Ero Copper : Corporate Presentation - November 2025 PDF

Investor Presentation

November 2025 | TSX: ERO | NYSE: ERO

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 meanings of NI 43-101.

Scientific and technical information contained in this presentation relating to the Company's mining operations located within the Curaçá Valley, northeastern Bahia State, Brazil (the "Caraíba Operations"), is derived from, and in some instances is a direct extract from, and based on the assumptions, qualifications and procedures set out in, the report prepared in accordance with NI 43-101 and entitled "2022 Mineral Resources and Mineral Reserves of the Caraíba Operations, Curaçá Valley, Bahia, Brazil", dated December 22, 2022 with an effective date of September 30, 2022, prepared by Porfirio Cabaleiro Rodriguez, FAIG, Bernardo Horta de Cerqueira Viana, FAIG, Fábio Valério Câmara Xavier, MAIG and Ednie Rafael Moreira de Carvalho Fernandes, MAIG all of GE21 Consultoria Mineral Ltda. ("GE21"), Dr. Beck Nader, FAIG of BNA Mining Solutions ("BNA") and Alejandro Sepulveda, Registered Member (#0293) (Chilean Mining Commission) of NCL Ingeniería y Construcción SpA ("NCL") (the "Caraíba Operations Technical Report"). Each a "qualified person" and "independent" of the Company within the meanings of NI 43-101 on the date of the report.

Scientific and technical information contained in this presentation relating to the Company's mining operations located approximately 18 km west of the town of Nova Xavantina, southeastern Mato Grosso State, Brazil (the "Xavantina Operations"), is derived from, and in some instances is a direct extract from, and based on the assumptions, qualifications and procedures set out in the Company's press release dated November 4, 2025 regarding the updated mineral reserve and resource estimate for the Xavantina Operations or, as applicable, the report prepared in accordance with NI 43-101 and entitled "Mineral Resource and Mineral Reserve Estimate of the Xavantina Operations, Nova Xavantina", dated May 12, 2023 with an effective date of October 31, 2022, prepared by Porfirio Cabaleiro Rodriguez, FAIG, Leonardo de Moraes Soares, MAIG and Guilherme Gomides Ferreira, MAIG, all of GE21 (the "Xavantina Operations Technical Report"). Each a "qualified person" and "independent" of the Company within the meanings of NI 43-101 on the date of the report.

Scientific and technical information contained in this presentation relating to the Tucumã Operation, which is located within southeastern Pará State, Brazil (referred to herein as the "Tucumã Operation" or by its former name, the "Boa Esperança Project"), is derived from, and in some instances is a direct extract from, and based on the assumptions, qualifications and procedures set out in, the report prepared in accordance with NI 43-101 and entitled "Boa Esperança Project NI 43-101 Technical Report on Feasibility Study Update", dated November 12, 2021 with an effective date of August 31, 2021, prepared by Kevin Murray, P. Eng. and Scott C. Elfen, P.E. each of Ausenco Canada Inc. ("Ausenco Canada"), Erin L. Patterson, P.E., formerly employed by its affiliate Ausenco USA South Inc. ("Ausenco USA"), Carlos Guzmán, FAusIMM RM (Chilean Mining Commission) of NCL Ingenieria y Construccion SpA ("NCL") and Emerson Ricardo Ré, MSc, MBA, MAusIMM (CP) (No. 305892), Registered Member (No. 0138) (Chilean Mining Commission) and Resource Manager of the Company on the date of the report (now of HCM Consultoria Geologica Eireli ("HCM")) (the "Tucumã Operation Technical Report"). Each of Kevin Murray, P. Eng., Scott C. Elfen, P.E., Carlos Guzmán, FAusIMM RM CMC and Emerson Ricardo Ré, MAusIMM (CP), is a "qualified person" within the meaning of NI 43-101. Each of Kevin Murray, P. Eng., Scott C. Elfen, P.E., and Carlos Guzmán, FAusIMM RM CMC are "independent" of the Company within the meaning of NI 43-101. Erin L. Patterson, P.E., who is no longer employed by Ausenco USA, was a "qualified person" and "independent" of the Company within the meanings of NI 43-101 as at the date of the report. Mr. Ré, as Resource Manager of the Company (on the date of the report and now of HCM), was not "independent" of the Company on the date of the report, within the meaning of NI 43-101.

Please see the Company's most recent AIF, the Caraíba Operations Technical Report, the Xavantina Operations Technical Report, and the Tucumã Operation Technical Report, each filed on the Company's profile at https://www.sedarplus.ca/landingpage/ and https://www.sec.gov, for details regarding the data verification undertaken with respect to the scientific and technical information included in this presentation regarding the Caraíba Operations, the Xavantina Operations, and the Tucumã Operation, for additional details regarding the related exploration information, including interpretations, the QA/QC employed, sample, analytical and testing results and for additional details regarding the mineral resource and mineral reserve estimates disclosed herein.

Third Party Information

This presentation includes market, industry and economic data which was obtained from various publicly available sources and other sources believed by the Company to be true. Although the Company believes it to be reliable, the Company has not independently verified any of the data from third party sources referred to in this presentation or analyzed or verified the underlying reports relied upon or referred to by such sources or ascertained the underlying economic and other assumptions relied upon by such sources. The Company believes that its market, industry and economic data is accurate and that its estimates and assumptions are reasonable, but there can be no assurance as to the accuracy or completeness thereof. The accuracy and completeness of the market, industry and economic data used throughout this presentation are not guaranteed and the Company does not make any representation as to the accuracy or completeness of such information.

Non-IFRS Measures

Financial results of the Company are prepared in accordance with IFRS. The Company utilizes certain alternative performance (non-IFRS) measures to monitor its performance, including copper C1 cash cost, copper C1 cash cost including foreign exchange hedges, realized copper price, gold C1 cash cost, gold AISC, realized gold price, 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, as more particularly described in the Company's MD&A for the three and twelve months ended September 30, 2025, a copy of which can be found on the Company's website, on SEDAR+ and on EDGAR. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company, the Caraíba Operations, the Xavantina Operations and the Tucumã Operation. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Copper C1 cash cost and copper C1 cash cost including foreign exchange hedges are non-IFRS performance measures used by the Company to manage and evaluate the performance of its copper mining operations. Copper C1 cash cost is calculated as C1 cash costs divided by total pounds of copper produced during the period. C1 cash costs comprise the total cost of production, including expenses related to transportation, and treatment and refining charges. These costs are net of by-product credits, incentive payments and certain tax credits associated with sales invoiced to the Company's Brazilian customer. Copper C1 cash cost including foreign exchange hedges is calculated as C1 cash costs, adjusted for realized gains or losses from its operational foreign exchange hedges, divided by total pounds of copper produced during the period. Although the Company does not apply hedge accounting in its consolidated financial statements and recognizes these contracts at fair value through profit or loss, the Company believes it appropriate to present cash costs including the impact of realized gains and losses as these contracts were entered into to mitigate the impact of changes in exchange rates. Gold C1 cash cost is a non-IFRS performance measure used by the Company to manage and evaluate the operating performance of its gold mining segment and is calculated as C1 cash costs divided by total ounces of gold produced during the period. C1 cash cost includes total cost of production, net of by-product credits and incentive payments. Gold C1 cash cost is widely reported in the mining industry as benchmarks for performance but does not have a standardized meaning and is disclosed in supplemental to IFRS measures. Gold AISC is an extension of gold C1 cash cost discussed above and is also a key performance measure used by management to evaluate operating performance of its gold mining segment. Gold AISC is calculated as AISC divided by total ounces of gold produced during the period. AISC includes C1 cash costs, site general and administrative costs, accretion of mine closure and rehabilitation provision, sustaining capital expenditures, sustaining leases, and royalties and production taxes. Gold AISC is widely reported in the mining industry as benchmarks for performance but does not have a standardized meaning and is disclosed in supplement to IFRS measures. EBITDA and adjusted EBITDA are non-IFRS performance measures used by management to evaluate its debt service capacity and performance of its operations. EBITDA represents earnings before finance expense, finance income, income taxes, depreciation and amortization. Adjusted EBITDA is EBITDA before the pre-tax effect of adjustments for non-cash and/or non-recurring items required in determination of EBITDA for covenant calculation purposes. "Adjusted net income attributable to owners of the Company" is net income attributed to shareholders as reported, adjusted for certain types of transactions that, in management's judgment, are not indicative of our normal operating activities or do not necessarily occur on a recurring basis. "Adjusted net income per share attributable to owners of the Company" ("Adjusted EPS") is calculated as "adjusted net income attributable to owners of the Company" divided by weighted average number of outstanding common shares in the period. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, the Company and certain investor and analysts use these supplemental non-IFRS performance measures to evaluate the normalized performance of the Company. The presentation of Adjusted EPS is not meant to substitute the net income (loss) per share attributable to owners of the Company ("EPS") presented in accordance with IFRS, but rather it should be evaluated in conjunction with such IFRS measures. Available liquidity is calculated as the sum of cash and cash equivalents, short-term investments and the undrawn amount available on its revolving credit facilities. The Company uses this information to evaluate the liquid assets available.

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Company Overview & Strategy

Tucumã

New Production

Pará State

Furnas(1) Advanced Stage Pará State

High-Margin, High-Growth, Diversified Copper Producer

Brazil-Focused Copper Portfolio

With Meaningful Gold Production

Xavantina

Production

Mato Grosso State

Significant Near-Term Growth

As the Tucumã Operation ramps up to nameplate capacity

Caraíba Production Bahia State

Corporate Offices

Belo Horizonte São Paulo

Attractive Long-Term Growth Pipeline

Advancing the Furnas Copper-Gold Project with Vale Base Metals(1)

Robust Balance Sheet

Well-Positioned to Fund Growth

Strong Sustainability Focus

Supported by Brazil's Clean Energy Matrix

1. For more information on the Company's plans to earn a 60% interest in the Furnas Copper-Gold Project, please see its press releases dated October 30, 2023 and July 22, 2024. 5

Proven Growth Since IPO, Well Positioned for the Future

Copper Production Growth

(tonnes)

62%

28.3 73.8

126%

25.4

45.5

20.1

2017A 2021A 2025E

Note: Production for 2025 based on the midpoint of the Company's updated guidance range included in its earnings release dated July 31, 2025. 6

Executing on Growth Strategy

The Company is expanding its growth portfolio with plans to earn a 60% interest in the Furnas Copper-Gold Project(1)

Recent Achievements

Caraíba Mill Expansion

(Completed on schedule in December 2023)

Near-Term (Within 3 Years)

New External Shaft at Pilar

(Handover to operations expected in late 2026 / early 2027)

Longer-Term (3+ Years)

Caraíba In-Mine Exploration

(Targeting extension of mine life)

Regional Copper & Nickel Exploration

(ongoing)

Tucumã Commercial Production

(Effective July 1, 2025)

Brownfield & Greenfield Exploration

(ongoing)

Santo Antônio Vein Extension

(Reflected in 2024 Mineral Reserve estimate)

Xavantina In-Mine Exploration

(Targeting a mine life extension to 10 years)

Xavantina Regional Exploration

(ongoing)

Furnas Initial Resource

(Published in October 2024)

Furnas Scoping Study & PFS(2)

(To be completed during Phases 1 & 2 of earn-in(1))

Furnas Investment Decision

(Following the completion of the DFS(2))

Note: Estimated completion dates included in parentheses based on project timelines as of November 2024.

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1. For more information on the Company's plans to earn a 60% interest in Vale Base Metals' Furnas Copper-Gold Project, please see its press releases dated October 30, 2023 and July 22, 2024.

2. PFS = Pre-Feasibility Study and DFS = Definitive Feasibility Study.

Poised for Significant Near-Term EBITDA Expansion

Copper Production Growth & EBITDA Margin

Antofagasta

Ero

Hudbay Minerals

Capstone Mining Sandfire Resources

Taseko

First Quantum

South32

Teck

Nexa

Freeport-McMoRan

Lundin Mining

65%

60%

55%

2026E EBITDA Margin

50%

45%

40%

35%

30%

25%

20%

(35%) (15%) 5% 25% 45% 65% 85% 105% 125% 145%

2024A to 2026E Copper Production Growth

Ero is well-positioned due to significant production and EBITDA contributions expected from Tucumã in the near-term

Source: Consensus estimates from FactSet as of November 10, 2025. Ivanhoe Mines and IGO Limited excluded due to equity method of accounting used for material assets. 8

Our Operations

Caraíba: High-Margin Flagship Copper Operation

Asset Overview

• High-grade, high-margin copper operation

  • Located in Bahia State, 90 km SE of Petrolina

  • Fully integrated mining and processing complex with 45-year

    operating history

  • Two underground mines: Pilar and Vermelhos

  • One open pit mine: Surubim

• Long-life mine with steady production levels

Production Profile(1)

50

Copper Production (kt)

40

30

20

10

0

2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025E 2026E 2027E

Catalysts

• Pilar Mine's new external shaft

  • Pre-sink surface infrastructure completed on schedule

  • Main shaft sinking underway with project completion tracking towards late 2026 / early 2027

  • Benefits expected to include:

    • Significantly reduced transport time of material and people between deepest mining areas and surface

    • Access to high-grade Deepening Extension Zone

    • Increased total mining rates from the Pilar Mine

• Investing in regional copper and nickel exploration

1. Production estimates based on midpoint of the Company's three-year production outlook included in its press release dated February 11, 2025. 10