ERO.TO · 2026-05-04 12:00:00

Ero Copper Reports First Quarter 2026 Operating and Financial Results

Financials

May 4, 2026

(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, 2026 . Management will host a conference call tomorrow, Tuesday, May 5,

2026, 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 Q1 copper production totaled 17,287 tonnes in concentrate at C1 cash

costs(1) of $2.39 per pound produced.

• Quarterly gold production was 5,495 ounces at C1 cash costs (1) and All-in Sustaining

Costs ("AISC")(1) of $2,120 and $4,441 per ounce, respectively. Gold sales in the period

totaled 10,330 ounces, including 4,311 ounces sold in gold concentrate.

• Quarterly financial results reflect solid operating performance across the Company's

copper operations and necessary ventilation circuit and cooling upgrades that were

undertaken at the Xavantina Operation during the period.

◦ Net income attributable to the owners of the Company for the quarter was

$108.8 million ($1.04 per share on a diluted basis).

◦ Adjusted net income attributable to the owners of the Company (1) for the

quarter was $72.4 million ($0.69 per share on a diluted basis).

◦ Cash flow from operations for the first quarter was $92.8 million.

◦ Adjusted EBITDA(1) was $125.2 million.

• Net debt (1) at quarter-end was $490.7 million , a reduction of approximately $11.0

million from year-end 2025 and approximately $71.1 million from March 31, 2025.

This contributed to a further reduction in t he Company's net leverage ratio to

approximately 1.0x(2) at quarter-end, demonstrating continued progress against

deleveraging priorities.

• Available liquidity(1) at quarter-end was $146.2 million, including $91.2 million in cash

and cash equivalents and $55.0 million of undrawn availability under the Company's

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

(1) 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, 2026 and the Reconciliation of Non-

IFRS Measures section at the end of this press release.

(2) The Company's net debt leverage ratio as of March 31, 2026 of 1.0x was calculated as net debt of $490.7 million

divided by trailing 12-month adjusted EBITDA of $471.7 million.

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• The Company is reaffirming its 2026 production, operating cost, and capital

expenditure guidance.

◦ At the Caraíba Operations, full-year production is expected to be H2 weighted

on higher processed grades from planned mine sequencing and higher plant

throughput relative to H1 2026 with unit operating costs expected to decline

with higher production levels.

◦ At the Tucumã Operation, higher mill throughput is expected through the

balance of the year relative to Q1 2026, partially offset a planned moderation in

mined and processed copper grades with unit costs expected to remain within

the full-year guidance range.

◦ At the Xavantina Operations, completion of necessary upgrades to the mine's

ventilation and cooling infrastructure is expected to support increased mining

rates at improved grades through the remainder of the year. Full-year

production is expected to be H2 weighted, and consequently unit costs are

expected to decline in conjunction with higher production levels. Gold

concentrate sales are expected to benefit meaningfully from dryer conditions as

the rainy season ends, with average quarterly rainfall at Xavantina typically

declining from approximately 650 to 700 millimeters in Q1 to approximately 60

millimeters in Q2 and Q3, significantly reducing drying times and supporting

higher concentrate sales volumes through the remainder of the year.

◦ Full-year capital expenditure guidance is maintained at $275 to $320 million.

• At the Furnas Copper-Gold Project ("Furnas" or the "Project"), the Company completed

over 12,000 meters of drilling during the quarter as part of the planned 50,000-meter

2026 drill program. Site activities during the quarter also included the continued

advancement of engineering, environmental, and permitting workstreams. The

Company expects to issue a project update on Furnas in mid-2026 covering, among

others, exploration drill results since the completion of an inaugural Preliminary

Economic Analysis ("PEA") on the Project.

"Our copper operations delivered a solid start to the year, and our Xavantina Operation

undertook necessary ventilation and cooling circuit upgrades and subsequent tie-in that,

together with the mechanization work completed in 2025, we expect will allow Xavantina to

continue to deliver well into the future, particularly since the deposit remains completely

open at depth,” said Makko DeFilippo, President and Chief Executive Officer. “Since this time

last year, we have made considerable progress on our transformation objectives across the

business, and I am pleased with our Q1 performance. While we are not immune from

industry-wide cost pressures, our operations are performing well, metal prices remain

constructive and our balance sheet continues to strengthen with net debt down meaningfully

year-over-year. During Q1, we published the PEA on Furnas, outlining the Company's next

significant phase of growth. As we continue to drive Furnas forward, we are translating years

of investment into cash flow generation resulting in meaningful deleveraging - our highest

capital-allocation priority."

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FIRST QUARTER REVIEW

The Caraíba Operations

• The Caraíba Operations produced 8,826 tonnes of copper in concentrate during the

quarter at a C1 cash cost(1) of $2.79 per pound produced.

• Quarterly production reflected lower processed grades due to stope sequencing at the

Pilar Mine and reduced contribution from the Surubim open pit, where mined volumes

during the quarter were affected by seasonal rainfall during January and February.

The Tucumã Operation

• The Tucumã Operation produced 8,461 tonnes of copper in concentrate during the

period at a C1 cash cost(1) of $1.97 per pound produced.

• Production during the period reflected a planned moderation in processed copper

grades, partially offset by higher plant throughput following the completion in Q4

2025 of planned mill liner replacement maintenance originally scheduled for Q1 2026.

• The Company is advancing an expansion of tailings filtration capacity at the Tucumã

Operation. The associated capacity and plant throughput benefits, which remain on-

track for Q4 2026, have not been incorporated into full-year 2026 guidance.

The Xavantina Operations

• The Xavantina Operations produced 5,495 ounces of gold at a C1 cash cost (1) of

$2,120 per ounce and AISC (1) of $4,441 per ounce. Unit costs during the quarter

reflected the lower production levels associated with the scheduled ventilation and

cooling infrastructure work.

• Gold production during the period reflected necessary ventilation and cooling

infrastructure upgrades and tie-in to the existing infrastructure. This investment,

substantially complete at the end of April, will enable higher development and mining

rates going forward as the mine continues to advance to depth, where the deposit

remains open.

• Quarterly gold sales totaled 10,330 ounces, including 4,311 ounces sold in gold

concentrate. Concentrate drying times during the quarter were extended by heavy

seasonal rainfall. With dryer conditions following the end of the rainy season, gold

concentrate sales volumes are expected to be higher over the remainder of the year.

(1) 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, 2026 and the Reconciliation of Non-

IFRS Measures section at the end of this press release.

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OPERATING HIGHLIGHTS

2026 - Q1 2025 - Q4 2025 - Q1

Copper (Caraíba Operations)

Ore Mined (tonnes) 985,577 1,225,017 696,239

Ore Processed (tonnes) 1,072,209 1,174,732 692,901

Grade (% Cu) 0.93 1.00 1.18

Recovery (%) 88.3 88.7 90.2

Cu Production (tonnes) 8,826 10,431 7,357

Cu Production (000 lbs) 19,459 22,995 16,219

Cu Sold in Concentrate (tonnes) 9,205 10,404 6,949

Cu Sold in Concentrate (000 lbs) 20,294 22,938 15,318

Cu C1 cash cost(1) $ 2.79 $ 2.27 $ 2.22

Copper (Tucumã Operation)

Ore Mined (tonnes) 456,684 1,199,067 328,291

Ore Processed (tonnes) 563,717 517,246 294,314

Grade (% Cu) 1.66 1.93 2.18

Recovery (%) 88.3 90.5 89.40

Cu Production (tonnes) 8,461 9,275 5,067

Cu Production (000 lbs) 18,652 20,449 11,171

Cu Sold in Concentrate (tonnes) 8,751 9,729 5,168

Cu Sold in Concentrate (000 lbs) 19,292 21,450 11,393

Cu C1 cash cost(1)(2) $ 1.97 $ 1.75 $ —

Gold (Xavantina Operations)

Ore Mined (tonnes) 32,820 55,655 33,228

Ore Processed (tonnes) 37,128 53,256 33,228

Grade (g / tonne) 5.66 9.98 6.87

Recovery (%) 81.3 79.6 90.8

Au Production (oz) 5,495 13,837 6,638

Au Sold in doré (oz) 6,019 13,401 5,834

Gold Sold in Concentrate (oz)(3) 4,311 12,754 —

Gold Sold (oz) 10,330 26,155 5,834

Au C1 cash cost(1) 2,120 766 1,100

Au AISC(1) 4,441 1,702 2,228

(1) 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, 2026 and the Reconciliation of Non-IFRS Measures section at the end of this press

release.

(2) The Company declared commercial production at the Tucumã Operation effective July 1, 2025. As such, YTD 2025

copper C1 cash cost for the Tucumã Operation reflects costs from Q3 2025 onward only.

(3) Gold sold in concentrate includes gold ounces produced from the CIL circuit and the pond.

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FINANCIAL HIGHLIGHTS

($ in millions, except per share amounts)

2026 - Q1 2025 - Q4 2025 - Q1

Revenues $ 263.2 $ 320.2 $ 125.1

Gross profit 105.9 164.4 55.5

EBITDA(1) 175.5 151.8 117.9

Adjusted EBITDA(1) 125.2 186.7 63.2

Cash flow from operations 92.8 129.1 65.4

Net income 109.3 78.7 80.6

Net income attributable to owners of the Company 108.8 77.0 80.2

Per share (basic) 1.04 0.74 0.77

Per share (diluted) 1.04 0.74 0.77

Adjusted net income attributable to owners of the Company(1) 72.4 108.4 35.8

Per share (basic) 0.69 1.04 0.35

Per share (diluted) 0.69 1.04 0.35

Cash, cash equivalents, and short-term investments 91.2 105.4 80.6

Working capital(1) 66.2 15.5 10.2

Net debt(1) 490.7 501.7 561.8

(1) 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, 2026 and the Reconciliation of Non-IFRS Measures section at the end of this press

release.

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2026 PRODUCTION AND COST GUIDANCE

Consolidated copper production guidance is maintained at 67,500 to 77,500 tonnes. Full-year

copper production is expected to be second-half weighted at both the Caraíba and Tucumã

Operations. Production at Caraíba in Q2 is expected to be broadly similar to Q1 before

increasing in H2 2026, driven by higher processed grades from planned mine sequencing

along with higher throughput levels. Production at Tucumã is expected to be modestly higher

in H2 2026 on higher plant throughput, partially offset by lower planned copper grades.

Consolidated copper C1 cash cost (1) guidance is maintained at $2.15 to $2.35 per pound

produced, with costs expected to be above the guidance range in H1 2026 and to decrease

sequentially through H2 2026 as processed grades at the Caraíba Operations increase.

At the Xavantina Operations, gold production from mining and processing operations is

expected to total 40,000 to 50,000 ounces in 2026, with mining rates, mill throughput and

processed grades projected to improve as the ventilation and cooling infrastructure becomes

fully operational (substantially complete at the end of April ). As a result, production at

Xavantina is expected to be weighted towards H2 2026.

Gold C1 cash cost (1) and AISC (1) guidance is maintained at $1,000 to $1,250 and $2,000 to

$2,500 per ounce, respectively. Unit costs are expected to be highest in Q1 and to decline

over the remaining quarters of the year as Xavantina's production volumes increase.

Gold concentrate sales volumes are expected to be lowest in Q1 due to the impact of heavy

seasonal rainfall on concentrate drying times and are expected to benefit from dryer

conditions through the remainder of 2026. Gold concentrate sales from historic stockpiles are

not included in Xavantina's guidance ranges, which capture only production from mining and

processing operations.

Consolidated Copper Production (tonnes)

Caraíba Operations 35,000 - 40,000

Tucumã Operation 32,500 - 37,500

Total Copper 67,500 - 77,500

Consolidated Copper C1 Cash Cost(1)

Caraíba Operations $2.30 - $2.50

Tucumã Operation $1.95 - $2.15

Consolidated Copper Operations $2.15 - $2.35

The Xavantina Operations

Au Production (ounces) 40,000 - 50,000

Gold C1 Cash Cost(1) ($/oz) $1,000 - $1,250

Gold AISC(1) ($/oz) $2,000 - $2,500

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 risks.

(1) Please refer to the section titled "Alternative Performance (Non-IFRS) Measures" within this Press Release.

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2026 CAPITAL EXPENDITURE GUIDANCE

Total capital expenditures guidance remains unchanged at a range of $275 to $320 million.

Figures presented in the table below are in USD millions.

Caraíba Operations $170 - $185

Tucumã Operation $35 - $45

Xavantina Operations $40 - $50

Furnas Copper-Gold Project, Other Exploration & Corporate $30 - $40

Total $275 - $320

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 AIF and Management of Risks and Uncertainties in the MD&A for complete risk factors.

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CONFERENCE CALL DETAILS

The Company will hold a conference call on Tuesday, May 5, 2026 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 5, 2026

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/10207291/1037ecd0ca7)

Webcast:

To access the webcast, click here.

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

webcastid=A9tf7UE9)

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: 2860523

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