Ero Copper : First Quarter Results for the period ended March 31, 2024 - MANAGEMENT’S DISCUSSION AND ANALYSIS

MANAGEMENT'S DISCUSSION

AND ANALYSIS

FOR THE THREE MONTHS ENDED

MARCH 31, 2024

1050 - 625 Howe Street, Vancouver, B.C., Canada V6C 2T6

Phone: [phone] | Website: www.erocopper.com | Email: [e-mail]

TABLE OF CONTENTS

BUSINESS OVERVIEW	1
HIGHLIGHTS	2
REVIEW OF OPERATIONS
The Caraíba Operations	5
The Xavantina Operations	6
2024 GUIDANCE	7
REVIEW OF FINANCIAL RESULTS
Review of quarterly results	9
Summary of quarterly results for most recent eight quarters	11
OTHER DISCLOSURES
Liquidity, Capital Resources, and Contractual Obligations	12
Management of Risks and Uncertainties	14
Other Financial Information	17
Accounting Policies, Judgments and Estimates	18
Capital Expenditures	19
Alternative Performance (NON-IFRS)Measures	20
Disclosure Controls and Procedures and Internal Control over Financial Reporting	28
Notes and Cautionary Statements	29

Ero Copper Corp. March 31, 2024 MD&A

MANAGEMENT'S DISCUSSION AND ANALYSIS

This Management's Discussion and Analysis ("MD&A") has been prepared as at May 7, 2024 and should be read in conjunction with the unaudited condensed consolidated interim financial statements of Ero Copper Corp. ("Ero", the "Company", or "we") as at, and for the three months ended March 31, 2024, and related notes thereto, which are prepared in accordance with International Accounting Standards ("IAS") 34, Interim Financial Reporting as permitted by the International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board (the "IASB"). All references in this MD&A to "Q1 2024" and "Q1 2023" are to the three months ended March 31, 2024 and March 31, 2023, respectively. As well, this MD&A should be read in conjunction with the Company's December 31, 2023 audited consolidated financial statements and MD&A. All dollar amounts are expressed in United States ("US") dollars and tabular amounts are expressed in thousands of US dollars, unless otherwise indicated. References to "$", "US$", "dollars", or "USD" are to US dollars, references to "C$" are to Canadian dollars, and references to "R$" or "BRL" are to Brazilian Reais.

This MD&A refers to various alternative performance (Non-IFRS) measures, including copper C1 cash cost, copper C1 cash cost including foreign exchange hedges, realized copper price, gold C1 cash cost, gold all-in sustaining cost ("AISC"), realized gold price, EBITDA, adjusted EBITDA, adjusted net income attributable to owners of the Company, adjusted net income per share attributable to owners of the Company, net (cash) debt, working capital and available liquidity. Please refer to the section titled "Alternative Performance (Non-IFRS) Measures" for a discussion of non-IFRS measures.

This MD&A contains "forward‐looking statements" that are subject to risk factors set out in a cautionary note contained at the end of this MD&A. The Company cannot assure investors that such statements will prove to be accurate, and actual results and future, events may differ materially from those anticipated in such statements. The results for the periods presented are not necessarily indicative of the results that may be expected for any future period. Investors are cautioned not to place undue reliance on such forward-looking statements. All information contained in this MD&A is current and has been approved by the Board of Directors of the Company (the "Board") as of May 7, 2024, unless otherwise stated.

BUSINESS OVERVIEW

Ero is a high-margin,high-growth, low carbon-intensity copper producer with operations in Brazil and corporate headquarters in Vancouver, B.C., Canada. The Company's primary asset is a 99.6% interest in the Brazilian copper mining company, Mineração Caraíba S.A. ("MCSA"), held indirectly through its wholly-owned subsidiary, Ero Brasil Participaçoes Ltda.. MCSA is the 100% owner of the Company's Caraíba Operations, which are located in the Curaçá Valley, Bahia State, Brazil, and the Tucumã Project, an IOCG-type copper project located in Pará, Brazil. The Company also owns 97.6% of NX Gold S.A. ("NX Gold") which owns the Xavantina Operations, comprised of an operating gold and silver mine located in Mato Grosso, Brazil. Additional information on the Company and its operations, including technical reports on the Caraíba Operations, Xavantina Operations and Tucumã Project, can be found on the Company's website (www.erocopper.com), on SEDAR+ (www.sedarplus.ca), and on EDGAR (www.sec.gov). The Company's shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol "ERO".

Ero Copper Corp. March 31, 2024 MD&A | Page 1

HIGHLIGHTS

		2024 - Q1			2023 - Q4			2023 - Q1
Operating Information
Copper (Caraíba Operations)
Ore Processed (tonnes)		853,371			812,202			772,548
Grade (% Cu)		1.08			1.59			1.33
Cu Production (tonnes)		8,091			11,760			9,327
Cu Production (lbs)		17,837,530			25,926,281			20,563,552
Cu Sold in Concentrate (tonnes)		9,461			11,429			9,464
Cu Sold in Concentrate (lbs)		20,858,592			25,196,731			20,865,486
Cu C1 Cash Cost(1)(2)	$	2.30	$	1.75	$	1.89
Gold (Xavantina Operations)
Ore Processed (tonnes)		37,834			34,416			35,763
Grade (g / tonne)		16.38			17.18			11.85
Au Production (oz)		18,234			16,867			12,443
Au C1 Cash Cost(1)	$	395	$	413	$	436
Au AISC(1)	$	797	$	991	$	946
Financial information ($ in millions, except per share amounts)
Revenues	$	105.8	$	116.4	$	101.0
Gross profit		31.2			41.9			40.1
EBITDA(1)		17.8			73.7			48.1
Adjusted EBITDA(1)		43.3			50.3			44.5
Cash flow from operations		17.2			49.4			16.4
Net (loss) income		(6.8)			37.1			24.5
Net (loss) income attributable to owners of the Company		(7.1)			36.5			24.2
- Per share (basic)		(0.07)			0.37			0.26
- Per share (diluted)		(0.07)			0.37			0.26
Adjusted net income attributable to owners of the Company(1)		16.8			20.7			22.5
- Per share (basic)		0.16			0.21			0.24
- Per share (diluted)		0.16			0.21			0.24
Cash, cash equivalents, and short-term investments		51.7			111.7			236.6
Working (deficit) capital(1)		(28.6)			25.7			218.8
Available liquidity(1)		156.7			261.7			386.6
Net debt(1)		415.1			314.5			174.2

1. Please refer to the section titled "Alternative Performance (Non-IFRS) Measures" within this MD&A.
2. Copper C1 cash cost including foreign exchange hedges was $2.28 in Q1 2024 (Q1 2023 - $1.84).

Ero Copper Corp. March 31, 2024 MD&A | Page 2

Q1 2024 Highlights

Solid first quarter financial results fueled by record gold production and strengthening gold and copper prices

1. • The Caraíba Operations produced 8,091 tonnes of copper in concentrate during the quarter at C1 cash costs(1) of $2.30 per pound of copper produced. Including the benefit of realized gains on allocated foreign exchange hedges, C1 cash costs(1) at the Caraíba Operations during the period were $2.28 per pound of copper produced
   • • Mill throughput volumes increased 5.1% quarter-on-quarter following the successful completion of the Caraíba mill expansion in late 2023
     • A planned decrease in mined and processed copper grades during the quarter was compounded by delays in underground development required to access scheduled high-grade stopes, resulting in a higher proportion of ore mined from lower grade stopes during the period
   • The Xavantina Operations achieved record gold production of 18,234 ounces during the quarter, resulting in C1 cash costs(1) and AISC(1) of $395 and $797, respectively, per ounce of gold produced
   • • Tonnes processed increased 9.9% quarter-on-quarter while mined and processed gold grades remained elevated at 16.38 grams per tonne ("gpt")
   • First quarter financial results reflect record gold production and operating margins at the Xavantina Operations as well as the sale of copper concentrate inventories carried over from Q4 2023 at the Caraíba Operations
   • • Net loss attributable to the owners of the Company of $7.1 million ($0.07 per share on a diluted basis)
     • Adjusted net income attributable to the owners of the Company(1) of $16.8 million ($0.16 per share on a diluted basis)
     • Adjusted EBITDA(1) of $43.3 million
   • At the The Tucumã Project, major mechanical and sub-component commissioning was completed during the quarter, and first ore passed through the crushing circuit and main conveyors. With commissioning progressing ahead of schedule and physical completion at approximately 97%, the Company expects to achieve first copper concentrate production in early Q3 2024. Total project capital remains unchanged at $310 million
   • At quarter-end, available liquidity was $156.7 million, including $51.7 million in cash and cash equivalents plus $105.0 million of undrawn availability under the Company's senior secured revolving credit facility. Subsequent to quarter-end, to support the commencement of production and associated working capital needs at the Tucumã Project, the Company entered into a $50.0 million non-priced copper prepayment facility, which will be repaid through the delivery of copper at prevailing market prices.
2. Please refer to the section titled "Alternative Performance (Non-IFRS) Measures" within this MD&A.

Ero Copper Corp. March 31, 2024 MD&A | Page 3

Increasing 2024 production guidance for the Xavantina Operations to reflect a continuation of exceptional gold grades

• Following record operating performance at the Xavantina Operations during the quarter, the Company is increasing its 2024 gold production guidance from 55,000 to 60,000 ounces to a range of 60,000 to 65,000 ounces, and is guiding towards the low end of its full-year cost guidance for the Xavantina Operations
• The Company is reaffirming all other 2024 production, cost and capital expenditure guidance ranges

Tucumã Project on track to deliver transformational near-term growth

• As construction of the Tucumã Project nears completion, commissioning is advancing ahead of schedule, and first copper concentrate production is expected to commence in early Q3 2024
• • Completed mechanical and sub-component commissioning in Q1 2024, as well as first ore through the crushing circuit and main conveyors
  • Commissioning of the process plant, including the ball mill, flotation circuit, and tailings and concentrate filters, remains on track for integrated commissioning in June 2024
  • Sulphide ore stockpiled for process plant commissioning was approximately 36,000 tonnes with over 160,000 tonnes of ore drilled and ready to be blasted in the mine as of quarter-end
  • The total direct project capital estimate remains unchanged at approximately $310 million
  • To date, the Tucumã Project has recorded no lost-time injuries with over five million hours of work completed since 2022
• At the Caraíba Operations, main shaft sinking at the Pilar Mine's new external shaft is progressing on track to achieve a projected depth of approximately 600 meters by year-end
• • Reaming of the second and longest raisebore leg of the shaft, totaling 718 meters, was completed in April 2024

Ero Copper Corp. March 31, 2024 MD&A | Page 4

REVIEW OF OPERATIONS

The Caraíba Operations

Copper		2024 - Q1			2023 - Q4			2023 - Q1
Ore mined (tonnes)		788,332			886,271			759,599
Ore processed (tonnes)		853,371			812,202			772,548
Grade (% Cu)		1.08			1.59			1.33
Recovery (%)		88.1			91.0			90.8
Cu Production (tonnes)		8,091			11,760			9,327
Cu Production (lbs)		17,837,530			25,926,281			20,563,552
Concentrate grade (% Cu)		32.7			33.3			33.9
Concentrate sales (tonnes)		28,721			34,332			30,074
Cu Sold in concentrate (tonnes)		9,461			11,429			9,464
Cu Sold in concentrate (lbs)		20,858,592			25,196,731			20,865,486
Realized copper price	$	3.74	$	3.52	$	3.95
Copper C1 cash cost	$	2.30	$	1.75	$	1.89
Copper C1 cash cost including foreign exchange hedges	$	2.28		$	1.59		$	1.84

The Caraíba Operations delivered quarterly copper production of 8,091 tonnes in concentrate at a C1 cash cost of $2.30 per pound of copper produced. Including the benefit of realized gains on allocated foreign exchange hedges, C1 cash costs during the period were $2.28 per pound.

Mill throughput volumes increased 5.1% quarter-on-quarter following the successful completion of the Caraíba mill expansion in Q4 2023. Higher processed tonnage during the quarter partially offset a planned decrease in mined and processed copper grades that was compounded by delays in underground development required to access scheduled high-grade stopes within the Pilar Mine, resulting in a higher proportion of ore mined from lower grade stopes during the period.

Tonnes of ore mined in Q1 2024 included:

• Pilar: 454,610 tonnes grading 1.23% copper (vs. 471,695 tonnes at 1.76% copper in Q4 2023)
• Vermelhos: 227,166 tonnes grading 1.21% copper (vs. 248,349 tonnes at 1.59% copper in Q4 2023)
• Surubim: 106,556 tonnes at 0.65% copper (vs. 166,227 tonnes at 0.68% copper in Q4 2023)

Contributions from the three mines resulted in total ore mined during the quarter of 788,332 tonnes grading 1.15% copper (vs. 886,271 tonnes at 1.51% copper in Q4 2023).

The Caraíba Operations are projected to produce 42,000 to 47,000 tonnes of copper in concentrate for the year, with Q1 2024 expected to be the lowest production quarter. Anticipated increases in mill throughput volumes and higher copper grades from scheduled stope sequencing are expected to contribute to sequential production increases throughout the remaining quarters of the year.

Ero Copper Corp. March 31, 2024 MD&A | Page 5

The Company is maintaining its full-yearC1 cash cost guidance range for the Caraíba Operations of $1.80 to $2.00. Unit operating costs are expected to peak in Q1 2024 and improve in subsequent quarters due to projected increases in copper production.

Exploration activities during Q1 2024 at the Caraíba Operations continued to focus on advancing the Company's full-yearexploration objectives of (i) extending high-grademineralization within the upper levels of the Pilar Mine and at the Vermelhos Mine, (ii) delineating extensions of regional targets with known copper mineralization located near the Caraíba mill, and (iii) drill testing regional nickel and copper targets in the Vermelhos district.

The Xavantina Operations

Gold		2024 - Q1			2023 - Q4			2023 - Q1
Ore mined (tonnes)		37,834			34,417			35,763
Ore processed (tonnes)		37,834			34,416			35,763
Head grade (grams per tonne Au)		16.38			17.18			11.85
Recovery (%)		91.5			88.7			91.4
Gold ounces produced (oz)		18,234			16,867			12,443
Silver ounces produced (oz)		10,209			9,907			8,194
Gold sold (oz)		16,853			18,479			13,097
Silver sold (oz)		9,086			9,618			8,422
Realized gold price(1)	$	1,920	$	1,820	$	1,828
Gold C1 cash cost	$	395	$	413	$	436
Gold AISC	$	797	$	991	$	946

1. Realized Au price includes the effect of ounces sold under the stream arrangement with Royal Gold. See "Realized Gold Price" section of "Non-IFRS Measures" for detail.

The Xavantina Operations achieved record quarterly gold production of 18,234 ounces at a C1 cash cost of $395 and an AISC of $797 per ounce of gold produced. Tonnes processed increased 9.9% quarter-on-quarter while mined and processed gold grades remained elevated at 16.38 gpt.

Following record operating performance at the Xavantina Operations during the quarter, the Company is increasing its full-year gold production guidance from 55,000 to 60,000 ounces to a range of 60,000 to 65,000 ounces. The Company expects mined and processed gold grades to remain above plan through the remainder of H1 2024, as positive grade reconciliations have continued into Q2 2024. While this trend may continue beyond Q2 2024, the Company is projecting a reversion to long- term block model grades for planned mining areas in H2 2024.

As a result of higher full-year production expectations, the Company is guiding towards the low end of its 2024 gold C1 cash cost guidance range of $550 to $650 and its gold AISC guidance range of $1,050 to $1,150.

Exploration activities at the Xavantina Operations during the quarter continued to focus on testing the down plunge extension of the Santo Antônio vein at depth as well as drill testing the Santo Antonio/ Brás joining extension. Regional Exploration focused on identifying potential gold systems parallel to Xavantina mine system.

Ero Copper Corp. March 31, 2024 MD&A | Page 6

2024 GUIDANCE

Following record operating performance at the Xavantina Operations during the quarter, the Company is increasing its 2024 gold production guidance from 55,000 to 60,000 ounces to a range of 60,000 to 65,000 ounces. The Company expects mined and processed gold grades to remain above plan through the remainder of H1 2024, as positive grade reconciliations have continued into Q2 2024. While this trend may continue beyond Q2 2024, the Company is projecting a reversion to long-term block model grades for planned mining areas in H2 2024. As a result of higher full-year production expectations, the Company is guiding towards the low end of its full-year cost guidance for the Xavantina Operations.

Consolidated copper production of 59,000 to 72,000 tonnes in concentrate is expected to be weighted towards H2 2024, largely due to the anticipated commencement of production at the Tucumã Project in early Q3 2024. Consequently, consolidated copper C1 cash costs are projected to be lower in H2 2024 versus H1 2024.

2024 Production and Cost Guidance

The Company's updated cost guidance for 2024 assumes a foreign exchange rate of 5.00 BRL per USD, a gold price of $1,900 per ounce and a silver price of $23.00 per ounce.

	Previous Guidance		Updated Guidance
Consolidated Copper Production (tonnes)
Caraíba Operations	42,000	- 47,000		Unchanged
Tucumã Operations	17,000	- 25,000		Unchanged
Total	59,000	- 72,000		Unchanged
Consolidated Copper C1 Cash Costs(1) Guidance
Caraíba Operations	$1.80	- $2.00		Unchanged
Tucumã Operations	$0.90	- $1.10		Unchanged
Total	$1.50	- $1.75		Unchanged
The Xavantina Operations
Au Production (ounces)	55,000	- 60,000	60,000 - 65,000
Gold C1 Cash Cost(1) Guidance	$550	- $650		Low End of Range
Gold AISC(1) Guidance	$1,050	- $1,150		Low End of Range

Note: Guidance is based on certain estimates and assumptions, including but not limited to, mineral reserve estimates, grade and continuity of interpreted geological formations and metallurgical performance. Please refer to the Company's most recent Annual Information Form and Management of Risks and Uncertainties in this MD&A for complete risk factors.

1. Please refer to the section titled "Alternative Performance (Non-IFRS) Measures" within this MD&A.

Ero Copper Corp. March 31, 2024 MD&A | Page 7

2024 Capital Expenditure Guidance

Full-year capital expenditures are projected to range from $299 to $349 million, including an estimated $30 to $40 million allocated to consolidated exploration programs. As the Company nears completion of the Tucumã Project, capital expenditures are expected to decrease in Q2 2024 compared to Q1 2024 and be weighted towards H1 2024.

The 2024 capital expenditure guidance assumes an exchange rate of 5.10 USD:BRL for the Tucumã Project based on allocated foreign exchange hedges with a weighted average ceiling and floor of 5.10 and 5.23 USD:BRL, respectively. All other capital expenditures assume an exchange rate of 5.00 USD:BRL. Figures presented in the table below are in USD millions.

Caraíba Operations
Growth	$80	- $90
Sustaining	$100	- $110
Total, Caraíba Operations	$180	- $200
Tucumã Project
Growth	$65	- $75
Capitalized Ramp-Up Costs	$4	- $6
Sustaining	$2	- $5
Total, Tucumã Project	$71	- $86
Xavantina Operations
Growth	$3	- $5
Sustaining	$15	- $18
Total, Xavantina Operations	$18	- $23
Consolidated Exploration Programs	$30	- $40
Company Total
Growth	$148	- $170
Capitalized Ramp-Up Costs	$4	- $6
Sustaining	$117	- $133
Exploration	$30	- $40
Total, Company	$299	- $349

Ero Copper Corp. March 31, 2024 MD&A | Page 8