Ero Copper(ERO) - 2025 Q4 - Annual Report

MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2025 1050 – 625 Howe Street, Vancouver, B.C., Canada V6C 2T6 Phone: 604-449-9244 | Website: www.ero.com | Email: info@ero.com TABLE OF CONTENTS | BUSINESS OVERVIEW | 1 | | --- | --- | | HIGHLIGHTS | 2 | | REVIEW OF OPERATIONS | | | The Caraíba Operations | 6 | | The Tucumã Operation | 7 | | The Xavantina Operations | 8 | | 2026 GUIDANCE | 9 | | REVIEW OF FINANCIAL RESULTS | | | Review of quarterly results | 11 | | Review of annual results ...