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Ero Copper Corporation

TSX:EROLive AI agent

Ero is a Brazil-focused, growth-oriented mining company with a diversified portfolio of copper and gold assets.

Investor website: https://www.ero.com/

About

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. Ero is advancing the Furnas Copper-Gold Project through a definitive earn-in agreement with Vale Base Metals to acquire a 60% interest in the project. The Company is committed to safety, operational excellence, and responsible mineral production. Ero's shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol 'ERO.'

Verified company data

Shares outstanding
104,277,968
Mineral resource
Updated Mineral Resource Estimate | **Category** | **Tonnes (Mt)** | **Grade** | **Contained Metal** | | --- | --- | --- | --- | | **Cu (%)** | **Au (g/t)** | **Ag (g/t)** | **CuEq(1) (%)** | **Cu (kt)** | **Au (koz)** | **Ag (koz)** | **CuEq(1) (kt)** | | --- | --- | --- | --- | --- | --- | --- | --- | | Open Pit | | **Indicated** | 272.2 | 0.59 | 0.31 | 1.66 | 0.83 | 1,594 | 2,748 | 14,546 | 2,252 | | **Inferred** | 117.1 | 0.51 | 0.31 | 1.24 | 0.75 | 601 | 1,160 | 4,662 | 876 | | Underground | | **Indicated** | 3.4 | 0.57 | 0.23 | 1.44 | 0.75 | 19 | 25 | 156 | 25 | | **Inferred** | 78.8 | 0.53 | 0.31 | 1.50 | 0.77 | 418 | 791 | 3,809 | 607 | | **Indicated** | **275.6** | **0.59** | **0.31** | **1.66** | **0.83** | **1,613** | **2,773** | **14,702** | **2,277** | | **Inferred** | **195.9** | **0.52** | **0.31** | **1.34** | **0.76** | **1,020** | **1,952** | **8,470** | **1,483** | _Note: See “Mineral Resources Notes” below and/or the Company’s press release dated February 23, 2026 for additional technical and scientific information. For more information on the Phase 1 drill program, please see the Company’s press releases dated July 10, 2025, and September 18, 2025._ 1. CuEq grade for the updated mineral resource estimate calculated as Cu grade + ((Au grade x 0.03215 x $2,500 gold price x 74.6% gold metallurgical recovery) + (Ag grade x 0.03215 x $24.00 silver price x 71.0% silver metallurgical recovery)) / (0.01 x $9,039/tonne copper price x 90.3% copper metallurgical recovery). ## Mineral Resources Notes: 1. Effective Date of November 30, 2025, and presented on a 100% ownership basis. 2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Summed amounts may not add due to rounding. 3. Mineral resources have been estimated using a copper price of US$9,039/tonne, a gold price of US$2,500/oz, a silver price of US$24.00/oz, a USD:BRL foreign exchange rate of 5.50, and copper, gold, and silver metallurgical recovery rates of 90.3%, 74.6%, and 71.0%, respectively. The estimation was constrained using Datamine’s MSO for underground and Studio NPVS for open pit optimization. The applied copper-equivalent cut-off grades were 0.45% (break-even) and 0.43% (marginal) for underground, and 0.20% (break-even) and 0.17% (marginal) for open pit. Mineral resources were estimated using ordinary kriging within a 25-meter by 25-meter by 4-meter block size (X, Y, Z), with a minimum sub-block size of 6.25 meters by 6.25 meters by 2.0 meters. 4. João Estevão Junior, MAIG, of SDPM, an independent qualified person within the meanings of NI 43-101, supervised the preparation and validation of the mineral resource estimate. 5. The Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards (2014) were used for reporting Mineral Resources. The Mineral Resource estimate is reported on an in situ basis, with no operational, planned, or internal mining dilution, and no mining recovery factors applied. Minimum mining widths and/or geological constraints incorporated in the estimation methodology were applied to reflect reasonable mining selectivity and geological continuity and do not represent the application of operational dilution.
Projects
["Furnas Project\n\n- Overview\n- Reserves & Resources\n- Technical Report\n\n## Overview\n\nThe Furnas Copper-Gold Project is an iron oxide copper gold (IOCG) deposit located approximately 50 kilometers southeast of Vale Base Metals’ Salobo operations and about 190 kilometers northeast of the Tucumã Operation. The project covers roughly 2,400 hectares within the Carajás Mineral Province and sits less than fifteen kilometers from extensive regional infrastructure, including paved roads, an industrial-scale cement plant, a power substation, and Vale’s railroad loadout facility.1\n\nCurrently 100% owned by Vale Base Metals, Ero holds the right to earn a 60% interest through a staged earn-in agreement signed in July 2024.\n\nIn February 2026, Ero announced the results of an inaugural preliminary economic assessment (PEA) with strong underlying economics, supported by low capital intensity, first quartile operating costs and an attractive internal rate of return across a wide spectrum of commodity prices. The PEA contemplates the development of Furnas as a large-scale, long-life mining operation comprising four distinct operating areas, incorporating a series of selective open pits and two underground mines within the two primary high-grade zones of the deposit – the Southeast and Northwest Zones. Mine production from open pit and underground mines will feed a centralized processing facility with a design capacity of 13.5 million tonnes per annum. Conventional flotation will produce a copper concentrate with significant gold and silver by-product credits over an initial 24-year mine life.\n\nThe PEA is preliminary in nature and includes inferred mineral resources, which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.\n\nFor information on the Furnas earn-in agreement and PEA, please see the Company’s press releases dated October 30, 2023, July 22, 2024, and February 23, 2026.\n\nAccess the video below for a summary of the Furnas Copper-Gold Project.\n\n## Primary Commodities\n\nCopper and Gold\n\n## Ownership\n\nEarn-in agreement with Vale Base Metals to acquire a 60% interest in the project\n\n## Initial Mine Life:\n\n24 years\n\n## After-Tax Net Present Value (8%):\n\n$2.0 billion¹\n\n## After-Tax Internal Rate of Return:\n\n27.0%¹\n\n## Avg. Annual Copper Equivalent² Production:\n\n~108,000 tonnes (first 15 years) / ~81,000 (LOM)\n\n## Avg. C1 Cash Cost (per lb of copper produced):\n\n$0.24 (first 15 years) / $0.30 (LOM)\n\n1Based on long-term metal prices of $4.60/lb Cu, $3,300/oz Au, and $40.00/oz Ag.\n\n2Copper equivalent calculated using long-term metal prices of $4.60/lb Cu, $3,300/oz Au, and $40.00/oz Ag.\n\n| Classification | Tonnage<br>(000 tonnes) | Grade<br>(gpt Au) | Contained Au<br>(000 ounces) |\n| --- | --- | --- | --- |\n\n# Caraíba Operations\n\n- Overview\n- Reserves & Resources\n- Technical Report\n\n## Overview\n\nThe Caraíba Operations are located in northeastern Bahia State, Brazil, approximately 385 kilometers north-northwest of the capital city of Salvador. The operations comprise a fully integrated copper mining and processing complex that includes the Pilar and Vermelhos underground mines and the Surubim open pit mine. Ore is processed using conventional crushing and flotation at the Caraíba Mill, located adjacent to the Pilar underground mine. The mill has a throughput capacity of approximately 4.2 million tonnes per annum and produces a high-grade copper concentrate shipped to smelters worldwide.\n\nAt the Pilar Mine, we are constructing a new, larger shaft that will transform Pilar into a two-mine system, with the existing shaft servicing the upper levels and the new shaft servicing the high-grade Deepening Extension Zone. Once operational, the shaft will enable higher total mining rates, significantly reduce transport times for people and material between the deepest areas and surface, and unlock further operational efficiencies.\n\nThe Caraíba Operations are situated in the Curaçá Valley and extend over 100 kilometers in strike length, covering more than 185,000 hectares. Near-mine and regional exploration activities have added nearly 20 years of mine life since Ero’s acquisition in 2016 and continue to offer significant upside. In September 2022, we also announced the discovery of a regional nickel sulphide system within the Curaçá Valley over an initial strike length of five kilometers.\n\n## Ownership\n\n99.6%\n\n## Primary Commodity\n\nCopper\n\n## Mine Types\n\nUnderground and Open Pit\n\n## 2025 Production:\n\n36,035 tonnes of copper in concentrate\n\n## 2025 C1 Cash Costs:\n\n$2.22 per pound of copper produced\n\n## 2026 Production Guidance:\n\n35,000 - 40,000 tonnes of copper in concentrate\n\n## 2026 C1 Cash Costs Guidance:\n\n$2.30 - $2.50 per pound of copper produced\n\n## Reserves & Resources\n\n| Classification | Tonnage<br>(kt) | Grade<br>(Cu%) | Contained Cu<br>(kt) |\n| --- | --- | --- | --- |\n| **Mineral Reserves (Underground)** |\n| Proven | 14,164 | 1.15 | 163 |\n| Probable | 16,710 | 1.57 | 263 |\n| Proven & Probable | 30,874 | 1.38 | 426 |\n| **Mineral Resources (Underground)** |\n| Measured | 53,976 | 1.08 | 581 |\n| Indicated | 47,558 | 1.17 | 558 |\n| Measured & Indicated | 101,534 | 1.12 | 1,138 |\n| Inferred | 71,690 | 0.82 | 584 |\n| **Mineral Reserves (Open Pit)** |\n| Proven | 18,101 | 0.54 | 99 |\n| Probable | 24,083 | 0.54 | 130 |\n| Proven & Probable | 42,184 | 0.54 | 228 |\n| **Mineral Resources (Open Pit)** |\n| Measured | 24,086 | 0.56 | 134 |\n| Indicated | 35,464 | 0.54 | 193 |\n| Measured & Indicated | 59,550 | 0.55 | 327 |\n| Inferred | 29,746 | 0.49 | 145 |\n| **Total Mineral Reserves** |\n| Proven | 32,265 | 0.81 | 262 |\n| Probable | 40,793 | 0.96 | 392 |\n| Proven & Probable | 73,058 | 0.90 | 654 |\n| Total Mineral Resources |\n| Measured | 78,062 | 0.92 | 715 |\n| Indicated | 83,021 | 0.90 | 751 |\n| Measured & Indicated | 161,083 | 0.91 | 1,465 |\n| Inferred | 101,436 | 0.72 | 729 |\n\n## Technical Report\n\nEro Copper NYSE: ERO\n\nTechnical Report\n\n# Tucumã Operation\n\n- Overview\n- Reserves & Resources\n- Technical Report\n\n## Overview\n\nThe Tucumã Operation is located in Pará State, Brazil, within the world-class Carajás Mineral Province. Tucumã is an iron oxide copper gold (IOCG) deposit developed as an open-pit mine, with ore processed at the only copper sulphide processing facility in the western Carajás. The mill, designed to treat 4.0 million tonnes of ore annually, uses a conventional three-stage crushing circuit and ball mill comminution process, followed by flotation to produce a high-grade copper concentrate for shipment to smelters worldwide. The first saleable copper concentrate was produced in July 2024, and commercial production was achieved on July 1, 2025.\n\n## Ownership\n\n99.6%\n\n## Primary Commodity\n\nCopper\n\n## Mine Type\n\nOpen Pit\n\n## 2025 Production:\n\n28,272 tonnes of copper in concentrate\n\n## 2025 Cash Costs (H2 2025):\n\n$1.69 per pound of copper produced\n\n## 2026 Production Guidance:\n\n32,500 - 37,500 tonnes of copper in concentrate\n\n## 2026 C1 Cash Costs Guidance:\n\n$1.95 - $2.15 per pound of copper produced\n\n## Reserves & Resources\n\n| Classification | Tonnage<br>(kt) | Grade<br>(Cu%) | Contained Cu<br>(kt) |\n| --- | --- | --- | --- |\n| **Mineral Reserves** |\n| Proven | 30,674 | 0.89 | 273.2 |\n| Probable | 12,378 | 0.67 | 83.4 |\n| Proven & Probable | 43,052 | 0.83 | 356.6 |\n| **Mineral Resources (Pit Constrained)** |\n| Measured (High-Grade) | 7,117 | 2.16 | 153.6 |\n| Indicated (High-Grade) | 1,661 | 2.27 | 37.6 |\n| **Measured & Indicated (High-Grade)** | **8,778** | **2.18** | **191.3** |\n| Measured (Low-Grade) | 25,476 | 0.60 | 152.0 |\n| Indicated (Low-Grade) | 13,433 | 0.51 | 68.4 |\n| **Measured & Indicated (Low-Grade)** | **38,909** | **0.57** | **220.4** |\n| Total Measured & Indicated | 47,687 | 0.86 | 411.7 |\n| Inferred (Pit Constrained, High-Grade) | 40 | 2.69 | 1.1 |\n| Inferred (Pit Constrained, Low-Grade) | 514 | 0.49 | 2.5 |\n| **Inferred (Pit Constrained)** | **555** | **0.65** | **3.6** |\n| Inferred (Underground High-Grade Outside Pit Limits) | 1,354 | 2.24 | 30.4 |\n| Inferred (Underground Low-Grade Outside Pit Limits) | 9,681 | 0.60 | 58.2 |\n| **Inferred (Underground Mineralization Outside Pit Limits)** | **11,035** | **0.80** | **88.6** |\n| Total Inferred | 11,590 | 0.80 | 92.2 |\n\n## Technical Report\n\nEro Copper NYSE: ERO\n\n# Xavantina Operations\n\n- Overview\n- Reserves & Resources\n- Technical Report\n\n## Overview\n\nThe Xavantina Operations are located in southeastern Mato Grosso State, Brazil, and consist of a high-grade, narrow-vein underground gold mine and an on-site processing facility. Current mining activities are focused on the Santo Antônio and Matinha veins.\n\nOre is processed at the adjacent Xavantina Mill, which is designed with a conventional three-stage crushing circuit, milling, and a combination of gravity concentration and intensive leaching and flotation, followed by carbon-in-leach. This produces high-quality gold doré bars, which are sold to refiners.\n\nThe Xavantina property covers nearly 135,000 hectares, offering significant exploration upside potential. Our current exploration program is focused on down-dip extensions of known mineralization, as well as the discovery and definition of new veins, aimed at both sustaining and growing production over the long term.\n\nIn August 2021, RGLD Gold AG, a wholly owned subsidiary of Royal Gold, Inc., purchased a $110 million gold stream on the Xavantina Operations, which was extended in March 2025 with an additional $50 million payment. Under the terms of the agreement, RGLD Gold AG receives 25% of gold produced from the operation until 160,000 ounces have been delivered, after which the rate decreases to 10% for the life of mine. Ongoing payments are equal to 20% of the prevailing spot gold price for each ounce delivered until 49,000 ounces have been received – a milestone that has now been met – after which RGLD Gold AG pays 40% of the prevailing spot gold price for each ounce delivered. Full transaction details are available in the Company’s March 31, 2025 press release.\n\n## Ownership\n\n97.6%\n\n## Primary Commodity\n\nGold\n\n## Mine Type\n\nUnderground\n\n## 2025 Production:\n\n37,291 ounces of gold\n\n## 2026 Production Guidance:\n\n40,000 - 50,000 ounces of gold\n\n## 2025 Production C1 Cash Costs:\n\n$976 per ounce of gold produced\n\n## 2026 Production C1 Cash Cost Guidance:\n\n$1,100 - $1,350 per ounce of gold produced\n\n## 2025 AISC:\n\n$2,082 per ounce of gold produced\n\n## 2026 Production AISC Guidance:\n\n$2,200 - $2,700 per ounce of gold produced\n\n## Reserves & Resources\n\n| Classification | Tonnage<br>(kt) | Grade<br>(gpt Au) | Contained Au<br>(koz) |\n| --- | --- | --- | --- |\n| **Mineral Reserves** |\n| Proven, Santo Antônio Vein | 221 | 6.48 | 46.1 |\n| Proven, Matinha Vein | - | - | - |\n| **Total Proven** | **221** | **6.48** | **46.1** |\n| Probable, Santo Antônio Vein | 1,793 | 6.98 | 402.5 |\n| Probable, Matinha Vein | 82 | 6.65 | 17.6 |\n| **Total Probable** | **1,875** | **6.97** | **420.1** |\n| Total Proven & Probable | 2,096 | 6.92 | 466.2 |\n| **Mineral Resources** |\n| Measured, Santo Antônio Vein | 312 | 8.05 | 80.8 |\n| Measured, Matinha Vein | - | - | - |\n| **Total Measured** | **312** | **8.05** | **80.8** |\n| Indicated, Santo Antônio Vein | 1,949 | 8.75 | 548.2 |\n| Indicated, Matinha Vein | 98 | 11.11 | 35.1 |\n| **Total Indicated** | **2,047** | **8.86** | **583.3** |\n| Total Measured & Indicated | 2,359 | 8.75 | 664.0 |\n| Inferred, Santo Antônio Vein | 1,057 | 9.31 | 316.5 |\n| Inferred, Matinha Vein | 84 | 7.26 | 19.7 |\n| Inferred, Gold Concentrates | 24 | 37.41 | 29.3 |\n| **Total Inferred** | 1,166 | 9.75 | 365.4 |"]
Leadership
David Strang (Executive Chairman), Makko DeFilippo (President, Chief Executive Officer and Director), Gelson Batista (Executive Vice President and Chief Operating Officer), Wayne Drier (Executive Vice President and Chief Financial Officer), Eduardo De Come (Executive Vice President, Brazil), Deepk Hundal (Executive Vice President, General Counsel and Corporate Secretary), Courtney Lynn (Executive Vice President, External Affairs and Strategy), Jill Angevine (Director), Lyle Braaten (Director), Steven Busby (Director), Dr. Sally Eyre (Director), Robert Getz (Director), Chantal Gosselin (Director), Faheem Tejani (Director), John Wright (Lead Director)

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