Slide 1: Q4 2025 Earnings Call
Q4 2025 Earnings Call March 2026 | TSX: ERO | NYSE: ERO
Slide 2: Disclaimer: Caution Regarding Forward Looking Information
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: Q4 2025 Highlights
Q4 2025 Highlights 19,706 tonnes 13,837 ounces $186.7 million Consolidated Copper Production Gold Production Adj. EBITDA* $2.03/lb $766/oz $1.04 Consolidated Copper C1 Cash Gold C1 Cash Cost* Adj. Net Income Per Share* Cost* $129.1 million $150.4 million Cash Flow from Operations Available Liquidity
Slide 6: A Differentiated Copper & Gold Growth Story
Tucumã A Differentiated Copper & Gold Growth Production Pará State Story Furnas(1) Advanced Stage Pará State Proven History of Uncovering Value Through a differentiated, deep-value and exploration- Xavantina forward operating model Production Mato Grosso State Caraíba Production High-Quality Growth
Slide 7: Furnas PEA: Cornerstone For Long-Term Growth
Furnas PEA: Cornerstone For Long-Term Growth The PEA is preliminary in nature and includes inferred mineral resources, which are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certa
Slide 8: Furnas PEA: Asset Quality Speaks for Itself
Furnas PEA: Asset Quality Speaks for Itself First 15 Years 24 Year Life of Mine 108 kt 81 kt Copper Equivalent1 Copper Equivalent1 70 kt 111 koz 532 koz 52 kt 84 koz 374 koz Copper Gold Silver Copper Gold Silver $0.24 /lb. $0.30 /lb. Copper C1 Cash Cost2 Copper C1 Cash Cost2 1. Copper equivalent bas
Slide 9: Furnas: PEA Decades in the Making
Furnas: PEA Decades in the Making Capital Intensity1 C1 Cash Costs2 Byproduct Basis 100,000+ ($/kt CuEq) ($/lb) Santa Cruz $21,805 Yellowhead $1.90 Meters of drilling at Furnas since 2001 Santo Domingo $21,124 Marimaca $1.84 Vicunã Copper Creek Extensive Metallurgical $21,000 $1.67 Testwork Warintza
Slide 10: Furnas: Standout Project Economics
Furnas: Standout Project Economics Leverage to Copper and Gold Prices $1.3 Billion 38.8% 44.0% Initial Capex $4,699 33.2% 27.0% $2.0 Billion $3,813 19.9% $2,927 Net Present Value (8%) 11.3% $2,040 27.0% $268 $1,154 $3.60/lb Cu $4.10/lb Cu $4.60/lb Cu $5.10/lb Cu $5.60/lb Cu $6.10/lb Cu Internal Rate
Slide 11: Q4 2025 Operating Highlights
Q4 2025 Operating Highlights
Slide 12: Caraíba Operations
Caraíba Operations Tonnes Processed (kt) Grade Processed (%) Cu Production (kt) 1,175 10.4 1.30 1.27 9.2 9.1 997 1.18 8.6 792 1.01 1.00 7.4 720 693 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 C1 Cash Costs* ($/lb produced) 2.22 2.32 2.27 2.07 ▪ Plant thr
Slide 13: Tucumã Operation
Tucumã Operation Tonnes Processed (kt) Grade Processed (%) Cu Production (kt) 9.3 2.17 2.18 575 517 1.93 7.6 1.74 419 1.51 6.4 5.1 294 4.3 223 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 C1 Cash Costs* ($/lb produced) ▪ Sequential quarterly production gr
Slide 14: Xavantina Operations
Xavantina Operations Tonnes Processed (kt) Grade Processed (gpt) Au Production (koz) 53 11.18 26.6 48 9.98 8.15 38 Gold 33 6.87 7.11 12.8 Concentrates 26 8.9 9.1 6.6 7.7 Mine Production 13.8 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 C1 Cash Costs* ($/o
Slide 15: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights
Slide 16: Key Financial Metrics
Key Financial Metrics Cash Flow from Operations Adjusted EBITDA* (US$M) (US$M) $129 $187 $110 $90 $61 $65 $83 $77 $59 $63 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Adjusted Net Income* Adjusted Net Income* (US$M) (US$ per diluted share) $108 $1.04 $48 $0.46 $36 $0.35 $28 $0.27 $17
Slide 17: Strong Balance Sheet and Improved Leverage
Strong Balance Sheet and Improved Leverage The Company continued deleveraging in Q4 2025 with the net debt leverage ratio decreasing to 1.2x (from 1.9x in Q3 2025 and 2.6x at year-end 2024). $150 million 1.2x Total Liquidity* at December 31, 2025 Net Debt Leverage Ratio Total Debt $607 $45M Net Debt
Slide 18: Q&A
ERO Q&A
Slide 19: 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