Ero Delivers Record Q4 Production and Strong Year-End Liquidity; Gold Concentrate Sales to Continue Through Mid-2027, Positioning for Next Phase of Step-Change Growth

Core Viewpoint - Ero Copper Corp. announced record copper production for 2025 and provided guidance for 2026, highlighting significant operational improvements and a positive outlook for future production growth [1]. Fourth Quarter and Full Year 2025 Results - In Q4 2025, Ero achieved record copper production of 19,706 tonnes and gold production of 13,837 ounces, marking increases of nearly 60% and over 100% compared to Q1 2025 for copper and gold, respectively [6]. - Full-year consolidated copper production reached 64,307 tonnes, with total gold production and gold from concentrate sales amounting to 52,290 ounces, contributing to a liquidity increase of nearly $40 million, resulting in year-end liquidity of approximately $150 million [6][12]. - The Caraíba Operations processed 3,656,240 tonnes of ore with a copper grade of 1.09% and a recovery rate of 90%, while the Tucumã Operation processed 1,805,300 tonnes with a copper grade of 1.79% and a recovery rate of 88.7% [10]. 2026 Guidance - Ero expects consolidated copper production in 2026 to range from 67,500 to 77,500 tonnes, reflecting a potential increase of up to 20% compared to 2025, driven by higher plant throughput and lower planned grades [6][19]. - Gold production from the Xavantina Operations is projected to be between 40,000 and 50,000 ounces, representing an increase of up to 34% compared to 2025, with C1 cash costs estimated at $1,000 to $1,250 per ounce [6][20]. Three-Year Production Outlook - Consolidated copper production is anticipated to grow to between 80,000 and 90,000 tonnes by 2028, supported by ongoing operational improvements and new infrastructure developments [11][16]. - Gold production from the Xavantina Operations is expected to increase to between 50,000 and 60,000 ounces in 2027 and 2028, bolstered by mechanized mining and continued sales of gold concentrates [17]. Capital Expenditure Guidance - Total capital expenditures for 2026 are expected to range from $275 to $320 million, including approximately $80 million for the Pilar Mine's new shaft and investments in the Xavantina Operations [22][24].