ERO.TO · 2025-03-06 12:00:00

Ero Copper Reports Fourth Quarter and Full Year 2024 Operating and Financial Results

Financials

March 6, 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 and

twelve months e nded December 31, 2024 . Management will host a conference call

tomorrow, Friday, March 7, 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 fourth quarter copper production was a record 12,883 tonnes, bringing

full-year copper production to 40,600 tonnes in concentrate.

• Copper C1 cash costs (*) for the quarter and year at the Caraíba Operations were $1.85

and $1.97, respectively, per pound of copper produced.

• Fourth quarter and full-year gold production were 8,936 ounces and 57,210 ounces,

respectively.

• Gold C1 cash costs (*) for the quarter and year were $744 and $493, respectively, per

ounce of gold produced. All-in Sustaining Costs ("AISC") (*) for the same periods were

$1,691 and $1,006, respectively, per ounce.

• Strong financial results were driven by record copper production during the fourth

quarter and improved metal prices and operating margins for the full year.

◦ Cash flow from operations for the quarter and year were $60.8 million and

$145.4 million, respectively.

◦ Fourth quarter and full-year adjusted EBITDA (*) were $59.1 million and $216.2

million, respectively.

◦ Net loss attributable to the owners of the Company was $48.9 million ($0.47

per share on a diluted basis) for the quarter and $68.5 million ($0.66 per share

on a diluted basis) for the year.

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

quarter and year were $17.4 million ( $0.17 per share on a diluted basis) and

$80.4 million ($0.78 per share on a diluted basis), respectively.

(*) 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 year ended December 31, 2024 and the Reconciliation of Non-IFRS Measures

section at the end of this press release.

TSX: ERO

NYSE: ERO

1 Ero Copper Corp

• Available liquidity at year-end was $90.4 million, including $50.4 million in cash and

cash equivalents, $15.0 million of undrawn availability under the Company's senior

secured revolving credit facility ("Credit Facility"), and $25.0 million of undrawn

availability under the copper prepayment facility. In January 2025, the Company

amended its Credit Facility to enhance financial flexibility and support its larger

operational footprint. The amendment, which included an increase in aggregate

commitments from $150 million to $200 million, added $50 million of liquidity

subsequent to year-end. Other updates to the Credit Facility included:

◦ An extension of the maturity date from December 2026 to December 2028.

◦ Improved terms, including a 25-basis point reduction to the applicable margin

on drawn funds at certain leverage ratios.

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

expenditure guidance.

“The strategic investments we made to grow our business in 2023 and 2024 have positioned

us for a pivotal year ahead, with the Tucumã Operation set to drive transformational growth

in both copper production and cash flow from operations," said Makko DeFilippo, President

and Chief Executive Officer. "With important work completed during an extended

maintenance shutdown at Tucumã over the past several weeks, we are seeing consistency in

plant throughput and copper production and expect to see improved operational performance

going forward, as reflected in our 2025 guidance.

"We anticipate a record year by every measure for 2025 as we work diligently to complete

the ramp-up to commercial production at Tucumã and restore operational flexibility at

Caraíba. With a strong foundation in place, our focus is on delivering safe production, driving

innovation to improve margins, and creating long-term value for our stakeholders through the

advancement of Furnas over the months ahead."

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NYSE: ERO

2 Ero Copper Corp

FOURTH QUARTER AND FULL YEAR 2024 REVIEW

The Caraíba Operations

• Quarterly copper production totaled 8,566 tonnes, bringing full-year copper production

to 35,444 tonnes in concentrate.

• C1 cash costs(*) and operating margins continued to benefit from improved concentrate

treatment and refining charges secured in May 2024, as well as a more favorable USD

to BRL exchange rate. As a result, the Caraíba Operations reported C1 cash costs (*) of

$1.85 per pound of copper produced for the quarter and $1.97 per pound for the full

year.

• During the quarter, the Company engaged an additional development contractor to

support accelerated development rates and improved operational flexibility.

Mobilization of the additional contractor is expected to be complete by the end of Q1

2025.

The Tucumã Operation

• Ramp-up of the processing operations continued to deliver important progress during

the quarter as metallurgical recoveries and concentrate grades remained in line with

design targets, while throughput volumes steadily increased month-over-month.

• Production for the quarter was 4,317 tonnes of copper in concentrate, with plant

throughput totaling 223,013 tonnes and metallurgical recovery rates averaging 89.1%.

Full-year production totaled 5,156 tonnes in concentrate.

• Mining operations continued to progress ahead of schedule, contributing to run-of-

mine stockpiles available for processing in 2025.

• Scheduled mill downtime during the first quarter to improve consistency of operations

and address bottlenecks within the tailings filtration circuit is well underway and

expected to be completed by the end of March 2025. This downtime has been

reflected in the Company's full-year guidance.

The Xavantina Operations

• Quarterly gold production totaled 8,936 ounces, reflecting lower mined and processed

tonnage and grades compared to the prior quarter. Consequently, C1 cash costs(*) and

AISC(*) increased quarter-on-quarter to $744 and $1,691, respectively, per ounce of

gold produced.

• Full-year gold production of 57,210 ounces declined compared to 2023, primarily due

to lower planned mined and processed gold grades. As a result, C1 cash costs (*) and

AISC(*) increased year-on-year to $493 and $1,006 respectively, per ounce.

(*) 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 year ended December 31, 2024 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

2024 - Q4 2024 - Q3 2023 - Q4 2024 2023

Copper (Caraíba Operations)

Ore Mined (tonnes) 713,980 874,937 886,271 3,274,410 3,341,121

Ore Processed (tonnes) 719,942 900,289 812,202 3,431,294 3,231,667

Grade (% Cu) 1.30 1.20 1.59 1.14 1.49

Recovery (%) 91.8 91.9 91.0 90.6 91.4

Cu Production (tonnes) 8,566 9,920 11,760 35,444 43,857

Cu Production (000 lbs) 18,883 21,871 25,926 78,140 96,688

Cu Sold in Concentrate (tonnes) 8,420 9,970 11,429 36,557 42,595

Cu Sold in Concentrate (000 lbs) 18,563 21,980 25,197 80,594 93,906

Cu C1 cash cost(1)(2) $ 1.85 $ 1.63 $ 1.75 $ 1.97 $ 1.80

Copper (Tucumã Operation)

Ore Mined (tonnes) 1,065,108 867,315 — 1,932,423 —

Ore Processed (tonnes) 223,013 110,778 — 333,791 —

Grade (% Cu) 2.17 1.00 — 1.78 —

Recovery (%) 89.1 75.7 — 86.6 —

Cu Production (tonnes) 4,317 839 — 5,156 —

Cu Production (000 lbs) 9,516 1,850 — 11,366 —

Cu Sold in Concentrate (tonnes) 3,750 357 — 4,107 —

Cu Sold in Concentrate (000 lbs) 8,268 787 — 9,055 —

Gold (Xavantina Operations)

Ore Mined (tonnes) 26,119 41,761 34,417 146,160 135,982

Ore Processed (tonnes) 26,120 41,761 34,416 146,161 136,002

Grade (g / tonne) 11.18 11.41 17.18 13.37 15.13

Recovery (%) 92.8 92.5 88.7 92.0 89.5

Au Production (oz) 8,936 13,485 16,867 57,210 59,222

Au Sold (oz) 11,106 14,615 18,479 60,195 57,949

Au C1 cash cost(1) $ 744 $ 539 $ 413 $ 493 $ 422

Au AISC(1) $ 1,691 $ 1,034 $ 991 $ 1,006 $ 957

(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 year ended December 31, 2024 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 $2.07 in Q4 2024 (Q4 2023 - $1.59) and $2.05 in Fiscal

2024 (Fiscal 2024 - $1.68).

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NYSE: ERO

4 Ero Copper Corp

FINANCIAL HIGHLIGHTS

($ in millions, except per share amounts)

2024 - Q4 2024 - Q3 2023 - Q4 2024 2023

Revenues $ 122.5 $ 124.8 $ 116.4 $ 470.3 $ 427.5

Gross profit 52.4 53.7 41.9 180.6 156.8

EBITDA(1) (31.4) 74.5 73.7 24.8 208.7

Adjusted EBITDA(1) 59.1 62.2 50.3 216.2 183.5

Cash flow from operations 60.8 52.7 49.4 145.4 163.1

Net (loss) income (48.9) 41.4 37.1 (67.8) 94.3

Net (loss) income attributable to owners of the

Company

(48.9) 40.9 36.5 (68.5) 92.8

Per share (basic) (0.47) 0.40 0.37 (0.66) 0.99

Per share (diluted) (0.47) 0.39 0.37 (0.66) 0.98

Adjusted net income attributable to owners of

the Company(1) 17.4 27.6 20.7 80.4 82.8

Per share (basic) 0.17 0.27 0.21 0.78 0.88

Per share (diluted) 0.17 0.27 0.21 0.78 0.87

Cash, cash equivalents, and short-term

investments

50.4 20.2 111.7 50.4 111.7

Working (deficit) capital(1) (69.9) (60.9) 25.7 (69.9) 25.7

Net debt(1) 551.8 518.7 314.5 551.8 314.5

(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 year ended December 31, 2024 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 range between 75,000 to 85,000

tonnes. The Company remains focused on steadily increasing plant throughput and achieving

commercial production at the Tucumã Operation in H1 2025. As a result, copper production is

expected to increase sequentially each quarter, with Tucumã expected to contribute

significantly to the full-year consolidated copper production.

At the Xavantina Operations, annual gold production is expected to remain steady at 50,000

to 60,000, with mill throughput volumes projected to increase and mined and processed gold

grades expected to return to long-term block model averages.

Copper C1 cash cost guidance on a consolidated basis is $1.55 to $1.80 per pound of copper

produced. This is based on C1 cash cost guidance ranges of $2.15 to $2.35 per pound for the

Caraíba Operations and $1.05 to $1.25 per pound at the Tucumã Operation.

At the Xavantina Operations, the C1 cash cost guidance range of $650 to $800 per ounce of

gold produced reflects a planned decrease in mined and processed gold grades. The AISC

guidance range for 2025 is $1,400 to $1,600 per ounce of gold produced.

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 expenditures are expected to decrease to a range of $230 to $270 million, primarily

due to significantly lower capital expenditures at the Tucumã Operation following the

completion of construction in 2024.

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.

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NYSE: ERO

7 Ero Copper Corp

CONFERENCE CALL DETAILS

The Company will hold a conference call on Friday, March 7, 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: Friday, March 7, 2025

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

Dial in:

Canada/USA Toll Free: 1-844-763-8274

International: +1-647-484-8814

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/10196217/fe5a12f75d)

Webcast:

To access the webcast, click here.

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

webcastid=mvwyHhWr)

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: 2945658

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8 Ero Copper Corp

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