ERO.TO · 2026-03-05 12:00:00

Ero Copper Reports Fourth Quarter and Full Year 2025 Operating and Financial Results

Financials

March 5, 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 and

twelve months e nded December 31, 2025 . Management will host a conference call

tomorrow, Friday, March 6, 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 Q4 copper production was a record 19,706 tonnes in concentrate,

bringing full-year production to 64,307 tonnes. Consolidated copper C1 cash costs (1)

for the quarter and year were $2.03 and $2.06, respectively, per pound produced.

• Quarterly gold production totaled 13,837 ounces at a C1 cash cost (1) and All-in

Sustaining Cost ("AISC") (1) of $766 and $1,702 per ounce, respectively. Full-year gold

production was 37,291 ounces at a C1 cash cost (1) and AISC(1) of $976 and $2,082 per

ounce, respectively.

• During Q4, 14,999 ounces of gold in concentrates were s hipped from the Xavantina

Operations, bringing total gold , including gold from mining and processing operations

as well as from gold concentrate shipments from Xavantina to 28,836 ounces for the

quarter and 52,290 ounces for the full year.

• Strong operating performance and sequential execution of portfolio-wide initiatives,

including the commencement of gold concentrate sales, paired with strong copper and

gold prices drove record Q4 and full-year financial results.

◦ Cash flow from operations for the quarter and year were $129.1 million and

$395.1 million, respectively, with full-year cash flow from operations increasing

$249.7 million, or 171.7%, compared to 2024.

◦ Q4 and full-year adjusted EBITDA (1) were $186.7 million and $409.7 million ,

respectively, with full-year adjusted EBITDA(1) up nearly 90% year-on-year.

◦ Net income attributable to the owners of the Company was $77.0 million ($0.74

per share on a diluted basis) for the quarter and $263.7 million ($2.53 per share

on a diluted basis) for the year.

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

quarter and year were $108.4 million ($1.04 per share on a diluted basis) and

$220.4 million ($2.12 per share on a diluted basis), respectively.

(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 year ended December 31, 2025 and the Reconciliation of Non-IFRS

Measures section at the end of this press release.

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• Available liquidity (1) at year-end was $150.4 million, including $105.4 million in cash

and cash equivalents and $45.0 million of undrawn availability under the Company's

senior secured revolving credit facility ("Senior Credit Facility"), representing an

increase of nearly $40 million quarter-on-quarter.

• The Com pany's net debt leverage ratio (2) strengthened significantly to 1.2x(2) from

2.6x(2) at the end of 2024, reflecting a $50.1 million decrease in net debt and a $193.5

million increase in adjusted EBITDA(1) year-on-year.

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

expenditure guidance.

◦ Consolidated copper production is projected to be weighted toward H2 2026,

driven by mine sequencing and higher expected plant throughput at both the

Caraíba and Tucumã Operations.

◦ Gold production is expected to be lowest in Q1 as the Xavantina Operations

advances new development headings into the Santo Antonio vein and

completes new ventilation circuit integration and upgrades. Full-year gold

production is expected to be weighted toward H2 2026. Gold concentrate sales

volumes are similarly expected to be lowest in Q1 due to seasonal rainfall

impacting drying capacity, with higher volumes projected from Q2 onward as

dryer seasonal conditions return.

• Subsequent to year-end, the Company announced the results of a preliminary

economic assessment ("PEA") for the Furnas Copper-Gold Project ("Furnas"), outlining

the potential for a large-scale, long-life operation with strong economics across a wide

range of commodity prices.

"We are pleased with our operating trajectory and performance in the fourth quarter, which

delivered record quarterly copper production as well as the first tangible benefits of record

quarterly gold from the Xavantina Operations following the commencement of our gold

concentrate program in Q4,” said Makko DeFilippo, President and Chief Executive Officer .

“The investments we made across our operations in 2025 translated into higher copper and

gold production, stronger cash generation and an improved balance sheet through year-end.

"As we enter 2026, we are building on the momentum established in 2025. The

announcement of our inaugural PEA on Furnas in February clearly illustrates its relative

positioning as a cornerstone asset in our long-term growth strategy. At the same time, we are

completing or advancing various initiatives across our operating portfolio focused on

strengthening operating margins and continued growth."

(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 year ended December 31, 2025 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 December 31, 2025 was calculated as net debt of $501.7 million divided by

full-year adjusted EBITDA of $409.7 million, equaling 1.2x. The net debt leverage ratio as of December 31, 2024 was

2.6x (net debt of $551.8 million divided by full-year adjusted EBITDA of $216.2 million).

(3) For additional details, please refer to the Company's press release dated February 23, 2026.

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FOURTH QUARTER AND FULL YEAR 2025 REVIEW

The Caraíba Operations

• The Caraíba Operations delivered its strongest production quarter of the year, with

copper production totaling 10,431 tonnes of copper in concentrate at C1 cash costs (1)

of $2.27 per pound, bringing full-year copper production to 36,035 tonnes at C1 cash

costs(1) of $2.22 per pound.

• Processed volumes reached a record of nearly 1.2 million tonnes during the quarter, a

17.9% increase compared to Q3 2025, following a successful multi-quarter plant

debottlenecking initiative. This helped to offset the impact of lower-than-planned

mined and processed grades, as well as unplanned downtime in the crushing circuit

that occurred late in the year.

The Tucumã Operation

• The Tucumã Operation delivered a strong quarter, producing 9,275 tonnes of copper in

concentrate at C1 Cash Costs (1) of $1.75 per pound. Full-year production reached

28,272 tonnes, including 16,854 tonnes following the declaration of commercial

production effective July 1, 2025 at C1 Cash Costs(1) of $1.69 per pound.

• Higher grades and the continued ramp-up of the plant drove quarterly performance,

offsetting the impact of extended downtime in December, which was related to the

pull-forward of planned Q1 2026 maintenance for the early replacement of mill liners

due to quality issues associated with the original equipment manufacturer.

The Xavantina Operations

• The Xavantina Operations posted its strongest quarter of the year, producing 13,837

ounces of gold at C1 cash costs (1) and AISC (1) of $766 and $1,702 per ounce,

respectively. For the full year, production totaled 37,291 at C1 cash costs (1) of $976

per ounce and AISC(1) of $2,082 per ounce.

• Quarterly production increased 52.5% compared to Q3 2025 and more than 100%

compared to Q1 2025, driven by higher processed grades and mill throughput,

reflecting the transition to mechanized mining, a milestone that is expected to support

higher development and mining rates going forward.

• The successful completion of a year-long value-creation initiative culminated in 14,999

ounces of gold shipped in concentrates during Q4 2025, including 12,754 ounces sold

and 2,245 ounces deliverable under the Xavantina Gold Stream. As a result, gold from

Xavantina, including gold from mining and processing operations as well as from

concentrate shipments, totaled 28,836 ounces for the quarter and 52,290 ounces for

the full 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 year ended December 31, 2025 and the Reconciliation of Non-IFRS

Measures section at the end of this press release.

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OPERATING HIGHLIGHTS

2025 - Q4 2025 - Q3 2024 - Q4 2025 2024

Copper (Caraíba Operations)

Ore Mined (tonnes) 1,225,017 1,018,972 713,980 3,732,992 3,274,410

Ore Processed (tonnes) 1,174,732 996,661 719,942 3,656,240 3,431,294

Grade (% Cu) 1.00 1.01 1.30 1.09 1.14

Recovery (%) 88.7 90.4 91.8 90.0 90.6

Cu Production (tonnes) 10,431 9,085 8,566 36,035 35,444

Cu Production (000 lbs) 22,995 20,030 18,883 79,443 78,140

Cu Sold in Concentrate (tonnes) 10,404 9,080 8,420 35,820 36,557

Cu Sold in Concentrate (000 lbs) 22,938 20,017 18,563 78,969 80,594

Cu C1 cash cost(1) $ 2.27 $ 2.32 $ 1.85 $ 2.22 $ 1.97

Copper (Tucumã Operation)

Ore Mined (tonnes) 1,199,067 1,333,748 1,065,108 3,659,917 1,932,423

Ore Processed (tonnes) 517,246 575,041 223,013 1,805,300 333,791

Grade (% Cu) 1.93 1.51 2.17 1.79 1.78

Recovery (%) 90.5 89.2 89.10 88.7 86.60

Cu Production (tonnes) 9,275 7,579 4,317 28,272 5,156

Cu Production (000 lbs) 20,449 16,707 9,516 62,329 11,366

Cu Sold in Concentrate (tonnes) 9,729 6,622 3,750 27,487 4,107

Cu Sold in Concentrate (000 lbs) 21,450 14,598 8,268 60,598 9,055

Cu C1 cash cost(1)(2) $ 1.75 $ 1.62 $ — $ 1.69 $ —

Gold (Xavantina Operations)

Ore Mined (tonnes) 55,655 50,268 26,119 176,980 146,160

Ore Processed (tonnes) 53,256 47,865 26,120 172,178 146,161

Grade (g / tonne) 9.98 8.15 11.18 8.24 13.37

Recovery (%) 79.6 78.4 92.8 82.8 92.0

Au Production (oz) 13,837 9,073 8,936 37,291 57,210

Au Sold (oz) 13,401 8,439 11,106 35,950 60,195

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

Au C1 cash cost(1) $ 766 $ 1,086 $ 744 $ 976 $ 493

Au AISC(1) $ 1,702 $ 2,425 $ 1,691 $ 2,082 $ 1,006

(1) Please refer to the Company’s discussion of Non-IFRS measures in its Management’s Discussion and Analysis for the

year ended December 31, 2025 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. Total YTD 2025 copper C1

cash costs include the Caraíba Operations' YTD costs and Tucumã Operation's costs from Q3 2025 onwards.

(3) Gold Sold in Concentrate includes 14,999 ounces of gold shipped to customer, net of 2,245 ounces deliverable to Royal

Gold under the Xavantina Gold Stream.

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FINANCIAL HIGHLIGHTS

($ in millions, except per share amounts)

2025 - Q4 2025 - Q3 2024 - Q4 2025 2024

Revenues $ 320.2 $ 177.1 $ 122.5 $ 785.8 $ 470.3

Gross profit 164.4 57.4 52.4 344.6 180.6

EBITDA(1) 151.8 90.8 (31.4) 474.6 24.8

Adjusted EBITDA(1) 186.7 77.1 59.1 409.7 216.2

Cash flow from operations 129.1 110.3 60.8 395.1 145.4

Net income (loss) 78.7 36.5 (48.9) 266.9 (67.8)

Net income (loss) attributable to owners

of the Company 77.0 36.0 (48.9) 263.7 (68.5)

Per share (basic) 0.74 0.35 (0.47) 2.54 (0.66)

Per share (diluted) 0.74 0.35 (0.47) 2.53 (0.66)

Adjusted net income attributable to

owners of the Company(1) 108.4 27.9 17.4 220.4 80.4

Per share (basic) 1.04 0.27 0.17 2.13 0.78

Per share (diluted) 1.04 0.27 0.17 2.12 0.78

Cash, cash equivalents, and short-term

investments 105.4 66.3 50.4 105.4 50.4

Working capital (deficit)(1) 15.5 (45.2) (69.9) 15.5 (69.9)

Net debt(1) 501.7 545.5 551.8 501.7 551.8

(1) Please refer to the Company’s discussion of Non-IFRS measures in its Management’s Discussion and Analysis for the

year ended December 31, 2025 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 is expected to be in the range of 67,500 to 77,500 tonnes,

representing an increase of up to 20% compared to 2025 results. Guidance reflects higher

sustained plant throughput and lower planned grades at both the Caraíba and Tucumã

Operations. Consolidated copper production is expected to be weighed towards H2 2026 due

to mine sequencing and higher plant throughput expected throughout the year.

Consequently, consolidated copper C1 cash costs (1), which are expected to range between

$2.15 to $2.35 per pound of copper produced for the year, are projected to be higher in H1

2026 and decrease in H2 2026.

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

expected to total 40,000 to 50,000 ounces, reflecting higher total mined and processed

volumes with grades returning to long-term block model averages. Gold production is

expected to be lowest in Q1 2026 as the mine advances new mechanized development

headings in the Santo Antônio orebody and integrates new ventilation circuit upgrades, with

full-year production expected to be weighted toward H2 2026.

Full-year 2026 gold C1 cash cost (1) guidance is $1,000 to $1,250 per ounce, with AISC (1)

guidance of $2,000 to $2,500 per ounce. Gold unit costs are expected to be highest in Q1

2026 due to lower production volumes, before declining over the remaining quarters as

throughput increases. Similarly, gold concentrate sales volumes are expected to be lowest in

Q1 due to seasonal rainfall affecting drying times with higher volumes projected in Q2 and

into H2 2026 with dryer seasonal conditions.

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 risk

factors.

(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 in 2026 are expected to range between $275 to $320 million.

Capital expenditures at the existing operations are expected in the range of $245 to $280

million and include growth capital of approximately $80 million related to the continued

construction of the Pilar Mine's new shaft and ancillary infrastructure at the Caraíba

Operations, as well as investments in additional mine ventilation, development, and

equipment to support future growth at the Xavantina Operations. The Company expects to

spend an additional $30 to $40 million to continue advancing Furnas exploration,

engineering, and permitting workstreams, as well as advancing several exploration

opportunities within the Company's portfolio.

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 Friday, March 6, 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: Friday, March 6, 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/10205922/1031835bf76)

Webcast:

To access the webcast, click here.

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

webcastid=ox0mgvwd)

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: 2120737

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