ERO.TO · 2026-02-05 12:00:00

Ero Delivers Record Q4 Production and Strong Year-End Liquidity; Gold Concentrate Sales to Continue Through Mid-2027, Positioning for Next Phase of Step-Change Growth

Production Results Mine Development & Operations

February 5, 2026

Ero Delivers Record Q4 Production and Strong Year-End Liquidity; Gold Concentrate

Sales to Continue Through Mid-2027, Positioning for Next Phase of Step-Change Growth

(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 record 2025 copper production and provide 2026

guidance and an updated three-year production outlook.

HIGHLIGHTS

Fourth Quarter and Full Year 2025 Results

Copper Production

(tonnes)

12,424

15,513 16,664

19,706

7,357

9,162 9,085 10,431

5,067

6,351 7,579

9,275

Caraíba Tucumã

Q1 2025 Q2 2025 Q3 2025 Q4 2025

Gold Production & Concentrate

Sales (ounces)

6,638 7,743 9,073

28,836

13,837

14,999

Gold Gold Concentrate

Q1 2025 Q2 2025 Q3 2025 Q4 2025

• Optimization initiatives across the Company's operating portfolio in 2025 contributed

to record quarterly copper production of 19,706 tonnes and quarterly gold production

of 13,837 ounces, representing production improvements of nearly 60% and more

than 100% compared to Q1 for copper and gold, respectively.

• An additional 14,999 ounces of gold in concentrates were sold from the Xavantina

Operations during Q4, the result of a year-long value-creation initiative that is

expected to continue to augment gold production through mid-2027.

• Record full-year consolidated copper production of 64,307 tonnes, combined with gold

production and gold from concentrate sales totaling 52,290 ounces, contributed to a

quarter-on-quarter increase in liquidity of nearly $40 million. As a result, year-end

liquidity totaled approximately $150 million.(1)

(1) Available liquidity as of December 31, 2025 includes approximately $105 million in cash and cash equivalents

and $45 million of undrawn availability under the Company's senior secured revolving credit facility. These

financial metrics are preliminary. Audited financial metrics will be reported on March 5, 2026.

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• In 2025, the Company completed nearly 50,000 meters of exploration drilling at the

Furnas Copper-Gold Project ("Furnas") and expects to publish the first preliminary

economic assessment on the project in H1 2026. A further 50,000 meters of

exploration drilling is planned in 2026 in support of accelerated engineering studies.

2026 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 . Guidance reflects

higher sustained plant throughput and lower planned grades at both Caraíba and

Tucumã. Consolidated C1 cash costs are expected to be between $2.15 and $2.35 per

pound of copper produced.

• At the Xavantina Operations, gold production from mine operations is expected to total

40,000 to 50,000 ounces representing an increase of up to 34% compared to 2025,

with C1 cash costs of $1,000 to $1,250 per ounce of gold produced and all-in

sustaining costs ("AISC") of $2,000 to $2,500 per ounce produced. In addition, gold

sales from the Xavantina Operations are expected to be significantly bolstered with

the continued sale of gold concentrates that commenced in Q4 2025, and which are

expected to continue through mid-2027.

• Capital expenditures across the Company's operating portfolio are expected to range

between $245 and $280 million. This includes capital for additional mine ventilation,

development, and equipment to support future growth at the Xavantina Operations, as

well as approximately $80 million related to the continued construction of the Pilar

Mine's new shaft and ancillary infrastructure at the Caraíba Operations.

• The Company expects to spend an additional $30 to $40 million to continue advancing

Furnas exploration, engineering, and permitting workstreams, and to further advance

several exploration opportunities within the Company's portfolio.

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Three-Year Production Outlook

• Consolidated copper production is expected to grow over the next three years,

reaching between 80,000 and 90,000 tonnes by 2028.

◦ At the Caraíba Operations, plant debottlenecking completed in 2025 is

expected to support higher sustained throughput levels going forward,

accommodating increased ore tonnage from the Surubim Mine in 2026 and from

the Pilar Mine's Deepening Extension Zone beginning in 2027.

◦ Copper production at the Tucumã Operation is expected to remain relatively

steady through 2028, reflecting higher throughput levels, lower planned

grades, and an improved stockpile management framework that is expected to

reduce rehandle costs over the outlook period.

• Xavantina's mining and processing operations are projected to deliver higher sustained

production of between 50,000 and 60,000 ounces in 2027 and 2028, driven by the

transition to mechanized mining and further utilization of excess plant capacity. The

Company also expects sales of gold concentrates to continue through mid-2027.

“2025 marked a year of meaningful investment and transformative progress throughout the

Company. We worked to strengthen our health and safety performance while executing on

several key initiatives that are supporting higher sustained mining and processing rates

across our operations. These efforts included the transition to mechanized mining at

Xavantina, the successful completion of a multi-quarter debottlenecking effort at Caraíba and

the continued ramp-up of Tucumã. The success of these programs resulted in significant

quarter-on-quarter growth throughout 2025. In parallel, we completed a year-long value-

creation initiative that culminated in the commencement of gold concentrate sales at

Xavantina, with nearly 15,000 ounces sold in the fourth quarter," said Makko DeFilippo,

President & Chief Executive Officer.

"Looking ahead, we expect to deliver steady growth across our portfolio as we advance

longer-term growth initiatives, including the new shaft at the Pilar Mine and the delivery of

what will be the first preliminary economic assessment ever published on the Furnas Project.

Entering 2026 with a strengthening balance sheet, combined with what we fully expect will

be a record year of copper production and record gold sales - including ongoing gold

concentrate sales at Xavantina - has positioned Ero's shareholders to benefit from this historic

commodity price environment."

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FOURTH QUARTER AND FULL-YEAR 2025 PRODUCTION RESULTS

Q4 2025 Full Year 2025

Caraíba Operations

Tonnes Processed 1,174,732 3,656,240

Grade (% Cu) 1.00 1.09

Recovery Rate (%) 88.7 90.0

Copper Production (tonnes) 10,431 36,035

Tucumã Operation

Tonnes Processed 517,246 1,805,300

Grade (% Cu) 1.93 1.79

Recovery Rate (%) 90.5 88.7

Copper Production (tonnes) 9,275 28,272

Consolidated Copper Production (tonnes) 19,706 64,307

Xavantina Operations

Tonnes Processed 53,256 172,178

Grade (gpt Au) 9.98 8.24

Recovery Rate (%) 79.6 82.8

Au Production (ounces) 13,837 37,291

Gold Concentrate Sales

Tonnes Invoiced 14,614 14,614

Grade (gpt Au) 31.92 31.92

Contained Gold (ounces) 14,999 14,999

Total Gold (ounces) 28,836 52,290

Record quarterly and full-year consolidated copper production reflect strong operational

execution across the portfolio, including the continued ramp-up of the Tucumã Operation and

the achievement of record mill throughput at the Caraíba Operations following the successful

completion of a plant debottlenecking initiative during the year.

At Tucumã, production increased sequentially each quarter in 2025, with Q4 representing the

strongest quarter to date, producing 9,275 tonnes of copper in concentrate, representing a

quarter-on-quarter increase of approximately 22%. Higher processed copper grades during

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the quarter helped to offset 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. As a result,

full-year production at Tucumã totaled 28,272 tonnes of copper in concentrate.

Caraíba also delivered its strongest production quarter of the year, supported by record

quarterly mill throughput, which offset the impact of lower-than-planned mined and

processed grades related to timing of stope sequencing, higher-than-planned operational

dilution in select stopes during the quarter, and unplanned downtime in the crusher circuit

that occurred late in the year. As a result, production increased 15% quarter-on-quarter to

10,431 tonnes of copper in concentrate, contributing to full-year production of 36,035 tonnes.

At Xavantina, gold production increased sequentially throughout 2025, highlighted by a

significant 53% increase in Q4 compared to Q3, driven by higher throughput and grades.

During the year, the operation successfully transitioned to mechanized mining, an important

milestone that is expected to support higher development and mining rates going forward.

While this transition resulted in a temporary step back in production in 2025 as the operation

invested in the long-term productivity and safety of the mine, the impact was effectively

mitigated through the successful completion of a year-long value-creation initiative that

culminated in the sale of 14,999 ounces of gold in gold concentrates during Q4. As a result,

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

gold concentrate sales, totaled 28,836 ounces in Q4 and 52,290 ounces for the full year.

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2026 PRODUCTION GUIDANCE AND THREE-YEAR PRODUCTION OUTLOOK

The Company's 2026 guidance and three-year production outlook reflect consistent growth

relative to 2025. Key drivers in 2026 include higher plant throughput across the operations,

supported by the Caraíba mill debottlenecking initiative successfully completed in 2025, and

projected increases in throughput at the Tucumã Operation toward steady-state levels.

Longer term, copper production growth is expected to be supported by planned increases in

tailings filtration capacity at Tucumã and the new shaft at the Caraíba Operations' Pilar Mine,

which is expected to become operational in 2027. As a result, consolidated copper production

is expected to increase over the next three years to between 80,000 and 90,000 tonnes by

2028.

At the Xavantina Operations, annual gold production is expected to increase from between

40,000 and 50,000 ounces in 2026 to between 50,000 and 60,000 ounces in 2027 and 2028,

driven by higher mine production and increased mill throughput supported by the transition to

mechanized mining. In addition, gold sales from the Xavantina Operations are expected to be

significantly bolstered with the continued sale of gold concentrates that commenced in Q4

2025, and which are expected to continue through mid-2027.

2026 2027 2028

Copper (tonnes)

Caraíba Operations 35,000 - 40,000 40,000 - 45,000 45,000 - 50,000

Tucumã Operation 32,500 - 37,500 35,000 - 40,000 35,000 - 40,000

Total Copper 67,500 - 77,500 75,000 - 85,000 80,000 - 90,000

Gold (ounces)

Xavantina Operations 40,000 - 50,000 50,000 - 60,000 50,000 - 60,000

Gold in Concentrates(1) Concentrate sales expected to continue through mid-2027(1)

Note: Guidance is based on estimates and assumptions including, but not limited to, mineral resource and

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) Gold concentrate sales over the projection period related to Xavantina's stockpiled gold concentrate remain

subject to ongoing sampling.

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2026 COST GUIDANCE

2026 copper C1 cash cost guidance on a consolidated basis is $2.15 to $2.35 per pound of

copper produced. This is based on C1 cash cost guidance ranges of $2.30 to $2.50 per pound

for the Caraíba Operations and $1.95 to $2.15 per pound at the Tucumã Operation.

At the Xavantina Operations, the C1 cash cost guidance range for ounces produced from

mining and processing operations is $1,000 to $1,250 per ounce, reflecting lower planned

mined and processed gold grades. The AISC guidance range for 2026 is $2,000 to $2,500 per

ounce of gold produced.

Copper C1 Cash Cost ($/lb)

Caraíba Operations $2.30 - $2.50

Tucumã Operation $1.95 - $2.15

Consolidated Copper Operations $2.15 - $2.35

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

Gold All-In Sustaining Cost ($/oz) $2,000 - $2,500

Note: C1 Cash Costs and AISC are non-IFRS measures. Please see the Notes section of this press release for

additional information.

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 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

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QUALIFIED PERSONS AND THE NI 43-101 TECHNICAL REPORT

Mr. Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), FAusIMM (No.

329148) has reviewed, verified and approved the scientific and technical information

contained in this press release, including the sampling, analytical and test data underlying the

information contained in this press release. Mr. Monteiro is Manager, Resources & Reserves of

the Company and is a “qualified person” within the meanings of NI 43-101.

NOTES

Alternative Performance (Non-IFRS) Measures

The Company utilizes certain alternative performance (non-IFRS) measures to monitor its

performance, including C1 cash cost of copper produced (per lb), C1 cash cost of gold

produced (per ounce), and AISC of gold produced (per ounce). These performance measures

have no standardized meaning prescribed within generally accepted accounting principles

under IFRS and, therefore, amounts presented may not be comparable to similar measures

presented by other mining companies. These non-IFRS measures are intended to provide

supplemental information and should not be considered in isolation or as a substitute for

measures of performance prepared in accordance with IFRS.

C1 Cash Cost of Copper Produced (per lb)

C1 cash cost of copper produced (per lb) is a non-IFRS performance measure used by the

Company to manage and evaluate the operating performance of its copper mining segment

and is calculated as C1 cash costs divided by total pounds of copper produced during the

period. C1 cash costs comprise the total cost of production, including expenses related to

transportation, and treatment and refining charges. These costs are net of by-product credits

and incentive payments.

While the C1 cash cost of copper produced per pound is widely reported in the mining

industry as a performance benchmark, it does not have a standardized meaning and is

disclosed as a supplement to IFRS measures.

C1 Cash Cost of Gold produced (per ounce) and AISC of Gold produced (per ounce)

C1 cash cost of gold produced (per ounce) is a non-IFRS performance measure used by the

Company to manage and evaluate the operating performance of its gold mining segment and

is calculated as C1 cash costs divided by total ounces of gold produced during the period. C1

cash cost includes total cost of production, net of by-product credits and incentive payments.

C1 cash cost of gold produced per ounce is widely reported in the mining industry as

benchmarks for performance but does not have a standardized meaning and is disclosed in

supplemental to IFRS measures.

AISC of gold produced (per ounce) is an extension of C1 cash cost of gold produced (per

ounce) discussed above and is also a key performance measure used by management to

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