ERO.TO · 2025-11-04 12:00:00

Ero Copper Reports Third Quarter 2025 Operating and Financial Results

Financials

November 4, 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 nine

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

Wednesday, November 5, 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 copper production grew to a record 16,664 tonnes in concentrate at a

blended C1 cash cost (1) of $2.00 per pound in Q 3 2025, reflecting higher quarter-on-

quarter production at Tucumã and consistent quarterly production at Caraíba.

◦ The Caraíba Operations produced 9,085 tonnes of copper in concentrate at an

average C1 cash cost(*) of $2.32 per pound.

◦ The Tucumã Operation produced 7,579 tonnes of copper in concentrate,

representing a quarter-on-quarter increase of 19%, at an average C1 cash cost(*)

of $1.62 per pound.

• Quarterly gold production totaled 9,073 ounces, an increase of 17% compared to the

prior period, at an average C1 cash cost (*) and All-in Sustaining Cost ("AISC") (*) of

$1,086 and $2,425 per ounce, respectively.

• Quarterly financial performance reflected higher copper concentrate sales at the

Tucumã Operation and strengthening copper and gold prices toward the end of the

quarter as well as higher operating expenses at Tucumã following the declaration of

commercial production on July 1, 2025.

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

$36.0 million ($0.35 per share on a diluted basis).

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

quarter was $27.9 million ($0.27 per share on a diluted basis).

◦ Adjusted EBITDA(1) was $77.1 million.

• At quarter-end, available liquidity(1) was $111.3 million, including $66.3 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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• At Xavantina, the Company launched a value-creation initiative in 2024 aimed at

capturing value from stockpiled gold concentrates produced in small but high-grade

quantities since processing operations began in 2012. During Q3 2025, these efforts

culminated in an initial sales agreement, with shipments commencing in October. The

Company expects to sell between 10,000 to 15,000 tonnes at an approximate gold

grade of 30 to 40 grams per tonne during Q4 2025, and to complete sampling,

shipments, and sales of the remaining volume over the next 12 to 18 months, which is

expected to significantly bolster gold sales from the Xavantina Operations.

◦ The sales contract for expected 2025 gold concentrate volumes has a net

payability, prior to streaming adjustments and after deductions, treatment and

refining charges, ranging between 90% and 95% of the prevailing gold price

based on the final concentrate grade, port of destination, and the prevailing gold

price at the time of sale.

◦ Operating costs for excavating, drying, loading, transportation and seaborne

freight are expected to be approximately $300 to $500 per ounce.

• Subsequent to quarter-end, the Company published an updated mineral reserve and

resource estimate for the Xavantina Operations, which includes a maiden inferred

mineral resource estimate for the gold concentrates. The maiden inferred resource

estimate contains approximately 29,000 ounces of gold in high-grade, marketable

concentrates and is based on sampling of approximately 20% of the total available

volume of approximately 60,000 cubic meters. Sampling of the remaining concentrate

volume is ongoing.

• The Company is reaffirming full-year production and capital expenditure guidance for

all assets, as well as full-year cost guidance for Caraíba and Xavantina, while

increasing cost guidance for the Tucumã Operation to reflect higher-than-expected

maintenance and freight costs. The Company continues to expect Q4 2025 to be the

strongest production quarter of the year across its operations.

• During Q3 2025, the Company received full assay results for the 28,000-meter Phase

1 drill program at the Furnas Copper-Gold Project ("Furnas" or the "Project"),

completed in July. Results from the program continue to demonstrate high-grade

continuity throughout the deposit and significantly extend the known limits of

mineralization within the high-grade zones (greater than 1% CuEq(2)) to depth.

◦ Step-out drilling during Phase 1 extended the known limits of mineralization to

approximately 950 meters down-dip from surface, representing a significant

increase relative to the Project's National Instrument 43-101 ("NI 43-101")

compliant mineral resource estimate, which is based on an average historical

depth of drilling of 300 meters (vertical), with a maximum localized down-dip

depth from surface of 580 meters. Phase 1 assay results, will support a

preliminary economic assessment on the Project, including an updated NI

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43-101 mineral resource estimate, which the Company plans to publish in H1

2026.

◦ Subsequent to quarter-end, the Company completed the 17,000-metre Phase 2

drill program at Furnas. The Phase 2 program was completed approximately

three months ahead of schedule, and the Company has commenced the Phase 3

drill program with 8 drill rigs currently operating on site.

"We are pleased with the continued progress across our operations, where the effort and

investment we’ve made in optimization initiatives are driving sequential copper and gold

production growth in the second half of 2025," said Makko DeFilippo, President and Chief

Executive Officer . "Highlights include the transition from manual to mechanized mining at

Xavantina that provides us with the opportunity to enhance our health and safety efforts at

the mine while also increasing our development and exploration opportunities, the continued

ramp-up at Tucumã, and encouraging results from Phase 1 and early completion of the Phase

2 drill program at Furnas. While Q3 represented another record consolidated copper

production quarter, we are excited for how all of our operations are aligned heading into Q4,

which we expect to be our strongest operating quarter of the year."

"We also announced a maiden inferred resource of gold concentrates at Xavantina, an

important milestone from an initiative launched late last year to capture value from high-

grade gold concentrates produced in small quantities and stockpiled at site over the past

decade. This maiden inferred mineral resource estimate, which we published earlier today,

was based on drilling and sampling of only a portion of the gold concentrate volumes. With

further sampling underway to quantify the tonnage and grades of the remaining concentrate

volume, we are excited for the potential opportunity this gold concentrate material

represents."

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THIRD QUARTER REVIEW

The Caraíba Operations

• Quarterly copper production totaled 9,085 tonnes of copper in concentrate, with an

average C1 cash cost(*) of $2.32 per pound.

• Plant throughput increased 26% compared to Q2 2025, reaching record volumes of

nearly 1.0 million tonnes for the period, supported by higher mining rates across all

three mines and a successful multi-quarter mill debottlenecking program that enabled

increased processing rates.

• Higher tonnes mined and processed during the period were offset by lower planned

grades at both Vermelhos and Pilar. Consequently, C1 cash costs (1) increased 12%

quarter-on-quarter.

The Tucumã Operation

• The Tucumã Operation produced 7,579 tonnes of copper in concentrate at an average

C1 cash cost(1) of $1.62 per pound during the quarter.

• The quarter-on-quarter increase in production of 19% was driven by higher plant

throughput as processing performance continued to improve through the period,

partially offset by lower planned grades. Mining operations continued to perform well

with over 1.3 million tonnes of ore mined during the period.

The Xavantina Operations

• Quarterly gold production totaled 9,073 ounces of gold, at C1 cash cost (*) and AISC (*)

of $1,086 and $2,425, respectively, per ounce.

• The 17% quarter-on-quarter increase in production reflects higher throughput and

processed grades as the transition to mechanized mining advanced in several key

production areas of Santo Antônio. This resulted in more than 50,000 tonnes of ore

mined during the quarter, a mine production rate last achieved in Q2 2022.

(*) 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 nine months ended September 30, 2025 and the Reconciliation of

Non-IFRS Measures section at the end of this press release.

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OPERATING HIGHLIGHTS

2025 - Q3 2025 - Q2 2024 - Q3 2025 - YTD 2024 - YTD

Copper (Caraíba Operations)

Ore Mined (tonnes) 1,018,972 792,764 874,937 2,507,975 2,560,430

Ore Processed (tonnes) 996,661 791,946 900,289 2,481,508 2,711,352

Grade (% Cu) 1.01 1.27 1.20 1.14 1.10

Recovery (%) 90.4 91.1 91.9 90.6 90.2

Cu Production (tonnes) 9,085 9,162 9,920 25,604 26,878

Cu Production (000 lbs) 20,030 20,199 21,871 56,448 59,257

Cu Sold in Concentrate (tonnes) 9,080 9,387 9,970 25,416 28,137

Cu Sold in Concentrate (000 lbs) 20,017 20,697 21,980 56,031 62,031

Cu C1 cash cost(1)(2) $ 2.32 $ 2.07 $ 1.63 $ 2.20 $ 2.01

Copper (Tucumã Operation)

Ore Mined (tonnes) 1,333,748 798,811 867,315 2,460,850 867,315

Ore Processed (tonnes) 575,041 418,699 110,778 1,288,054 110,778

Grade (% Cu) 1.51 1.74 1.00 1.74 1.00

Recovery (%) 89.2 85.4 75.70 88.0 75.70

Cu Production (tonnes) 7,579 6,351 839 18,997 839

Cu Production (000 lbs) 16,707 14,002 1,850 41,880 1,850

Cu Sold in Concentrate (tonnes) 6,622 5,968 357 17,758 357

Cu Sold in Concentrate (000 lbs) 14,598 13,158 787 39,149 787

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

Gold (Xavantina Operations)

Ore Mined (tonnes) 50,268 37,829 41,761 121,325 120,041

Ore Processed (tonnes) 47,865 37,829 41,761 118,922 120,041

Grade (g / tonne) 8.15 7.11 11.41 7.46 13.85

Recovery (%) 78.4 88.7 92.5 84.7 91.8

Au Production (oz) 9,073 7,743 13,485 23,454 48,274

Au Sold (oz) 8,439 8,276 14,615 22,549 49,089

Au C1 cash cost(1) $ 1,086 $ 1,115 $ 539 $ 1,100 $ 447

Au AISC(1) $ 2,425 $ 2,234 $ 1,034 $ 2,307 $ 879

(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 nine months ended September 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 $2.25 in Q3 2025 ( Q3 2024 - $1.72) for the Caraíba

Operations, and $1.58 in Q3 2025 for the Tucumã Operation.

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FINANCIAL HIGHLIGHTS

($ in millions, except per share amounts)

2025 - Q3 2025 - Q2 2024 - Q3 2025 - YTD 2024 - YTD

Revenues $ 177.1 $ 163.5 $ 124.8 $ 465.7 $ 347.7

Gross profit 57.4 67.3 53.7 180.2 128.2

EBITDA(1) 90.8 114.2 74.5 322.8 56.1

Adjusted EBITDA(1) 77.1 82.7 62.2 223.0 157.0

Cash flow from operations 110.3 90.3 52.7 266.0 84.6

Net income (loss) 36.5 71.0 41.4 188.2 (18.9)

Net income (loss) attributable to owners

of the Company 36.0 70.5 40.9 186.8 (19.5)

Per share (basic) 0.35 0.68 0.40 1.80 (0.19)

Per share (diluted) 0.35 0.68 0.39 1.80 (0.19)

Adjusted net income attributable to

owners of the Company(1) 27.9 48.1 27.6 111.9 63.0

Per share (basic) 0.27 0.46 0.27 1.08 0.61

Per share (diluted) 0.27 0.46 0.27 1.08 0.61

Cash, cash equivalents, and short-term

investments 66.3 68.3 20.2 66.3 20.2

Working deficit(1) (45.2) (33.5) (60.9) (45.2) (60.9)

Net debt(1) 545.5 559.1 518.7 545.5 518.7

(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 nine months ended September 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 is maintained with overall production

expected at the low end of the 67,500 to 80,000-tonne range. Production in Q4 2025 is

expected to improve due to increased plant throughput at both the Caraíba and Tucumã

Operations, with Tucumã also expected to benefit from mine sequencing in higher grade

blocks of the open pit. At the Caraíba Operations, C1 cash costs (1) are expected to be in the

lower half of the guidance range of $2.15 to $2.35 per pound of copper produced, while at

Tucumã, C1 cash costs (1) are now expected to be in the range of $1.35 to $1.55 per pound

(from $1.10 to $1.30 per pound previously), reflecting higher-than-expected maintenance

and freight costs experienced in Q3 2025.

At the Xavantina Operations, gold production is expected to be toward the lower end of the

40,000 to 50,000-ounce guidance range, with production projected to be highest in Q4 2025

due to higher mined and processed tonnage following the transition to mechanized mining.

Full-year C1 cash cost (1) guidance of $850 to $1,000 per ounce of gold produced and AISC (1)

guidance of $1,800 to $2,000 per ounce are maintained. In addition, the Company also

expects to sell 10,000 to 15,000 tonnes of gold concentrate at an approximate gold grade of

30 to 40 grams per tonne during Q4 2025.

Previous Guidance Current Guidance

Copper Production (tonnes)

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

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

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

Copper C1 Cash Cost(1) Guidance

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

Tucumã Operation $1.10 - $1.30 $1.35 - $1.55

The Xavantina Operations

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

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

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