cash Cost(1) Guidance $650 - $800

Gold AISC(1) Guidance $1,400 - $1,600

Note: Guidance is based on estimates and assumptions including, but not limited to, mineral reserve estimates, grade and

continuity of interpreted geological formations and metallurgical recovery performance. Please refer to the Company’s

SEDAR+ and EDGAR filings, including the most recent Annual Information Form ("AIF"), for a detailed summary of risk

factors.

(1) Please refer to the section titled "Alternative Performance (Non-IFRS) Measures" within the MD&A.

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NYSE: ERO

6 Ero Copper Corp

2025 CAPITAL EXPENDITURE GUIDANCE(*)

Capital expenditure guidance remains unchanged at a range of $230 to $270 million,

excluding capitalized ramp-up costs prior to the declaration of commercial production at the

Tucumã Operation.

Figures presented in the table below are in USD millions.

Caraíba Operations $165 - $180

Tucumã Operation(1) $30 - $40

Xavantina Operations $25 - $35

Furnas Copper-Gold Project and Other Exploration $10 - $15

Total $230 - $270

Note: Guidance is based on certain estimates and assumptions, including but not limited to, mineral reserve estimates, grade

and continuity of interpreted geological formations and metallurgical performance. Please refer to the Company’s most

recent Annual Information Form and Management of Risks and Uncertainties in the MD&A for complete risk factors.

(1) Excludes capitalized ramp-up costs prior to the declaration of commercial production at the Tucumã Operation.

TSX: ERO

NYSE: ERO

7 Ero Copper Corp

CONFERENCE CALL DETAILS

The Company will hold a conference call on Tuesday, May 6, 2025 at 11:30 am Eastern time

(8:30 am Pacific time) to discuss these results. A results presentation will be available for

download via the webcast link and in the Presentations section of the Company's website on

the day of the conference call.

Date: Tuesday, May 6, 2025

Time: 11:30 am Eastern time (8:30 am Pacific time)

Dial in:

Canada/USA Toll Free: 1-833-752-3380

International: +1-647-846-2821

Please dial in 5-10 minutes prior to the start of the call or pre-register

using this link to bypass the live operator queue.

(https://dpregister.com/sreg/10197761/feb2f3e007)

Webcast:

To access the webcast, click here.

(https://event.choruscall.com/mediaframe/webcast.html?

webcastid=uEfitmx3)

Replay:

Canada/USA: 1-855-669-9658, International: +1-412-317-0088

For country-specific dial-in numbers, click here.

(https://services.choruscall.com/ccforms/replay.html)

Replay Passcode: 4434787

TSX: ERO

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8 Ero Copper Corp

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