Slide 1: Investor Presentation
Investor Presentation November 2024 | TSX:ERO | NYSE:ERO
Slide 2: Cautionary Statements
Cautionary Statements 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 Canad
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
WERO ys cOPPER y Company Overview & Strategy
Slide 5: High-Margin, Growth-Oriented Clean Copper
High-Margin, Growth-Oriented Clean Copper Tucumã Brazil-Focused Copper Producer Production Pará State With Meaningful Gold Production Furnas(1) Advanced Stage Pará State Significant Near-Term Growth Doubling Copper Production in 2025 Xavantina Production Mato Grosso State Attractive Long-Term Growth
Slide 6: Track Record of Delivering Growth
Track Record of Delivering Growth The Company’s consolidated production profile reflects the success of its organic growth investments Copper Equivalent Production (000s of tonnes)(1) 120 100 80 60 40 20 - 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 LOM Plan at IPO (Oct. 2017) 2024 Production
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 Vale Base Metals’ Furnas Copper-Gold Project(1) Near-Term Medium-Term Long-Term (< 1 Year) (1-4 Years) (4+ Years) Caraíba Mill Expansion New External Shaft (✓ Completed in 2023) (December
Slide 8: Poised for Significant EBITDA Expansion
Poised for Significant EBITDA Expansion Ero is well-positioned due to significant production and EBITDA contributions expected from Tucumã in the near-term Copper Production Growth & EBITDA Margin 65% Ero Copper 60% 55% Antofagasta 2025E EBITDA Margin Hudbay Minerals 50% Capstone Mining Sandfire Res
Slide 9: Our Operations
WERO c¢ O P PER 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 Site
New External Shaft Project Site Shaft Headframe Engineering & Admin Permanent Rock & Personnel Winder Building Stage Winder Building 11 ERO COPPER 11
Slide 12: Tucumã: High-Margin Copper Operation
Tucumã: High-Margin Copper Operation Asset Overview ▪ Open pit copper operation with attractive operating margins o Located in Pará State, ~40 km SW of Tucumã o First production achieved in Q3 2024 ▪ Significant growth potential o Cornerstone position in western Carajás (no other copper operation wi
Slide 13: Tucumã Underground Opportunity
Tucumã Underground Opportunity Exploration underway to extend known high-grade copper mineralization beneath the open pit Targeting High-Grade Extensions to Depth ▪ Historic and recent drilling suggests potential for high-grade mineralization below Current surface the open pit, coincident with magne
Slide 14: Aerial View
Aerial View July 2024 14 ERO COPPER 14
Slide 15: Flotation Circuit and Tailings Thickener
Flotation Circuit and Tailings Thickener April 2024 15 ERO COPPER 15
Slide 16: Exposed Sulphide Ore
Exposed Sulphide Ore July 2024 16 ERO COPPER 16
Slide 17: Crushed Ore stockpile
Crushed Ore stockpile June 2024 17 ERO COPPER 17
Slide 18: 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 ▪ Mine life extends through 2029 (increased from no m
Slide 19: Long-Term Growth
WERO c¢ O P PER Long-Term Growth
Slide 20: Furnas: Large, Highly Prospective IOCG Project
Furnas: Large, Highly Prospective IOCG Project In July 2024, Ero signed a definitive earn-in agreement with Vale Base Metals (VBM) for a 60% interest in the Furnas Copper-Gold Project(1) ▪ To earn a 60% interest in Furnas, Ero will fund three phases of work over a 5-year earn-in period ▪ Ero will gr
Slide 21: 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) Phase 1 Drill Program Cut-Off Grade Contained Metal ▪ In September 20
Slide 22: Caraíba: Emerging Nickel-Copper Sulphide District
Caraíba: Emerging Nickel-Copper Sulphide District District scale potential close to existing infrastructure Umburana Ni-Cu System ▪ Umburana nickel-copper system located approximately 20km from the Caraíba Highly prospective processing plant area ▪ Textures range from disseminated (<10% sulphides) t
Slide 23: Financial & Environmental Stewardship
Financial & Environmental Stewardship
Slide 24: Balance Sheet Well-Positioned to Fund Growth
Balance Sheet Well-Positioned to Fund Growth Rapid de-leveraging expected as production and cash flow contributions from the Tucumã Operation increase Overview of Current Liquidity Position & Leverage Metrics ($M) Cash & Cash Equivalents $20 $ 20 M Credit Facility Availability $80 $ 25 M Copper Prep
Slide 25: 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 26: Advancing Decarbonization
Advancing Decarbonization 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 GHG Copper Intensity Curve(1) - 2023 ESG Ratings “A” ranking with performance in top tCO2e / t Copper equivale
Slide 27: Guidance & Production Outlook
Guidance & Production Outlook
Slide 28: 2024 Guidance
2024 Guidance Caraíba Tucumã Total Copper Xavantina Production 35 - 37 kt Cu 8 - 11 kt Cu 43 – 48 kt Cu 60 - 65 koz Au $450- $550 / oz Operating Costs $1.80 - $2.00 / lb NA $1.80 - $2.00 / lb Au C1 Cash Cost Cu C1 Cash Cost Cu C1 Cash Cost $900 - $1,000 / oz Au All-In Sustaining Cost Consolidated Ca
Slide 29: Business Summary
WERO c¢ O P PER Business Summary
Slide 30: Business Summary
Business Summary 11 High-Margin, Brazil-Focused Copper Producer 22 Significant Near-Term Production Growth 43 Attractive Long-Term Growth Pipeline 54 Strong Balance Sheet Well-Positioned to Fund Growth 55 Strong Position in Clean Copper Movement ERO COPPER 30
Slide 31: Appendix
Appendix
Slide 32: Ownership Structure
Ownership Structure The Company’s board & management team, along with the top 5 institutional shareholders, own over 57% of the Company Shareholder Distribution Blue-Chip Institutional Shareholders 8.4% Top 5 Institutional Shareholders 16.8% T. Rowe Price (all affiliates) 16.8% 10.8% Fidelity (all a
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 ~20-60 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 Oc
Slide 35: Caraíba: Nickel Sulphide Discovery
Caraíba: Nickel Sulphide Discovery Select Drill Highlights ▪ VB Zone - VB-17: 16.5 meters at 1.22% Ni, 0.17% Cu and 0.03% Co (1.37% NiEq), including 3.8 meters at 3.60% Ni, 0.22% Cu and 0.09% Co (3.92% NiEq) o Interval includes 1.5 meters of massive-sulphide textures (~80% sulphides) grading 6.59% N
Slide 36: Caraíba - VB Zone: East-West Composite Section
Caraíba - VB Zone: East-West Composite Section Highlight Intercepts ▪ VB-41: 11.2 meters at 1.86% Ni, 0.26% Cu and 0.05% Co (2.08% NiEq), including 5.0 meters at 3.71% Ni, 0.13% Cu and 0.09% Co (4.00% NiEq) o Interval includes 1.9 meters of massive-sulphide textures grading 7.09% Ni, 0.18% Cu and 0.
Slide 37: Caraíba - LZ Zone: East-West Composite Section
Caraíba - LZ Zone: East-West Composite Section Highlight Intercepts ▪ LZ-25: 46.1 meters at 0.20% Ni, 0.04% Cu and 0.03% Co (0.28% NiEq), including 2.6 meters at 0.75% Ni, 0.18% Cu and 0.06% Co (0.96% NiEq) ▪ LZ-32: 11.3 meters at 0.43% Ni, 0.10% Cu and 0.02% Co (0.51% NiEq), including 7.0 meters at
Slide 38: Caraíba Operations Reserves & Resources
Caraíba Operations Reserves & Resources Tonnes Grade Contained Cu (kt) (Cu%) (kt) Mineral Reserves (Underground) Proven 15,402 1.15 177 Probable 19,506 1.53 298 Proven & Probable 34,908 1.36 475 Mineral Resources (Underground) Measured 48,091 1.08 517 Indicated 44,343 1.23 545 Measured & Indicated 9
Slide 39: Xavantina Operations Reserves & Resources
Xavantina Operations Reserves & Resources Tonnes Grade Contained Au (kt) (gpt Au) (koz) Reserves Proven, Santo Antonio Vein 290 8.57 80.0 Proven, Matinha Vein - - - Total Proven 290 8.57 80.0 Probable, Santo Antonio Vein 1,072 7.80 268.7 Probable, Matinha Vein 144 7.81 36.1 Total Probable 1,215 7.80
Slide 40: Tucumã Operation Reserves & Resources
Tucumã Operation Reserves & Resources Tonnes Grade Contained Cu (kt) (Cu%) (kt) 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, Incl. Reserves) Measured Resources (High-Grade) 7,117 2.16 153.6 Indicated Resources (Hi
Slide 41: Additional Information
Additional Information Caraíba Operations Mineral Reserves Notes: 1. Effective Date of December 31, 2023 2. Mineral reserves included within stated mineral resources. All figures have been rounded to reflect the relative accuracy of the estimates. Summed amounts may not add due to rounding. 3. Miner
Slide 42: Additional Information (cont.)
Additional Information (cont.) Tucumã Operation Mineral Reserves Notes: 1. Effective Date of August 31, 2021. 2. Stated mineral resources are inclusive of mineral reserves. All figures have been rounded to the relative accuracy of the estimates. Summed amounts may not add due to rounding. High-grade
Slide 43: Contact details
1050-625 Howe St, Vancouver, BC, V6C 2T6 www.erocopper.com Courtney Lynn SVP, Corp. Development, Investor Relations & Sustainability +1.604.335.7504 info@erocopper.com ERO COPPER | 43