Ero Copper Corp. provided a construction update for the Tucum Project (the "Project"), highlighting significant progress since October 2023. With physical completion now at over 85% and production of copper concentrate scheduled to commence in second quarter 2024, the Company has initiated the transition from construction to commissioning, as outlined below in the 2024 Commissioning Plan.

Construction: Physical construction of the Project is now over 85% complete. Main substation and e-houses installed and commissioned with 16-kilometer power line tie-in to the national grid completed ahead of schedule; line expected to be fully energized by the 20th of January. Pre-stripping activities are tracking approximately 10% ahead of schedule with completion now expected at the end of first quarter 2024.

Construction activities through the remainder of First Quarter 2024 will focus on completing piping, electric cabling, automation and instrumentation system installations. 2024 Commissioning Plan: Expected commissioning milestones in advance of first concentrate production in second quarter 2024, include: End of First Quarter 2024: mechanical completion and sub-component commissioning (lubrication, hydraulic, electrical, instrumentation and automation systems). March 2024: First ore through the crushing circuit comprised of primary and secondary crushers as well as screening and conveyance systems. April 2024: First ore through the milling circuit, May 2024: First ore through regrind mill circuit, concentrate and tailings filtering systems. June 2024: Integrated commissioning with flotation circuit and Project ramp-up.

People & Safety: Opportunistic increase in construction workforce mobilization. Recent demobilization of a Brazilian mining project has allowed the Company to add approximately 500 trained contractors on site, increasing the total workforce of employees and contractors to approximately 2,220 people. To date, there have been no lost-time injuries on the Project, with over three million hours of work completed since 2022.

Project Capital Estimate: Remaining construction expenditures hedged through expanded foreign exchange hedge program. Direct Project capital expenditures have been updated to approximately $310 million (compared to the previous estimate of $305 million) to reflect the impact of a stronger Brazilian Real ("BRL") against the U.S. dollar ("USD") in fourth quarter 2023, which was partially offset by reduced stripping costs. Following the opportunistic expansion of the Company's foreign exchange hedge program in late 2023, the Project's remaining construction expenditures are hedged at a weighted average floor and ceiling of 5.10 and 5.23 BRL per USD, respectively.