Ero Copper Corp. · TSX:ERO
Ero Copper — Q3 2026 Earnings Presentation
18 slides from Ero Copper's earnings presentation, Nov 3, 2026
Slide 1: Q3 2026 Earnings Call
Q3 2026 Earnings Call November 2026 | TSX: ERO | NYSE: ERO
Slide 2: Disclaimer: Forward-Looking Information and Statements
Disclaimer Caution Regarding Forward-Looking Information and Statements This presentation contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securit
Slide 3: Disclaimer: General
Disclaimer General Scientific and technical information contained in this presentation has been reviewed, verified and approved by Mr. Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), FAusIMM (No. 329148), the Resource Manager of the Company, who is a “qualified person” within the m
Slide 4: Presenters
Presenters Makko DeFilippo Wayne Drier President & CEO EVP & Chief Financial Officer Courtney Lynn Gelson Batista EVP, External Affairs & Strategy EVP & Chief Operating Officer Farooq Hamed VP, Investor Relations 4
Slide 5: Q3 2026: Strategy in Action
Q3 2026: Strategy in Action Disciplined execution is strengthening the balance sheet, operations and growth pipeline. Measurable Results Record Cash Generation Accelerated Deleveraging FINANCIAL STRENGTH ✓ Net debt leverage ratio improved to 0.5x. ✓ Available liquidity increased to $264M. ~$100M Ope
Slide 6: Q3 2026 Highlights
Q3 2026 Highlights 25,258 ounces Total Gold of 18,345 tonnes 7,844 ounces 17,414 ounces Consolidated Copper Production Mined Gold Production Gold Recovered from Historic Concentrate Stockpiles $2.51/lb $1,892/oz $621/oz Consolidated Copper C1 Cash Costs* Gold Production C1 Cash Costs* Historic Gold
Slide 7: Disciplined Deleveraging, Expanding Financial Flexibility
Disciplined Deleveraging, Expanding Financial Flexibility Strong adjusted EBITDA growth and disciplined debt reduction drove gross and net leverage ratios down ~2.0 turns. Gross and net leverage down over 2.0x in 21 months NET DEBT* 2.8x 2.7x $552M → $353M Dec-24 Sep-26 2.3x 36% Reduction 2.6x 2
Slide 8: FX Hedges Offsetting Impact of Stronger BRL
FX Hedges Offsetting Impact of Stronger BRL Realized FX gains have totaled $30 million year-to-date, with remaining 2026 hedges covering US$135 million of BRL exposure in Q4 at an average floor of 5.54 BRL/USD 1.00. 6.50 Actual Forward-Looking H1 2026 Weighted Avg. Ceiling H2 2026 Weighted Avg. Ceil
Slide 9: Delivering on Our Commitment to Deleverage
Delivering on Our Commitment to Deleverage Nearly 97 cents of every dollar of cash available for deleveraging(1) has translated into repayment of debt principal YTD. CASH AVAILABLE FOR DELEVERAGING(1) DEBT PRINCIPAL 2026 Year-to-date $600M $422M $45M Other 97% converted into $155M Credit Facility ($
Slide 10: Q3 2026 Operating Highlights
Q3 2026 Operating Highlights
Slide 11: Caraíba Operations
Caraíba Operations Tonnes Processed (kt) Grade Processed (%) Cu Production (kt) 1,175 1,161 10.4 1,072 1,074 9.1 9.4 997 8.8 8.4 1.01 1.00 0.93 0.87 0.90 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 C1 Cash Costs* ($/lb produced) ▪ 12% increase in product
Slide 12: Tucumã Operation
Tucumã Operation Tonnes Processed (kt) Grade Processed (%) Cu Production (kt) 9.3 9.0 9.0 814 8.5 1.93 7.6 715 1.66 575 564 1.51 1.44 517 1.30 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 C1 Cash Costs* ($/lb produced) ▪ Production was in line with the pr
Slide 13: Xavantina Operations
Xavantina Operations Tonnes Processed (kt) Grade Processed (gpt) Au Production from Mine (koz) Au Recovered from Historic Concentrate Stockpiles (koz) 53 55 9.98 13.8 17.4 48 49 15.0 8.15 37 11.9 9.1 8.7 6.20 7.8 5.66 4.90 5.5 2.1 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q3/25 Q4/
Slide 14: Q3 2026 Financial Highlights
Q3 2026 Financial Highlights
Slide 15: Key Financial Metrics
Key Financial Metrics Cash Flow from Operations Adjusted EBITDA* (US$M) (US$M) $191 $201 $187 $138 $144 $129 $125 $110 $93 $77 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Adjusted Net Income* Adjusted Net Income* (US$M) (US$ per diluted share) $129 $1.22 $108 $1.04 $87 $0.83 $72 $0.6
Slide 16: 2026 Guidance Update
2026 Guidance Update Current Guidance with YTD Previous Guidance Current Guidance $30M FX Gain Applied(1) Consolidated Copper Production (tonnes) Caraíba Operations 35,000 - 40,000 35,000 - 40,000 35,000 - 40,000 Tucumã Operation 32,500 - 37,500 32,500 - 37,500 32,500 - 37,500 Total Copper 67,500 -
Slide 17: Illustrative Impact of FX Hedges on C1 Cash Costs
Illustrative Impact of FX Hedges on C1 Cash Costs C1 Cash Cost – Caraíba ($/lb) C1 Cash Cost – Consolidated Cu ($/lb) $2.55 - $2.75 $2.35 - $2.55 $2.25 - $2.45 ($0.20) $2.10 - $2.30 ($0.15) Current Cash Impact Guidance with YTD Current Cash Impact Guidance with YTD Guidance of FX Hedge $30M FX Gain
Slide 18: Farooq Hamed, VP, Investor Relations
Farooq Hamed VP, Investor Relations 1050-625 Howe St, Vancouver, BC, V6C 2T6 E-mail: [email protected] www.ero.com