ERO.TO · 2025-07-31 12:00:00

Ero Copper Reports Second Quarter 2025 Operating and Financial Results

Financials

July 31, 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 six

months e nded June 30, 2025 . Management will host a conference call tomorrow, Friday,

August 1, 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 second quarter copper production was a record 15,513 tonnes, reflecting

the continued ramp-up of the Tucumã Operation as well as higher grades and mining

rates at the Caraíba Operations.

◦ The Caraíba Operations produced 9,162 tonnes of copper in concentrate at an

average C1 cash cost (*) of $2.07 per pound, representing approximately 25%

quarter-on-quarter production growth.

◦ The Tucumã Operation produced 6,351 tonnes of copper in concentrate, an

increase of 25% from Q1 2025. With sustained plant throughput exceeding

75% of design capacity during June, the Company declared commercial

production at Tucumã, effective July 1, 2025.

• Gold production during the quarter was 7,743 ounces at an average C1 cash cost(*) and

All-in Sustaining Cost ("AISC") (*) of $1,115 and $2,234 per ounce, respectively,

representing approximately 17% higher production at similar cash costs (*) and AISC (*)

quarter-on-quarter.

• Quarterly financial performance benefited from record consolidated copper production,

increased gold production and higher metal prices compared to Q1 2025.

◦ Net income attributable to the owners of the Company of $70.5 million ($0.68

per share on a diluted basis).

◦ Adjusted net income attributable to the owners of the Company (*) of $48.1

million ($0.46 per share on a diluted basis).

◦ Adjusted EBITDA(*) of $82.7 million.

• At quarter-end, available liquidity(*) was $113.3 million, including $68.3 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").

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• The Company is r eaffirming full-year guidance at Caraíba, and updating guidance

ranges at Tucumã and Xavantina to reflect H1 2025 performance.

◦ At the Caraíba Operations, programs launched in H1 2025 to enhance operating

efficiency and cost control are delivering strong margin performance compared

to full-year guidance. These ongoing initiatives include (i) focusing the Pilar

Mine's fleet on the upper levels of the mine to reduce haul distances, (ii)

implementing new technologies aimed at enhancing both safety and

productivity, and (iii) improving fleet and mine infrastructure maintenance

initiatives to increase mobile equipment availability and reduce unplanned

downtime. While these efforts are expected to result in full-year copper

production at the lower end of the 37,500 to 42,500 tonne guidance range, C1

cash costs(*) are projected to fall within the lower half of the guidance range of

$2.15 to $2.35 per pound. Sequential increases in mined and processed

volumes are expected to contribute to higher copper production over the

remainder of the year.

◦ At the Tucumã Operation, full-year copper production guidance has been

updated to 30,000 to 37,500 tonnes at C1 cash costs (*) of $1.10 to $1.30 per

pound of copper produced to reflect lower-than-forecast tonnes processed in

H1 2025. Updated full-year guidance reflects a significant expected increase in

copper production during H2 2025, consistent with original 2025 guidance.

◦ At the Xavantina Operations, full-year production guidance has been updated to

40,000 to 50,000 ounces with C1 cash costs (*) of $850 to $1,000 per ounce of

gold produced and AISC (*) of $1,800 to $2,000 per ounce to reflect lower-than-

planned production in H1 2025. Ongoing investments in mine modernization

and mechanization are expected to drive a step-change in mining rates in H2

2025, resulting in higher projected production and lower unit costs that align

with the long-term outlook for the operation.

◦ Full-year capital expenditure guidance is unchanged at $230 to $270 million.

• During Q 2 2025, the Company completed 18,000 meters of drilling at the Furnas

Project and successfully concluded the 28,000-meter Phase 1 drill program in July,

approximately one quarter ahead of schedule.

◦ As announced on July 10, 2025, assay results have been received for

approximately 10,000 meters of the program. These results continue to

demonstrate strong continuity and extend the known limits of mineralization

within the high-grade NW and SE Zones, which remain the focus of future

underground mining operations.

◦ As of mid-July, eight drill rigs were active on site, supporting an average drilling

rate of over 1,500 meters per week. Based on these drilling rates, the Company

expects to complete the 17,000-meter Phase 2 drill program, which will include

a greater focus on step-out drilling to further extend known mineralization, by

year-end 2025.

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"We made meaningful progress towards the achievement of our 2025 strategy during the

second quarter," said Makko DeFilippo, President and Chief Executive Officer. "Highlights

included the continued ramp-up and declaration of commercial production at Tucumã, the

initiation of debt repayment, and the early completion of Phase 1 drilling at Furnas ahead of

schedule. Operational performance across all of our assets improved in Q2 with record

consolidated copper production, and we are encouraged by the momentum we are carrying

into the second half of the year, driven by optimization and technology initiatives we executed

in H1 2025.

"At Caraíba, focusing the mining fleet in the upper levels of the Pilar Mine paired with several

ongoing operational excellence initiatives is proving to be a successful strategy. Our focus on

technology, utilization and availability has resulted in improved overall fleet management and

productivity, operational flexibility and a significant reduction in unplanned infrastructure

downtime. At Surubim, scheduled pit sequencing led to higher mined tonnage, a trend we

expect to continue in in the second half of the year. At Xavantina, our investments in mine

mechanization, ventilation and technology support what we see as a step-change in mining

rates, allowing production to return to annualized rates consistent with our longer-term

outlook for the operation. And at Furnas, we remain focused on unlocking long-term value as

we advance Phase 2 drilling with eight rigs active on site and remain on track to complete the

program by year-end."

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SECOND QUARTER REVIEW

The Caraíba Operations

• Quarterly copper production totaled 9,162 tonnes of copper in concentrate, with an

average C1 cash cost(*) of $2.07 per pound.

• Ongoing operational excellence initiatives to enhance availability, utilization, safety and

productivity at Caraíba are driving strong margin performance. These initiatives include

focusing the mining fleet to the upper levels of the Pilar Mine to reduce haul distances,

technologies to enhance productivity and predictive maintenance, as well as

investments in infrastructure resilience, which are expected to support higher

sustained mining rates in H2 2025.

The Tucumã Operation

• The Tucumã Operation produced 6,351 tonnes of copper in concentrate during Q 2

2025, representing a 25% increase compared to Q1 2025.

• Ramp-up progressed during the quarter, supported by the completion of repairs and

commissioning of the third tailings filter in April and May. This allowed the operation

to increase sustained throughput levels exceeding 75% of design capacity during the

second half of June, resulting in a 42% quarter-on-quarter increase in ore tonnes

processed.

• C1 cash costs (*) for the Tucumã Operation will be reported commencing in Q3 2025,

following the achievement of commercial production, effective July 1, 2025.

The Xavantina Operations

• Quarterly gold production totaled 7,743 ounces of gold, an increase of approximately

17% quarter-on-quarter. C1 cash cost (*) and AISC (*) totaled $1,115 and $2,234,

respectively, per ounce.

• Higher tonnes processed and improved grades contributed to the sequential increase

in gold production, even as operations were temporarily impacted by the transition to

mechanized mining during the quarter.

(*) 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 and six months ended June 30, 2025 and the Reconciliation of Non-

IFRS Measures section at the end of this press release.

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OPERATING HIGHLIGHTS

2025 - Q2 2025 - Q1 2024 - Q2 2025 - YTD 2024 - YTD

Copper (Caraíba Operations)

Ore Mined (tonnes) 792,764 696,239 897,161 1,489,003 1,685,493

Ore Processed (tonnes) 791,946 692,901 957,692 1,484,847 1,811,063

Grade (% Cu) 1.27 1.18 1.03 1.23 1.05

Recovery (%) 91.1 90.2 90.2 90.7 89.2

Cu Production (tonnes) 9,162 7,357 8,867 16,519 16,958

Cu Production (000 lbs) 20,199 16,219 19,548 36,418 37,386

Cu Sold in Concentrate (tonnes) 9,387 6,949 8,706 16,336 18,167

Cu Sold in Concentrate (000 lbs) 20,697 15,318 19,192 36,015 40,051

Cu C1 cash cost(1)(2) $ 2.07 $ 2.22 $ 2.16 $ 2.13 $ 2.23

Copper (Tucumã Operation)

Ore Mined (tonnes) 798,811 328,291 — 1,127,102 —

Ore Processed (tonnes) 418,699 294,314 — 713,013 —

Grade (% Cu) 1.74 2.18 — 1.92 —

Recovery (%) 85.4 89.4 — 87.2 —

Cu Production (tonnes) 6,351 5,067 — 11,418 —

Cu Production (000 lbs) 14,002 11,171 — 25,173 —

Cu Sold in Concentrate (tonnes) 5,968 5,168 — 11,136 —

Cu Sold in Concentrate (000 lbs) 13,158 11,393 — 24,551 —

Gold (Xavantina Operations)

Ore Mined (tonnes) 37,829 33,228 40,446 71,057 78,280

Ore Processed (tonnes) 37,829 33,228 40,446 71,057 78,280

Grade (g / tonne) 7.11 6.87 14.00 6.99 15.15

Recovery (%) 88.7 90.8 91.0 89.6 91.3

Au Production (oz) 7,743 6,638 16,555 14,381 34,789

Au Sold (oz) 8,276 5,834 17,621 14,110 34,474

Au C1 cash cost(1) $ 1,115 $ 1,100 $ 428 $ 1,108 $ 411

Au AISC(1) $ 2,234 $ 2,228 $ 842 $ 2,231 $ 819

(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 and six months ended June 30, 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 $2.06 in Q2 2025 (Q2 2024 - $2.16).

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FINANCIAL HIGHLIGHTS

($ in millions, except per share amounts)

2025 - Q2 2025 - Q1 2024 - Q2 2025 - YTD 2024 - YTD

Revenues $ 163.5 $ 125.1 $ 117.1 $ 288.6 $ 222.9

Gross profit 67.3 55.5 43.3 122.8 74.5

EBITDA(1) 114.2 117.9 (36.2) 232.0 (18.4)

Adjusted EBITDA(1) 82.7 63.2 51.5 145.9 94.8

Cash flow from operations 90.3 65.4 14.7 155.7 31.9

Net income (loss) 71.0 80.6 (53.4) 151.7 (60.2)

Net income (loss) attributable to owners

of the Company 70.5 80.2 (53.2) 150.8 (60.4)

Per share (basic) 0.68 0.77 (0.52) 1.46 (0.59)

Per share (diluted) 0.68 0.77 (0.52) 1.45 (0.59)

Adjusted net income attributable to

owners of the Company(1) 48.1 35.8 18.6 84.0 35.4

Per share (basic) 0.46 0.35 0.18 0.81 0.34

Per share (diluted) 0.46 0.35 0.18 0.81 0.34

Cash, cash equivalents, and short-term

investments 68.3 80.6 44.8 68.3 44.8

Working (deficit) capital(1) (33.5) 10.2 (57.6) (33.5) (57.6)

Net debt(1) 559.1 561.8 482.0 559.1 482.0

(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 and six months ended June 30, 2025 and the Reconciliation of Non-IFRS Measures

section at the end of this press release.

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2025 PRODUCTION AND COST GUIDANCE

Consolidated copper production guidance for 2025 has been updated to 67,500 to 80,000

tonnes to reflect the slower-than-expected ramp up at the Tucumã Operation, which

achieved commercial production on July 1, 2025. Consolidated copper production is expected

to increase sequentially in H2 2025 driven by higher mill throughput at the Tucumã

Operation and higher mined and processed volumes at the Caraíba Operations, particularly at

Pilar and Surubim.

At the Xavantina Operations, gold production guidance has been updated to 40,000 to

50,000 ounces to reflect lower-than-expected production in H1 2025. The Company expects

investments in mine modernization and mechanization to support sequential increases in

mined and processed volumes through the remainder of the year.

Original Guidance Current Guidance

Copper Production (tonnes)

Caraíba Operations 37,500 - 42,500 37,500 - 42,500

Tucumã Operation 37,500 - 42,500 30,000 - 37,500

Total Copper 75,000 - 85,000 67,500 - 80,000

Copper C1 Cash Cost(1) Guidance

Caraíba Operations $2.15 - $2.35 $2.15 - $2.35

Tucumã Operation $1.05 - $1.25 $1.10 - $1.30

The Xavantina Operations

Au Production (ounces) 50,000 - 60,000 40,000 - 50,000

Gold C1 Cash Cost(1) Guidance $650 - $800 $850 - $1,000

Gold AISC(1) Guidance $1,400 - $1,600 $1,800 - $2,000

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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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.

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