Ero Copper Corp. · TSX:ERO
Ero Copper — Q1 2026 Earnings Presentation
18 slides from Ero Copper's earnings presentation, May 5, 2026
Slide 1: Q1 2026 Earnings Call
Q1 2026 Earnings Call May 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: Q1 2026: Strategy in Action
Q1 2026: Strategy in Action Published Furnas Preliminary Economic Assessment Inaugural PEA outlines 24-year initial mine life, 1st quartile unit costs, and strong economics across a range of metal price environments. Balance Sheet Further Deleveraged to 1.0x Net Debt* Net debt leverage ratio improve
Slide 6: Q1 2026 Highlights
Q1 2026 Highlights 17,287 tonnes 5,495 ounces $125.2 million Consolidated Copper Production Gold Production Adj. EBITDA* $2.39/lb $2,120/oz $0.69 Consolidated Copper C1 Cash Gold C1 Cash Cost* Adj. Net Income Per Share* Cost* $92.8 million $146.2 million Cash Flow from Operations Available Liquidity
Slide 7: Cost Structure & Sensitivities
Cost Structure & Sensitivities Physical supply of key inputs and consumables remains secure and uninterrupted. 2026 Guidance - Consolidated Cost Structure Impacts of Recent Market Movements Cost Component Impact Consumables Diesel 6% • Diesel pricing in Brazil set by Petrobras, which insulates the C
Slide 8: FX Hedges Offsetting Impact of Stronger BRL
FX Hedges Offsetting Impact of Stronger BRL Current hedge program covers US$403.5 million of BRL exposure for April through December 2026, which equates to over 70% of estimated full-year BRL-denominated operating expenses and capital expenditures. 6.50 Actual Forward-Looking 6.25 Q2-Q4 2026 Weighte
Slide 9: Xavantina Operations – Gold Concentrates
Xavantina Operations – Gold Concentrates A filter press and industrial dryer, sourced in late 2025, are expected to be operational by the end of Q2 2026 and meaningfully reduce concentrate drying times during future rainy seasons. Average Monthly Rainfall Since January 20021 (mm) 287 252 214 182 174
Slide 10: Q1 2026 Operating Highlights
Q1 2026 Operating Highlights
Slide 11: Caraíba Operations
Caraíba Operations Tonnes Processed (kt) Grade Processed (%) Cu Production (kt) 1,175 10.4 1,072 1.27 9.2 9.1 997 1.18 8.8 792 1.01 1.00 7.4 0.93 693 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 C1 Cash Costs* ($/lb produced) ▪ Copper production declined
Slide 12: Tucumã Operation
Tucumã Operation Tonnes Processed (kt) Grade Processed (%) Cu Production (kt) 9.3 2.18 8.5 575 564 517 1.93 7.6 1.74 1.66 419 1.51 6.4 5.1 294 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 C1 Cash Costs* ($/lb produced) ▪ Production during the period refle
Slide 13: Xavantina Operations
Xavantina Operations Tonnes Processed (kt) Grade Processed (gpt) Au Production (koz) 53 13.8 48 9.98 8.15 38 37 33 6.87 7.11 9.1 5.66 7.7 6.6 5.5 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 C1 Cash Costs* ($/oz produced) AISC* ($/oz produced) ▪ Gold prod
Slide 14: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights
Slide 15: Key Financial Metrics
Key Financial Metrics Cash Flow from Operations Adjusted EBITDA* (US$M) (US$M) $129 $187 $110 $90 $93 $125 $65 $83 $77 $63 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Adjusted Net Income* Adjusted Net Income* (US$M) (US$ per diluted share) $108 $1.04 $72 $0.69 $48 $0.46 $36 $0.35 $28
Slide 16: Strong Balance Sheet and Improved Leverage
Strong Balance Sheet and Improved Leverage The Company continued deleveraging in Q1 2026 with the net debt leverage ratio decreasing to 1.0x. $146 million 1.0x Total Liquidity* at March 31, 2026 Net Debt Leverage Ratio Total Debt $582 Net Debt $491 LTM Adj. EBITDA* $472 $55M Total Debt Leverage Rati
Slide 17: Q&A
ERO Q&A
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