Ero Copper Corp. · TSX:ERO
Ero Copper — Investor Presentation (January 2026)
41 slides from Ero Copper's investor presentation, January 2026
Slide 1: Investor Presentation
Investor Presentation January 2026 | TSX: ERO | NYSE: ERO
Slide 2: Disclaimer
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
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: Company Overview & Strategy
ERO Company Overview & Strategy
Slide 5: Diversified Copper & Gold Producer Focused in Brazil
Tucumã Diversified Copper & Gold Producer Production Pará State Focused in Brazil Furnas(1) Advanced Stage Pará State Brazil-Focused Copper & Gold Portfolio Xavantina Production Mato Grosso State Significant Value-Creation Opportunities Caraíba Production Bahia State Attractive Long-Term Growth Pipe
Slide 6: Executing on Growth Strategy
Executing on Growth Strategy The Company is expanding its growth portfolio with plans to earn a 60% interest in the Furnas Copper-Gold Project(1) Near-Term Longer-Term Recent Achievements (Within 3 Years) (3+ Years) Caraíba In-Mine Exploration (Targeting extension of mine life) Caraíba Mill Expansio
Slide 7: Poised for Significant Near-Term EBITDA Expansion
Poised for Significant Near-Term EBITDA Expansion Copper Production Growth & EBITDA Margin 65% Antofagasta Ero 60% 55% Hudbay Minerals Lundin Mining 2026E EBITDA Margin Capstone Mining 50% Sandfire Resources Taseko 45% Ero is well-positioned First Quantum due to significant Teck 40% Freeport-McMoRan
Slide 8: Our Operations
ERO Our Operations
Slide 9: Caraíba: High-Margin Flagship Copper Operation
Caraíba: High-Margin Flagship Copper Operation Asset Overview ▪ High-grade, high-margin copper operation o Located in Bahia State, 90 km SE of Petrolina o Fully integrated mining and processing complex with 45-year operating history o Two underground mines: Pilar and Vermelhos o One open pit mine: S
Slide 10: New External Shaft Project
New External Shaft Project Shaft Headframe Permanent Rock & Personnel Winder Building Stage Winder Building Engineering & Admin. 10
Slide 11: Tucumã: High-Margin Operation Delivering Portfolio Growth
Tucumã: High-Margin Operation Delivering Portfolio Growth Asset Overview ▪ Open pit copper operation o Located in Pará State, ~40 km SW of Tucumã o Commercial production effective July 1, 2025 ▪ Attractive operating margins o 2025 C1 cash costs expected to be $1.35 to $1.55 per pound of copper produ
Slide 12: Tucumã Plant
Tucuma Plant eS January 2025 ( 12
Slide 13: Xavantina: High-Grade, Low-Cost Gold Operation
Xavantina: High-Grade, Low-Cost Gold Operation Asset Overview ▪ High-grade, high-margin underground gold mine and processing facility o Located in Mato Grosso State, ~18km NW of Nova Xavantina o Among the highest-grade gold mines in South America Catalysts Production Profile(1) ▪ Exploration / Plant
Slide 14: Significant Value Creation at Xavantina
Significant Value Creation at Xavantina Initiative to unlock value from stockpiled gold concentrates Launched in Q4 2024 to capture value from stored gold concentrates produced in small but high- grade quantities since processing operations began in 2012. Maiden inferred resource estimate of ~29,000
Slide 15: Long-Term Growth
ERO Long-Term Growth
Slide 16: Furnas: Large, Highly Prospective IOCG Project
Furnas: Large, Highly Prospective IOCG Project High-grade underground copper-gold project with initial Indicated and Inferred Mineral Resource estimates of 35 and 61 million tonnes, respectively ▪ To earn a 60% interest in Furnas(1), Ero will fund three phases of work over a 5-year earn-in period ▪
Slide 17: Furnas: Large, Highly Prospective IOCG Project
Furnas: Large, Highly Prospective IOCG Project The initial mineral resource estimate for Furnas supports the potential for a large-scale, high-grade underground mine Initial Mineral Resource Estimate and Cut-Off Grade Sensitivity(1) Cut-Off Grade Contained Metal Drill Program Grade Tonnes Category ▪
Slide 18: Financial & Environmental Stewardship
Financial & Environmental Stewardship
Slide 19: Strong Balance Sheet and Improved Leverage
Strong Balance Sheet and Improved Leverage The Company continued deleveraging in Q3 2025 with the net debt leverage ratio decreasing to 1.9x (from 2.1x in Q2 2025 and 2.5x at year-end 2024). $111 million 1.9x Total Liquidity* at September 30, 2025 Net Debt Leverage Ratio Total Debt $611 Net Debt $54
Slide 20: Sustainability Advantage Enabled by Brazil's Clean Energy Matrix
Sustainability Advantage Enabled by Brazil’s Clean Energy Matrix “Brazil’s electricity matrix is one of the cleanest in the world and Brazil is committed to continuing its support for renewable energy projects.” - International Trade Administration, U.S. Dept. of Commerce Share of Electricity Produc
Slide 21: Guidance and Production Outlook
Guidance and Production Outlook
Slide 22: 2025 Guidance
2025 Guidance Caraíba Tucumã Xavantina Production 37.5 – 42.5 kt Cu 30.0 – 37.5 kt Cu 40 – 50 koz Au $1.35- $1.55 / lb $850 - $1,000 / oz $2.15 – $2.35 / lb Au C1 Cash Cost Operating Costs (from $1.10 - $1.30/lb) Cu C1 Cash Cost $1,800 - $2,000 / oz Cu C1 Cash Cost Au All-In Sustaining Cost Capital
Slide 23: Business summary
ERO Business summary
Slide 24: Building A Brazilian Copper-Gold Champion
Building A Brazilian Copper-Gold Champion High-Margin, Brazil-Focused Copper Producer Significant Near-Term Production Growth Attractive Long-Term Development Pipeline Robust Balance Sheet Well-Positioned to Fund Portfolio Opportunities Strong Sustainability Focus 24
Slide 25: Appendix
Appendix
Slide 26: Ownership Structure
Ownership Structure Shareholder Distribution Blue-Chip Institutional Shareholders Top 5 Institutional Shareholders 4.9% Fidelity (all affiliates) 23.3% 20.9% T. Rowe Price (all affiliates) 9.1% GMT Capital Corp. 6.3% Global X Investments 3.0% 13.7% 44.2% Invesco 2.5% Total 44.2% 16.3% Ero’s board &
Slide 27: Caraíba Operations
Caraíba Operations Tonnes Processed (kt) Grade Processed (%) Cu Production (kt) 997 900 9.9 1.30 1.27 9.2 9.1 792 1.20 1.18 8.6 720 693 1.01 7.4 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 ▪ Plant throughput increased 26% compared to Q2 2025, reaching re
Slide 28: Tucumã Operation
Tucumã Operation Tonnes Processed (kt) Grade Processed (%) Cu Production (kt) 7.6 2.17 2.18 575 6.4 1.74 419 1.51 5.1 4.3 294 1.00 223 111 0.8 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 ▪ Sequential quarterly production growth of 19% driven by higher pl
Slide 29: Xavantina Operations
Xavantina Operations Tonnes Processed (kt) Grade Processed (gpt) Au Production (koz) 48 42 13.5 38 33 26 11.41 11.18 8.9 9.1 7.7 6.6 8.15 6.87 7.11 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 C1 Cash Costs* ($/oz produced) AISC* ($/oz produced) ▪ Product
Slide 30: Key Financial Metrics
Key Financial Metrics Cash Flow from Operations Adjusted EBITDA* (US$M) (US$M) $110 $83 $90 $77 $62 $63 $59 $61 $65 $53 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Adjusted Net Income* Adjusted Net Income* (US$M) (US$ per diluted share) $0.46 $48 $0.35 $36 $0.27 $0.27 $28 $28 $0.17 $
Slide 31: Furnas: Geology and Plan Map
Furnas: Geology and Plan Map Exploration efforts are focused on two discrete high-grade zones identified within the overall mineralized body, known as the SE and NW Zones, that extend over a combined strike length of ~5 km Note: For more information, please refer to the Company’s press releases date
Slide 32: Furnas: Cross sections within the high-grade SE Zone
Furnas: Cross sections within the high-grade SE Zone Phase 1 Drilling Highlights ▪ FURN-DD-00284: 105 meters at 1.17% copper and 0.77 grams per tonne ("gpt") gold (1.54% CuEq1), including 63 meters at 1.30% copper and 1.13 gpt gold (1.84% CuEq1) ▪ FURN-DD-00271: 75 meters at 1.02% copper and 0.59 gp
Slide 33: Furnas: Cross section within the high-grade NW Zone
Furnas: Cross section within the high-grade NW Zone Phase 1 Drilling Highlights ▪ FURN-DD-00321: 115 meters at 0.47% copper and 0.27 gpt gold (0.60% CuEq1), including 8 meters at 1.13% copper and 0.49 gpt gold (1.36% CuEq1) ▪ FURN-DD-00300: 80 meters at 1.02% copper and 0.36 gpt gold (1.19% CuEq1),
Slide 34: Caraíba Operations Reserves & Resources
Caraíba Operations Reserves & Resources Tonnes (kt) Grade (Cu%) Contained Cu (kt) Mineral Reserves (Underground) Proven 14,164 1.15% 163 Probable 16,710 1.57% 263 Proven & Probable 30,874 1.38% 426 Mineral Resources (Underground) Measured 53,976 1.08% 581 Indicated 47,558 1.17% 558 Measured & Indica
Slide 35: Tucumã Operation Reserves & Resources
Tucumã Operation Reserves & Resources Tonnes (kt) Grade (Cu%) Contained Cu (kt) Mineral Reserves Proven 30,674 0.89 273.2 Probable 12,378 0.67 83.4 Proven & Probable 43,052 0.83 356.6 Mineral Resources (Pit Constrained) Measured (High-Grade) 7,117 2.16 153.6 Indicated (High-Grade) 1,661 2.27 37.6 Me
Slide 36: Xavantina Operations Reserves & Resources
Xavantina Operations Reserves & Resources Tonnes (kt) Grade (gpt Au) Contained Au (oz) Mineral Reserves Proven, Santo Antônio Vein 221 6.48 46.1 Proven, Matinha Vein - - - Total Proven 221 6.48 46.1 Probable, Santo Antonio Vein 1,793 6.98 402.5 Probable, Matinha Vein 82 6.65 17.6 Total Probable 1,87
Slide 37: Additional Information
Additional Information Caraíba Operations Mineral Reserves Notes: 1. Effective Date of December 31, 2024, accounting for drilling activities and mining depletion at the Caraíba Operations since the September 30, 2022 effective date of the Mineral Resource and Mineral Reserve estimates contained in t
Slide 38: Additional Information
Additional Information Tucumã Operation Mineral Reserves Notes: 1. Effective Date of August 31, 2021. 2. Mineral reserves included within stated mineral resources. All figures have been rounded to the relative accuracy of the estimates. Summed amounts may not add due to rounding. High-grade and low-
Slide 39: Additional Information
Additional Information Xavantina Operations Mineral Reserves Notes: 1. Effective Date of June 30, 2025. 2. Mineral reserves included within stated mineral resources. All figures have been rounded to the relative accuracy of the estimates. Summed amounts may not add due to rounding. 3. The 2025 mine
Slide 40: Additional Information
Additional Information Furnas Copper-Gold Project Mineral Resources Notes: 1. Effective Date of June 30, 2024, and presented on a 100% ownership basis. 2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Summed amounts may not add due to rounding. 3. Miner
Slide 41: 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