Slide 1: Q2 2026 Earnings Call
Q2 2026 Earnings Call August 2026 | TSX: ERO | NYSE: ERO
Slide 2: Disclaimer: Caution Regarding Forward Looking Information and Statements
Disclaimer Caution Regarding Forward Looking Information and Statements This presentation contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securit
Slide 3: Disclaimer: General
Disclaimer General Scientific and technical information contained in this presentation has been reviewed, verified and approved by Mr. Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), FAusIMM (No. 329148), and Resource Manager of the Company, who is a “qualified person” within the m
Slide 4: Presenters
Presenters Makko DeFilippo Wayne Drier President & CEO EVP & Chief Financial Officer Courtney Lynn Gelson Batista EVP, External Affairs & Strategy EVP & Chief Operating Officer Farooq Hamed VP, Investor Relations 4
Slide 5: Q2 2026: Strategy in Action
Q2 2026: Strategy in Action Deleveraged Balance Sheet Further to 0.8x Net Debt* and Delivered OneEro Savings ✔ Net debt leverage ratio improved to 0.8x at quarter-end from 2.6x at year-end 2024, including net debt reduction of approximately $100 million over the past 18 months. ✔ Secured initial ann
Slide 6: Q2 2026 Highlights
Q2 2026 Highlights 17,315 tonnes 8,693 ounces 11,860 ounces Consolidated Copper Production Gold Production Gold Recovered from Historic Concentrate Stockpiles $2.42/lb $1,586/oz $633/oz Consolidated Copper Gold Production Historic Gold Concentrate C1 Cash Costs* C1 Cash Costs* C1 Cash Costs* $137.9
Slide 7: Disciplined Deleveraging, Expanding Financial Flexibility
Disciplined Deleveraging, Expanding Financial Flexibility Strong adjusted EBITDA growth and disciplined debt reduction drove gross and net leverage ratios down 1.8 turns. Net Debt* 2.8x 2.7x Gross and net leverage down 1.8 turns in 18 months $552M → $453M 2.3x Dec-24 Jun-26 2.6x 2.2x 18% Reduction
Slide 8: FX Hedges Offsetting Impact of Stronger BRL
FX Hedges Offsetting Impact of Stronger BRL Current hedge program, designed to protect ~70% of consolidated operating and capital costs, covers US$450 million of BRL exposure for Jul. 2026 through Dec. 2027, with coverage of over US$270 million of BRL exposure in H2 2026. 6.50 Actual Forward-Looking
Slide 9: Q2 2026 Operating Highlights
Q2 2026 Operating Highlights
Slide 10: Caraíba Operations
Caraíba Operations Tonnes Processed (kt) Grade Processed (%) Cu Production (kt) 1,175 10.4 1,072 1,074 1.27 9.2 9.1 997 8.8 8.4 792 1.01 1.00 0.93 0.87 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 C1 Cash Costs* ($/lb produced) ▪ Copper production in Q2 2
Slide 11: Tucumã Operation
Tucumã Operation Tonnes Processed (kt) Grade Processed (%) Cu Production (kt) 715 9.3 9.0 8.5 1.93 7.6 575 564 1.74 517 1.66 6.4 1.51 1.44 419 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 ▪ Plant throughput increased 27% quarter-on-quarter, driving an inc
Slide 12: Xavantina Operations
Xavantina Operations Tonnes Processed (kt) Grade Processed (gpt) Au Production from Mine (koz) Au Recovered from Historic Concentrate Stockpiles (koz) 53 13.8 14.0 48 49 9.98 11.9 8.15 38 37 7.11 9.1 6.20 8.7 5.66 7.7 5.5 2.1 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4
Slide 13: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights
Slide 14: Key Financial Metrics
Key Financial Metrics Cash Flow from Operations Adjusted EBITDA* (US$M) (US$M) $138 $187 $129 $110 $144 $125 $90 $93 $83 $77 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Adjusted Net Income* Adjusted Net Income* (US$M) (US$ per diluted share) $108 $1.04 $87 $0.83 $72 $0.69 $48 $0.46 $
Slide 15: 2026 Guidance Update
2026 Guidance Update Caraíba Tucumã Xavantina Production 35.0 – 40.0 kt Cu 32.5 – 37.5 kt Cu 40 – 50 koz Au $1,100 - $1,350 / oz (From $1,000 - $1,250 / oz) $2.30 – $2.50 / lb $1.95- $2.15 / lb Au C1 Cash Cost Operating Costs Cu C1 Cash Cost Cu C1 Cash Cost $2,200 - $2,700 / oz (From $2,000 - $2,500
Slide 16: Appendix
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Slide 17: Cost Structure & Sensitivities
Cost Structure & Sensitivities Physical supply of key inputs and consumables remains secure and uninterrupted. 2026 Guidance - Consolidated Cost Structure Inflationary Pressures from U.S.-Iran Conflict Cost Component Impact Consumables Diesel 6% • Diesel pricing in Brazil set by Petrobras, which ins
Slide 18: Farooq Hamed, VP, Investor Relations
Farooq Hamed VP, Investor Relations 1050-625 Howe St, Vancouver, BC, V6C 2T6 E-mail: info@ero.com www.ero.com