Ero Copper Corp. · TSX:ERO
Ero Copper — Investor Presentation (February 2026)
42 slides from Ero Copper's investor presentation, February 2026
Slide 1: Investor Presentation
Investor Presentation February 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: A Differentiated Copper & Gold Growth Story
Tucumã A Differentiated Copper & Gold Production Pará State Growth 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 High-Quality Growth Project in
Slide 6: Poised for Significant Near-Term EBITDA Expansion
Poised for Significant Near-Term EBITDA Expansion Copper Production Growth & EBITDA Margin 70% 65% Antofagasta Ero 60% Hudbay Minerals Lundin Mining 2026E EBITDA Margin 55% Sandfire Resources 50% Capstone Mining Taseko Ero is well-positioned Teck 45% due to growing Freeport-McMoRan First Quantum pro
Slide 7: Our Operations
ERO Our Operations
Slide 8: Caraíba: Long-Life Copper Operation
Caraíba: Long-Life Copper Operation Asset Overview ▪ High-grade, long-life copper operation with steady production levels o Located in Bahia State, 90 km SE of Petrolina o Fully integrated mining and processing complex with 50-year operating history o 2026 C1 cash costs expected to be $2.30 to $2.50
Slide 9: New External Shaft Project
New External Shaft Project Shaft Headframe Permanent Rock & Personnel Winder Building Stage Winder Building Engineering & Admin. 9
Slide 10: 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 2026 C1 cash costs expected to be $1.95 to $2.15 /lb. Cu produced ▪ Signif
Slide 11: Tucumã Plant
Tucuma Plant eS January 2025 ( cr
Slide 12: 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 o 2025 transition to mechanized mining driving improv
Slide 13: 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 mineral resource estimate of
Slide 14: 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 15: 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. $0.30 /lb. Copper C1 Cash Cost2 Copper C1 Cash Cost2 1. Copper equivalent bas
Slide 16: Furnas: PEA Decades in the Making
Furnas: PEA Decades in the Making Capital Intensity1 C1 Cash Costs2 Byproduct Basis 100,000+ ($/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 17: Furnas: PEA Outlines Standout Project Economics
Furnas: PEA Outlines 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
Slide 18: Furnas: Value-Driven Development and Operating Plan
Furnas: Value-Driven Development and Operating Plan PEA outlines a phased development approach for Furnas over four discrete operating mining areas allowing capital deployment to align with the progression of mining activities and projected cash flow generation. Phased Development Early Cash Flow NW
Slide 19: Furnas: High-Return Exploration Program
Furnas: High-Return Exploration Program Updated Mineral Resource in PEA based on 28,000m of Phase 1 drilling – additional 50,000m planned in 2026 Copper Equivalent Production1 (kt) 125 Deposit Remains Open 119 120 114 Over ~9km Project Footprint 109 108 107 108 107 104 105 106 102 99 88 79 Deepest I
Slide 20: Furnas: Large, Highly Prospective IOCG Project
Furnas: Large, Highly Prospective IOCG Project The updated mineral resource estimate for Furnas is supported by over 100,000 meters of drilling conducted since 2001 Grade Contained Metal Tonnes ~50,000 meters to be drilled in 2026 Category (Mt) Cu Au Ag CuEq(1) Cu Au Ag CuEq(1) ▪ ~50,000 meters of d
Slide 21: Furnas: Cornerstone of Ero's Future Growth Strategy
Furnas: Cornerstone of Ero's Future Growth Strategy Advancing exploration drilling, engineering, environmental and permitting work to fast-track Project development ▪ To earn a 60% interest in Furnas(2), Ero must complete three phases of work over a 5-year earn-in period ▪ Ero will grant VBM a free-
Slide 22: Financial & Environmental Stewardship
Financial & Environmental Stewardship
Slide 23: 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 24: 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 25: Guidance and Production Outlook
Guidance and Production Outlook
Slide 26: 2026 Guidance
2026 Guidance Caraíba Tucumã Xavantina Production 35.0 – 40.0 kt Cu 32.5 – 37.5 kt Cu 40 – 50 koz Au $1,000 - $1,250 / oz $2.30 – $2.50 / lb $1.95- $2.15 / lb Au C1 Cash Cost Operating Costs Cu C1 Cash Cost Cu C1 Cash Cost $2,000 - $2,500 / oz Au All-In Sustaining Cost Capital Expenditures $170 – $1
Slide 27: Three-Year Production Outlook
Three-Year Production Outlook Caraíba Tucumã Xavantina 2026 35.0 – 40.0 kt Cu 32.5 – 37.5 kt Cu 40 – 50 koz Au 2027 40.0 – 45.0 kt Cu 35.0 – 40.0 kt Cu 50 – 60 koz Au 2028 45.0 – 50.0 kt Cu 35.0 – 40.0 kt Cu 50 – 60 koz Au Concentrate sales expected to continue through mid-2027(1) Note: For more inf
Slide 28: Appendix
Appendix
Slide 29: Caraíba Operations
Caraíba Operations Tonnes Processed (kt) Grade Processed (%) Cu Production (kt) 1,175 10.4 1.30 1.27 9.2 9.1 997 1.18 8.6 792 1.01 1.00 7.4 720 693 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 C1 Cash Costs* ($/lb produced) 2.22 2.32 2.07 ▪ Plant throughp
Slide 30: 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* ($/lb produced) Q3 2025 marks the first ▪ Sequential
Slide 31: Xavantina Operations
Xavantina Operations Tonnes Processed (kt) Grade Processed (gpt) Au Production (koz) 53 26.6 48 38 Gold 33 12.8 Concentrates 26 11.18 9.98 8.9 9.1 6.6 7.7 Mine 8.15 Production 6.87 7.11 13.8 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 C1 Cash Costs* ($/o
Slide 32: Key Financial Metrics
Key Financial Metrics Cash Flow from Operations Adjusted EBITDA* (US$M) (US$M) $110 $83 $90 $77 $63 $59 $61 $65 Q4/24 Q1/25 Q2/25 Q3/25 Q4/24 Q1/25 Q2/25 Q3/25 Adjusted Net Income* Adjusted Net Income* (US$M) (US$ per diluted share) $0.46 $48 $0.35 $36 $0.27 $28 $0.17 $17 Q4/24 Q1/25 Q2/25 Q3/25 Q4/
Slide 33: 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 34: 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 35: 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 36: 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 & Indicated 1
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: 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 Antônio Vein 1,793 6.98 402.5 Probable, Matinha Vein 82 6.65 17.6 Total Probable 1,87
Slide 39: 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 40: 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 41: 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 42: Investor Relations Contact
Farooq Hamed VP, Investor Relations 1050-625 Howe St, Vancouver, BC, V6C 2T6 E-mail: info@ero.com www.ero.com