Slide 1: Investor Presentation
Investor Presentation May 2025 | 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. 3219148), and Resource Manager of the Company, who is a “qualified person” within the
Slide 4: Company Overview & Strategy
COPPER Company Overview & Strategy
Slide 5: High-Margin, High-Growth, Diversified Copper Producer
Tucumã High-Margin, High-Growth, New Production Pará State Diversified Copper Producer Furnas(1) Advanced Stage Pará State Brazil-Focused Copper Portfolio With Meaningful Gold Production Xavantina Production Mato Grosso State Significant Near-Term Growth Newly completed Tucumã Mine Caraíba Productio
Slide 6: Proven Growth Since IPO, Well Positioned for the Future
Proven Growth Since IPO, Well Positioned for the Future Copper Production Growth 13% (tonnes) 76% 10.0 90.0 34.5 80.0 126% 25.4 45.5 20.1 2017A 2021A 2025E 2026E-2027E Note: Production for 2025-2027 based on the midpoint of the Company’s three-year production outlook included in its press release da
Slide 7: 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 8: Poised for Significant Near-Term EBITDA Expansion
Poised for Significant Near-Term EBITDA Expansion Copper Production Growth & EBITDA Margin 65% 60% Antofagasta Ero Copper 55% 2026E EBITDA Margin 50% Lundin Mining Sandfire Resources Capstone Mining 45% Hudbay Minerals Ero is well-positioned Teck due to significant Freeport-McMoRan 40% First Quantum
Slide 9: Our Operations
WERO COPPER Our Operations
Slide 10: 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 11: New External Shaft Project
New External Shaft Project Shaft Headframe Permanent Rock & Personnel Winder Building Stage Winder Building Engineering & Admin. 11
Slide 12: 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 First production achieved on schedule in Q3 2024 ▪ Attractive operating margins o 2025 C1 cash costs expected to be $1.05 to $1.25 per pound of copper p
Slide 13: Tucumã Plant
Tucuma Plant eS January 2025 ] 13
Slide 14: 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 ▪ Expected to sustain gold production of 50,000-60,00
Slide 15: Long-Term Growth
COPPER 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: High-Grade Mineral Resource Estimate
Furnas: High-Grade Mineral Resource Estimate 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 Grade Contained Metal Phase 1 Drill Program Tonnes Cate
Slide 18: Financial & Environmental Stewardship
Financial & Environmental Stewardship
Slide 19: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position $116 million 2.4x Total Liquidity* at Mar. 31, 2025 Net Debt Leverage Ratio Total Debt $643 $35M Net Debt $562 $116M LTM Adj. EBITDA $236 Total Debt Leverage Ratio 2.7x $81M Net Debt Leverage Ratio 2.4x Cash & Cash Equivalents Sr. Secured Revolving Credit
Slide 20: Brazil: Global Leader in Use of Renewable Energy
Brazil: Global Leader in Use of Renewable Energy “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 Production from Renewa
Slide 21: Strong Sustainability Focus
Strong Sustainability Focus Brazil’s global leadership in the use of renewable energy affords Ero a unique competitive advantage as end users increasingly demand low carbon-intensity minerals ESG Ratings GHG Copper Intensity Curve(1) - 2023 “A” ranking with performance in top 33% tCO2e / t Copper eq
Slide 22: Guidance and Production Outlook
Guidance and Production Outlook
Slide 23: 2025 Guidance
2025 Guidance Caraíba Tucumã Total Copper Xavantina Production 37.5 – 42.5 kt Cu 37.5 – 42.5 kt Cu 75 – 85 kt Cu 50 – 60 koz Au $650 – $800 / oz Operating Costs $2.15 – $2.35 / lb $1.05 – $1.25 / lb $1.55 – $1.80 / lb Au C1 Cash Cost Cu C1 Cash Cost Cu C1 Cash Cost Cu C1 Cash Cost $1,400 – $1,600 /
Slide 24: Three-Year Production Outlook
Three-Year Production Outlook Caraíba Tucumã Total Copper Xavantina 2025 37.5 – 42.5 kt Cu 37.5 – 42.5 kt Cu 75 – 85 kt Cu 50 – 60 koz Au 2026 40 – 45 kt Cu 45 – 50 kt Cu 85 – 95 kt Cu 50 – 60 koz Au 2027 45 – 50 kt Cu 40 – 45 kt Cu 85 – 95 kt Cu 50 – 60 koz Au Note: For more information on the Comp
Slide 25: Business Summary
COPPER Business Summary
Slide 26: 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 26
Slide 27: Appendix
WERO COPPER
Slide 28: Ownership Structure
Ownership Structure Shareholder Distribution Blue-Chip Institutional Shareholders Top 5 Institutional Shareholders 12.9% 6.2% T. Rowe Price (all affiliates) 20.4% Fidelity (all affiliates) 13.9% 12.8% Jennison Associates LLC 5.7% GMT Capital Corp. 5.5% Global X Investments 3.8% 49.4% 18.7% Total 49.
Slide 29: Q1 2025 Results - Caraíba Operations
Q1 2025 Results - Caraíba Operations Tonnes Processed (kt) Grade Processed (%) Cu Production (kt) 958 900 9.9 853 1.30 1.20 1.18 8.9 8.6 720 693 1.08 8.1 1.03 7.4 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 ▪ Copper production and unit operating costs re
Slide 30: Q1 2025 Results - Tucumã Operation
Q1 2025 Results - Tucumã Operation Tonnes Processed (kt) Grade Processed (%) Cu Production (kt) 294 2.17 2.18 5.1 4.3 223 1.00 111 0.8 Q3/24 Q4/24 Q1/25 Q3/24 Q4/24 Q1/25 Q3/24 Q4/24 Q1/25 ▪ Plant throughput increased 32% quarter-on-quarter, supported by the successful completion of maintenance acti
Slide 31: Q1 2025 Results - Xavantina Operations
Q1 2025 Results - Xavantina Operations Tonnes Processed (kt) Grade Processed (gpt) Au Production (koz) 18.2 40 42 16.6 38 16.38 33 13.5 14.00 26 11.41 11.18 8.9 6.6 6.87 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 ▪ Production and unit operating C1 Cash
Slide 32: Q1 2025 Results - Key Financial Metrics
Q1 2025 Results - Key Financial Metrics Cash Flow from Operations Adjusted EBITDA* (US$M) (US$M) $65 $62 $63 $61 $59 $53 $52 $43 $17 $15 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Adjusted Net Income* Adjusted Net Income* (US$M) (US$ per diluted share) $36 $0.35 $28 $0.27 $19 $17 $0
Slide 33: Furnas: Geology and Plan Map
Furnas: Geology and Plan Map Exploration and development efforts will focus 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 NW Zone SE Zone Note: For more information, please refer to th
Slide 34: Furnas: NW & SE Zone Cross Sections
Furnas: NW & SE Zone Cross Sections Known high-grade mineralization ranges from ~20 to 60 meters in thickness and has been drilled to a vertical depth from surface of ~300 meters NW Zone Cross-Section SE Zone Cross-Section Note: For more information, please refer to the Company’s press release dated
Slide 35: 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 36: Xavantina Operations Reserves & Resources
Xavantina Operations Reserves & Resources Tonnes (kt) Grade (gpt Au) Contained Au (oz) Mineral Reserves Proven, Santo Antônio Vein 223 9.68 69.4 Proven, Matinha Vein - - - Total Proven 223 9.68 69.4 Probable, Santo Antonio Vein 1,155 9.76 362.3 Probable, Matinha Vein 93 9.20 27.5 Total Probable 1,24
Slide 37: 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 38: 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 39: 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 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: Courtney Lynn
Courtney Lynn Executive Vice President, External Affairs and Strategy 1050-625 Howe St, Vancouver, BC, V6C 2T6 Phone: +1.604.335.7504 E-mail: info@erocopper.com www.erocopper.com