Core Insights - Ero Copper Corp. reported record copper production of 16,664 tonnes in Q3 2025, with a blended C1 cash cost of $2.00 per pound, driven by increased output at Tucumã and stable production at Caraíba [2][3] - The company achieved a net income of $36.0 million for the quarter, translating to $0.35 per diluted share, while adjusted net income was $27.9 million, or $0.27 per diluted share [10][11] - Ero Copper is maintaining its full-year production and capital expenditure guidance, with expectations for Q4 2025 to be the strongest production quarter of the year [12][13] Production Highlights - Caraíba Operations produced 9,085 tonnes of copper in concentrate at an average C1 cash cost of $2.32 per pound, while Tucumã produced 7,579 tonnes at a lower cost of $1.62 per pound, marking a 19% quarter-on-quarter increase [2][8] - Gold production totaled 9,073 ounces, a 17% increase from the previous quarter, with C1 cash costs of $1,086 per ounce and All-in Sustaining Cost (AISC) of $2,425 per ounce [2][8] Financial Performance - Revenues for Q3 2025 reached $177.1 million, up from $163.5 million in Q2 2025, with gross profit of $57.4 million [10] - Adjusted EBITDA was reported at $77.1 million, reflecting operational efficiency despite higher operating expenses at Tucumã [10][27] - Available liquidity at quarter-end was $111.3 million, including $66.3 million in cash and cash equivalents [10] Operational Developments - The company launched a value-creation initiative at Xavantina, leading to an initial sales agreement for gold concentrates, with expected sales of 10,000 to 15,000 tonnes in Q4 2025 [2][3] - Ero Copper completed a 17,000-meter Phase 2 drill program at the Furnas Copper-Gold Project, which was finished ahead of schedule, and has commenced Phase 3 drilling [3][12] Guidance and Future Outlook - The company reaffirmed its consolidated copper production guidance for 2025, expecting production at the low end of the 67,500 to 80,000-tonne range, with improved performance anticipated in Q4 [12][13] - Cost guidance for the Tucumã Operation has been increased due to higher-than-expected maintenance and freight costs, now projected at $1.35 to $1.55 per pound [12][13]