ERO · Ero Copper Corp.

The filed NI 43-101 Technical Report formalizes results of the preliminary economic assessment for Ero Copper’s Furnas Copper-Gold Project in Brazil’s Carajás Mineral Province, a core growth asset for the company. The PEA envisions a combined open-pit and underground mining operation with a 24-year initial mine life, processing 37,000 tonnes per day to produce copper concentrate with gold and silver byproducts. Project economics are robust, with a post-tax net present value of US$2.04 billion at an 8% discount rate, 27% internal rate of return, and 3.1-year payback period, supported by consensus long-term commodity price assumptions of US$4.60/lb copper, US$3,300/oz gold, and US$40/oz silver. Ero’s right to earn a 60% interest in the project is subject to completing staged exploration, engineering and development milestones over a five-year earn-in period with Vale Base Metals, which currently holds 100% tenure. Key identified risks include the preliminary nature of the PEA, reliance on inferred mineral resources, potential permitting delays, metallurgical variability, and the need to finalize offtake and financing agreements. The company plans to advance the project via a recommended US$35-60 million two-phase work program to move from PEA to pre-feasibility study, including infill drilling, expanded metallurgical testwork and environmental baseline studies to support permitting.