Ero Copper Corp. (TSX: ERO) (NYSE: ERO) is pleased to announce its operating and financial results for the three and twelve months ended December 31, 2025. Management will host a conference call tomorrow, Friday, March 6, 2026, at 11:30 a.m. Eastern time to discuss the results. Dial-in details for the call can be found near the end of this press release.

HIGHLIGHTS

• Consolidated Q4 copper production was a record 19,706 tonnes in concentrate, bringing full-year production to 64,307 tonnes. Consolidated copper C1 cash costs⁽¹⁾ for the quarter and year were $2.03 and $2.06, respectively, per pound produced.
• Quarterly gold production totaled 13,837 ounces at a C1 cash cost⁽¹⁾ and All-in Sustaining Cost⁽¹⁾ of $766 and $1,702 per ounce, respectively. Full-year gold production was 37,291 ounces at a C1 cash cost⁽¹⁾ and AISC⁽¹⁾ of $976 and $2,082 per ounce, respectively.
• During Q4, 14,999 ounces of gold in concentrates were shipped from the Xavantina Operations, bringing total gold , including gold from mining and processing operations as well as from gold concentrate shipments from Xavantina to 28,836 ounces for the quarter and 52,290 ounces for the full year.
• Strong operating performance and sequential execution of portfolio-wide initiatives, including the commencement of gold concentrate sales, paired with strong copper and gold prices drove record Q4 and full-year financial results.
  • Cash flow from operations for the quarter and year were $129.1 million and $395.1 million, respectively, with full-year cash flow from operations increasing $249.7 million, or 171.7%, compared to 2024.
  • Q4 and full-year adjusted EBITDA⁽¹⁾ were $186.7 million and $409.7 million, respectively, with full-year adjusted EBITDA⁽¹⁾ up nearly 90% year-on-year.
  • Net income attributable to the owners of the Company was $77.0 million ($0.74 per share on a diluted basis) for the quarter and $263.7 million ($2.53 per share on a diluted basis) for the year.
  • Adjusted net income attributable to the owners of the Company⁽¹⁾ for the quarter and year were $108.4 million ($1.04 per share on a diluted basis) and $220.4 million ($2.12 per share on a diluted basis), respectively.

• Available liquidity⁽¹⁾ at year-end was $150.4 million, including $105.4 million in cash and cash equivalents and $45.0 million of undrawn availability under the Company’s senior secured revolving credit facility, representing an increase of nearly $40 million quarter-on-quarter.
• The Company’s net debt leverage ratio⁽²⁾ strengthened significantly to 1.2x⁽²⁾ from 2.6x⁽²⁾ at the end of 2024, reflecting a $50.1 million decrease in net debt and a $193.5 million increase in adjusted EBITDA⁽¹⁾ year-on-year.
• The Company is reaffirming its 2026 production, operating cost and capital expenditure guidance.
  • Consolidated copper production is projected to be weighted toward H2 2026, driven by mine sequencing and higher expected plant throughput at both the Caraíba and Tucumã Operations.
  • Gold production is expected to be lowest in Q1 as the Xavantina Operations advances new development headings into the Santo Antonio vein and completes new ventilation circuit integration and upgrades. Full-year gold production is expected to be weighted toward H2 2026. Gold concentrate sales volumes are similarly expected to be lowest in Q1 due to seasonal rainfall impacting drying capacity, with higher volumes projected from Q2 onward as dryer seasonal conditions return.
• Subsequent to year-end, the Company announced the results of a preliminary economic assessment for the Furnas Copper-Gold Project, outlining the potential for a large-scale, long-life operation with strong economics across a wide range of commodity prices.

“We are pleased with our operating trajectory and performance in the fourth quarter, which delivered record quarterly copper production as well as the first tangible benefits of record quarterly gold from the Xavantina Operations following the commencement of our gold concentrate program in Q4,” said Makko DeFilippo, President and Chief Executive Officer. “The investments we made across our operations in 2025 translated into higher copper and gold production, stronger cash generation and an improved balance sheet through year-end.

“As we enter 2026, we are building on the momentum established in 2025. The announcement of our inaugural PEA on Furnas in February clearly illustrates its relative positioning as a cornerstone asset in our long-term growth strategy. At the same time, we are completing or advancing various initiatives across our operating portfolio focused on strengthening operating margins and continued growth.”

FOURTH QUARTER AND FULL YEAR 2025 REVIEW

The Caraíba Operations

• The Caraíba Operations delivered its strongest production quarter of the year, with copper production totaling 10,431 tonnes of copper in concentrate at C1 cash costs⁽¹⁾ of $2.27 per pound, bringing full-year copper production to 36,035 tonnes at C1 cash costs⁽¹⁾ of $2.22 per pound.
• Processed volumes reached a record of nearly 1.2 million tonnes during the quarter, a 17.9% increase compared to Q3 2025, following a successful multi-quarter plant debottlenecking initiative. This helped to offset the impact of lower-than-planned mined and processed grades, as well as unplanned downtime in the crushing circuit that occurred late in the year.

The Tucumã Operation

• The Tucumã Operation delivered a strong quarter, producing 9,275 tonnes of copper in concentrate at C1 Cash Costs⁽¹⁾ of $1.75 per pound. Full-year production reached 28,272 tonnes, including 16,854 tonnes following the declaration of commercial production effective July 1, 2025 at C1 Cash Costs⁽¹⁾ of $1.69 per pound.
• Higher grades and the continued ramp-up of the plant drove quarterly performance, offsetting the impact of extended downtime in December, which was related to the pull-forward of planned Q1 2026 maintenance for the early replacement of mill liners due to quality issues associated with the original equipment manufacturer.

The Xavantina Operations

• The Xavantina Operations posted its strongest quarter of the year, producing 13,837 ounces of gold at C1 cash costs⁽¹⁾ and AISC⁽¹⁾ of $766 and $1,702 per ounce, respectively. For the full year, production totaled 37,291 at C1 cash costs⁽¹⁾ of $976 per ounce and AISC⁽¹⁾ of $2,082 per ounce.
• Quarterly production increased 52.5% compared to Q3 2025 and more than 100% compared to Q1 2025, driven by higher processed grades and mill throughput, reflecting the transition to mechanized mining, a milestone that is expected to support higher development and mining rates going forward.
• The successful completion of a year-long value-creation initiative culminated in 14,999 ounces of gold shipped in concentrates during Q4 2025, including 12,754 ounces sold and 2,245 ounces deliverable under the Xavantina Gold Stream. As a result, gold from Xavantina, including gold from mining and processing operations as well as from concentrate shipments, totaled 28,836 ounces for the quarter and 52,290 ounces for the full year.

OPERATING HIGHLIGHTS

FINANCIAL HIGHLIGHTS

($ in millions, except per share amounts)

2026 PRODUCTION AND COST GUIDANCE

Consolidated copper production is expected to be in the range of 67,500 to 77,500 tonnes, representing an increase of up to 20% compared to 2025 results. Guidance reflects higher sustained plant throughput and lower planned grades at both the Caraíba and Tucumã Operations. Consolidated copper production is expected to be weighed towards H2 2026 due to mine sequencing and higher plant throughput expected throughout the year.

Consequently, consolidated copper C1 cash costs⁽¹⁾, which are expected to range between $2.15 to $2.35 per pound of copper produced for the year, are projected to be higher in H1 2026 and decrease in H2 2026.

At the Xavantina Operations, gold production from mining and processing operations is expected to total 40,000 to 50,000 ounces, reflecting higher total mined and processed volumes with grades returning to long-term block model averages. Gold production is expected to be lowest in Q1 2026 as the mine advances new mechanized development headings in the Santo Antônio orebody and integrates new ventilation circuit upgrades, with full-year production expected to be weighted toward H2 2026.

Full-year 2026 gold C1 cash cost⁽¹⁾ guidance is $1,000 to $1,250 per ounce, with AISC⁽¹⁾ guidance of $2,000 to $2,500 per ounce. Gold unit costs are expected to be highest in Q1 2026 due to lower production volumes, before declining over the remaining quarters as throughput increases. Similarly, gold concentrate sales volumes are expected to be lowest in Q1 due to seasonal rainfall affecting drying times with higher volumes projected in Q2 and into H2 2026 with dryer seasonal conditions.

2026 CAPITAL EXPENDITURE GUIDANCE

Total capital expenditures in 2026 are expected to range between $275 to $320 million. Capital expenditures at the existing operations are expected in the range of $245 to $280 million and include growth capital of approximately $80 million related to the continued construction of the Pilar Mine’s new shaft and ancillary infrastructure at the Caraíba Operations, as well as investments in additional mine ventilation, development, and equipment to support future growth at the Xavantina Operations. The Company expects to spend an additional $30 to $40 million to continue advancing Furnas exploration, engineering, and permitting workstreams, as well as advancing several exploration opportunities within the Company’s portfolio.

Figures presented in the table below are in USD millions.

CONFERENCE CALL DETAILS

The Company will hold a conference call on Friday, March 6, 2026 at 11:30 am Eastern time (8:30 am Pacific time) to discuss these results. A results presentation will be available for download via the webcast link and in the Presentations section of the Company’s website on the day of the conference call.

Please dial in 5-10 minutes prior to the start of the call or pre-register using this link to bypass the live operator queue.

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Reconciliation of Non-IFRS Measures

Financial results of the Company are presented in accordance with IFRS. The Company utilizes certain alternative performance (non-IFRS) measures to monitor its performance, including copper C1 cash cost, gold C1 cash cost, gold AISC, EBITDA, adjusted EBITDA, adjusted net income attributable to owners of the Company, adjusted net income per share, net (cash) debt, working capital and available liquidity. These performance measures have no standardized meaning prescribed within generally accepted accounting principles under IFRS and, therefore, amounts presented may not be comparable to similar measures presented by other mining companies. These non-IFRS measures are intended to provide supplemental information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

For additional details please refer to the Company’s discussion of non-IFRS and other performance measures in its Management’s Discussion and Analysis for the year ended December 31, 2025 which is available on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov.

Copper C1 cash cost

The following table provides a reconciliation of copper C1 cash cost to cost of production, its most directly comparable IFRS measure.

The Caraíba Operations

The Tucumã Operation 

Gold C1 cash cost and gold AISC

The following table provides a reconciliation of gold C1 cash cost and gold AISC to cost of production, its most directly comparable IFRS measure.

Earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA

The following table provides a reconciliation of EBITDA and Adjusted EBITDA to net income, its most directly comparable IFRS measure.

Adjusted net income attributable to owners of the Company and Adjusted net income per share attributable to owners of the Company

The following table provides a reconciliation of Adjusted net income attributable to owners of the Company and Adjusted EPS to net income attributable to the owners of the Company, its most directly comparable IFRS measure.

Net Debt (Cash) 

The following table provides a calculation of net debt (cash) based on amounts presented in the Company’s consolidated financial statements as at the periods presented.

Working Capital and Available Liquidity

The following table provides a calculation for these based on amounts presented in the Company’s consolidated financial statements as at the periods presented.

ABOUT ERO

Ero is a Brazil-focused, growth-oriented mining company with a diversified portfolio of copper and gold assets. Headquartered in Vancouver, B.C., the Company operates two copper mines – the Caraíba Operations in Bahia State and the Tucumã Operation in Pará State – as well as the Xavantina Operations, a producing gold mine in Mato Grosso State. In addition to its operating assets, Ero is advancing the Furnas Copper-Gold Project, located in the mineral-rich Carajás Province in Pará State, through a definitive earn-in agreement with Vale Base Metals to acquire a 60% interest in the project.

Ero’s operating philosophy is grounded in a commitment to safety, operational excellence, and the responsible production of minerals essential for a better tomorrow. The Company’s shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol “ERO.” Additional information, including technical reports on the Company’s operations and projects, is available on the Company’s website (www.ero.com), SEDAR+ (www.sedarplus.ca), and on EDGAR (www.sec.gov).

FOR MORE INFORMATION, PLEASE CONTACT

Farooq Hamed, VP, Investor Relations
info@ero.com