Here are 1-3 brief analogies to describe Ero Copper:

• Think of it as a regionally focused Freeport-McMoRan, extracting copper, gold, and silver in Brazil.
• Imagine a Newmont or Barrick Gold, but also significantly producing copper, with all its projects centered in Brazil.
• A smaller, Brazil-focused version of a diversified mining giant like Rio Tinto, specializing in copper and gold.

• Copper: A base metal produced from its mining operations, primarily from the Vale do Curaçá property and Boa Esperança project.
• Gold: A precious metal extracted and produced, mainly from its NX gold mine.
• Silver: A precious metal also explored for and produced alongside its other mining activities.

Ero Copper (ERO) primarily sells its products to other companies, not directly to individuals. As a producer of raw materials like copper concentrate and gold dore, its major customers are typically industrial entities involved in processing and trading these commodities. The company does not publicly disclose the specific names of its individual customer companies, which is common practice for commodity producers.

However, the categories of companies that would purchase Ero Copper's products include:

• Copper Smelters and Refiners: These industrial companies purchase copper concentrate to process it into refined copper metal, which is then used in various industries.
• Gold Refiners: These companies buy gold dore (a semi-pure alloy of gold and silver) to refine it into pure gold, often for use in bullion, jewelry, or electronics.
• International Commodity Trading Houses: These firms specialize in the global trade of raw materials, purchasing large volumes of concentrates and dore from producers like Ero Copper and then selling them to smelters, refiners, and other industrial end-users, often managing logistics and financing.

Eletrobras (EBR)

Orica (ORI)

Solvay (SOLV)

Metso Outotec (METSO)

Makko DeFilippo, President and Chief Executive Officer

Makko DeFilippo was appointed President and Chief Executive Officer of Ero Copper, effective January 1, 2025. He joined the company in January 2017 as Vice President, Corporate Development, playing a crucial role in supporting its initial public offering in October 2017. He was promoted to President in January 2021 and took on the additional role of Chief Operating Officer in March 2023. Mr. DeFilippo has been instrumental in several strategic initiatives, including transforming the Xavantina Operations into a high-margin asset, leading a $110 million streaming transaction with Royal Gold Inc., and establishing a partnership with Vale Base Metals for the Furnas Copper-Gold Project earn-in agreement.

Wayne Drier, Executive Vice President and Chief Financial Officer

Wayne Drier serves as the Executive Vice President and Chief Financial Officer of Ero Copper. He brings over 20 years of corporate finance and capital markets experience within the global mining sector. His previous roles include Head of Business & Corporate Development at Asanko Gold Inc., Vice President-Strategy & Development at Coalspur Mines Pty Ltd., Head-Business Development at Norilsk Nickel Africa Pty Ltd., and Director & Vice President-Commercial at BHP Billiton Ltd. Mr. Drier has also served on the board of Mantra Resources Pty Ltd.

David Strang, Executive Chairman of the Board

David Strang co-founded Ero Copper in May 2016 and served as its President and Chief Executive Officer and a director since May 16, 2016, before transitioning to Executive Chairman of the Board, effective January 1, 2025. Mr. Strang has a history of leading successful mining ventures; he was a director, President, and Chief Executive Officer of Lumina Copper Corp. from August 2008 until its sale to First Quantum Minerals Limited in August 2014. He also held similar leadership roles at Lumina Royalty Corp., which was sold to Franco Nevada Corporation in 2011, and Global Copper Corp. Prior to co-founding Ero Copper, he formed Ero Resource Partners LLC in February 2014 with Christopher Noel Dunn.

Gelson Batista, Executive Vice President and Chief Operating Officer

Gelson Batista was appointed Executive Vice President and Chief Operating Officer, succeeding Makko DeFilippo in this role effective January 1, 2025. He joined Ero Copper in September 2024 as Senior Vice President, Operations, bringing over 25 years of extensive international mining experience. Throughout his career, Mr. Batista has held various technical, operational, and senior leadership positions in mining operations and development projects globally, including roles at ArcelorMittal and Rio Tinto.

Deepk Hundal, Executive Vice President, General Counsel and Corporate Secretary

Deepk Hundal is the Executive Vice President, General Counsel, and Corporate Secretary for Ero Copper. He has served as General Counsel and Corporate Secretary since June 2017.

Here are the key risks to Ero Copper (symbol: ERO):

1. Commodity Price Volatility: As a producer of copper and gold, Ero Copper's financial performance is highly dependent on the fluctuating market prices of these commodities. The company is a "price-taker," meaning it does not control the selling prices of its products, making it vulnerable to downturns in global copper and gold markets.
2. Operational and Execution Risks: Ero Copper faces challenges in consistently meeting production targets and controlling operating costs. This includes risks related to maintaining desired ore grades and recoveries at its mines, such as the Caraíba operation, and addressing specific operational issues like power quality at the Tucumã mine, which can lead to weaker-than-anticipated production volumes and higher costs.
3. Jurisdictional and Political Risks in Brazil: Operating solely in Brazil exposes Ero Copper to potential political instability, changes in mining regulations, and shifts in governmental policies. Maintaining strong relations with the host country and navigating its legal and regulatory framework are crucial for uninterrupted operations.

Ero Copper Corp. (ERO) operates in the mining sector, with its primary products being copper, gold, and silver. The addressable markets for these products, both globally and in Brazil where the company has significant operations, are substantial.

Copper

• The global copper market size was estimated at USD 241.88 billion in 2024 and is projected to reach USD 339.95 billion by 2030, demonstrating a Compound Annual Growth Rate (CAGR) of 6.5% from 2025 to 2030. Other estimates place the global market at USD 261.93 billion in 2025, growing to USD 466.67 billion by 2034 with a CAGR of 6.63%.
• In Brazil, the copper market generated a revenue of USD 1,902.9 million in 2024 and is expected to reach USD 2,582.3 million by 2030, growing at a CAGR of 5.9% from 2025 to 2030. Another report indicates the Brazil copper market was valued at USD 11.92 billion in 2024 and is projected to grow to USD 17.59 billion by 2032, with a CAGR of 5.09%.

Gold

• The global gold market size was valued at USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030, with a CAGR of 6.51% during the forecast period of 2025-2030. In terms of volume, the global gold market is expected to grow from 4,890.0 tons in 2025 to 7,424.4 tons by 2034, at a CAGR of 4.70%.
• Brazil's gold mining market was estimated at USD 7.54 billion in 2024 and is projected to grow to USD 11.0 billion by 2035, exhibiting a CAGR of 3.4% during the forecast period of 2025-2035. The market is projected to reach USD 10 billion by 2025.

Silver

• Globally, the silver market size was valued at USD 87.12 billion in 2024 and is projected to grow from USD 95.20 billion in 2025 to USD 202.07 billion by 2033, exhibiting a CAGR of 9.86% during the forecast period. Other data shows the global silver market size was valued at USD 23.51 billion in 2025 and is expected to reach USD 36.51 billion by 2035, growing at a CAGR of 4.50%.
• Brazil is a producer of silver, with an output of 103 metric tons in 2023, an increase from 76 metric tons in 2022. Brazil accounted for 0.52% of global silver production in 2023. Silver is also noted as the most lucrative metal segment, registering the fastest growth in the Brazil precious metal market during the forecast period of 2025-2030.

Here are 3-5 expected drivers of future revenue growth for Ero Copper (ERO) over the next 2-3 years:

1. Increased Copper Production: Ero Copper anticipates a significant increase in consolidated copper production from its Caraíba and Tucumã operations. The company's 2026 guidance projects 67,500 to 77,500 tonnes of copper, representing a potential increase of up to 20% compared to 2025 production. This growth is expected to be driven by sustained plant throughput and planned upgrades at both operations, with production weighted towards the second half of 2026.
2. Expanded Gold Production and Concentrate Sales: The Xavantina Operations are expected to contribute to revenue growth through increased gold production and continued gold concentrate sales. Annual gold production is projected to rise from an estimated 40,000-50,000 ounces in 2026 to between 50,000-60,000 ounces in 2027 and 2028. This increase is attributed to higher mine production and improved mill throughput, supported by the transition to mechanized mining. Gold concentrate sales, which commenced in Q4 2025, are anticipated to continue through mid-2027.
3. Advancement of the Furnas Copper-Gold Project: The progression of the Furnas Copper-Gold Project represents a significant long-term growth driver. Ero Copper is advancing this project through an earn-in agreement to acquire a 60% interest. A Preliminary Economic Assessment (PEA) for Furnas highlights its potential as a large-scale, 24-year mine, capable of producing over 1.2 million tonnes of copper, 2 million ounces of gold, and 9 million ounces of silver. While its full impact on revenue will materialize beyond the immediate 2-3 year horizon, its advancement through exploration and engineering in the near term is crucial for extending Ero's future growth runway.
4. Favorable Commodity Prices: Stronger copper and gold prices have demonstrably contributed to Ero Copper's record quarterly revenue in Q4 2025. Sustained or rising prices for these key commodities, which are the company's primary products, are expected to remain a crucial external driver for future revenue growth.

Capital Allocation Decisions (2021-2025)

Share Repurchases

• Ero Copper initiated a Normal Course Issuer Bid (NCIB) in March 2023, authorizing the repurchase of up to 4,500,000 common shares, representing approximately 4.98% of its issued and outstanding common shares at the time. The NCIB commenced on March 15, 2023, and was set to expire on March 14, 2024.
• Under the 2023 NCIB, the company repurchased 3,197,300 common shares at a weighted average price of C$18.10 per share for a total cost of C$57.9 million (approximately US$42.5 million) by December 31, 2023.
• Ero Copper announced a renewal of its Normal Course Issuer Bid (NCIB) in March 2024, authorizing the repurchase of up to 5,000,000 common shares, representing approximately 5.0% of its issued and outstanding common shares. This NCIB commenced on March 15, 2024, and is scheduled to terminate on March 14, 2025.

Share Issuance

• The number of basic common shares outstanding increased from 103,345,064 at the end of 2024 to 103,961,272 at the end of 2025.

Inbound Investments

• Jennison Associates LLC significantly expanded its holdings in Ero Copper by acquiring an additional 237,345 shares at $22.27 per share on September 30, 2024, increasing its total stake to 5,710,827 shares.
• Citigroup Inc. grew its stake in Ero Copper by 2,198.1% in the third quarter of 2025, acquiring 84,868 additional shares to own a total of 88,729 shares valued at approximately $1,798,000.
• FIL LTD added 4,966,427 shares to its portfolio in Q4 2025, representing a 74.1% increase, with an estimated value of $140,500,219.

Outbound Investments

• Ero Copper is advancing the Furnas Copper-Gold Project through a definitive earn-in agreement with Vale Base Metals to acquire a 60% interest in the project.

Capital Expenditures

• Capital expenditures for 2025 totaled $273.0 million, compared to $324.9 million in 2024.
• The company's 2026 capital expenditure guidance is projected to be between $275 million and $320 million.
• A significant focus of capital expenditures includes supporting growth at the Xavantina Operations and the construction of a new shaft at the Pilar Mine. Additionally, initial capital expenditures of approximately $1.3 billion are anticipated for the Furnas copper-gold project.