# EDGAR Filing Document

**Accession Number:** 0001853860
**File Stem:** 0001853860-25-000007
**Filing Date:** 2025-7
**Character Count:** 250198
**Document Hash:** 1e7fb5cc31081f4790f6782b80d04c00
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001853860-25-000007.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001853860-25-000007

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ero Copper Corp.
- **CENTRAL INDEX KEY:** 0001853860
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40459
- **FILM NUMBER:** 251172878

**BUSINESS ADDRESS:**
- **STREET 1:** 625 HOWE STREET, SUITE 1050
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 2T6
- **BUSINESS PHONE:** 604-449-9236

**MAIL ADDRESS:**
- **STREET 1:** 625 HOWE STREET, SUITE 1050
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 2T6

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 6-K**

**Report of Foreign Private Issuer**

**Pursuant to Rule 13a-16 or 15d-16**

**under the Securities Exchange Act of 1934**

**For the month of July 2025**

**Commission File Number 001-40459**

**ERO COPPER CORP.**

(Translation of registrant's name into English)

**625 Howe Street, Suite 1050** 

**Vancouver, British Columbia V6C 2T6** 

**Canada**

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☐&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1). <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7). <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Exhibits 99.1, 99.2 and 99.3 of this Form 6-K is incorporated by reference as an additional exhibit to the registrant's Registration Statement on Form S-8 (File NO. 333-264821) and Registration Statement on Form F-10 (File NO. 333-274097).

------

**Signatures**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **Ero Copper Corp.** | **Ero Copper Corp.** |
| | By: | /s/ Deepk Hundal |
| | | Name: Deepk Hundal |
| | | Title: EVP, General Counsel and Corporate Secretary |
| Date: July 31, 2025 |  |  |

---

------

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Document** |
| [99.1](erocopper-mdax2025q2.htm) | [Management's Discussion and Analysis for the three](erocopper-mdax2025q2.htm)[and six](erocopper-mdax2025q2.htm)[months ended](erocopper-mdax2025q2.htm)[June](erocopper-mdax2025q2.htm)[3](erocopper-mdax2025q2.htm)[0](erocopper-mdax2025q2.htm)[, 2025](erocopper-mdax2025q2.htm) |
| [99.2](erocopper-fsx2025q2.htm) | [Condensed Consolidated](erocopper-fsx2025q2.htm)[Interim](erocopper-fsx2025q2.htm)[Financial Statements for the three](erocopper-fsx2025q2.htm)[and six](erocopper-fsx2025q2.htm)[months ended](erocopper-fsx2025q2.htm)[June](erocopper-fsx2025q2.htm)[3](erocopper-fsx2025q2.htm)[0](erocopper-fsx2025q2.htm)[, 2025](erocopper-fsx2025q2.htm) |
| [99.3](erocopper-pressreleasex202.htm) | [Press Release dated](erocopper-pressreleasex202.htm)[July 31,](erocopper-pressreleasex202.htm)[2025](erocopper-pressreleasex202.htm) |

---

## Exhibit 99.1

![logo_cmyk-copperb.jpg](logo_cmyk-copperb.jpg)

**MANAGEMENT'S DISCUSSION** 

**AND ANALYSIS**

**FOR THE THREE AND SIX MONTHS ENDED**

**JUNE 30, 2025**

1050 – 625 Howe Street, Vancouver, B.C., Canada V6C 2T6

Phone: 604-449-9244 \| Website: www.erocopper.com \| Email: info@erocopper.com

------

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | |
| BUSINESS OVERVIEW | <u>[1](#i358d1312fb4d4ba4822d3aba1b0cdc47_7)</u> |
| HIGHLIGHTS | <u>[2](#i358d1312fb4d4ba4822d3aba1b0cdc47_22)</u> |
| REVIEW OF OPERATIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Caraíba Operations | <u>[6](#i358d1312fb4d4ba4822d3aba1b0cdc47_55)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;The Tucumã Operation | <u>[7](#i358d1312fb4d4ba4822d3aba1b0cdc47_85)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;The Xavantina Operations | <u>[8](#i358d1312fb4d4ba4822d3aba1b0cdc47_97)</u> |
| 2025 GUIDANCE | <u>[9](#i358d1312fb4d4ba4822d3aba1b0cdc47_121)</u> |
| REVIEW OF FINANCIAL RESULTS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Review of quarterly results | <u>[11](#i358d1312fb4d4ba4822d3aba1b0cdc47_142)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Review of annual results | <u>[13](#i358d1312fb4d4ba4822d3aba1b0cdc47_172)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Summary of quarterly results for most recent eight quarters | <u>[15](#i358d1312fb4d4ba4822d3aba1b0cdc47_202)</u> |
| OTHER DISCLOSURES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Liquidity, Capital Resources, and Contractual Obligations | <u>[16](#i358d1312fb4d4ba4822d3aba1b0cdc47_205)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Management of Risks and Uncertainties | <u>[18](#i358d1312fb4d4ba4822d3aba1b0cdc47_217)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Financial Information | <u>[22](#i358d1312fb4d4ba4822d3aba1b0cdc47_271)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting Policies, Judgments and Estimates | <u>[22](#i358d1312fb4d4ba4822d3aba1b0cdc47_295)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Expenditures | <u>[24](#i358d1312fb4d4ba4822d3aba1b0cdc47_310)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Performance (NON-IFRS) Measures | <u>[25](#i358d1312fb4d4ba4822d3aba1b0cdc47_316)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Disclosure Controls and Procedures and Internal Control over Financial Reporting | <u>[34](#i358d1312fb4d4ba4822d3aba1b0cdc47_352)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes and Cautionary Statements | <u>[34](#i358d1312fb4d4ba4822d3aba1b0cdc47_361)</u> |

---

Ero Copper Corp. June 30, 2025 MD&A

------

**MANAGEMENT'S DISCUSSION AND ANALYSIS** 

This Management's Discussion and Analysis ("MD&A") has been prepared as at July 31, 2025 and should be read in conjunction with the unaudited condensed consolidated interim financial statements of Ero Copper Corp. ("Ero", the "Company", or "we") as at, and for the three and six months ended June 30, 2025, and related notes thereto, which are prepared in accordance with International Accounting Standards ("IAS") 34, *Interim Financial Reporting* as issued by the International Accounting Standards Board (the "IASB"). All references in this MD&A to "Q2 2025" and "Q2 2024" are to the three months ended June 30, 2025 and June 30, 2024, respectively, and all references to "YTD 2025" and "YTD 2024" are to the six months ended June 30, 2025 and June 30, 2024, respectively. This MD&A should be read in conjunction with the Company's December 31, 2024 audited consolidated financial statements and MD&A. All dollar amounts are expressed in United States ("US") dollars and tabular amounts are expressed in thousands of US dollars, unless otherwise indicated. References to "$", "US$", "dollars", or "USD" are to US dollars, references to "C$" are to Canadian dollars, and references to "R$" or "BRL" are to Brazilian Reais.

This MD&A refers to various alternative performance (Non-IFRS) measures, including copper C1 cash cost, copper C1 cash cost including foreign exchange hedges, realized copper price, gold C1 cash cost, gold all-in sustaining cost ("AISC"), realized gold price, EBITDA, adjusted EBITDA, adjusted net income attributable to owners of the Company, adjusted net income per share attributable to owners of the Company, net (cash) debt, working capital and available liquidity. Please refer to the section titled "Alternative Performance (Non-IFRS) Measures" for a discussion of non-IFRS measures.

This MD&A contains "forward-looking statements" that are subject to risk factors set out in a cautionary note contained at the end of this MD&A. The Company cannot assure investors that such statements will prove to be accurate, and actual results and future, events may differ materially from those anticipated in such statements. The results for the periods presented are not necessarily indicative of the results that may be expected for any future period. Investors are cautioned not to place undue reliance on such forward-looking statements. All information contained in this MD&A is current and has been approved by the Board of Directors of the Company (the "Board") as of July 31, 2025, unless otherwise stated.

**BUSINESS OVERVIEW**

Ero Copper is a high-margin, high-growth copper producer with operations in Brazil and corporate headquarters in Vancouver, B.C. The Company's primary asset is a 99.6% interest in the Brazilian copper mining company, Mineração Caraíba S.A. ("MCSA"), which is the 100% owner of the Company's Caraíba Operations located in the Curaçá Valley, Bahia State, Brazil and the Tucumã Operation, an open pit copper mine located in Pará State, Brazil. The Company also owns 97.6% of NX Gold S.A. ("NX Gold"), which owns the Xavantina Operations, comprised of an operating gold mine located in Mato Grosso State, Brazil.

Additional information on the Company and its operations, including technical reports on the Caraíba Operations, Xavantina Operations and Tucumã Operation, can be found on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov). The Company's shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol "ERO".

Ero Copper Corp. June 30, 2025 MD&A \| Page 1

------

**HIGHLIGHTS**

**Operating Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025 - Q2** | **2025 - Q1** | **2024 - Q2** | **2025 - YTD** | **2024 - YTD** |
| **Copper (Caraíba Operations)** | | | | | |
| Ore Processed (tonnes) | **791946** | 692901 | 957692 | **1484847** | 1811063 |
| Grade (% Cu) | **1.27** | 1.18 | 1.03 | **1.23** | 1.05 |
| Cu Production (tonnes) | **9162** | 7357 | 8867 | **16519** | 16958 |
| Cu Production (lbs) | **20198967** | 16219125 | 19548441 | **36418092** | 37385971 |
| Cu Sold in Concentrate (tonnes) | **9387** | 6949 | 8706 | **16336** | 18167 |
| Cu Sold in Concentrate (lbs) | **20696749** | 15318111 | 19192315 | **36014860** | 40050907 |
| Cu C1 Cash Cost<sup>(1)(2)</sup> | $**2.07** | $2.22 | $2.16 | $**2.13** | $2.23 |
| **Copper (Tucumã Operation)** |  |  |  |  |  |
| Ore Processed (tonnes) | **418699** | 294314 |  | **713013** |  |
| Grade (% Cu) | **1.74** | 2.18 |  | **1.92** |  |
| Cu Production (tonnes) | **6351** | 5067 |  | **11418** |  |
| Cu Production (lbs) | **14002338** | 11170823 |  | **25173161** |  |
| Cu Sold in Concentrate (tonnes) | **5968** | 5168 |  | **11136** |  |
| Cu Sold in Concentrate (lbs) | **13157666** | 11393490 |  | **24551156** |  |
| **Total Copper** |  |  |  |  |  |
| Cu Production (tonnes) | **15513** | 12424 | 8867 | **27937** | 16958 |
| Cu Production (lbs) | **34201305** | 27389948 | 19548441 | **61591253** | 37385971 |
| Cu Sold in Concentrate (tonnes) | **15355** | 12117 | 8706 | **27472** | 18167 |
| Cu Sold in Concentrate (lbs) | **33854415** | 26711601 | 19192315 | **60566016** | 40050907 |
| **Gold (Xavantina Operations)** |  |  |  |  |  |
| Ore Processed (tonnes) | **37829** | 33228 | 40446 | **71057** | 78280 |
| Grade (g / tonne) | **7.11** | 6.87 | 14.00 | **6.99** | 15.15 |
| Au Production (oz) | **7743** | 6638 | 16555 | **14381** | 34789 |
| Au Sold (oz) | **8276** | 5834 | 17621 | **14110** | 34474 |
| Au C1 Cash Cost<sup>(1)</sup> | $**1115** | $1100 | $428 | $**1108** | $411 |
| Au AISC<sup>(1)</sup> | $**2234** | $2228 | $842 | $**2231** | $819 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Please refer to the section titled "Alternative Performance (Non-IFRS) Measures" within this MD&A.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Copper C1 cash cost including foreign exchange hedges was $2.06 in Q2 2025 (Q2 2024 - $2.16) and $2.19 in YTD 2025 (YTD 2024 - $2.22).

Ero Copper Corp. June 30, 2025 MD&A \| Page 2

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**Financial Highlights**

($ in millions, except per share amounts)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025 - Q2** | **2025 - Q1** | **2024 - Q2** | **2025 - YTD** | **2024 - YTD** |
| Revenues | $**163.5** | $125.1 | $117.1 | $**288.6** | $222.9 |
| Gross profit | **67.3** | 55.5 | 43.3 | **122.8** | 74.5 |
| EBITDA<sup>(1)</sup> | **114.2** | 117.9 | (36.2) | **232.0** | (18.4) |
| Adjusted EBITDA<sup>(1)</sup> | **82.7** | 63.2 | 51.5 | **145.9** | 94.8 |
| Cash flow from operations | **90.3** | 65.4 | 14.7 | **155.7** | 31.9 |
| Net income (loss) | **71.0** | 80.6 | (53.4) | **151.7** | (60.2) |
| Net income (loss) attributable to owners of the Company | **70.5** | 80.2 | (53.2) | **150.8** | (60.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;- Per share (basic) | **0.68** | 0.77 | (0.52) | **1.46** | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;- Per share (diluted) | **0.68** | 0.77 | (0.52) | **1.45** | (0.59) |
| Adjusted net income attributable to owners of the Company<sup>(1)</sup> | **48.1** | 35.8 | 18.6 | **84.0** | 35.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;- Per share (basic) | **0.46** | 0.35 | 0.18 | **0.81** | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;- Per share (diluted) | **0.46** | 0.35 | 0.18 | **0.81** | 0.34 |
| Cash, cash equivalents, and short-term investments | **68.3** | 80.6 | 44.8 | **68.3** | 44.8 |
| Working (deficit) capital<sup>(1)</sup> | **(33.5)** | 10.2 | (57.6) | **(33.5)** | (57.6) |
| Available liquidity<sup>(1)</sup> | **113.3** | 115.6 | 169.8 | **113.3** | 169.8 |
| Net debt<sup>(1)</sup> | **559.1** | 561.8 | 482.0 | **559.1** | 482.0 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Please refer to the section titled "Alternative Performance (Non-IFRS) Measures" within this MD&A.

**Q2 2025 Highlights**

***Copper production increased significantly quarter-on-quarter, driven by the continued ramp-up of the Tucumã Operation and higher grades and mining rates at the Caraíba Operations. The Company declared commercial production at the Tucumã Operation effective July 1, 2025.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Consolidated copper production grew to a record 15,513 tonnes in Q2 2025 on higher quarter-on-quarter production at both the Caraíba and Tucumã Operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The Caraíba Operations produced 9,162 tonnes of copper in concentrate at an average C1 cash cost<sup>(1)</sup> of $2.07 per pound during the quarter, representing approximately 25% quarter-on-quarter production growth and a 7% reduction in unit costs. Programs launched in H1 2025 to enhance operating efficiency and cost control drove higher sustained mining rates and strong margin performance during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The Tucumã Operation produced 6,351 tonnes of copper in concentrate in Q2, an increase of 25% from Q1 2025, driven by continued commissioning and ramp-up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Xavantina Operations produced 7,743 ounces of gold during the quarter at an average C1 cash cost<sup>(1)</sup> and AISC<sup>(1)</sup> of $1,115 and $2,234 per ounce, respectively. While gold production increased approximately 17% quarter-on-quarter, operating performance was impacted by the timing of transition to mechanized mining, which ramped-up during the quarter and is expected to enable significantly higher sustained mining rates in H2 2025.

Ero Copper Corp. June 30, 2025 MD&A \| Page 3

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly financial performance benefited from record consolidated copper production, increased gold production and higher metal prices compared to Q1 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Net income attributable to the owners of the Company for the quarter was $70.5 million ($0.68 per share on a diluted basis).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Adjusted net income attributable to the owners of the Company<sup>(1)</sup> for the quarter was $48.1 million ($0.46 per share on a diluted basis).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Adjusted EBITDA<sup>(1)</sup> was $82.7 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At quarter-end, available liquidity<sup>(1)</sup> was $113.3 million, including $68.3 million in cash and cash equivalents and $45.0 million of undrawn availability under the Company's senior secured revolving credit facility ("Senior Credit Facility").

***Reaffirming full-year guidance at Caraíba, and updating guidance ranges at Tucumã and Xavantina to reflect H1 2025 performance.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At the Caraíba Operations, programs launched in H1 2025 to enhance operating efficiency and cost control are delivering strong margin performance compared to full-year guidance. These ongoing initiatives include (i) focusing the Pilar Mine's fleet on the upper levels of the mine to reduce haul distances, (ii) implementing new technologies aimed at enhancing both safety and productivity, and (iii) improving fleet and mine infrastructure maintenance initiatives to increase mobile equipment availability and reduce unplanned downtime. While these efforts are expected to result in full-year copper production at the lower end of the 37,500 to 42,500 tonne guidance range, C1 cash costs<sup>(1)</sup> are projected to fall within the lower half of the guidance range of $2.15 to $2.35 per pound. Sequential increases in mined and processed volumes are expected to contribute to higher copper production over the remainder of the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At the Tucumã Operation, full-year copper production guidance has been updated to 30,000 to 37,500 tonnes at C1 cash costs<sup>(1)</sup> of $1.10 to $1.30 per pound of copper produced to reflect operating performance in H1 2025. Updated full-year guidance reflects a significant expected increase in production during H2 2025, consistent with original 2025 guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At the Xavantina Operations, full year production guidance has been updated to 40,000 to 50,000 ounces with C1 cash costs<sup>(1)</sup> of $850 to $1,000 per ounce of gold produced and AISC<sup>(1)</sup> of $1,800 to $2,000 per ounce of gold produced to reflect lower-than-planned production in H1 2025. Ongoing investments in mine modernization and mechanization are expected to drive a step-change in mining rates in H2 2025, resulting in higher projected production and lower unit costs that align with the long-term outlook for the operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full-year capital expenditure guidance remains unchanged at $230 to $270 million.

(1)&nbsp;&nbsp;&nbsp;&nbsp;Please refer to the section titled "Alternative Performance (Non-IFRS) Measures" within this MD&A.

Ero Copper Corp. June 30, 2025 MD&A \| Page 4

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***Phase 1 Drill Program Successfully Completed at the Furnas Copper-Gold Project ("Furnas").***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** During Q2 2025, the Company completed 18,000 meters of drilling at Furnas and successfully concluded the 28,000-meter Phase 1 drill program in July, approximately one quarter ahead of schedule. As announced on July 10, 2025, assay results have been received for approximately 10,000 meters of the program. These results continue to demonstrate strong continuity and extend the known limits of mineralization within the high-grade NW and SE Zones, which remain the focus of future underground mining operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of mid-July, eight drill rigs were active on site, supporting an average drilling rate of over 1,500 meters per week. Based on these drilling rates, the Company expects to complete the 17,000-meter Phase 2 drill program, which will include a greater focus on step-out drilling to further extend known mineralization, by year-end 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Geometallurgical and comminution circuit validation testwork continued during Q2 2025. This testwork, together with the complete Phase 1 assay results, will serve as the foundation for a preliminary economic assessment on Furnas, including an updated NI 43-101 mineral resource estimate, which the Company plans to publish in H1 2026.

Ero Copper Corp. June 30, 2025 MD&A \| Page 5

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**REVIEW OF OPERATIONS**

**The Caraíba Operations** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025 - Q2** | **2025 - Q1** | **2024 - Q2** | **2025 - YTD** | **2024 - YTD** |
| Ore mined (tonnes) | **792764** | 696239 | 897161 | **1489003** | 1685493 |
| Ore processed (tonnes) | **791946** | 692901 | 957692 | **1484847** | 1811063 |
| Grade (% Cu) | **1.27** | 1.18 | 1.03 | **1.23** | 1.05 |
| Recovery (%) | **91.1** | 90.2 | 90.2 | **90.7** | 89.2 |
| Cu Production (tonnes) | **9162** | 7357 | 8867 | **16519** | 16958 |
| Cu Production (lbs) | **20198967** | 16219125 | 19548441 | **36418092** | 37385971 |
| Concentrate grade (% Cu) | **32.1** | 32.3 | 33.1 | **32.2** | 32.9 |
| Concentrate sales (tonnes) | **29365** | 21622 | 26222 | **50987** | 54943 |
| Cu Sold in concentrate (tonnes) | **9387** | 6949 | 8706 | **16336** | 18167 |
| Cu Sold in concentrate (lbs) | **20696749** | 15318111 | 19192315 | **36014860** | 40050907 |
| Realized copper price<sup>(1)</sup> | $**4.17** | $4.06 | $4.22 | $**4.12** | $3.97 |
| Copper C1 cash cost<sup>(1)</sup> | $**2.07** | $2.22 | $2.16 | $**2.13** | $2.23 |
| Copper C1 cash cost including foreign exchange hedges<sup>(1)</sup> | $**2.06** | $2.36 | $2.16 | $**2.19** | $2.22 |

---

The Caraíba Operations produced 9,162 tonnes of copper in concentrate during the quarter at an average C1 cash cost<sup>(1)</sup> of $2.07 per pound of copper produced. Including the impact of allocated foreign exchange hedges, C1 cash costs<sup>(1)</sup> during the period were $2.06 per pound.

Programs launched in H1 2025 to enhance operating efficiency and cost control are delivering strong margin performance compared to full-year guidance. These ongoing initiatives include (i) focusing the Pilar Mine's fleet on the upper levels of the mine to reduce haul distances, (ii) implementing new technologies aimed at enhancing both safety and productivity, and (iii) improving fleet and mine infrastructure maintenance initiatives to increase mobile equipment availability and reduce unplanned downtime. At Surubim, scheduled pit sequencing led to higher mined tonnage, which is expected to continue in H2 2025.

Additional operating improvements achieved at the Caraíba Operations in Q2 2025 include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased development rates at the Pilar and Vermelhos Mines, supported by more effective fleet management, dispatch optimization, and higher equipment availability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approximately 50% reduction in unplanned infrastructure downtime, due to successful optimization initiatives in water management, electrical systems, and ventilation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Record paste backfill rates achieved, supporting higher mining rates throughout the Pilar Mine.

Copper production from the Caraíba Operations is expected to be at the lower end of the 37,500 to 42,500 tonne guidance range in 2025, with production anticipated to increase sequentially through year-end on higher mined and processed volumes. C1 cash costs<sup>(1)</sup> are expected to be in the lower half of the guidance range of $2.15 to $2.35 per pound of copper produced.

Ero Copper Corp. June 30, 2025 MD&A \| Page 6

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**The Tucumã Operation** 

---

| | | | |
|:---|:---|:---|:---|
| | **2025 - Q2** | **2025 - Q1** | **2025 - YTD** |
| Ore mined (tonnes) | **798811** | 328291 | **1127102** |
| Ore processed (tonnes) | **418699** | 294314 | **713013** |
| Grade (% Cu) | **1.74** | 2.18 | **1.92** |
| Recovery (%) | **85.4** | 89.4 | **87.2** |
| Cu Production (tonnes) | **6351** | 5067 | **11418** |
| Cu Production (lbs) | **14002338** | 11170823 | **25173161** |
| Concentrate grade (% Cu) | **30.1** | 30.3 | **30.2** |
| Concentrate sales (tonnes) | **19468** | 16279 | **35747** |
| Cu Sold in concentrate (tonnes) | **5968** | 5168 | **11136** |
| Cu Sold in concentrate (lbs) | **13157666** | 11393490 | **24551156** |
| Realized copper price<sup>(1)</sup> | $**4.04** | $4.09 | $**4.06** |

---

The Tucumã Operation produced 6,351 tonnes of copper in concentrate during Q2 2025, representing a 25% increase compared to Q1 2025. Ramp-up progressed during the quarter, supported by the completion of repairs and commissioning of the third tailings filter in April and May. This allowed the operation to increase sustained throughput levels exceeding 75% of design capacity during the second half of June, resulting in a 42% quarter-on-quarter increase in ore tonnes processed. The Company declared commercial production at Tucumã, effective July 1, 2025

Full year copper production guidance has been updated to 30,000 to 37,500 tonnes to reflect lower than forecast tonnes processed in H1 2025. C1 cash costs<sup>(1)</sup> guidance has been updated to $1.10 to $1.30 per pound of copper produced. Production is expected to increase sequentially in H2 2025 on higher mill throughput volumes, consistent with original 2025 guidance.

Ero Copper Corp. June 30, 2025 MD&A \| Page 7

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**The Xavantina Operations**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025 - Q2** | **2025 - Q1** | **2024 - Q2** | **2025 - YTD** | **2024 - YTD** |
| Ore mined (tonnes) | **37829** | 33228 | 40446 | **71057** | 78280 |
| Ore processed (tonnes) | **37829** | 33228 | 40446 | **71057** | 78280 |
| Head grade (grams per tonne Au) | **7.11** | 6.87 | 14.00 | **6.99** | 15.15 |
| Recovery (%) | **88.7** | 90.8 | 91.0 | **89.6** | 91.3 |
| Gold ounces produced (oz) | **7743** | 6638 | 16555 | **14381** | 34789 |
| Silver ounces produced (oz) | **4412** | 3996 | 9896 | **8408** | 20105 |
| Gold sold (oz) | **8276** | 5834 | 17621 | **14110** | 34474 |
| Silver sold (oz) | **5089** | 3761 | 10468 | **8850** | 19554 |
| Realized gold price<sup>(1)</sup> | $**3114** | $2705 | $2193 | $**2945** | $2060 |
| Gold C1 cash cost<sup>(1)</sup> | $**1115** | $1100 | $428 | $**1108** | $411 |
| Gold AISC<sup>(1)</sup> | $**2234** | $2228 | $842 | $**2231** | $819 |

---

The Xavantina Operations produced 7,743 ounces of gold during the quarter at a C1 cash cost<sup>(1)</sup> of $1,115 and an AISC<sup>(1)</sup> of $2,234 per ounce. Higher tonnes processed and improved grades contributed to a quarter-on-quarter increase in gold production of approximately 17% even as operations were temporarily impacted by the transition to mechanized mining during the quarter.

Subsequent to quarter-end, the Xavantina Operations satisfied the requirements of Stage 1 of the precious metal purchase agreement with RGLD Gold AG, a wholly owned subsidiary of Royal Gold Inc. (collectively, "Royal Gold"), entered into on March 28, 2025 (the "Original Xavantina Stream"). As a result, Stage 2 commenced in July 2025, under which Royal Gold will receive 25% of the gold produced at Xavantina in exchange for cash payments equal to 40% of the prevailing spot gold price, an increase from the 20% of the prevailing spot gold price applied in Stage 1.

Full year gold production guidance has been updated to 40,000 to 50,000 ounces with C1 cash costs<sup>(1)</sup> of $850 to $1,000 per ounce of gold produced and AISC<sup>(1)</sup> of $1,800 to $2,000 per ounce of gold produced to reflect lower-than-planned production in H1 2025. Ongoing investments in mine modernization and mechanization are expected to drive a step-change in mining rates in H2 2025, resulting in higher projected production and lower unit costs that align with the long-term outlook for the operation.

(1)&nbsp;&nbsp;&nbsp;&nbsp;Please refer to the section titled "Alternative Performance (Non-IFRS) Measures" within this MD&A.

Ero Copper Corp. June 30, 2025 MD&A \| Page 8

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**2025 GUIDANCE**

Consolidated copper production guidance for 2025 has been updated to 67,500 to 80,000 tonnes to reflect the slower-than-expected ramp up at the Tucumã Operation which achieved commercial production on July 1, 2025. Consolidated copper production is expected to increase sequentially in H2 2025 driven by higher mill throughput at the Tucumã Operation and higher mined and processed volumes at the Caraíba Operations, particularly at Pilar and Surubim.

At the Xavantina Operations, gold production guidance has been updated to 40,000 to 50,000 ounces to reflect lower-than-expected production in H1 2025. The Company expects investments in mine modernization and mechanization to support sequential increases in mined and processed volumes through the remainder of the year.

**2025 Production and Cost Guidance**

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Original Guidance** | **Current Guidance** |
| **Copper Production (tonnes)** | | |
| &nbsp;&nbsp;Caraíba Operations | 37500 - 42500 | 37500 - 42500 |
| &nbsp;&nbsp;Tucumã Operation | 37500 - 42500 | 30000 - 37500 |
| &nbsp;&nbsp;Total Copper | 75000 - 85000 | 67500 - 80000 |
| **Copper C1 Cash Cost**<sup>(1)</sup> **Guidance** |  |  |
| &nbsp;&nbsp;Caraíba Operations | $2.15 - $2.35 | $2.15 - $2.35 |
| &nbsp;&nbsp;Tucumã Operation | $1.05 - $1.25 | $1.10 - $1.30 |
| **The Xavantina Operations** |  |  |
| &nbsp;&nbsp;Au Production (ounces) | 50000 - 60000 | 40000 - 50000 |
| &nbsp;&nbsp;Gold C1 Cash Cost<sup>(1)</sup> Guidance | $650 - $800 | $850 - $1000 |
| &nbsp;&nbsp;Gold AISC<sup>(1)</sup> Guidance  | $1400 - $1600 | $1800 - $2000 |

---

Note:&nbsp;&nbsp;&nbsp;&nbsp;Guidance is based on estimates and assumptions including, but not limited to, mineral reserve estimates, grade and continuity of interpreted geological formations and metallurgical recovery performance. Please refer to the Company's SEDAR+ and EDGAR filings, including the most recent Annual Information Form ("AIF"), for a detailed summary of risk factors.

(1) &nbsp;&nbsp;&nbsp;&nbsp;Please refer to the section titled "Alternative Performance (Non-IFRS) Measures" within this MD&A.

Ero Copper Corp. June 30, 2025 MD&A \| Page 9

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**2025 Capital Expenditure Guidance**

Capital expenditure guidance remains unchanged at a range of $230 to $270 million, excluding capitalized ramp-up costs prior to the declaration of commercial production at the Tucumã Operation.

Figures presented in the table below are in USD millions.

---

| | |
|:---|:---|
| Caraíba Operations | $165 - $180 |
| Tucumã Operation<sup>(1)</sup> | $30 - $40 |
| Xavantina Operations | $25 - $35 |
| Furnas Copper-Gold Project and Other Exploration | $10 - $15 |
| **Total** | $230 - $270 |

---

Note:&nbsp;&nbsp;&nbsp;&nbsp;Guidance is based on estimates and assumptions including, but not limited to, mineral reserve estimates, grade and continuity of interpreted geological formations and metallurgical recovery performance. Please refer to the Company's SEDAR+ and EDGAR filings, including the most recent Annual Information Form ("AIF"), for a detailed summary of risk factors.

(1) &nbsp;&nbsp;&nbsp;&nbsp;Excludes capitalized ramp-up costs prior to the declaration of commercial production at the Tucumã Operation.

Ero Copper Corp. June 30, 2025 MD&A \| Page 10

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**REVIEW OF FINANCIAL RESULTS**

The following table provides a summary of the financial results of the Company for Q2 2025 and Q2 2024. Tabular amounts are in thousands of US dollars, except share and per share amounts.

---

| | | | |
|:---|:---|:---|:---|
| | | **Three months ended June 30,** | **Three months ended June 30,** |
| | **Notes** | **2025** | **2024** |
| Revenue | 1 | $**163510** | $117090 |
| Cost of sales | 2 | **(96224)** | (73798) |
| **Gross profit** |  | **67286** | 43292 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative |  | **(11564)** | (11810) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation |  | **(7756)** | (6075) |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-down of exploration and evaluation asset | 3 | **—** | (10745) |
| **Income before the undernoted** |  | **47966** | 14662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance income |  | **1130** | 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance expense | 4 | **(5976)** | (4565) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gain (loss) | 5 | **38640** | (70454) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expenses) |  | **2350** | (2670) |
| **Income (loss) before income taxes** |  | **84110** | (61666) |
| **Income tax (expense) recovery** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current |  | **(9305)** | (2876) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred |  | **(3777)** | 11143 |
|  | 6 | **(13082)** | 8267 |
| **Net income (loss) for the period** |  | $**71028** | $(53399) |
| **Other comprehensive gain (loss)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation gain (loss) | 7 | **37847** | (74958) |
| **Comprehensive income (loss)** |  | $**108875** | $(128357) |
| **Net income (loss) per share attributable to owners of the Company** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic |  | $**0.68** | $(0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted |  | $**0.68** | $(0.52) |
| **Weighted average number of common shares outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic |  | **103582082** | 103082363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted |  | **103905561** | 103082363 |

---

Ero Copper Corp. June 30, 2025 MD&A \| Page 11

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Notes:

1.&nbsp;&nbsp;&nbsp;&nbsp;Revenues from copper sales in Q2 2025 was $138.1 million (Q2 2024 - $78.9 million) on sale of 33.9 million lbs of copper (Q2 2024 - 19.2 million lbs). The increase in copper revenues was primarily attributed to $49.7 million of incremental revenue from the Tucumã Operations and higher quantity sold at Caraíba.

Revenues from gold sales in Q2 2025 was $25.5 million (Q2 2024 - $38.1 million) on sale of 8,276 ounces of gold (Q2 2024 - 17,621 ounces) at an average realized price of $3,114 per ounce (Q2 2024 - $2,193 per ounce). The decrease in gold revenues was primarily driven by lower production volumes due to reduced head grades, partially offset by a higher realized gold price.

2.&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales for Q2 2025 from copper sales was $81.7 million (Q2 2024 - $59.6 million) which primarily comprised of $19.4 million (Q2 2024 - $15.8 million) in depreciation and depletion, $17.0 million (Q2 2024 - $13.1 million) in salaries and benefits, $13.1 million (Q2 2024 - $9.6 million) in contracted services, $12.4 million (Q2 2024 - $7.7 million) in maintenance costs, $11.2 million (Q2 2024 - $10.1 million) in materials and consumables, $3.8 million (Q2 2024 - $1.9 million) in sales expenses, $3.5 million (Q2 2024 - $2.6 million) in utilities, and $1.1 million increase (Q2 2024 - $1.4 million decrease) in changes in inventories. The increase in cost of sales in Q2 2025 compared to Q2 2024 was primarily attributed to the incremental cost of sales of $13.7 million from the Tucumã Operations, which commenced operations in second half of 2024, as well as an 8% increase in copper tonnes sold at the Caraiba Operations.

Cost of sales for Q2 2025 from gold sales was $14.5 million (Q2 2024 - $14.2 million) which primarily comprised of $5.5 million (Q2 2024 - $6.0 million) in depreciation and depletion, $3.1 million (Q2 2024 - $2.5 million) in salaries and benefits, $2.2 million (Q2 2024 - $1.7 million) in contracted services, $1.9 million (Q2 2024 - $1.8 million) in materials and consumables, $0.9 million (Q2 2024 - $0.6 million) in maintenance costs, $0.6 million (Q2 2024 - $0.6 million) in utilities, and $0.1 million decrease (Q2 2024 - $0.3 million increase) in change in inventories. The increase in cost of sales as compared to Q2 2024 was relatively small, reflecting higher cost of processing due to lower grade ore mined and processed.

3.&nbsp;&nbsp;&nbsp;&nbsp;In Q2 2024, the Company terminated the Fides option agreement, resulting in a write-down in exploration and evaluation assets of $10.7 million.

4.&nbsp;&nbsp;&nbsp;&nbsp;Finance expense for Q2 2025 was $6.0 million (Q2 2024 - $4.6 million) and was primarily comprised of other finance expense of $2.3 million (Q2 2024 - $2.9 million), accretion of deferred revenue of $2.1 million (Q2 2024 - $0.6 million), accretion of asset retirement obligations of $0.9 million (Q2 2024 - $0.6 million), and lease interest of $0.6 million (Q2 2024 - $0.5 million). $11.4 million (Q2 2024 - $9.1 million) in borrowing costs were capitalized to projects in progress. The increase in finance expense from Q2 2024 was primarily from the increase in accretion of deferred revenue driven by the extension of the Original Xavantina Stream at the end of Q1 2025.

5.&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gain for Q2 2025 was $38.6 million (Q2 2024 - $70.5 million loss). This amount is primarily comprised of $33.0 million (Q2 2024 - $54.9 million loss) in foreign exchange gain on USD denominated debt at MCSA for which the functional currency is the BRL, $6.6 million (Q2 2024 - $16.1 million loss) of unrealized foreign exchange gain on derivative contracts, and $0.2 million (Q2 2024 - $1.0 million loss) of realized foreign exchange gain on derivative contracts, partially offset by other foreign exchange losses of $1.2 million (Q2 2024 - $1.5 million gains). The unrealized foreign exchange gain on USD denominated debt and on derivative contracts was a result of a 5% strengthening of the BRL against the USD during the period.

6.&nbsp;&nbsp;&nbsp;&nbsp;In Q2 2025, the Company recognized $13.1 million in income tax expense (Q2 2024 a recovery of $8.3 million). The increase in income tax expense was primarily a result of an increase in income before taxes as compared to loss before taxes in the same quarter of the prior year.

7.&nbsp;&nbsp;&nbsp;&nbsp;The foreign currency translation gain is a result of a fluctuation of the BRL against the USD during Q2 2025, which strengthened from approximately 5.74 BRL per US dollar at the beginning of Q2 2025 to approximately 5.46 BRL per US dollar by the end of the quarter, when translating the net assets of the Company's Brazilian subsidiaries to USD for presentation in the Company's condensed consolidated interim financial statements.

Ero Copper Corp. June 30, 2025 MD&A \| Page 12

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The following table provides a summary of the financial results of the Company for YTD 2025 and 2024. Tabular amounts are in thousands of US dollars, except share and per share amounts.

---

| | | | |
|:---|:---|:---|:---|
| | | **Six months ended June 30,** | **Six months ended June 30,** |
| | **Notes** | **2025** | **2024** |
| Revenue | 1 | $**288598** | $222883 |
| Cost of sales | 2 | **(165790)** | (148414) |
| **Gross profit** |  | **122808** | 74469 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative |  | **(22935)** | (23324) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation |  | **(8929)** | (12620) |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-down of exploration and evaluation asset | 3 | **—** | (10745) |
| **Income before the undernoted** |  | **90944** | 27780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance income |  | **1968** | 2829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance expense | 4 | **(10699)** | (9199) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gain (loss) | 5 | **97040** | (89450) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expenses) |  | **225** | (2309) |
| **Income (loss) before income taxes** |  | **179478** | (70349) |
| **Income tax (expense) recovery** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current |  | **(13023)** | (6206) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred |  | **(14800)** | 16326 |
|  | 6 | **(27823)** | 10120 |
| **Net income (loss) for the period** |  | $**151655** | $(60229) |
| **Other comprehensive gain (loss)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation gain (loss) | 7 | **83622** | (99638) |
| **Comprehensive income (loss)** |  | $**235277** | $(159867) |
| **Net income (loss) per share attributable to owners of the Company** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic |  | $**1.46** | $(0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted |  | $**1.45** | $(0.59) |
| **Weighted average number of common shares outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic |  | **103573416** | 102918092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted |  | **103902012** | 102918092 |

---

Ero Copper Corp. June 30, 2025 MD&A \| Page 13

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Notes:

1.&nbsp;&nbsp;&nbsp;&nbsp;Revenues from copper sales in YTD 2025 amounted to $247.6 million (YTD 2024 - $152.8 million), reflecting the sale of 60.6 million lbs of copper compared to 40.1 million lbs of copper for YTD 2024. The increase in revenues was primarily due to $95.9 million of incremental revenue from the Tucumã Operations, higher realized copper prices, partially offset by 10% lower copper sales at Caraíba resulting from lower tonnes mined and processed.

Revenues from gold sales in YTD 2025 was $41.0 million (YTD 2024 - $70.1 million), reflecting the sale of 14,110 ounces of gold at a realized price of $2,945 per ounce, compared to 34,474 ounces of gold sold at a realized price of $2,060 per ounce in YTD 2024. The decrease in revenues was driven by lower sales volume, partially offset by higher gold prices compared to YTD 2024.

2.&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales for YTD 2025 from copper sales was $141.2 million (YTD 2024 - $121.2 million) which primarily consisted of $34.1 million (YTD 2024 - $33.4 million) in depreciation and depletion, $33.0 million (YTD 2024 - $26.3 million) in salaries and benefits, $21.4 million (YTD 2024 - $18.8 million) in materials and consumables, $19.4 million (YTD 2024 - $16.1 million) in contracted services, $21.2 million (YTD 2024 - $14.4 million) in maintenance costs, $7.4 million (YTD 2024 - $3.7 million) in sales expenses, and $7.2 million (YTD 2024 - $5.7 million) in utilities. The increase in cost of sales was primarily attributed to the $21.5 million of incremental cost of sales from the Tucumã Operation, which commenced operations in the second half of 2024.

<br>Cost of sales for YTD 2025 from gold sales was $24.6 million (YTD 2024- $27.2 million) which primarily comprised of $9.1 million (YTD 2024 - $11.3 million) in depreciation and depletion, $5.9 million (YTD 2024 - $5.1 million) in salaries and benefits, $4.1 million (YTD 2024 - $3.7 million) in contracted services, $3.4 million (YTD 2024 - $3.5 million) in materials and consumables, $1.6 million (YTD 2024 - $1.2 million) in maintenance costs, and $1.1 million (YTD 2024 - $1.2 million) in utilities. The decrease in cost of sales was mainly attributed to a decrease in gold sales, accompanied with lower depreciation and depletion.

3.&nbsp;&nbsp;&nbsp;&nbsp;In YTD 2024, the Company recognized a write-down in exploration and evaluation assets of $10.7 million, primarily related to the termination of the Fides option agreement.

4.&nbsp;&nbsp;&nbsp;&nbsp;Finance expense for YTD 2025 was $10.7 million (YTD 2024 - $9.2 million) and was primarily comprised of other finance expense of $5.1 million (YTD 2024 - $5.7 million) related to expected credit loss provision on a note receivable, accretion of deferred revenue of $2.7 million (YTD 2024 - $1.3 million), accretion of the asset retirement obligations of $1.7 million (YTD 2024 - $1.2 million), lease interest of $1.2 million (YTD 2024 - $0.9 million). During YTD 2025, $22.4 million (YTD 2024 - $16.5 million) in interest was capitalized to projects in progress. The increase in finance expense was primarily attributable to higher accretion of deferred revenue driven by the extension of the Original Xavantina Stream at the end of Q1 2025. Accretion of asset retirement obligations and lease interest expense were also higher subsequent to commencement of Tucumã Operations in the second half of 2024.

5.&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gain for YTD 2025 was $97.0 million (YTD 2024 - $89.5 million loss). This amount was primarily comprised of a foreign exchange gain of $78.1 million (YTD 2024 - $67.7 million loss) on USD denominated debt in MCSA, for which the functional currency is the BRL, and a foreign exchange gain on unrealized derivative contracts of $23.4 million (YTD 2024 - $25.4 million loss), partially offset by other foreign exchange losses of $2.5 million (YTD 2024 - $2.5 million gains) and a realized foreign exchange loss on derivative contracts of $2.0 million (YTD 2024 - $1.1 million gain). The fluctuation in foreign exchange gains/losses were primarily a result of increased volatility of the USD/BRL foreign exchange rates, where the BRL strengthened 13.4% against the USD during YTD 2025.

6.&nbsp;&nbsp;&nbsp;&nbsp;In YTD 2025, the Company recognized an $27.8 million income tax expense (YTD 2024 - $10.1 million recovery), The change was primarily a result of a net income before income taxes in the current period compared with a net loss before income taxes in the comparative period.

7.&nbsp;&nbsp;&nbsp;&nbsp;The foreign currency translation loss is a result of fluctuations of the BRL against the USD during YTD 2025, which strengthened from approximately 6.19 BRL per US dollar at the beginning of 2025 to approximately 5.46 BRL per US dollar by the end of the quarter, when translating the net assets of the Company's Brazilian subsidiaries to USD for presentation in the Company's condensed consolidated interim financial statements.

Ero Copper Corp. June 30, 2025 MD&A \| Page 14

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**SUMMARY OF QUARTERLY RESULTS**

The following table presents selected financial information for each of the most recent eight quarters. Tabular amounts are in millions of US Dollars, except share and per share amounts.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Financial Information** | **Jun. 30,**<sup>(1)</sup> | **Mar. 31,**<sup>(2)</sup> | **Dec. 31,**<sup>(3)</sup> | **Sep. 30,**<sup>(4)</sup> | **Jun. 30,**<sup>(5)</sup> | **Mar. 31,**<sup>(6)</sup> | **Dec. 31,**<sup>(7)</sup> | **Sep. 30,**<sup>(8)</sup> |
| **Selected Financial Information** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2023** | **2023** |
| Revenue | $**163.5** | $125.1 | $122.5 | $124.8 | $117.1 | $105.8 | $116.4 | $105.2 |
| Cost of sales | $**(96.2)** | $(69.6) | $(70.2) | $(71.1) | $(73.8) | $(74.6) | $(74.6) | $(69.7) |
| Gross profit | $**67.3** | $55.5 | $52.4 | $53.7 | $43.3 | $31.2 | $41.9 | $35.5 |
| Net income (loss) for period | $**71.0** | $80.6 | $(48.9) | $41.4 | $(53.4) | $(6.8) | $37.1 | $2.8 |
| Income (loss) per share attributable to owners of the Company |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Basic | $**0.68** | $0.77 | $(0.47) | $0.40 | $(0.52) | $(0.07) | $0.37 | $0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;- Diluted | $**0.68** | $0.77 | $(0.47) | $0.39 | $(0.52) | $(0.07) | $0.37 | $0.03 |
| Weighted average number of common shares outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Basic | **103582082** | 103564654 | 103345064 | 103239881 | 103082363 | 102769444 | 98099791 | 93311434 |
| &nbsp;&nbsp;&nbsp;&nbsp;- Diluted | **103905561** | 103904737 | 103345064 | 103973827 | 103082363 | 102769444 | 98482755 | 94009268 |

---

Notes:

1. During Q2 2025, the Company recognized net income of $71.0 million compared to net income of $80.6 million in the preceding quarter. The decrease in net income was primarily attributable to a lower foreign exchange gain of $38.6 million in the current quarter compared to $58.4 million in the preceding quarter, partially offset by a higher gross profit of $67.4 million in the current quarter compared to $55.5 million in the preceding quarter.

2. During Q1 2025, the Company recognized net income of $80.6 million compared to net loss of $48.9 million in the preceding quarter. The increase in net income was primarily attributable to foreign exchange gains of $58.4 million compared to foreign exchange losses of $92.8 million in the preceding quarter, partially offset by an income tax expense of $14.7 million compared to an income tax recovery of $5.9 million in the preceding quarter.

3. During Q4 2024, the Company recognized net loss of $48.9 million compared to net income of $41.4 million in the preceding quarter. The decrease in net income was primarily attributable to foreign exchange losses of $92.8 million compared to foreign exchange gains of $17.2 million in the preceding quarter, partially offset by income tax recovery of $5.9 million compared to income tax expense of $8.3 million in the preceding quarter.

4. During Q3 2024, the Company recognized net income of $41.4 million compared to net loss of $53.4 million in the preceding quarter. The increase in net income was primarily attributable to higher revenues, as well as foreign exchange gains of $17.2 million compared to foreign exchange losses of $70.5 million in the preceding quarter, as well as a $10.7 million write-down in exploration and evaluation assets recognized in the preceding quarter.

5. During Q2 2024, the Company recognized net loss of $53.4 million compared to net loss of $6.8 million in the preceding quarter. The increase in loss was primarily attributable to foreign exchange losses of $70.5 million compared to $19.0 million in the preceding quarter. The change in foreign exchange gain or loss was primarily driven by volatility of the Brazilian Real against the US Dollar during the respective periods. In addition, during the quarter, the Company terminated the Fides option agreement, resulting in a write-down in exploration and evaluation assets of $10.7 million.

Ero Copper Corp. June 30, 2025 MD&A \| Page 15

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6. During Q1 2024, the Company recognized net loss of $6.8 million compared to net income of $37.1 million in the preceding quarter. The decrease in income was primarily attributable to foreign exchange losses of $19.0 million compared to foreign exchange gains of $24.9 million in the preceding quarter. The change in foreign exchange gain or loss was primarily driven by volatility of the Brazilian Real against the US Dollar during the respective periods.

7. During Q4 2023, the Company recognized net income of $37.1 million compared to $2.8 million in the preceding quarter. The increase was primarily attributable to foreign exchange gains of $24.9 million compared to foreign exchange losses of $13.9 million in the preceding quarter. The change in foreign exchange gain or loss was primarily driven by volatility of the Brazilian Real against the US Dollar during the respective periods.

8. During Q3 2023, the Company recognized net income of $2.8 million compared to $29.9 million in the preceding quarter. The decrease was primarily attributable to foreign exchange losses of $13.9 million compared to foreign exchange gain of $15.1 million in the preceding quarter. The change in foreign exchange gain or loss was primarily driven by volatility of the Brazilian Real against the US Dollar during the respective periods.

**LIQUIDITY, CAPITAL RESOURCES, AND CONTRACTUAL OBLIGATIONS**

**Liquidity**

As at June 30, 2025, the Company had cash and cash equivalents of $68.3 million and available liquidity of $113.3 million. Cash and cash equivalents were primarily comprised of cash held with reputable financial institutions and are invested in highly liquid short-term investments with maturities of three months or less. The funds are not exposed to liquidity risk and there are no restrictions on the ability of the Company to use these funds to meet its obligations.

Cash and cash equivalents increased by $17.9 million from December 31, 2024. The Company's cash flows from operating, investing, and financing activities for the six months ended June 30, 2025, are summarized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Cash from operating activities*** of $155.7 million, primarily consists of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $145.9 million of adjusted EBITDA (see Non-IFRS Measures); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $50.0 million of advance from Xavantina Gold Stream;

net of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $32.3 million of net change in non-cash working capital items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $5.7 million of amortization of non-cash deferred revenues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $2.0 million of derivative contract settlements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $0.5 million of income taxes paid.

Partially offset by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Cash used in investing activities** of $129.5 million, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $122.5 million of additions to mineral property, plant and equipment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $8.3 million of additions to exploration and evaluation assets;

net of:

Ero Copper Corp. June 30, 2025 MD&A \| Page 16

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $1.3 million in proceeds from interest received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Cash used in financing activities*** of $10.6 million, primarily consists of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $55.3 million of new loans and borrowings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $0.5 million of proceeds from exercise of stock options;

net of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $31.6 million of principal repayments on loans and borrowings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $21.4 million of interest paid on loans and borrowings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $8.5 million of lease payments.

As at June 30, 2025, the Company had working capital deficit of $33.5 million.

**Capital Resources**

The Company's primary sources of capital are comprised of cash from operations, and cash and cash equivalents on hand. The Company continuously monitors its liquidity position and capital structure and, based on changes in operations and economic conditions, may adjust such structure by issuing new common shares or new debt as necessary. Taking into consideration expected cash flow from existing operations and available liquidity, management believes that the Company has sufficient capital to fund its planned operations and activities, and other initiatives, for the foreseeable future.

At June 30, 2025, the Company had available liquidity of $113.3 million, including $68.3 million in cash and cash equivalents and $45.0 million of undrawn availability under its Senior Credit Facility.

In January 2025, the Company amended its Senior Credit Facility to increase the limit from $150.0 million to $200.0 million and to extend the maturity from December 2026 to December 2028. The interest rate and commitment fee on the Credit Facility were reduced to sliding scales of SOFR plus 2.00% to 4.25%, and 0.45% to 0.96%, respectively. Additionally, the total leverage ratio was replaced with net leverage ratio for purposes of determining financial covenants and interest rates.

In May 2024, to support the commencement of production and associated working capital needs at the Tucumã Operation, the Company entered into a $50.0 million non-priced copper prepayment facility, structured by the Bank of Montreal and with participation by CIBC Capital Markets. This facility is being repaid over 27 equal monthly installments, beginning in October 2024, through the delivery of 272 tonnes of copper each month. Each monthly delivery's value is being determined based on prevailing market copper prices at the time of delivery. Should the value of any delivery exceed the amount of the monthly installment payment of $2.1 million, the excess value will be repaid to the Company. The copper to be delivered by the Company will be in the form of LME Copper Warrants.

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In March 2025, the Company exercised its option to increase the size of the non-priced copper prepayment facility by an additional $25.0 million. The Company is obligated to repay the $25.0 million additional facility over 21 equal monthly installments, beginning in April 2025, through the delivery of a minimum of 161 tonnes of copper each month. The copper to be delivered by the Company will be in the form of LME Copper Warrants. Each monthly delivery's value will be determined based on prevailing market copper prices at the time of delivery. Should the value of any delivery exceed the amount of the monthly installment payment of $1.3 million, the excess value will be repaid to the Company.

In relation to its loans and borrowings, the Company is required to comply with certain financial covenants. As of the date of the condensed consolidated interim financial statements, the Company is in compliance with these covenants. The loan agreements also contain covenants that could restrict the ability of the Company and its subsidiaries, including MCSA, Ero Gold, and NX Gold, to, among other things, incur additional indebtedness needed to fund its respective operations, pay dividends or make other distributions, make investments, create liens, sell or transfer assets or enter into transactions with affiliates. There are no other restrictions or externally imposed capital requirements of the Company.

On March 28, 2025, the Company extended the terms of the Original Xavantina Stream with Royal Gold to expand the area of influence from which production is subjected to the arrangement to include additional tenements acquired by the Company since the Original Xavantina Stream was completed, and extend the gold delivery threshold milestone from 93,000 ounces of gold to 160,000 ounces of gold, before decreasing to 10% of gold produced over the remaining life of the mine. In exchange, the Company received additional upfront cash consideration of $50.0 million. The delivery of additional ounces under the amended stream is expected to commence in 2028.

**Contractual Obligations and Commitments**

The Company has precious metals purchase agreements with a wholly-owned subsidiary of Royal Gold, Inc., whereby the Company is obligated to sell a portion of its gold production from the Xavantina Operations at contract prices.

Refer to the "Liquidity Risk" section for further information on the Company's contractual obligations and commitments.

**MANAGEMENT OF RISKS AND UNCERTAINTIES**

The Company thoroughly examines the various financial instruments and risks to which it is exposed and assesses the impact and likelihood of those risks. These risks may include credit risk, liquidity risk, currency risk, commodity price risk and interest rate risk. Where material, these risks are reviewed and monitored by the Board.

*Credit risk* 

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company's receivables from customers. The carrying amount of the financial assets below represents the maximum credit risk exposure as at June 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Cash and cash equivalents | **68303** | $50402 |
| Accounts receivable | **12732** | 18399 |
| Derivatives | **4886** |  |
| Note receivable | **12761** | 12009 |
| Deposits and other assets | **5809** | 4961 |
|  | $**104491** | $**85771** |

---

The Company invests cash and cash equivalents with financial institutions that are financially sound based on their credit rating.

The Company's exposure to credit risk associated with accounts receivable is influenced mainly by the individual characteristics of each customer.

In 2022, one of the Company's customers in Brazil, Paranapanema S/A ("PMA"), filed for bankruptcy protection. As a preferred supplier to PMA, the Company had a note receivable arrangement with PMA, which was excluded from the judicial recovery process and provides the Company with certain judicial guarantees. According to the note receivable arrangement, repayment was structured over 24 monthly installments beginning in March 2024, with an annual interest rate equivalent to Brazil's CDI rate of approximately 11.65%.

At June 30, 2025, PMA continued to be in default of the agreement and the gross amount of accounts and note receivable from PMA was $24.0 million (December 31, 2024 - $20.7 million). Accordingly, the note receivable is considered credit impaired, and the Company recorded a credit loss provision and present value discount of $15.0 million (December 31, 2024 - $13.1 million). The carrying value of the PMA note receivable at June 30, 2025 was $8.9 million (December 31, 2024 - $7.6 million.), of which $4.8 million (December 31, 2024 - $3.9 million) was included in other current assets.

In the three and six months ended June 30, 2025, the Company recognized credit loss provisions of $0.2 million and $0.2 million (provision of $2.6 million and $4.5 million for the three and six months ended June 30, 2024) through its profit or loss.

*Liquidity risk* 

Liquidity risk is the risk associated with the difficulties that the Company may have meeting the obligations associated with financial liabilities that are settled with cash payments or with another financial asset. The Company's approach to liquidity management is to ensure as much as possible that sufficient liquidity exists to meet their maturity obligations on the expiration dates, under normal and stressful conditions, without causing unacceptable losses or with risk of undermining the normal operation of the Company.

The table below shows the Company's maturity of non-derivative financial liabilities on June 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Non-derivative financial liabilities** | **Carrying <br>value** | **Contractual cash flows** | **Up to <br>12 months** | **1 - 2 <br>years** | **3 - 5 <br>years** | **More than <br>5 years** |
| Loans and borrowings (including interest) | $627376 | $800316 | $87895 | $98174 | $614247 | $— |
| Accounts payable and accrued liabilities | 110243 | 111210 | 111210 |  |  |  |
| Other non-current liabilities | 10289 | 21903 |  | 20851 | 666 | 386 |
| Leases | 25873 | 28480 | 18348 | 9877 | 224 | 30 |
| **Total** | $**773781** | $**961909** | $**217453** | $**128902** | $**615137** | $**416** |

---

As at June 30, 2025, the Company has capital commitments, which is net of advances to suppliers, of $58.1 million through contracts and purchase orders which are expected to be incurred over a six-year period. In the normal course of operations, the Company may also enter into long-term contracts which can be cancelled with certain agreed customary notice periods without material penalties.

The Company also has a derivative financial asset for foreign exchange collar contracts whose notional amounts and maturity information are disclosed below under foreign exchange currency risk.

*Foreign exchange currency risk* 

The Company's subsidiaries in Brazil are exposed to exchange risks primarily related to the US dollar. In order to minimize currency mismatches, the Company monitors its cash flow projections considering future sales expectations indexed to US dollar variation in relation to the cash requirement to settle the existing financings.

The Company's exposure to foreign exchange currency risk at June 30, 2025 relates to $66.8 million (December 31, 2024 – $60.0 million) in loans and borrowings of MCSA denominated in US dollars and Euros. In addition, the Company is also exposed to foreign exchange currency risk at June 30, 2025 on $580.2 million of intercompany loan balances (December 31, 2024 - $513.6 million) which have contractual repayment terms. Strengthening (weakening) in the Brazilian Real against the US dollar at June 30, 2025 by 10% and 20%, would have decreased (increased) pre-tax net loss by $64.7 million and $129.3 million, respectively. This analysis is based on the foreign currency exchange variation rate that the Company considered to be reasonably possible at the end of the period and excluding the impact of the derivatives below. The analysis assumes that all other variables, especially interest rates, are held constant.

The Company may use certain foreign exchange derivatives, including collars and forward contracts, to manage its foreign exchange risks. A summary of the Company's foreign exchange derivatives at June 30, 2025 is summarized as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Purpose** | **Notional Amount** | **Denomination** | **Weighted average floor** | **Weighted average cap / forward price** | **Maturities** |
| Operational costs | $240.0 million | USD/BRL | 5.53 | 6.52 | July 2025 - June 2026 |
| **Total** | **$240.0 million** | **USD/BRL** | **5.53** | **6.52** | **July 2025 - June 2026** |

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The aggregate fair value of the Company's foreign exchange derivatives was a net asset of $4.9 million (December 31, 2024 - liability of $17.9 million).The fair values of foreign exchange contracts were determined based on option pricing models, forward foreign exchange rates, and information provided by the counter party.

The change in fair value of foreign exchange derivatives was a gain of $6.6 million and a gain of $23.4 million for the three and six months ended June 30, 2025, respectively (a loss of $16.1 million and $25.4 million for the three and six months ended June 30, 2024, respectively), and have been recognized in foreign exchange gain (loss).

In addition, during the three and six months ended June 30, 2025, the Company recognized a realized gain of $0.2 million and a loss of $2.0 million, respectively (realized loss of $1.0 million and gain of $1.1 million for the three and six months ended June 30, 2024 respectively), related to the settlement of foreign currency forward collar contracts.

*Interest rate risk*

The Company is principally exposed to the variation in interest rates on loans and borrowings with variable rates of interest. Management reduces interest rate risk exposure by entering into loans and borrowings with fixed rates of interest or by entering into derivative instruments that fix the ultimate interest rate paid.

The Company is principally exposed to interest rate risk through its Senior Credit Facility and Brazilian Real denominated bank loans. Based on the Company's net exposure at June 30, 2025, a 1% change in the variable rates would not materially impact its pre-tax annual net income.

*Price risk* 

The Company may use derivatives, including forward contracts, collars and swap contracts, to manage commodity price risks.

At June 30, 2025, the Company had copper collar contracts on 3,000 tonnes of copper per month from July 2025 to September 2025. These copper derivative contracts establish an average floor price of $4.00 per pound of copper and an average cap price of 4.68 per pound. As of June 30, 2025, the fair value of these contracts was a net liability of $0.7 million (December 31, 2024 - nil). The fair value of copper collar contracts was determined based on option pricing models, forward copper price and information provided by the counter party.

At June 30, 2025, the Company also had gold collar contracts on 2,500 ounces of gold per month from July 2025 to December 2025. These gold derivative contracts establish an average floor price of $2,200 per ounce of gold and an average cap price of $3,425 per ounce. As of June 30, 2025, the fair value of these contracts was a net liability of $0.9 million (December 31, 2024 - liability of $0.1 million). The fair value of gold collar contracts was determined based on option pricing models, forward gold price, and information provided by counter party.

During the three and six months ended June 30, 2025, the Company recognized an unrealized gain of $0.6 million and an unrealized loss of $1.5 million (unrealized loss of $0.4 million and unrealized loss of $0.4 million for the three and six months ended June 30, 2024), respectively, in relation to its commodity derivatives in other income or loss.

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During the three and six months ended June 30, 2025, the Company did not recognize any realized impact, in relation to its commodity derivatives in other income or loss ($1.8 million and $1.8 million realized loss for three and six months ended June 30, 2024).

At June 30, 2025, the Company had provisionally priced sales that are exposed to commodity price changes. Based on the Company's net exposure at June 30, 2025, a 10% change in the price of copper would have changed pre-tax net income (loss) $5.0 million.

For a discussion of additional risks applicable to the Company and its business and operations, including risks related to the Company's foreign operations, the environment and legal proceedings, see "Risk Factors" in the Company's AIF.

**OTHER FINANCIAL INFORMATION**

*Off-Balance Sheet Arrangements*

As at June 30, 2025, the Company had no material off-balance sheet arrangements.

*Outstanding Share Data*

As of July 31, 2025, the Company had 103,601,437 common shares issued and outstanding.

**ACCOUNTING POLICIES, JUDGMENTS AND ESTIMATES**

**Critical Accounting Judgments and Estimates**

The preparation of condensed consolidated interim financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions about future events that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results may differ from these estimates.

The Company's material accounting policies and accounting estimates are contained in the Company's consolidated financial statements for the year ended December 31, 2024 and condensed consolidated interim financial statements for the three and six months ended June 30, 2025. Judgements have been made in the determination of the functional currency of the Company and its subsidiaries, assessment of the probability of cash outflow related to legal claims and contingent liabilities, and commencement of commercial production. Certain of the Company's accounting policies, such as derivative instruments, deferred revenue, carrying amounts of mineral properties, provision for mine closure and reclamation costs, income tax including tax uncertainties, expected credit losses involve critical accounting estimates. Certain of these estimates are dependent on mineral reserves and resource information. Changes in mineral reserves and resources could impact depreciation and depletion rates, asset carrying amounts and the timing of mine closure and reclamation costs. The Company determines its mineral reserves and resources based on information compiled by competent

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individuals. Information regarding mineral reserves and resources is used in the calculation of depreciation, depletion and determination, when applicable, of the recoverable amount of CGUs, and for forecasting the timing of reclamation and closure cost expenditures. There are numerous uncertainties inherent in the determination of mineral reserves, and assumptions that are valid at the time of determination may change significantly when new information becomes available. Changes in the methodology, forecasted prices of commodities, exchange rates, production costs or recovery rates may change the economic status of mineral reserves and may, ultimately, result in changes in the mineral reserves.

Management continuously reviews its estimates, judgments and assumptions on an ongoing basis using the most current information available. Revisions to estimates are recognized prospectively.

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**CAPITAL EXPENDITURES**

The following table presents capital expenditures at the Company's operations on an accrual basis and are net of any sales and value-added taxes.

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| | | | |
|:---|:---|:---|:---|
| | **2025 - Q2** | **2025 - Q1** | **2025 - YTD** |
| **Caraíba Operations** | | | |
| &nbsp;&nbsp;&nbsp;Growth | $**17560** | $11149 | $**28709** |
| &nbsp;&nbsp;&nbsp;Sustaining | **27135** | 21436 | **48571** |
| &nbsp;&nbsp;&nbsp;Exploration | **3325** | 2434 | **5759** |
| &nbsp;&nbsp;&nbsp;Deposit on Projects | **(30)** | (615) | **(645)** |
| **Total, Caraíba Operations** | $**47990** | $34404 | $**82394** |
| **Tucumã Project** |  |  |  |
| &nbsp;&nbsp;&nbsp;Growth | **326** | 1160 | **1486** |
| &nbsp;&nbsp;&nbsp;Sustaining | **3087** | 1597 | **4684** |
| &nbsp;&nbsp;&nbsp;Capitalized ramp-up costs | **14016** | 12005 | **26021** |
| &nbsp;&nbsp;&nbsp;Exploration | **346** | 904 | **1250** |
| &nbsp;&nbsp;&nbsp;Deposit on Projects | **324** | (214) | **110** |
| **Total, Tucumã Project** | $**18099** | $15452 | $**33551** |
| **Xavantina Operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;Sustaining | **4421** | 3904 | **8325** |
| &nbsp;&nbsp;&nbsp;Exploration | **1221** | 845 | **2066** |
| &nbsp;&nbsp;&nbsp;Deposit on Projects | **120** | 69 | **189** |
| **Total, Xavantina Operations** | $**5762** | $4818 | $**10580** |
| **Corporate and Other** |  |  |  |
| &nbsp;&nbsp;&nbsp;Growth | **456** | 293 | **749** |
| &nbsp;&nbsp;&nbsp;Sustaining | **5** |  | **5** |
| &nbsp;&nbsp;&nbsp;Exploration | **4764** | 2642 | **7406** |
| &nbsp;&nbsp;&nbsp;Deposit on Projects | **8** | (8) | **—** |
| **Total, Corporate and Other** | $**5233** | $2927 | $**8160** |
| **Consolidated** |  |  |  |
| &nbsp;&nbsp;&nbsp;Growth | **18342** | 12602 | **30944** |
| &nbsp;&nbsp;&nbsp;Sustaining | **34648** | 26937 | **61585** |
| &nbsp;&nbsp;&nbsp;Capitalized ramp-up costs | **14016** | 12005 | **26021** |
| &nbsp;&nbsp;&nbsp;Exploration | **9656** | 6825 | **16481** |
| &nbsp;&nbsp;&nbsp;Deposit on Projects | **422** | (768) | **(346)** |
| **Total, Consolidated Capital Expenditures** | $**77084** | $57601 | $**134685** |

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| | | | |
|:---|:---|:---|:---|
| | **2025 - Q2** | **2025 - Q1** | **2025 - YTD** |
| **Total, Consolidated Capital Expenditures** | $**77084** | $57601 | $**134685** |
| Add (less): |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to exploration and evaluation assets | **(5189)** | (3109) | **(8298)** |
| &nbsp;&nbsp;&nbsp;Additions to right-of-use assets | **6781** | 7175 | **13956** |
| &nbsp;&nbsp;&nbsp;Capitalized depreciation | **114** | 94 | **208** |
| **Total, additions per Mineral Properties, Plant and Equipment note** | $**78790** | $61761 | $**140551** |

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**ALTERNATIVE PERFORMANCE (NON-IFRS) MEASURES**

The Company utilizes certain alternative performance (non-IFRS) measures to monitor its performance, including copper C1 cash cost, copper C1 cash cost including foreign exchange hedges, realized copper price, gold C1 cash cost, gold AISC, realized gold price, EBITDA, adjusted EBITDA, adjusted net income attributable to owners of the Company, adjusted net income per share, net (cash) debt, working capital and available liquidity. These performance measures have no standardized meaning prescribed within generally accepted accounting principles under IFRS and, therefore, amounts presented may not be comparable to similar measures presented by other mining companies. These non-IFRS measures are intended to provide supplemental information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The tables below provide reconciliations of these non-IFRS measures to the most directly comparable IFRS measures as contained in the Company's financial statements.

Unless otherwise noted, the non-IFRS measures presented below have been calculated on a consistent basis for the periods presented.

**Copper C1 Cash Cost and Copper C1 Cash Cost including Foreign Exchange Hedges** 

Copper C1 cash cost and copper C1 cash cost including foreign exchange hedges are non-IFRS performance measures used by the Company to manage and evaluate the performance of its copper mining operations.

Copper C1 cash cost is calculated as C1 cash costs divided by total pounds of copper produced during the period. C1 cash costs comprise the total cost of production, including expenses related to transportation, and treatment and refining charges. These costs are net of by-product credits, incentive payments and certain tax credits associated with sales invoiced to the Company's Brazilian customer.

Copper C1 cash cost including foreign exchange hedges is calculated as C1 cash costs, adjusted for realized gains or losses from its operational foreign exchange hedges, divided by total pounds of copper produced during the period. Although the Company does not apply hedge accounting in its consolidated financial statements and recognizes these contracts at fair value through profit or loss, the Company believes it appropriate to present cash costs including the impact of realized gains and losses as these contracts were entered into to mitigate the impact of changes in exchange rates.

While copper C1 cash cost is widely reported in the mining industry as a performance benchmark, it does not have a standardized meaning and is disclosed as a supplement to IFRS measures.

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The following table provides a reconciliation of copper C1 cash cost to cost of production, its most directly comparable IFRS measure.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reconciliation:** | **2025 - Q2** | **2025 - Q1** | **2024 - Q2** | **2025 - YTD** | **2024 - YTD** |
| Cost of production | $**46890** | $35719 | $41945 | $**82609** | $84172 |
| Add (less): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation costs & other | **1792** | 1322 | 1283 | **3114** | 2535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treatment, refining, and other | **2340** | 2410 | 4058 | **4750** | 9228 |
| &nbsp;&nbsp;&nbsp;&nbsp;By-product credits | **(6205)** | (4699) | (3431) | **(10904)** | (5871) |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive payments | **(1457)** | (1289) | (1174) | **(2746)** | (2373) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in inventory | **(1611)** | 2659 | (468) | **1048** | (4361) |
| Foreign exchange translation and other | **16** | (147) | 21 | **(131)** | 14 |
| **C1 cash costs**<sup>(1)</sup> | **41765** | 35975 | 42234 | **77740** | 83344 |
| Loss (gain) on foreign exchange hedges | **(217)** | 2216 | 46 | **1999** | (230) |
| **C1 cash costs including foreign exchange hedges** | $**41548** | $38191 | $42280 | $**79739** | $83114 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025 - Q2** | **2025 - Q1** | **2024 - Q2** | **2025 - YTD** | **2024 - YTD** |
| **Costs** | | | | | |
| Mining | $**31442** | $25796 | $27881 | $**57238** | $53137 |
| Processing | **6549** | 6352 | 7927 | **12901** | 15104 |
| Indirect | **7639** | 6116 | 5799 | **13755** | 11746 |
| Production costs | **45630** | 38264 | 41607 | **83894** | 79987 |
| By-product credits | **(6205)** | (4699) | (3431) | **(10904)** | (5871) |
| Treatment, refining and other | **2340** | 2410 | 4058 | **4750** | 9228 |
| **C1 cash costs**<sup>(1)</sup> | **41765** | 35975 | 42234 | **77740** | 83344 |
| Loss (gain) on foreign exchange hedges | **(217)** | $2216 | $46 | **1999** | (230) |
| **C1 cash costs including foreign exchange hedges** | $**41548** | $38191 | $42280 | $**79739** | $83114 |

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(1) &nbsp;&nbsp;&nbsp;&nbsp;Copper C1 cash costs for 2025 and 2024 do not include Tucumã Operation's results, as commercial production has not been achieved as of June 30, 2025.

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025 - Q2** | **2025 - Q1** | **2024 - Q2** | **2025 - YTD** | **2024 - YTD** |
| **Costs per pound** | | | | | |
| Total copper produced (lbs, 000) | **20199** | 16219 | 19548 | **36418** | 37386 |
| Mining | $**1.56** | $1.59 | $1.42 | $**1.57** | $1.42 |
| Processing | $**0.32** | $0.39 | $0.41 | $**0.35** | $0.41 |
| Indirect | $**0.38** | $0.38 | $0.30 | $**0.38** | $0.31 |
| By-product credits | $**(0.31)** | $(0.29) | $(0.18) | $**(0.30)** | $(0.16) |
| Treatment, refining and other | $**0.12** | $0.15 | $0.21 | $**0.13** | $0.25 |
| **Copper C1 cash costs**<sup>(1)</sup> | $**2.07** | $2.22 | $2.16 | $**2.13** | $2.23 |
| Loss (gain) on foreign exchange hedges | $**(0.01)** | $0.14 | $— | $**0.06** | $(0.01) |
| **Copper C1 cash costs including foreign exchange hedges** | $**2.06** | $2.36 | $2.16 | $**2.19** | $2.22 |

---

(1) Copper C1 cash costs for 2025 and 2024 do not include Tucumã Operation's results, as commercial production has not been achieved as of June 30, 2025.

**Realized Copper Price** 

Realized copper price is a non-IFRS ratio which is calculated as gross copper revenue divided by pounds of copper sold during the period. Management believes measuring realized copper price enables investors to better understand performance based on realized copper sales in each reporting period.

The following tables provide a calculation of realized copper price and a reconciliation to copper segment.

*The Caraíba Operations* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reconciliation:** | **2025 - Q2** | **2025 - Q1** | **2024 - Q2** | **2025 - YTD** | **2024 - YTD** |
| Copper revenue<sup>(1)</sup> | $**88404** | $63270 | $78943 | $**151674** | $152799 |
| less: by-product credits | **(6205)** | (4699) | (3431) | **(10904)** | (5871) |
| Net copper revenue | **82199** | 58571 | 75512 | **140770** | 146928 |
| add: treatment, refining and other | **2340** | 2410 | 4058 | **4750** | 9228 |
| add: royalty taxes | **1695** | 1136 | 1428 | **2831** | 2787 |
| Gross copper revenue | **86234** | 62117 | 80998 | **148351** | 158943 |
| Total copper sold in concentrate (lbs, 000) | **20697** | 15318 | 19192 | **36015** | 40051 |
| **Realized copper price** | $**4.17** | $**4.06** | $**4.22** | $**4.12** | $**3.97** |

---

(1) Copper revenue includes provisional price and volume adjustments

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*The Tucumã Operation* 

---

| | | | |
|:---|:---|:---|:---|
| **Reconciliation:** | **2025 - Q2** | **2025 - Q1** | **2025 - YTD** |
| Copper revenue<sup>(1)</sup> | $**49656** | $46232 | $**95888** |
| less: by-product credits | **—** | (553) | **(553)** |
| Net copper revenue | **49656** | 45679 | **95335** |
| add: treatment, refining and other | **2494** | 79 | **2573** |
| add: royalty taxes | **1005** | 856 | **1861** |
| Gross copper revenue | **53155** | 46614 | **99769** |
| Total copper sold in concentrate (lbs, 000) | **13158** | 11393 | **24551** |
| **Realized copper price** | $**4.04** | $**4.09** | $**4.06** |

---

(1) Copper revenue includes provisional price and volume adjustments

**Gold C1 Cash Cost and Gold AISC** 

Gold C1 cash cost is a non-IFRS performance measure used by the Company to manage and evaluate the operating performance of its gold mining segment and is calculated as C1 cash costs divided by total ounces of gold produced during the period. C1 cash cost includes total cost of production, net of by-product credits and incentive payments. Gold C1 cash cost is widely reported in the mining industry as benchmarks for performance but does not have a standardized meaning and is disclosed in supplemental to IFRS measures.

Gold AISC is an extension of gold C1 cash cost discussed above and is also a key performance measure used by management to evaluate operating performance of its gold mining segment. Gold AISC is calculated as AISC divided by total ounces of gold produced during the period. AISC includes C1 cash costs, site general and administrative costs, accretion of mine closure and rehabilitation provision, sustaining capital expenditures, sustaining leases, and royalties and production taxes. Gold AISC is widely reported in the mining industry as benchmarks for performance but does not have a standardized meaning and is disclosed in supplement to IFRS measures.

The following table provides a reconciliation of gold C1 cash cost and gold AISC to cost of production, its most directly comparable IFRS measure.

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reconciliation:** | **2025 - Q2** | **2025 - Q1** | **2024 - Q2** | **2025 - YTD** | **2024 - YTD** |
| Cost of production | $**8761** | $6225 | $7580 | $**14986** | $14835 |
| Add (less): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive payments | **(209)** | (269) | (226) | **(478)** | (669) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in inventory | **63** | 1339 | (322) | **1402** | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp;By-product credits | **(159)** | (111) | (259) | **(270)** | (448) |
| &nbsp;&nbsp;&nbsp;&nbsp;Smelting and refining | **42** | 35 | 97 | **77** | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange translation and other | **133** | 82 | 215 | **215** | 447 |
| **C1 cash costs** | $**8631** | $7301 | $7085 | $**15932** | $14294 |
| Site general and administrative | **1264** | 1077 | 1350 | **2341** | 2703 |
| Accretion of mine closure and rehabilitation provision | **145** | 141 | 88 | **286** | 180 |
| Sustaining capital expenditure | **4435** | 3909 | 2653 | **8344** | 5907 |
| Sustaining lease payments | **2313** | 2021 | 1908 | **4334** | 4030 |
| Royalties and production taxes | **511** | 338 | 862 | **849** | 1372 |
| **AISC** | $**17299** | $14787 | $13946 | $**32086** | $28486 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025 - Q2** | **2025 - Q1** | **2024 - Q2** | **2025 - YTD** | **2024 - YTD** |
| **Costs** | | | | | |
| Mining | $**4552** | $3760 | $3705 | $**8312** | $7525 |
| Processing | **2472** | 2206 | 2277 | **4678** | 4536 |
| Indirect | **1724** | 1411 | 1265 | **3135** | 2494 |
| Production costs | **8748** | 7377 | 7247 | **16125** | 14555 |
| Smelting and refining costs | **42** | 35 | 97 | **77** | 187 |
| By-product credits | **(159)** | (111) | (259) | **(270)** | (448) |
| **C1 cash costs** | $**8631** | $7301 | $7085 | $**15932** | $14294 |
| Site general and administrative | **1264** | 1077 | 1350 | **2341** | 2703 |
| Accretion of mine closure and rehabilitation provision | **145** | 141 | 88 | **286** | 180 |
| Sustaining capital expenditure | **4435** | 3909 | 2653 | **8344** | 5907 |
| Sustaining leases | **2313** | 2021 | 1908 | **4334** | 4030 |
| Royalties and production taxes | **511** | 338 | 862 | **849** | 1372 |
| **AISC** | $**17299** | $14787 | $13946 | $**32086** | $28486 |

---

Ero Copper Corp. June 30, 2025 MD&A \| Page 29

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Costs per ounce** | | | | | |
| Total gold produced (ounces) | **7743** | 6638 | 16555 | **14381** | 34789 |
| Mining | $**588** | $566 | $224 | $**578** | $216 |
| Processing | $**319** | $332 | $138 | $**325** | $130 |
| Indirect | $**223** | $213 | $76 | $**218** | $72 |
| Smelting and refining | $**5** | $5 | $6 | $**5** | $5 |
| By-product credits | $**(20)** | $(16) | $(16) | $**(18)** | $(12) |
| **Gold C1 cash cost** | $**1115** | $1100 | $428 | $**1108** | $411 |
| **Gold AISC** | $**2234** | $2228 | $842 | $**2231** | $819 |

---

**Realized Gold Price** 

Realized gold price is a non-IFRS ratio that is calculated as gross gold revenue divided by ounces of gold sold during the period. Management believes measuring realized gold price enables investors to better understand performance based on the realized gold sales in each reporting period. The following table provides a calculation of realized gold price and a reconciliation to gold segment revenues, its most directly comparable IFRS measure.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in '000s except for ounces and price per ounce)* | **2025 - Q2** | **2025 - Q1** | **2024 - Q2** | **2025 - YTD** | **2024 - YTD** |
| Xavantina revenue  | $**25450** | $15586 | $38147 | $**41036** | $70084 |
| less: by-product credits | **(159)** | (111) | (259) | **(270)** | (448) |
| **Gold revenue, net** | $**25291** | $**15475** | $**37888** | $**40766** | $**69636** |
| add: smelting, refining, and other charges | **479** | 304 | 761 | **783** | 1366 |
| **Gold revenue, gross** | $**25770** | $**15779** | $**38649** | $**41549** | $**71002** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Spot (cash)* | $*21132* | $*12754* | $*31775* | $*33886* | $*56304* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Stream (cash)* | $*1231* | $*779* | $*1789* | $*2010* | $*3690* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Stream (amortization of deferred revenue)*<sup>(1)</sup> | $*3407* | $*2246* | $*5085* | $*5653* | $*11008* |
| **Total gold ounces sold** | **8276** | **5834** | **17621** | **14110** | **34474** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Spot* | *6394* | *4467* | *13785* | *10861* | *26083* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Stream* | *1882* | *1367* | *3836* | *3249* | *8391* |
| **Realized gold price (per ounce)** | $**3114** | $**2705** | $**2193** | $**2945** | $**2060** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Spot* | $*3305* | $*2855* | $*2305* | $*3120* | $*2159* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Stream (cash + amortization of deferred revenue)*<sup>(1)</sup> | $*2464* | $*2213* | $*1792* | $*2359* | $*1752* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Cash (spot cash + stream cash)* | $*2702* | $*2320* | $*1905* | $*2544* | $*1740* |

---

(1) Amortization of deferred revenue during the three and six months ended June 30, 2025 was net of nil and $0.5 million (three and six months ended June 30, 2024 - $0.2 million and nil, respectively) related to change in estimate attributed to advances received and change in life-of-mine production estimates.

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**Earnings before interest, taxes, depreciation, and amortization ("EBITDA") and Adjusted EBITDA**

EBITDA and adjusted EBITDA are non-IFRS performance measures used by management to evaluate its debt service capacity and performance of its operations. EBITDA represents earnings before finance expense, finance income, income taxes, depreciation and amortization. Adjusted EBITDA is EBITDA before the pre-tax effect of adjustments for non-cash and/or non-recurring items required in determination of EBITDA for covenant calculation purposes.

The following table provides a reconciliation of EBITDA and Adjusted EBITDA to net income, its most directly comparable IFRS measure.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reconciliation:** | **2025 - Q2** | **2025 - Q1** | **2024 - Q2** | **2025 - YTD** | **2024 - YTD** |
| **Net Income (Loss)** | $**71028** | $80627 | $(53399) | $**151655** | $(60229) |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance expense | **5976** | 4723 | 4565 | **10699** | 9199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance income | **(1130)** | (838) | (1361) | **(1968)** | (2829) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (recovery) | **13082** | 14741 | (8267) | **27823** | (10120) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization and depreciation | **25215** | 18620 | 22294 | **43835** | 45590 |
| **EBITDA** | $**114171** | $117873 | $(36168) | $**232044** | $(18389) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss | **(38640)** | (58400) | 70454 | **(97040)** | 89450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share based compensation | **7756** | 1173 | 6075 | **8929** | 12620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on commodity derivatives | **(636)** | 2102 | 436 | **1466** | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-down of exploration and evaluation asset | **—** |  | 10745 | **—** | 10745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xavantina Gold Stream transaction fees | **—** | 458 |  | **458** |  |
| **Adjusted EBITDA** | $**82651** | $63206 | $51542 | $**145857** | $94798 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Change in rehabilitation and closure provision relates to revisions to rehabilitation and closure plans and cost estimates at the Company's historic mining operations that have entered the closure phase, and for which there are no substantive future economic value. Such costs are reflected within other expenses on the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income.

**Adjusted net income attributable to owners of the Company and Adjusted net income per share attributable to owners of the Company**

"Adjusted net income attributable to owners of the Company" is net income attributed to shareholders as reported, adjusted for certain types of transactions that, in management's judgment, are not indicative of our normal operating activities or do not necessarily occur on a recurring basis. "Adjusted net income per share attributable to owners of the Company" ("**Adjusted EPS**") is calculated as "adjusted net income attributable to owners of the Company" divided by weighted average number of outstanding common shares in the period. The Company believes that, in addition to conventional

Ero Copper Corp. June 30, 2025 MD&A \| Page 31

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measures prepared in accordance with IFRS, the Company and certain investor and analysts use these supplemental non-IFRS performance measures to evaluate the normalized performance of the Company. The presentation of Adjusted EPS is not meant to substitute the net income (loss) per share attributable to owners of the Company ("**EPS**") presented in accordance with IFRS, but rather it should be evaluated in conjunction with such IFRS measures.

The following table provides a reconciliation of Adjusted net income attributable to owners of the Company and Adjusted EPS to net income attributable to the owners of the Company, its most directly comparable IFRS measure.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reconciliation:** | **2025 - Q2** | **2025 - Q1** | **2024 - Q2** | **2025 - YTD** | **2024 - YTD** |
| **Net income (loss) as reported attributable to the owners of the Company** | $**70548** | $80227 | $(53247) | $**150775** | $(60388) |
| Adjustments:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share based compensation | **7756** | 1173 | 6075 | **8929** | 12620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange (gain) loss on USD denominated balances in MCSA | **(28204)** | (39628) | 48517 | **(67832)** | 59774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange (gain) loss on foreign exchange derivative contracts | **(6606)** | (16739) | 16006 | **(23345)** | 25310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on commodity derivatives | **(633)** | 2079 | 434 | **1446** | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-down of exploration and evaluation asset | **—** |  | 10745 | **—** | 10745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xavantina Gold Stream transaction fees | **—** | 458 |  | **458** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect on the above adjustments | **5281** | 8279 | (9904) | **13560** | (13032) |
| **Adjusted net income attributable to owners of the Company** | $**48142** | $35849 | $18626 | $**83991** | $35399 |
| **Weighted average number of common shares** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | **103582082** | 103564654 | 103082363 | **103573416** | 102918092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | **103905561** | 103904737 | 103961615 | **103902012** | 103704730 |
| **Adjusted EPS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $**0.46** | $0.35 | $0.18 | $**0.81** | $0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**0.46** | $0.35 | $0.18 | $**0.81** | $0.34 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Change in rehabilitation and closure provision relates to revisions to rehabilitation and closure plans and cost estimates at the Company's historic mining operations that have entered the closure phase, and for which there are no substantive future economic value. Such costs are reflected within other expenses on the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income.

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**Net Debt**

Net debt is a performance measure used by the Company to assess its financial position and ability to pay down its debt. Net debt is determined based on cash and cash equivalents, short-term investments, net of loans and borrowings as reported in the Company's condensed consolidated interim financial statements. The following table provides a calculation of net (cash) debt based on amounts presented in the Company's condensed consolidated interim financial statements as at the periods presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** | **June 30, 2024** |
| Current portion of loans and borrowings | $**58076** | $52479 | $45893 | $39889 |
| Long-term portion of loans and borrowings | **569300** | 589860 | 556296 | 486919 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | **(68303)** | (80573) | (50402) | (44773) |
| **Net debt (cash)** | $**559073** | $561766 | $551787 | $482035 |

---

**Working Capital and Available Liquidity**

Working capital is calculated as current assets less current liabilities as reported in the Company's condensed consolidated interim financial statements. The Company uses working capital as a measure of the Company's short-term financial health and ability to meet its current obligations using its current assets. Available liquidity is calculated as the sum of cash and cash equivalents, short-term investments and the undrawn amount available on its revolving credit facilities. The Company uses this information to evaluate the liquid assets available. The following table provides a calculation for these based on amounts presented in the Company's condensed consolidated interim financial statements as at the periods presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** | **June 30, 2024** |
| Current assets | $**178524** | $232292 | $141790 | $124554 |
| Less: Current liabilities | **(212010)** | (222048) | (211706) | (182143) |
| **Working (deficit) capital** | $**(33486)** | $10244 | $(69916) | $(57589) |
| Cash and cash equivalents | **68303** | 80573 | 50402 | 44773 |
| Available undrawn revolving credit facilities<sup>(1)</sup> | **45000** | 35000 | 15000 | 100000 |
| Available undrawn prepayment facilities<sup>(2)</sup> | **—** |  | 25000 | 25000 |
| **Available liquidity** | $**113303** | $115573 | $90402 | $169773 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;In January 2025, the Company amended its Senior Credit Facility to increase the limit from $150.0 million to $200.0 million and extended the maturity from December 2026 to December 2028.

(2) In March 2025, the Company exercised its option to increase the size of its copper prepayment facility from $50.0 million to $75.0 million.

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**DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROL OVER FINANCIAL REPORTING**

The Company's management, with the participation of the CEO and CFO, is responsible for establishing and maintaining adequate disclosure controls and procedures ("DC&P") and internal control over financial reporting ("ICFR") using Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") as its internal control framework.

The Company's DC&P are designed to provide reasonable assurance that material information related to the Company is identified and communicated on a timely basis.

The Company's ICFR is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. Any system of ICFR, no matter how well designed, has inherent limitations and cannot provide absolute assurance that all misstatements and instances of fraud, if any, within the Company have been prevented or detected. The Company's ICFR is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS.

There were no changes in the Company's DC&P and ICFR that materially affected, or are reasonably likely to materially affect, ICFR during the three and six months ended June 30, 2025.

**NOTE REGARDING SCIENTIFIC AND TECHNICAL INFORMATION** 

*Unless otherwise indicated, scientific and technical information in this MD&A relating to Ero's properties ("Technical Information") is based on information contained in the following:*

The report prepared in accordance with National Instrument 43-101, *Standards of Disclosure for Mineral Projects* ("NI 43-101") and entitled "2022 Mineral Resources and Mineral Reserves of the Caraíba Operations, Curaçá Valley, Bahia, Brazil", dated December 22, 2022 with an effective date of September 30, 2022, prepared by Porfirio Cabaleiro Rodriguez, FAIG, Bernardo Horta de Cerqueira Viana, FAIG, Fábio Valério Câmara Xavier, MAIG and Ednie Rafael Moreira de Carvalho Fernandes, MAIG all of GE21 Consultoria Mineral Ltda. ("GE21"), Dr. Beck Nader, FAIG of BNA Mining Solutions ("BNA") and Alejandro Sepulveda, Registered Member (#0293) (Chilean Mining Commission) of NCL Ingeniería y Construcción SpA ("NCL") (the "Caraíba Operations Technical Report"). Each a "qualified person" and "independent" of the Company within the meanings of NI 43-101.

The report prepared in accordance with NI 43-101 and entitled "Mineral Resource and Mineral Reserve Estimate of the Xavantina Operations, Nova Xavantina", dated May 12, 2023 with an effective date of October 31, 2022, prepared by Porfirio Cabaleiro Rodriguez, FAIG, Leonardo de Moraes Soares, MAIG and Guilherme Gomides Ferreira, MAIG, all of GE21 (the "Xavantina Operations Technical Report"). Each a "qualified person" and "independent" of the Company within the meanings of NI 43-101.

The report prepared in accordance with NI 43-101 and entitled "Boa Esperança Project NI 43-101 Technical Report on Feasibility Study Update", dated November 12, 2021 with an effective date of August 31, 2021, prepared by Kevin Murray, P. Eng., Scott C. Elfen, P.E. (each of Ausenco Engineering Canada Inc.), Erin L. Patterson, P.E. (formerly employed by its affiliate Ausenco Engineering USA South Inc. and together with Ausenco Engineering Canada Inc., referred to as "Ausenco"), Carlos

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Guzmán, FAusIMM RM CMC of NCL, and Emerson Ricardo Re, MSc, MBA, MAusIMM (CP) (No. 305892), Registered Member (No. 0138) (Chilean Mining Commission) and Resource Manager of the Company on the date of the report (now of HCM Consultoria Geologica Eireli ("HCM")) (the "Tucumã Project Technical Report"). Each of Kevin Murray, P. Eng., Erin L. Patterson, P.E., Scott C. Elfen, P.E., Carlos Guzmán, FAusIMM RM CMC and Emerson Ricardo Re, MAusIMM (CP), is a "qualified person" of the Company within the meanings of NI 43-101 or, in the case of Erin L. Patterson, P.E., who is no longer employed by Ausenco, was a "qualified person" of the Company within the meanings of NI 43-101 on the date of the report. Each of Kevin Murray, P. Eng., Erin L. Patterson, P.E., Scott C. Elfen, P.E., and Carlos Guzmán, FAusIMM RM CMC is "independent" of the Company within the meanings of NI 43-101 or, in the case of Erin L. Patterson, P.E., was "independent" of the Company on the date of the report. Emerson Ricardo Re, MAusIMM (CP), as Resource Manager of the Company (on the date of the report and now of HCM), was not "independent" of the Company on the date of the report, within the meaning of NI 43-101.

Reference should be made to the full text of the Caraíba Operations Technical Report, the Xavantina Operations Technical Report and the Tucumã Project Technical Report, each of which is available for review on the Company's website at www.erocopper.com and under the Company's profile on SEDAR+ at www.sedarplus.ca, and EDGAR at www.sec.gov.

*The disclosure of Technical Information in this MD&A has been reviewed and approved by Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), FAusIMM (No. 329148) and Resource Manager of the Company who is a "qualified person" within the meanings of NI 43-101.*

**Cautionary Note Regarding Forward-Looking Statements** 

This MD&A 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 securities legislation (collectively, "forward-looking statements"). Forward-looking statements include statements that use forward-looking terminology such as "may", "could", "would", "will", "should", "intend", "target", "plan", "expect", "budget", "estimate", "forecast", "schedule", "anticipate", "believe", "continue", "potential", "view" or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Forward-looking statements may include, but are not limited to, statements with respect to the Company's production, operating cost and capital expenditure guidance; targeting additional mineral resources and expansion of deposits; capital and operating cost estimates and economic analyses (including cash flow projections), including those from the Caraíba Operations Technical Report, the Xavantina Operations Technical Report and the Tucumã Project Technical Report; the Company's expectations, strategies and plans for the Caraíba Operations, the Xavantina Operations and the Tucumã Operation, including the Company's planned exploration, development, construction and production activities; the Company's plans for the Furnas Project; the results of future exploration and drilling; estimated completion dates for certain milestones; successfully adding or upgrading mineral resources and successfully developing new deposits; the costs and timing of future exploration, development and construction; the timing and amount of future production at the Caraíba Operations, the Xavantina Operations and the Tucumã Operation; expectations regarding the Company's ability to manage risks related to future copper price fluctuations and volatility; future financial or operating performance and condition of the Company and its business, operations and properties, including expectations regarding liquidity, capital structure, competitive position and payment of dividends; expectations regarding future currency exchange rates; expected concentrate treatment and refining charges; gold

Ero Copper Corp. June 30, 2025 MD&A \| Page 35

------

by-product credits and USD to BRL exchange rate; and any other statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results, performance or achievements.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual results, actions, events, conditions, performance or achievements to materially differ from those expressed or implied by the forward-looking statements, including, without limitation, risks discussed in this MD&A and in the AIF under the heading "*Risk Factors*". The risks discussed in this MD&A and in the AIF are not exhaustive of the factors that may affect any of the Company's forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results, actions, events, conditions, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, actions, events, conditions, performance or achievements to differ from those anticipated, estimated or intended.

Forward-looking statements are not a guarantee of future performance. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve statements about the future and are inherently uncertain, and the Company's actual results, achievements or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to herein and in the AIF under the heading "*Risk Factors*".

The Company's forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management on the date the statements are made, many of which may be difficult to predict and beyond the Company's control. In connection with the forward-looking statements contained in this MD&A and in the AIF, the Company has made certain assumptions about, among other things: favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production, development and exploration of the Company's properties and assets; future prices of copper, gold and other metal prices; the timing and results of exploration and drilling programs; the accuracy of any mineral reserve and mineral resource estimates; the geology of the Caraíba Operations, the Xavantina Operations and the Tucumã Operation being as described in the respective technical report for each property; production costs; the accuracy of budgeted exploration, development and construction costs and expenditures; the price of other commodities such as fuel; future currency exchange rates, interest rates and tariff rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; work force continuing to remain healthy in the face of prevailing epidemics, pandemics or other health risks, political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; availability of equipment; positive relations with local groups and the Company's ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of the Company's current loan arrangements. Although the Company believes that the assumptions inherent in forward-looking statements are reasonable as of the date of this MD&A, these assumptions are subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking statements. The Company cautions that the foregoing list of assumptions is not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking statements contained in this MD&A.

Ero Copper Corp. June 30, 2025 MD&A \| Page 36

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Forward-looking statements contained herein are made as of the date of this MD&A and the Company disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or results or otherwise, except as and to the extent required by applicable securities laws.

**Cautionary Notes Regarding Mineral Resource and Reserve Estimates** 

Unless otherwise indicated, all reserve and resource estimates included in this MD&A and the documents incorporated by reference herein have been prepared in accordance with Canadian NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") — CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC"), and reserve and resource information included herein may not be comparable to similar information disclosed by U.S. companies.

**ADDITIONAL INFORMATION** 

Additional information about Ero and its business activities, including the AIF, is available under the Company's profile at www.sedarplus.ca and www.sec.gov.

Ero Copper Corp. June 30, 2025 MD&A \| Page 37

## Exhibit 99.2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![logo_cmyk-copper1.jpg](logo_cmyk-copper1.jpg)

**CONDENSED CONSOLIDATED INTERIM** 

**FINANCIAL STATEMENTS**

**FOR THE THREE AND SIX MONTHS ENDED**

**JUNE 30, 2025 AND 2024**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| **Ero Copper Corp.** |
| **Table of Contents** |

---

---

| | |
|:---|:---|
| **CONSOLIDATED FINANCIAL STATEMENTS** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Condensed Consolidated Statements of Financial Position | <u>[1](#iacd0b8a36c7c4ad2921617e6401fc1f0_13)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | <u>[2](#iacd0b8a36c7c4ad2921617e6401fc1f0_19)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Condensed Consolidated Statements of Cash Flow | <u>[3](#iacd0b8a36c7c4ad2921617e6401fc1f0_22)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Condensed Consolidated Statements of Changes in Shareholders' Equity | <u>[4](#iacd0b8a36c7c4ad2921617e6401fc1f0_25)</u> |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** |  |
| **General** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 1. Nature of Operations | <u>[5](#iacd0b8a36c7c4ad2921617e6401fc1f0_31)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 2. Basis of Preparation | <u>[5](#iacd0b8a36c7c4ad2921617e6401fc1f0_34)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 3. Segment Disclosure | <u>[6](#iacd0b8a36c7c4ad2921617e6401fc1f0_73)</u> |
| **Statements of Financial Position** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 4. Inventories | <u>[10](#iacd0b8a36c7c4ad2921617e6401fc1f0_85)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 5. Other Current Assets | <u>[10](#iacd0b8a36c7c4ad2921617e6401fc1f0_88)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 6. Mineral Properties, Plant and Equipment | <u>[11](#iacd0b8a36c7c4ad2921617e6401fc1f0_91)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 7. Exploration and Evaluation Assets | <u>[12](#iacd0b8a36c7c4ad2921617e6401fc1f0_94)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 8. Deposits and Other Non-current Assets | <u>[12](#iacd0b8a36c7c4ad2921617e6401fc1f0_106)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 9. Accounts Payable and Accrued Liabilities | <u>[13](#iacd0b8a36c7c4ad2921617e6401fc1f0_109)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 10. Loans and Borrowings | <u>[13](#iacd0b8a36c7c4ad2921617e6401fc1f0_112)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 11. Deferred Revenue | <u>[15](#iacd0b8a36c7c4ad2921617e6401fc1f0_115)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 12. Other Non-current Liabilities | <u>[17](#iacd0b8a36c7c4ad2921617e6401fc1f0_127)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 13. Share Capital | <u>[17](#iacd0b8a36c7c4ad2921617e6401fc1f0_130)</u> |
| **Statements of Earnings** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 14. Revenue | <u>[21](#iacd0b8a36c7c4ad2921617e6401fc1f0_193)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 15. Cost of Sales | <u>[22](#iacd0b8a36c7c4ad2921617e6401fc1f0_205)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 16. General and Administrative Expenses | <u>[22](#iacd0b8a36c7c4ad2921617e6401fc1f0_208)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 17. Finance Expense | <u>[23](#iacd0b8a36c7c4ad2921617e6401fc1f0_211)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 18. Foreign Exchange Gain (Loss) | <u>[23](#iacd0b8a36c7c4ad2921617e6401fc1f0_220)</u> |
| **Other Items** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 19. Financial Instruments | <u>[23](#iacd0b8a36c7c4ad2921617e6401fc1f0_238)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 20. Supplemental Cash Flow Information | <u>[27](#iacd0b8a36c7c4ad2921617e6401fc1f0_304)</u> |

---

------

---

| |
|:---|
| **Ero Copper Corp.** |
| **Condensed Consolidated Statements of Financial Position** |
| *(Unaudited, Amounts in thousands of US Dollars)* |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| | **Notes** | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** | | | |
| **Current** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | $**68303** | $50402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade receivables |  | **12732** | 18399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 4 | **62352** | 42094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable |  | **726** | 2284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 5 | **34411** | 28611 |
|  |  | **178524** | 141790 |
| **Non-Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mineral properties, plant and equipment | 6 | **1537397** | 1258494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration and evaluation assets | 7 | **21480** | 11352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax assets |  | **3244** | 16659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits and other non-current assets | 8 | **31766** | 29733 |
|  |  | **1593887** | 1316238 |
| **Total Assets** |  | $**1772411** | $1458028 |
| **LIABILITIES** |  |  |  |
| **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 9 | $**118221** | $101886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of loans and borrowings | 10 | **58076** | 45893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of deferred revenue | 11 | **14266** | 31712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable |  | **3298** | 3330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of derivatives | 19 | **1640** | 17980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of lease liabilities |  | **16509** | 10905 |
|  |  | **212010** | 211706 |
| **Non-Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and borrowings | 10 | **569300** | 556296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 11 | **95795** | 48231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for rehabilitation and closure costs |  | **25061** | 21891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax liabilities |  | **1547** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities |  | **9364** | 6980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | 12 | **30414** | 21850 |
|  |  | **731481** | 655248 |
| **Total Liabilities** |  | **943491** | 866954 |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share capital | 13 | **287376** | 286548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity reserves |  | **(95909)** | (180472) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings |  | **631830** | 481055 |
| **Equity attributable to owners of the Company** |  | **823297** | 587131 |
| **Non-controlling interests** |  | **5623** | 3943 |
|  |  | **828920** | 591074 |
| **Total Liabilities and Equity** |  | $**1772411** | $1458028 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Commitments (Notes 7 and 11); Subsequent Events (Note 6)** | **Commitments (Notes 7 and 11); Subsequent Events (Note 6)** | **Commitments (Notes 7 and 11); Subsequent Events (Note 6)** | **Commitments (Notes 7 and 11); Subsequent Events (Note 6)** | **Commitments (Notes 7 and 11); Subsequent Events (Note 6)** |
| **APPROVED ON BEHALF OF THE BOARD:** | **APPROVED ON BEHALF OF THE BOARD:** | **APPROVED ON BEHALF OF THE BOARD:** | **APPROVED ON BEHALF OF THE BOARD:** | **APPROVED ON BEHALF OF THE BOARD:** |
| | *"Makko DeFilippo"* | , President, CEO and Director | *"Jill Angevine"* | , Director |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Page 1

------

---

| |
|:---|
| **Ero Copper Corp.** |
| **Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)** |
| (Unaudited, Amounts in thousands of US Dollars, except share and per share amounts) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **Notes** | **2025** | **2024** | **2025** | **2024** |
| Revenue | 14 | $**163510** | $117090 | $**288598** | $222883 |
| Cost of sales | 15 | **(96224)** | (73798) | **(165790)** | (148414) |
| **Gross profit** |  | **67286** | 43292 | **122808** | 74469 |
| **Expenses** |  |  |  |  |  |
| General and administrative | 16 | **(11564)** | (11810) | **(22935)** | (23324) |
| Share-based compensation | 13 (e) | **(7756)** | (6075) | **(8929)** | (12620) |
| Write-down of exploration and evaluation asset | 7 | **—** | (10745) | **—** | (10745) |
| **Operating Income** |  | **47966** | 14662 | **90944** | 27780 |
| Finance income |  | **1130** | 1361 | **1968** | 2829 |
| Finance expense | 17 | **(5976)** | (4565) | **(10699)** | (9199) |
| Foreign exchange gain (loss) | 18 | **38640** | (70454) | **97040** | (89450) |
| Other income (expenses) |  | **2350** | (2670) | **225** | (2309) |
| **Income (loss) before income taxes** |  | **84110** | (61666) | **179478** | (70349) |
| Current income tax expense |  | **(9305)** | (2876) | **(13023)** | (6206) |
| Deferred income tax (expense) recovery |  | **(3777)** | 11143 | **(14800)** | 16326 |
| **Income tax (expense) recovery** |  | **(13082)** | 8267 | **(27823)** | 10120 |
| **Net income (loss) for the period** |  | $**71028** | $(53399) | $**151655** | $(60229) |
| **Other comprehensive gain (loss)** |  |  |  |  |  |
| Foreign currency translation gain (loss) |  | **37847** | (74958) | **83622** | (99638) |
| **Comprehensive income (loss)** |  | $**108875** | $(128357) | $**235277** | $(159867) |
| **Net income (loss) attributable to:** |  |  |  |  |  |
| Owners of the Company |  | **70548** | (53247) | **150775** | (60388) |
| Non-controlling interests |  | **480** | (152) | **880** | 159 |
|  |  | $**71028** | $(53399) | $**151655** | $(60229) |
| **Comprehensive income (loss) attributable to:** |  |  |  |  |  |
| Owners of the Company |  | **108042** | (127557) | **233597** | (159178) |
| Non-controlling interests |  | **833** | (800) | **1680** | (689) |
|  |  | $**108875** | $(128357) | $**235277** | $(159867) |
| **Net income (loss) per share attributable to owners of the Company** | **Net income (loss) per share attributable to owners of the Company** | **Net income (loss) per share attributable to owners of the Company** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 13 (f) | $**0.68** | $(0.52) | $**1.46** | $(0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 13 (f) | $**0.68** | $(0.52) | $**1.45** | $(0.59) |
| **Weighted average number of common shares outstanding** | **Weighted average number of common shares outstanding** | **Weighted average number of common shares outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 13 (f) | **103582082** | 103082363 | **103573416** | 102918092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 13 (f) | **103905561** | 103082363 | **103902012** | 102918092 |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Page 2

------

---

| |
|:---|
| **Ero Copper Corp.** |
| **Condensed Consolidated Statements of Cash Flow** |
| *(Unaudited, Amounts in thousands of US Dollars)* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **Notes** | **2025** | **2024** | **2025** | **2024** |
| **Cash Flows from Operating Activities** |  |  |  |  |  |
| Net income (loss) for the period |  | $**71028** | $(53399) | $**151655** | $(60229) |
| Adjustments for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization and depreciation |  | **25215** | 22294 | **43835** | 45590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (recovery) |  | **13082** | (8267) | **27823** | (10120) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred revenue | 14 | **(3407)** | (5085) | **(5653)** | (11008) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 13 (e) | **7756** | 6075 | **8929** | 12620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance income |  | **(1130)** | (1361) | **(1968)** | (2829) |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance expenses | 17 | **5976** | 4565 | **10699** | 9199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss |  | **(38644)** | 65327 | **(96108)** | 84825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-down of exploration and evaluation asset |  | **—** | 10745 | **—** | 10745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | **245** | 2301 | **2437** | 2292 |
| Changes in non-cash working capital items | 20 | **10491** | (23799) | **(32275)** | (44373) |
|  |  | **90612** | 19396 | **109374** | 36712 |
| Advance from Xavantina Gold Stream | 11 | **—** |  | **50000** | 1105 |
| Derivative contract settlements |  | **217** | (2836) | **(1999)** | (710) |
| Provision settlements |  | **(458)** | (1070) | **(1200)** | (1758) |
| Income taxes paid |  | **(115)** | (775) | **(479)** | (3402) |
|  |  | **90256** | 14715 | **155696** | 31947 |
| **Cash Flows used in Investing Activities** |  |  |  |  |  |
| Additions to mineral properties, plant and equipment |  | **(66090)** | (74944) | **(122520)** | (181533) |
| Additions to exploration and evaluation assets |  | **(5189)** | (293) | **(8298)** | (1494) |
| Proceeds from short-term investments and interest received |  | **765** | 667 | **1282** | 1398 |
|  |  | **(70514)** | (74570) | **(129536)** | (181629) |
| **Cash Flows used in Financing Activities** |  |  |  |  |  |
| Lease liability payments |  | **(4518)** | (3540) | **(8521)** | (6650) |
| New loans and borrowings, net of transaction costs | 10 | **—** | 76409 | **55266** | 126544 |
| Loans and borrowings repaid | 10 | **(22122)** | (23660) | **(31624)** | (26277) |
| Interest paid on loans and borrowings | 10 | **(4432)** | (1382) | **(21359)** | (14734) |
| Other finance expenses paid |  | **(2780)** | (817) | **(4830)** | (2103) |
| Proceeds from exercise of stock options |  | **277** | 6785 | **484** | 7083 |
|  |  | **(33575)** | 53795 | **(10584)** | 83863 |
| Effect of exchange rate changes on cash and cash equivalents |  | **1563** | (859) | **2325** | (1146) |
| Net (decrease) increase in cash and cash equivalents |  | **(12270)** | (6919) | **17901** | (66965) |
| Cash and cash equivalents - beginning of period |  | **80573** | 51692 | **50402** | 111738 |
| **Cash and cash equivalents - end of period** |  | $**68303** | $44773 | $**68303** | $44773 |

---

**Supplemental cash flow information (note 20)**

The accompanying notes are an integral part of these condensed consolidated interim financial statements&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 3

------

---

| |
|:---|
| **Ero Copper Corp.** |
| **Condensed Consolidated Statements of Changes in Shareholders' Equity** |
| (Unaudited, Amounts in thousands of US Dollars, except share and per share amounts) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Share Capital** | **Share Capital** | **Equity Reserves** | **Equity Reserves** | | | | |
| | **Notes** | **Number of<br>shares** | **Amount** | **Contributed <br>Surplus** | **Foreign<br>Exchange** | **Retained<br>Earnings** | **Total** | **Non-controlling<br>interest** | **Total equity** |
| **Balance, December 31, 2023** |  | **102747558** | $**271336** | $**8497** | $**(25113)** | $**549530** | $**804250** | $**5081** | $**809331** |
| Income (loss) for the period |  |  |  |  |  | (60388) | (60388) | 159 | (60229) |
| Other comprehensive loss for the period |  |  |  |  | (98790) |  | (98790) | (848) | (99638) |
| **Total comprehensive loss for the period** |  | **—** | **—** | **—** | **(98790)** | **(60388)** | **(159178)** | **(689)** | **(159867)** |
| Shares issued for: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of options |  | 468546 | 9857 | (2774) |  |  | 7083 |  | 7083 |
| Share-based compensation | 13 (e) |  |  | 2699 |  |  | 2699 |  | 2699 |
| Dividends to non-controlling interest |  |  |  |  |  |  |  | (98) | (98) |
| **Balance, June 30, 2024** |  | **103216104** | $**281193** | $**8422** | $**(123903)** | $**489142** | $**654854** | $**4294** | $**659148** |
| **Balance, December 31, 2024** |  | **103555211** | $**286548** | $**8181** | $**(188653)** | $**481055** | $**587131** | $**3943** | $**591074** |
| Income for the period |  |  |  |  |  | 150775 | 150775 | 880 | 151655 |
| Other comprehensive income for the period |  |  |  |  | 82822 |  | 82822 | 800 | 83622 |
| **Total comprehensive income for the period** |  | **—** | **—** | **—** | **82822** | **150775** | **233597** | **1680** | **235277** |
| Shares issued for: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of options |  | 38186 | 732 | (248) |  |  | 484 |  | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlement of restricted share units |  | 4433 | 96 | (206) |  |  | (110) |  | (110) |
| Share-based compensation | 13 (e) |  |  | 2195 |  |  | 2195 |  | 2195 |
| **Balance, June 30, 2025** |  | **103597830** | $**287376** | $**9922** | $**(105831)** | $**631830** | $**823297** | $**5623** | $**828920** |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 4

------

---

| |
|:---|
| **Ero Copper Corp.** |
| **Condensed Consolidated Statements of Changes in Shareholders' Equity** |
| (Unaudited, Amounts in thousands of US Dollars, except share and per share amounts) |

---

**1.&nbsp;&nbsp;&nbsp;&nbsp;Nature of Operations** 

Ero Copper Corp. ("Ero" or the "Company") was incorporated on May 16, 2016 under the Business Corporations Act (British Columbia) and maintains its head office at Suite 1050, 625 Howe Street, Vancouver, British Columbia, Canada, V6C 2T6. The Company's shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol "ERO".

The Company's primary asset is its 99.6% ownership interest in Mineração Caraíba S.A. ("MCSA"), held indirectly through its wholly-owned subsidiary, Ero Brasil Participaçoes Ltda. The Company also currently owns a 97.6% ownership interest in NX Gold S.A. ("NX Gold") indirectly through its wholly-owned subsidiary, Ero Gold Corp. ("Ero Gold").

MCSA is a Brazilian copper company which holds a 100% interest in the Caraíba Operations, located in the State of Bahia, and the Tucumã Operation, located in the southeastern part of the State of Pará. MCSA's predominant activity is the production and sale of copper concentrates, with gold and silver produced and sold as by-products.

NX Gold is a Brazilian gold mining company which holds a 100% interest in the Xavantina Operations and is focused on the production and sale of gold as its main product and silver as its by-product. The Xavantina Operations are located approximately 18 kilometers west of the town of Nova Xavantina, in southeastern State of Mato Grosso, Brazil.

**2.&nbsp;&nbsp;&nbsp;&nbsp;Basis of Preparation**

(a) &nbsp;&nbsp;&nbsp;&nbsp;Statement of Compliance

These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standards ("IAS") 34, Interim Financial Reporting and follow the same accounting policies and methods of application as the Company's most recent annual consolidated financial statements for the year ended December 31, 2024.

These condensed consolidated interim financial statements do not include all of the information required for full consolidated annual financial statements and should be read in conjunction with the consolidated financial statements of the Company as at and for the year ended December 31, 2024, prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

These condensed consolidated interim financial statements were authorized for issue by the Board of Directors of the Company (the "Board") on July 31, 2025.

(b) &nbsp;&nbsp;&nbsp;&nbsp;Use of Estimates and Judgments

In preparing these condensed consolidated interim financial statements, management has made judgments, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ. Significant judgments made by management in applying the Company's accounting policies and key sources of estimation uncertainty were the same as those applied in the most recent annual audited consolidated financial statements for the year ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements \| Page 5

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---

| |
|:---|
| **Ero Copper Corp.** |
| **Notes to Condensed Consolidated Interim Financial Statements** |
| *(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)* |

---

**3.&nbsp;&nbsp;&nbsp;&nbsp;Segment Disclosure**

Operating segments are determined by the way information is reported and used by the Company's Chief Operating Decision Maker ("CODM") to review operating performance. The Company monitors the operating results of its operating segments independently for the purpose of making decisions about resource allocation and performance assessment.

For the three and six months ended June 30, 2025, the Company's reporting segments include its three operating mines in Brazil, the Caraíba Operations, the Tucumã Operation, and the Xavantina Operations, and its corporate head office in Canada. Significant information relating to the Company's reportable segments is summarized in the tables below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three months ended June 30, 2025** | **Caraíba <br>(Brazil)** | **Tucumã**<br>**(Brazil)** | **Xavantina<br>(Brazil)** | **Corporate and Other** | **Consolidated** |
| Revenue | $**88404** | $**49656** | $**25450** | $**—** | $**163510** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of production | **(46890)** | **(11678)** | **(8761)** | **—** | **(67329)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and depletion | **(19343)** | **(30)** | **(5513)** | **—** | **(24886)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales expense | **(1751)** | **(2027)** | **(231)** | **—** | **(4009)** |
| Cost of sales | **(67984)** | **(13735)** | **(14505)** | **—** | **(96224)** |
| **Gross profit** | **20420** | **35921** | **10945** | **—** | **67286** |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | **(4799)** | **(3111)** | **(1430)** | **(2224)** | **(11564)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | **—** | **—** | **—** | **(7756)** | **(7756)** |
| **Operating income (loss)** | $**15621** | $**32810** | $**9515** | $**(9980)** | $**47966** |
| **Capital expenditures**<sup>(1)</sup> | **47990** | **18099** | **5762** | **5233** | **77084** |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures include additions to mineral properties, plant and equipment and additions to exploration and evaluation asset, net of non-cash additions such as change in estimates to mine closure costs, capitalized depreciation expense, capitalized borrowing costs, and additions of right-of-use assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements \| Page 6

------

---

| |
|:---|
| **Ero Copper Corp.** |
| **Notes to Condensed Consolidated Interim Financial Statements** |
| *(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three months ended June 30, 2024** | **Caraíba <br>(Brazil)** | **Tucumã (Brazil)** | **Xavantina<br>(Brazil)** | **Corporate and Other** | **Consolidated** |
| Revenue | $78942 | $— | $38148 | $— | $**117090** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of production | (41945) |  | (7580) |  | **(49525)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and depletion | (15836) |  | (6021) |  | **(21857)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales expense | (1854) |  | (562) |  | **(2416)** |
| Cost of sales | (59635) |  | (14163) |  | **(73798)** |
| **Gross profit** | 19307 |  | 23985 |  | **43292** |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | (6936) |  | (1562) | (3312) | **(11810)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation |  |  |  | (6075) | **(6075)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-down of exploration and evaluation assets |  |  |  | (10745) | **(10745)** |
| **Operating income (loss)** | $12371 | $— | $22423 | $(20132) | $**14662** |
| **Capital expenditures**<sup>(1)</sup> | 34830 | 39730 | 6134 | 659 | **81353** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements \| Page 7

------

---

| |
|:---|
| **Ero Copper Corp.** |
| **Notes to Condensed Consolidated Interim Financial Statements** |
| *(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Six months ended June 30, 2025** | **Caraíba <br>(Brazil)** | **Tucumã**<br>**(Brazil)** | **Xavantina<br>(Brazil)** | **Corporate and Other** | **Consolidated** |
| Revenue | $**151674** | $**95888** | $**41036** | $**—** | $**288598** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of production | **(82609)** | **(17200)** | **(14986)** | **—** | **(114795)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and depletion | **(33989)** | **(75)** | **(9068)** | **—** | **(43132)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales expense | **(3127)** | **(4230)** | **(506)** | **—** | **(7863)** |
| Cost of sales | **(119725)** | **(21505)** | **(24560)** | **—** | **(165790)** |
| **Gross profit** | **31949** | **74383** | **16476** | **—** | **122808** |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | **(9421)** | **(4534)** | **(3117)** | **(5863)** | **(22935)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | **—** | **—** | **—** | **(8929)** | **(8929)** |
| **Operating income (loss)** | $**22528** | $**69849** | $**13359** | $**(14792)** | $**90944** |
| **Capital expenditures**<sup>(1)</sup> | **82394** | **33551** | **10580** | **8160** | **134685** |
| **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | $**78070** | $**41054** | $**48648** | $**10752** | **178524** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current | **962043** | **502366** | **105682** | **23796** | **1593887** |
| **Total Assets** | $**1040113** | $**543420** | $**154330** | $**34548** | $**1772411** |
| **Total Liabilities** | $**169578** | $**29478** | $**139960** | $**604475** | $**943491** |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures include additions to mineral properties, plant and equipment and additions to exploration and evaluation asset, net of non-cash additions such as change in estimates to mine closure costs, capitalized depreciation expense, capitalized borrowing costs, and additions of right-of-use assets.

During the six months ended June 30, 2025, the Company had five significant customers (June 30, 2024 - six), including three copper customers (June 30, 2024 - four) and two gold customers (June 30, 2024 - two).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements \| Page 8

------

---

| |
|:---|
| **Ero Copper Corp.** |
| **Notes to Condensed Consolidated Interim Financial Statements** |
| *(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Six months ended June 30, 2024** | **Caraíba <br>(Brazil)** | **Tucumã (Brazil)** | **Xavantina<br>(Brazil)** | **Corporate and Other** | **Consolidated** |
| Revenue | $152799 | $— | $70084 | $— | $**222883** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of production | (84172) |  | (14835) |  | **(99007)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and depletion | (33397) |  | (11304) |  | **(44701)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales expense | (3672) |  | (1034) |  | **(4706)** |
| Cost of sales | (121241) |  | (27173) |  | **(148414)** |
| **Gross profit** | 31558 |  | 42911 |  | **74469** |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | (13290) |  | (3163) | (6871) | **(23324)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation |  |  |  | (12620) | **(12620)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-down of exploration and evaluation asset |  |  |  | (10745) | **(10745)** |
| **Operating income (loss)** | $18268 | $— | $39748 | $(30236) | $**27780** |
| **Capital expenditures**<sup>(1)</sup> | 76434 | 89769 | 10540 | 1783 | **178526** |
| **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | $59700 | $9287 | $35450 | $20117 | **124554** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current | 845882 | 368834 | 85061 | 7676 | **1307453** |
| **Total Assets** | $905582 | $378121 | $120511 | $27793 | $**1432007** |
| **Total Liabilities** | $180008 | $14483 | $85479 | $492889 | **772859** |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures include additions to mineral properties, plant and equipment and additions to exploration and evaluation asset, net of non-cash additions such as change in estimates to mine closure costs, capitalized depreciation expense, capitalized borrowing costs, and additions of right-of-use assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements \| Page 9

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---

| |
|:---|
| **Ero Copper Corp.** |
| **Notes to Condensed Consolidated Interim Financial Statements** |
| *(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)* |

---

**4.&nbsp;&nbsp;&nbsp;&nbsp;Inventories**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Supplies and consumables | $**40877** | $28980 |
| Stockpiles | **7159** | 5024 |
| Work in progress | **4486** | 3049 |
| Finished goods | **9830** | 5041 |
|  | $**62352** | $42094 |

---

**5.&nbsp;&nbsp;&nbsp;&nbsp;Other Current Assets**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Advances to suppliers | $**5679** | $3157 |
| Prepaid expenses and other | **7874** | 5879 |
| Derivatives (Note 19) | **4886** |  |
| Note receivable (Note 19) | **5052** | 4678 |
| Value added taxes recoverable | **10920** | 14897 |
|  | $**34411** | $28611 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements \| Page 10

------

---

| |
|:---|
| **Ero Copper Corp.** |
| **Notes to Condensed Consolidated Interim Financial Statements** |
| *(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)* |

---

**6.&nbsp;&nbsp;&nbsp;&nbsp;Mineral Properties, Plant and Equipment** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Buildings** | **Mining Equipment** | **Mineral** <br>**Properties**<sup>(1)</sup> | **Projects in** <br>**Progress**<sup>(2)</sup> | **Equipment & Other Assets** | **Deposit on Projects** | **Mine Closure Costs** | **Right-of-Use Assets** | **Total** |
| **Cost:** | | | | | | | | | |
| Balance, December 31, 2024 | 36593 | 294944 | 643758 | 501057 | 26972 | 12700 | 21336 | 49995 | 1587355 |
| **Additions** | **276** | **12439** | **45977** | **58765** | **1790** | **7348** | **—** | **13956** | **140551** |
| **Capitalized borrowing costs** | **—** | **—** | **—** | **22434** | **—** | **—** | **—** | **—** | **22434** |
| **Disposals** | **—** | **(33)** | **—** | **—** | **—** | **—** | **—** | **(248)** | **(281)** |
| **Transfers** | **89** | **1076** | **37** | **6356** | **126** | **(7684)** | **—** | **—** | **—** |
| **Foreign exchange** | **4937** | **40359** | **88197** | **58465** | **3499** | **1683** | **2866** | **7263** | **207269** |
| **Balance, June 30, 2025** | $**41895** | $**348785** | $**777969** | $**647077** | $**32387** | $**14047** | $**24202** | $**70966** | $**1957328** |
| **Accumulated depreciation:** |  |  |  |  |  |  |  |  |  |
| Balance, December 31, 2024 | (7219) | (73675) | (199911) |  | (9210) |  | (5574) | (33272) | (328861) |
| **Depreciation expense** | **(1292)** | **(13507)** | **(19895)** | **—** | **(1006)** | **—** | **(447)** | **(8823)** | **(44970)** |
| **Disposals** | **—** | **20** | **—** | **—** | **—** | **—** | **—** | **178** | **198** |
| **Foreign exchange** | **(1040)** | **(10629)** | **(27867)** | **—** | **(1149)** | **—** | **(773)** | **(4840)** | **(46298)** |
| **Balance, June 30, 2025** | $**(9551)** | $**(97791)** | $**(247673)** | $**—** | $**(11365)** | $**—** | $**(6794)** | $**(46757)** | $**(419931)** |
| Net book value, December 31, 2024 | $29374 | $221269 | $443847 | $501057 | $17762 | $12700 | $15762 | $16723 | $1258494 |
| **Net book value, June 30, 2025** | $**32344** | $**250994** | $**530296** | $**647077** | $**21022** | $**14047** | $**17408** | $**24209** | $**1537397** |

---

(1) Mineral properties include $73.0 million (2024 - $57.9 million) of costs on expansion of near-mine resource potential which are not currently being depreciated.

On July 1, 2025, the Company announced that Tucumã Operation achieved commercial production which is the point at which the mine is capable of operating in the manner intended by the Company's management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements \| Page 11

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---

| |
|:---|
| **Ero Copper Corp.** |
| **Notes to Condensed Consolidated Interim Financial Statements** |
| ***(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)*** |

---

**7.&nbsp;&nbsp;&nbsp;&nbsp;Exploration and Evaluation Assets**

As at June 30, 2025, the Company had $21.5 million (2024 - $11.4 million) in exploration and evaluation assets, which include several property option agreements.

In July 2024, the Company signed a definitive earn-in agreement (the "Agreement") with Salobo Metais S.A, a subsidiary of Vale Base Metals ("VBM"), for the Furnas copper project ("Furnas Project") located in the Carajás Mineral Province in Pará State, Brazil. The Agreement contemplates the Company earning a 60% interest in the Project upon completion of three phases of work:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Phase 1: Ero to conduct a minimum of 28,000 meters of exploration drilling and produce a scoping study within 18 months of signing the Agreement (completed)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Phase 2: Ero to conduct an additional minimum of 17,000 meters of exploration drilling and produce a pre-feasibility study within 18 months of completing Phase 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Phase 3: Ero to conduct an additional minimum of 45,000 meters of exploration drilling, unless otherwise mutually agreed, and produce a definitive feasibility study ("DFS") within 24 months of completing Phase 2

Following the completion of a DFS, subject to customary technical review periods, and with Ero positive investment approval, the parties will enter into a joint venture agreement whereby VBM will transfer 60% of the equity interest in the Furnas Project to Ero, and Ero will grant VBM a "free carry" on certain capital expenditures related to development of the Furnas Project.

Prior to a positive Ero investment decision and the formation of a joint venture, VBM will retain 100% ownership of the Furnas Project with Ero solely responsible for funding the phased exploration and engineering work programs as well as ongoing payments to maintain the property in good standing.

As at June 30, 2025, exploration and evaluation assets include $13.2 million (2024 - $4.9 million) in expenditures associated with the Furnas Project.

In June 2024, the Company terminated the Fides option agreement, resulting in a write-down of $10.7 million in exploration and evaluation assets.

**8. &nbsp;&nbsp;&nbsp;&nbsp;Deposits and Other Non-current Assets**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Value added taxes recoverable | $**19906** | $18336 |
| Note receivable (Note 19) | **7709** | 7331 |
| Deposits and others | **4151** | 4066 |
|  | $**31766** | $29733 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements \| Page 12

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---

| |
|:---|
| **Ero Copper Corp.** |
| **Notes to Condensed Consolidated Interim Financial Statements** |
| ***(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)*** |

---

**9.&nbsp;&nbsp;&nbsp;&nbsp;Accounts Payable and Accrued Liabilities**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Trade suppliers | $**69436** | $58067 |
| Payroll and labour related liabilities | **20266** | 19086 |
| Value added tax, royalty and other tax payable | **7908** | 8505 |
| Cash-settled equity awards (Note 13(b) and (c)) | **11681** | 8460 |
| Provision for rehabilitation and closure costs | **7978** | 6766 |
| Other accrued liabilities | **952** | 1002 |
|  | $**118221** | $101886 |

---

.

**10.&nbsp;&nbsp;&nbsp;&nbsp;Loans and Borrowings**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Carrying value, <br>including accrued interest** | **Carrying value, <br>including accrued interest** |
|<br>**Description** |<br>**Currency** |<br>**Security** |<br>**Maturity<br>(Months)** |<br>**Coupon rate** |<br>**Principal to be repaid** | **June 30, <br>2025** | **December 31,<br>2024** |
| Senior Notes | USD | Unsecured | 55 | 6.50% | $**400000** | $**404614** | $404152 |
| Senior credit facility | USD | Secured | 42 | SOFR plus <br>2.00% - 4.25% | **155000** | **154392** | 134212 |
| Copper Prepayment Facility | USD | Secured | 18 | 8.66% | **54762** | **57383** | 46530 |
| Equipment finance loans | USD | Secured | 6 - 22 | 5.00% - 8.35% | **8888** | **8993** | 12933 |
| Equipment finance loans | EUR | Secured | 8 - 12 | 5.25% | **391** | **392** | 544 |
| Equipment finance loans | BRL | Unsecured | 1 - 11 | nil% - 16.63% | **534** | **578** | 2597 |
| Bank loan | BRL | Unsecured | 17 | CDI + 0.50% | **1019** | **1024** | 1221 |
| **Total** |  |  |  |  | $**620594** | $**627376** | $**602189** |
| **Current portion** |  |  |  |  |  | $**58076** | $**45893** |
| **Non-current portion** |  |  |  |  |  | $**569300** | $**556296** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements \| Page 13

------

---

| |
|:---|
| **Ero Copper Corp.** |
| **Notes to Condensed Consolidated Interim Financial Statements** |
| ***(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)*** |

---

The movements in loans and borrowings are comprised of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | |
| | Senior Notes | Senior Credit Facility | Copper Prepayment Facility | Other | **Consolidated** | **Year ended**<br>**December 31,**<br>**2024**<br>**Consolidated** |
| Balance, beginning of period | $404152 | $134212 | $46530 | $17295 | $**602189** | $426233 |
| Proceeds from loans and borrowings |  | 30000 | 25000 | 266 | **55266** | 214565 |
| Principal payments |  | (10000) | (14683) | (6941) | **(31624)** | (39950) |
| Interest payments | (13000) | (5892) | (1916) | (551) | **(21359)** | (32166) |
| Interest costs, including interest capitalized | 13462 | 6072 | 2452 | 448 | **22434** | 36467 |
| Deferred transaction costs |  |  |  |  | **—** | (2143) |
| Foreign exchange |  |  |  | 470 | **470** | (817) |
| **Balance, end of period** | $404614 | $154392 | $57383 | $10987 | $**627376** | $602189 |

---

**(a) &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes**

In February 2022, the Company issued $400 million aggregate principal amount of senior unsecured notes (the "Senior Notes"). The Company received net proceeds of $392.0 million after transaction costs of $8.0 million. The Senior Notes mature on February 15, 2030 and bear annual interest at 6.5%, payable semi-annually in February and August of each year.

MCSA has provided a guarantee of the Senior Notes on a senior unsecured basis. The Senior Notes are direct, senior obligations of the Company and MCSA, and are not secured by any mortgage, pledge or charge.

The Company has the option to redeem, in whole or in part, the Senior Notes at a price ranging from 103.25% to 100% of the principal amount together with accrued and unpaid interest, if any, to the date of redemption, with the rate decreasing based on the length of time the Senior Notes are outstanding.

Upon the occurrence of specific kinds of changes of control triggering events, each holder of the Senior Notes will have the right to cause the Company to repurchase some or all of its Senior Notes at 101% of their principal amount, plus accrued and unpaid interest to, but not including, the repurchase date.

The Senior Notes are recognized as financial liabilities, net of unamortized transaction costs, and measured at amortized cost using an effective interest rate of 6.7%.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Senior Credit Facility**

In January 2025, the Company amended its Senior Revolving Credit Facility ("Amended Senior Credit Facility") to increase its borrowing limit from $150.0 million to $200.0 million and to extend the maturity from December 2026 to December 2028. The interest rates on the Amended Senior Credit Facility were reduced to sliding scales of SOFR plus 2.00% to 4.25% depending on the Company's consolidated total leverage ratio. The Commitment fees for any undrawn portion of the Senior Credit Facility were reduced to between 0.45% to 0.96% based on a sliding scale. The Company determined that the amendments were a non-substantial

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements \| Page 14

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| |
|:---|
| **Ero Copper Corp.** |
| **Notes to Condensed Consolidated Interim Financial Statements** |
| ***(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)*** |

---

modification. As at June 30, 2025, the Senior Credit Facility bears a weighted average interest rate of 7.67% on its drawn balance and a commitment fee of 0.73% on its undrawn balance.

The Senior Credit Facility is secured by the shares of MCSA, NX Gold and Ero Gold. The Company is required to comply with certain financial covenants, which are required to be tested at each quarter end. These covenants include (a) a total leverage ratio based on total indebtedness to rolling four quarters adjusted earnings before interest, taxes, depreciation and amortization ("Rolling EBITDA"); (b) a total leverage ratio based on senior indebtedness to Rolling EBITDA; and (c) an interest coverage ratio based on Rolling EBITDA. The Senior Credit Facility provides for negative covenants customary for this type of facilities and permits additional equipment debt and finance leases of up to $50.0 million. As at June 30, 2025, the Company is in compliance with these financial covenants.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Copper Prepayment Facility**

In May 2024, the Company entered into a non-priced copper prepayment facility with a bank syndicate. Under this facility, the Company received net proceeds of $49.6 million, representing gross proceeds of $50.0 million less transaction costs of $0.4 million. The Company had the option to increase the size of the non-priced copper prepayment facility from $50.0 million to $75.0 million until March 31, 2025.

In exchange, the Company is obligated to repay the $50.0 million facility over 27 equal monthly installments, beginning in October 2024, through the delivery of a minimum of 272 tonnes of copper each month. The copper to be delivered by the Company will be in the form of LME Copper Warrants. Each monthly delivery's value will be determined based on prevailing market copper prices at the time of delivery. Should the value of any delivery exceed the amount of the monthly installment payment of $2.1 million, the excess value will be repaid to the Company.

In March 2025, the Company exercised its option to increase the size of the non-priced copper prepayment facility by an additional $25.0 million. The Company is obligated to repay the $25.0 million additional facility over 21 equal monthly installments, beginning in April 2025, through the delivery of a minimum of 161 tonnes of copper each month. The copper to be delivered by the Company will be in the form of LME Copper Warrants. Each monthly delivery's value will be determined based on prevailing market copper prices at the time of delivery. Should the value of any delivery exceed the amount of the monthly installment payment of $1.3 million, the excess value will be repaid to the Company.

As the contractual obligation of the facility will be settled in the form of financial assets, the facility is accounted for as a financial liability measured at amortized cost using the effective interest rate method. Transaction costs are included in the initial measurement of the liability and amortized over the term of the facility.

The facility is secured by the shares of MCSA, NX Gold and Ero Gold.

**11. Deferred Revenue**

In 2021, the Company entered into a precious metals purchase agreement (the "Original Xavantina Stream") with RGLD Gold AG ("Royal Gold"), a wholly-owned subsidiary of Royal Gold, Inc., in relation to gold production from the Xavantina Operations. The Company received upfront cash consideration of $100.0 million for the purchase of 25% of an equivalent amount of gold to be produced from the Xavantina mine until 93,000 ounces of gold have been delivered and thereafter decreasing to 10% of gold produced over the remaining life of the mine. The contract will be settled by the Company delivering gold to Royal Gold. Royal Gold will make ongoing payments equal to 20% of the then prevailing spot gold price for each ounce of gold delivered until 49,000 ounces of gold have been delivered and 40% of the prevailing spot gold price for each ounce of gold delivered thereafter. Additional advances may be made by Royal Gold based on the Company achieving certain milestones as set out in the Original Xavantina Stream.

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| |
|:---|
| **Ero Copper Corp.** |
| **Notes to Condensed Consolidated Interim Financial Statements** |
| ***(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)*** |

---

On March 28, 2025, the Company extended the terms of the Original Xavantina Stream with Royal Gold to expand the area of influence from which production is subjected to the arrangement to include additional tenements acquired by the Company since the Original Xavantina Stream was completed, and extend the gold delivery threshold milestones from 93,000 ounces of gold to 160,000 ounces of gold, before decreasing to 10% of gold produced over the remaining life of the mine. In exchange, the Company received additional upfront cash consideration of $50.0 million. The contract modification was accounted for as if the original contract was terminated and a new contract created. The remaining consideration received under the Original Xavantina Stream and the additional consideration received as a result of the modification will be allocated to future remaining gold deliveries based on stand alone selling prices on the contract modification date.

The movements in Xavantina Gold Stream deferred revenue during the six months ended June 30, 2025 are comprised of the following:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31,<br>2024** |
| Gold ounces delivered in the period<sup>(1)</sup> | **3249** | 15917 |
| Balance, beginning of period | $**62989** | $75549 |
| Advances | **50000** | 3249 |
| Accretion expense | **2725** | 2501 |
| Amortization of deferred revenue | **(5653)** | (18310) |
| **Balance, end of period** | $**110061** | $62989 |
| **Current portion** | $**14266** | $14758 |
| **Non-current portion** | **95795** | 48231 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the six months ended June 30, 2025, the Company delivered 3,249 ounces of gold (December 31, 2024 - 15,917 ounces) to Royal Gold for average consideration of $619 per ounce (December 31, 2024 - $473 per ounce). At June 30, 2025, a cumulative 48,426 ounces (December 31, 2024 - 45,177 ounces) of gold have been delivered under the Xavantina Gold Stream.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred revenue during the six months ended June 30, 2025 was net of $0.5 million (December 31, 2024 - $3.0 million) related to change in estimate attributed to advances received and change in life-of-mine production estimates.

As part of the Xavantina Gold Stream, the Company pledged its equity interest in Ero Gold and NX Gold to Royal Gold as collateral and provided unsecured limited recourse guarantees from Ero and NX Gold.

As of December 31, 2024, current portion of deferred revenue included $17.0 million in customer advances related to copper concentrate sales.

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| |
|:---|
| **Ero Copper Corp.** |
| **Notes to Condensed Consolidated Interim Financial Statements** |
| ***(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)*** |

---

**12. Other Non-current Liabilities**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Cash-settled equity awards (Note 13(b)) | $**6293** | $2536 |
| Withholding, value added tax, and other taxes payable | **18604** | 14437 |
| Provision | **1521** | 1588 |
| Other liabilities | **3996** | 3289 |
|  | $**30414** | $21850 |

---

**13. &nbsp;&nbsp;&nbsp;&nbsp;Share Capital**

**(a) &nbsp;&nbsp;&nbsp;&nbsp;Options**

During the six months ended June 30, 2025, the Company granted 11,017 options (six months ended June 30, 2024 - 9,553 options) to employees of the Company at weighted average exercise price of $17.94 CAD per share (six months ended June 30, 2024 - $23.53 CAD per share) with a term to expiry of five years. These stock options vest in three equal installments on each annual anniversary date from the date of grant. The total fair value of these options on the grant date was $0.1 million (six months ended June 30, 2024 - $0.1 million), which is recognized over the vesting period.

A continuity of the issued and outstanding options is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| | **Number of <br>Stock Options** | **Weighted Average Exercise Price (CAD)** | **Number of <br>Stock Options** | **Weighted Average Exercise Price (CAD)** |
| Outstanding stock options, beginning of period | **1734607** | $**19.07** | 1886325 | $19.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | **11017** | **17.94** | 9553 | 23.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercised | **(38186)** | **17.79** | (468546) | 20.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | **(80531)** | **19.89** |  |  |
| Outstanding stock options, end of period | **1626907** | $**19.05** | 1427332 | $18.56 |

---

The weighted average share price on the date of exercise for options exercised during the six months ended June 30, 2025 was CAD$19.79 (six months ended June 30, 2024 - CAD$29.44).

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| |
|:---|
| **Ero Copper Corp.** |
| **Notes to Condensed Consolidated Interim Financial Statements** |
| ***(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)*** |

---

As at June 30, 2025, the following stock options were outstanding:

---

| | | | |
|:---|:---|:---|:---|
| **Weighted Average Exercise Prices** | **Number of <br>Stock Options** | **Vested and Exercisable Number of Stock Options** | **Weighted Average Remaining Life in Years** |
| $10.01 to $20.00 CAD | 1151329 | 771907 | 2.31 |
| $20.01 to $25.35 CAD | 475578 | 51398 | 4.30 |
| $19.05 CAD ($13.96 USD) | 1626907 | 823305 | 2.90 |

---

The fair value of options granted was determined using the Black-Scholes option pricing model. The weighted average inputs used in the measurement of fair values at grant date of the options are the following:

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| Expected term (years) | **3.5** | 3.0 |
| Forfeiture rate | **2%** | —% |
| Volatility | **51%** | 54% |
| Dividend yield | **— %** | —% |
| Risk-free interest rate | **2.57%** | 3.77% |
| Weighted-average fair value per option | $**4.99** | $8.79 |

---

**(b) &nbsp;&nbsp;&nbsp;&nbsp;Performance Share Unit Plan**

The Company has a performance share unit ("PSU") plan pursuant to which the Compensation Committee may grant PSUs to Eligible Persons of the Company or its subsidiaries. Each PSU entitles the holder thereof to receive one common share, its equivalent cash value, or a combination of both, on the redemption date at the discretion of the Compensation Committee.

The continuity of PSUs issued and outstanding is as follows:

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| Outstanding balance, beginning of period | **1014505** | 967921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | **9022** | 7224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | **(38218)** |  |
| Outstanding balance, end of period | **985309** | 975145 |

---

These PSUs will vest three years from the date of grant by the Compensation Committee and the number of PSUs that will vest may range from 0% to 200% of the number granted, subject to the satisfaction of certain market and non-market performance conditions. Each vested PSU entitles the holder thereof to receive on or about the applicable date of vesting of such share unit (i) one common share; (ii) a cash amount equal to the fair

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| |
|:---|
| **Ero Copper Corp.** |
| **Notes to Condensed Consolidated Interim Financial Statements** |
| ***(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)*** |

---

market value of one common share as at the applicable date of vesting; or (iii) a combination of (i) and (ii), as determined by the Compensation Committee in its sole discretion. The Company has elected to settle its PSUs using a combination of cash and common shares in the past. As such, based on its history of past settlements, PSUs are classified as liabilities.

For PSUs with non-market performance conditions, the fair value of the share units granted was initially recognized at the fair value using the share price at the date of grant, and subsequently remeasured at fair value on each balance sheet date. For PSUs with market performance conditions, the fair value was determined using a Geometric Brownian Motion model. As at June 30, 2025, the fair value of the PSU liability was $12.3 million (December 31, 2024 - $6.6 million) of which $6.0 million (December 31, 2024 - $4.1 million) was recognized in accounts payable and accrued liabilities and the remainder in other non-current liabilities.

**(c) Deferred Share Unit Plan**

The Deferred Share Unit ("DSU") plan was established by the Board as a component of compensation for the Company's independent directors. Pursuant to the DSU Plan, DSUs may only be settled by way of cash payment. A participant is not entitled to payment in respect of the DSUs until his or her death, retirement or removal from the Board. The settlement amount of each DSU is based on the fair market value of a common share on the DSU redemption date multiplied by the number of DSUs being redeemed.

The continuity of DSUs issued and outstanding is as follows:

---

| | | |
|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** |
| Outstanding balance, beginning of period | **325111** | 307312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | **10222** | 9207 |
| Outstanding balance, end of period | **335333** | 316519 |

---

At June 30, 2025, DSU liabilities had a fair value of $5.6 million (December 31, 2024 - $4.4 million) which has been recognized in accounts payable and accrued liabilities.

**(d) Restricted Share Unit Plan** 

The Company has a restricted share unit ("RSU") plan pursuant to which the Compensation Committee may grant share units to Eligible Persons of the Company or its subsidiaries. The fair value of these restricted share units is determined on the date of grant using the market price of the Company's shares. Each RSU entitles the holder thereof to receive one common share, its equivalent cash value, or a combination of both, on the redemption date at the discretion of the Compensation Committee. The RSUs are equity classified based on the history of past settlements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements \| Page 19

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| |
|:---|
| **Ero Copper Corp.** |
| **Notes to Condensed Consolidated Interim Financial Statements** |
| ***(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)*** |

---

The continuity of RSUs issued and outstanding is as follows:

---

| | | |
|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** |
| Outstanding balance, beginning of period | **328180** | 340570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | **4510** | 3612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Settled | **(9537)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | **(12259)** |  |
| Outstanding balance, end of period | **310894** | 344182 |

---

**(e) &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Stock options | $**594** | $675 | $**1085** | $1359 |
| Performance share unit plan | **5191** | 3931 | **5723** | 7844 |
| Deferred share unit plan | **1419** | 799 | **1051** | 2077 |
| Restricted share unit plan | **552** | 670 | **1070** | 1340 |
| Share-based compensation<sup>(1)</sup> | $**7756** | $6075 | $**8929** | $12620 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;For the three and six months ended June 30, 2025, the Company recorded $1.1 million and $2.2 million (three and six months ended June 30, 2024 - $1.3 million and $2.7 million) of share-based compensation in contributed surplus, and the remaining share-based compensation was recorded in liabilities.

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| |
|:---|
| **Ero Copper Corp.** |
| **Notes to Condensed Consolidated Interim Financial Statements** |
| ***(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)*** |

---

**(f) &nbsp;&nbsp;&nbsp;&nbsp;Net Income (Loss) per Share**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Weighted average number of common shares outstanding | **103582082** | 103082363 | **103573416** | 102918092 |
| Dilutive effects of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock options | **12585** |  | **17702** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share units | **310894** |  | **310894** |  |
| Weighted average number of diluted common shares outstanding<sup>(1)</sup> | **103905561** | 103082363 | **103902012** | 102918092 |
| Net income (loss) attributable to owners of the Company | $**70548** | $(53247) | $**150775** | $(60388) |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic net income (loss) per share | $**0.68** | $(0.52) | $**1.46** | $(0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted net income (loss) per share | $**0.68** | $(0.52) | $**1.45** | $(0.59) |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp;Weighted average number of diluted common shares outstanding for the three and six months ended June 30, 2025 excluded 1,343,914 and 966,159 (three and six months ended June 30, 2024 - 1,427,332 and 1,427,332) stock options and nil share units (three and six months ended June 30, 2024 - 344,182 and 344,182) that were anti-dilutive.

**14. Revenue**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Copper** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Export sales | **141969** | 79362 | $**250608** | $153014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments on provisional sales<sup>(1)</sup> | **(3909)** | (419) | **(3046)** | (215) |
|  | **138060** | 78943 | **247562** | 152799 |
| **Gold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales | **22043** | 33062 | **35383** | 59076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred revenue<sup>(2)</sup> | **3407** | 5085 | **5653** | 11008 |
|  | $**25450** | $38147 | $**41036** | $70084 |
|  | $**163510** | $117090 | $**288598** | $222883 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Adjustments on provisional sales include both pricing and quantity adjustments. Provisionally priced sales to the Company's international customers are settled with a final sales price between zero to six months (June 30, 2024 - zero to one month) after shipment takes place and, therefore, are exposed to commodity price changes.

(2)&nbsp;&nbsp;&nbsp;&nbsp;During the three and six months ended June 30, 2025, the Company delivered 1,882 and 3,249 ounces of gold, respectively (three and six months ended June 30, 2024 - 3,836 and 8,391 ounces of gold), under a precious metals purchase agreement with Royal Gold (note 11) for average cash consideration of $654 and $619 per ounce (three and six months ended June 30, 2024 - $466 and $440).

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| |
|:---|
| **Ero Copper Corp.** |
| **Notes to Condensed Consolidated Interim Financial Statements** |
| ***(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)*** |

---

**15. &nbsp;&nbsp;&nbsp;&nbsp;Cost of Sales**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Materials | $**13118** | $11899 | $**24808** | $22303 |
| Salaries and benefits | **20026** | 15617 | **38929** | 31465 |
| Contracted services | **15331** | 9471 | **23547** | 17925 |
| Maintenance costs | **13268** | 8298 | **22791** | 15542 |
| Utilities | **4109** | 3218 | **8255** | 6885 |
| Other costs | **484** | 232 | **888** | 468 |
| Change in inventory (excluding depreciation and depletion) | **993** | 790 | **(4423)** | 4419 |
| Cost of production | **67329** | 49525 | **114795** | 99007 |
| Sales expense and others | **4009** | 2416 | **7863** | 4706 |
| Depreciation and depletion | **23685** | 20966 | **44059** | 42234 |
| Change in inventory (depreciation and depletion) | **1201** | 891 | **(927)** | 2467 |
|  | $**96224** | $73798 | $**165790** | $148414 |

---

**16. &nbsp;&nbsp;&nbsp;&nbsp;General and Administrative Expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Accounting and legal | $**479** | $682 | $**857** | $1062 |
| Amortization and depreciation | **329** | 437 | **703** | 889 |
| Office and administration | **2378** | 2235 | **4650** | 4531 |
| Salaries and consulting fees | **6673** | 7016 | **13210** | 13047 |
| Incentive payments | **978** | 977 | **2076** | 2668 |
| Other | **727** | 463 | **1439** | 1127 |
|  | $**11564** | $11810 | $**22935** | $23324 |

---

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| |
|:---|
| **Ero Copper Corp.** |
| **Notes to Condensed Consolidated Interim Financial Statements** |
| ***(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)*** |

---

**17.&nbsp;&nbsp;&nbsp;&nbsp;Finance Expense**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Accretion of deferred revenue | **2146** | 640 | $**2725** | $1326 |
| Accretion of provision for rehabilitation and closure costs | **866** | 603 | **1707** | 1236 |
| Interest on lease liabilities | **631** | 452 | **1194** | 897 |
| Other finance expenses<sup>(1)</sup> | **2333** | 2870 | **5073** | 5740 |
|  | $**5976** | $4565 | $**10699** | $9199 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Other finance expenses during the three and six months ended June 30, 2025 included $0.2 million and $1.4 million, respectively (three and six months ended June 30, 2024 - $2.6 million and $4.5 million) of credit loss on certain accounts receivable (see Note 19).

(2)&nbsp;&nbsp;&nbsp;&nbsp;During the three and six months ended June 30, 2025, the Company capitalized $11.4 million and $22.4 million, respectively (three and six months ended June 30, 2024 -$9.1 million and $16.5 million) of borrowing costs to projects in progress.

**18.&nbsp;&nbsp;&nbsp;&nbsp;Foreign Exchange Gain (Loss)**

The following foreign exchange gains (losses) arise as a result of balances and transactions in the Company's Brazilian subsidiaries that are denominated in currencies other than the Brazilian Reals (BRL$), which is their functional currency.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Foreign exchange gain (loss) on USD denominated debt in Brazil | $**33007** | $(54895) | $**78110** | $(67703) |
| Realized foreign exchange gain (loss) on derivative contracts (note 19) | **217** | (998) | **(1999)** | 1128 |
| Unrealized foreign exchange gain (loss) on derivative contracts (note 19) | **6633** | (16071) | **23439** | (25412) |
| Foreign exchange (loss) gain on other financial assets and liabilities | **(1217)** | 1510 | **(2510)** | 2537 |
|  | $**38640** | $(70454) | $**97040** | $(89450) |

---

 **19.&nbsp;&nbsp;&nbsp;&nbsp;Financial Instruments** 

Fair value

Fair values of financial assets and liabilities are determined based on available market information and valuation methodologies appropriate to each situation.

As at June 30, 2025, derivatives were measured at fair value based on Level 2 inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements \| Page 23

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| |
|:---|
| **Ero Copper Corp.** |
| **Notes to Condensed Consolidated Interim Financial Statements** |
| ***(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)*** |

---

The carrying values of cash and cash equivalents, accounts receivable, deposits, and accounts payable and accrued liabilities approximate their fair values due to their short terms to maturity or the discount rate used approximates to the contractual interest rate. At June 30, 2025, the carrying value of loans and borrowings, including accrued interest, was $627.4 million while the fair value is approximately $620.8 million. At June 30, 2025, the carrying value of notes receivable, including accrued interest, was $12.8 million which approximates its fair value.

Credit risk

&nbsp;&nbsp;&nbsp;&nbsp;

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company's receivables from customers. The carrying amount of the financial assets below represents the maximum credit risk exposure as at June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Cash and cash equivalents | $**68303** | $50402 |
| Accounts receivable | **12732** | 18399 |
| Derivatives | **4886** |  |
| Note receivable | **12761** | 12009 |
| Deposits and other assets | **5809** | 4961 |
|  | $**104491** | $85771 |

---

The Company invests cash and cash equivalents with financial institutions that are financially sound based on their credit rating.

The Company's exposure to credit risk associated with accounts receivable is influenced mainly by the individual characteristics of each customer.

In 2022, one of the Company's customers in Brazil, Paranapanema S/A ("PMA"), filed for bankruptcy protection. As a preferred supplier to PMA, the Company had a note receivable arrangement with PMA, which was excluded from the judicial recovery process and provides the Company with certain judicial guarantees. According to the note receivable arrangement, repayment was structured over 24 monthly installments beginning in March 2024, with an annual interest rate equivalent to Brazil's CDI rate of approximately 11.65%.

At June 30, 2025, PMA continued to be in default of the agreement and the gross amount of accounts and note receivable from PMA was $24.0 million (December 31, 2024 - $20.7 million). Accordingly, the note receivable is considered credit impaired, and the Company recorded a credit loss provision and present value discount of $15.0 million (December 31, 2024 - $13.1 million). The carrying value of the PMA note receivable at June 30, 2025 was $8.9 million (December 31, 2024 - $7.6 million.), of which $4.8 million (December 31, 2024 - $3.9 million) was included in other current assets. $0.2 million and $0.2 million provision was required on the credit loss provision in the three and six months ended June 30, 2025 (provision of $2.6 million and $4.5 million for the three and six months ended June 30, 2024).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements \| Page 24

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| |
|:---|
| **Ero Copper Corp.** |
| **Notes to Condensed Consolidated Interim Financial Statements** |
| ***(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)*** |

---

Liquidity risk

Liquidity risk is the risk associated with the difficulties that the Company may have meeting the obligations associated with financial liabilities that are settled with cash payments or with another financial asset. The Company's approach to liquidity management is to ensure as much as possible that sufficient liquidity exists to meet their maturity obligations on the expiration dates, under normal and stressful conditions, without causing unacceptable losses or with risk of undermining the normal operation of the Company.

The table below shows the Company's maturity of non-derivative financial liabilities on June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Non-derivative financial liabilities** | **Carrying <br>value** | **Contractual cash flows** | **Up to <br>12 months** | **1 - 2 <br>years** | **3 - 5 <br>years** | **More than <br>5 years** |
| Loans and borrowings (including interest) | $627376 | $800316 | $87895 | $98174 | $614247 | $— |
| Accounts payable and accrued liabilities | 110243 | 111210 | 111210 |  |  |  |
| Other non-current liabilities | 10289 | 21903 |  | 20851 | 666 | 386 |
| Leases | 25873 | 28480 | 18348 | 9877 | 224 | 30 |
| **Total** | $**773781** | $**961909** | $**217453** | $**128902** | $**615137** | $**416** |

---

The Company also has a derivative financial asset for foreign exchange collar contracts whose notional amounts and maturity information are disclosed below under foreign exchange currency risk.

Market risk

Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and commodity prices. The purpose of market risk management is to manage and control exposures to market risks, within acceptable parameters, while optimizing return.

The Company may use derivatives, including options, forwards and swap contracts, to manage market risks.

The Company's outstanding derivative instruments as of June 30, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Notional Amount** | **Denomination** | **Weighted average floor** | **Weighted average cap / forward price** | **Maturities** |
| Foreign exchange collar (i) | $240.0 million | USD/BRL | 5.53 | 6.52 | July 2025 - June 2026 |
| Copper collar (iii) | 9,000 tonnes | $/ lb | 4.00 | 4.68 | July 2025 - September 2025 |
| Gold collar (iii) | 15,000 ounces | $/ oz | $2200 | $3425 | July 2025 - December 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements \| Page 25

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---

| |
|:---|
| **Ero Copper Corp.** |
| **Notes to Condensed Consolidated Interim Financial Statements** |
| ***(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)*** |

---

(i) Foreign exchange currency risk

The Company's subsidiaries in Brazil are exposed to exchange risks primarily related to the US dollar. In order to minimize currency mismatches, the Company monitors its cash flow projections considering future sales expectations indexed to US dollar variation in relation to the cash requirement to settle the existing financings.

The Company's exposure to foreign exchange currency risk at June 30, 2025 relates to $66.8 million (December 31, 2024 – $60.0 million) in loans and borrowings of MCSA denominated in US dollars and Euros. In addition, the Company is also exposed to foreign exchange currency risk at June 30, 2025 on $580.2 million of intercompany loan balances (December 31, 2024 - $513.6 million) which have contractual repayment terms. Strengthening (weakening) in the Brazilian Real against the US dollar at June 30, 2025 by 10% and 20%, would have decreased (increased) pre-tax net loss by $64.7 million and $129.3 million, respectively. This analysis is based on the foreign currency exchange variation rate that the Company considered to be reasonably possible at the end of the period and excluding the impact of the derivatives below. The analysis assumes that all other variables, especially interest rates, are held constant.

The Company may use certain foreign exchange derivatives, including collars and forward contracts, to manage its foreign exchange risks. At June 30, 2025, the aggregate fair value of the Company's foreign exchange derivatives was a net asset of $4.9 million recorded in other current assets (December 31, 2024 - liability of $17.9 million). The fair values of foreign exchange contracts were determined based on option pricing models, forward foreign exchange rates, and information provided by the counter party.

The change in fair value of foreign exchange derivatives was a gain of $6.6 million and a gain of $23.4 million for the three and six months ended June 30, 2025, respectively (a loss of $16.1 million and $25.4 million for the three and six months ended June 30, 2024, respectively), and have been recognized in foreign exchange gain (loss).

In addition, during the three and six months ended June 30, 2025, the Company recognized a realized gain of $0.2 million and a loss of $2.0 million, respectively (realized loss of $1.0 million and gain of $1.1 million for the three and six months ended June 30, 2024 respectively), related to the settlement of foreign currency forward collar contracts.

(ii) Interest rate risk

The Company is principally exposed to the variation in interest rates on loans and borrowings with variable rates of interest. Management reduces interest rate risk exposure by entering into loans and borrowings with fixed rates of interest or by entering into derivative instruments that fix the ultimate interest rate paid.

The Company is principally exposed to interest rate risk through its Senior Credit Facility and Brazilian Real denominated bank loans. Based on the Company's net exposure at June 30, 2025, a 1% change in the variable rates would not materially impact its pre-tax annual net income.

(iii) Price risk

The Company may use derivatives, including forward contracts, collars and swap contracts, to manage commodity price risks.

At June 30, 2025, the Company had copper collar contracts on 3,000 tonnes of copper per month from July 2025 to September 2025. These copper derivative contracts establish an average floor price of $4.00 per pound of copper and an average cap price of 4.68 per pound. As of June 30, 2025, the fair value of these contracts was a net liability of $0.7 million (December 31, 2024 - nil). The fair value of copper collar contracts was determined based on option pricing models, forward copper price and information provided by the counter party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements \| Page 26

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| |
|:---|
| **Ero Copper Corp.** |
| **Notes to Condensed Consolidated Interim Financial Statements** |
| ***(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)*** |

---

At June 30, 2025, the Company also had gold collar contracts on 2,500 ounces of gold per month from July 2025 to December 2025. These gold derivative contracts establish an average floor price of $2,200 per ounce of gold and an average cap price of $3,425 per ounce. As of June 30, 2025, the fair value of these contracts was a net liability of $0.9 million (December 31, 2024 - liability of $0.1 million). The fair value of gold collar contracts was determined based on option pricing models, forward gold price, and information provided by counter party.

During the three and six months ended June 30, 2025, the Company recognized an unrealized gain of $0.6 million and an unrealized loss of $1.5 million (unrealized loss of $0.4 million and unrealized loss of $0.4 million for the three and six months ended June 30, 2024), respectively, in relation to its commodity derivatives in other income or loss.

During the three and six months ended June 30, 2025, the Company did not recognize any realized impact, in relation to its commodity derivatives in other income or loss ($1.8 million and $1.8 million realized loss for three and six months ended June 30, 2024).

At June 30, 2025, the Company had provisionally priced sales that are exposed to commodity price changes (note 14). Based on the Company's net exposure at June 30, 2025, a 10% change in the price of copper would have changed pre-tax net income (loss) by $5.0 million.

**20. Supplemental Cash Flow Information**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| **Net change in non-cash working capital items:** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | $**50911** | $(8225) | $**5849** | $(11243) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | **(6022)** | (2904) | **(14030)** | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | **(1864)** | (3755) | **(3538)** | (10387) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | **(32534)** | (8915) | **(20556)** | (23468) |
|  | $**10491** | $**(23799)** | $**(32275)** | $**(44373)** |
| **Non-cash investing and financing activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to property, plant and equipment by leases | **6781** | 3800 | $**13956** | $7834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash increase in accounts payable in relation to capital expenditures | **5805** | 4972 | **3867** | 7042 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements \| Page 27

## Exhibit 99.3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <br>![logo_cmyk-copper1a.jpg](logo_cmyk-copper1a.jpg) | **TSX: ERO** |
| <br>![logo_cmyk-copper1a.jpg](logo_cmyk-copper1a.jpg) | **NYSE: ERO** |

---

**July 31, 2025**

**Ero Copper Reports Second Quarter 2025 Operating and Financial Results**

*(all amounts in US dollars, unless otherwise noted)*

**Vancouver, British Columbia – Ero Copper Corp. (TSX: ERO, NYSE: ERO)** ("Ero" or the "Company") is pleased to announce its operating and financial results for the three and six months ended June 30, 2025. Management will host a conference call tomorrow, Friday, August 1, 2025, at 11:30 a.m. Eastern time to discuss the results. Dial-in details for the call can be found near the end of this press release.

**HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated second quarter copper production was a record 15,513 tonnes, reflecting the continued ramp-up of the Tucumã Operation as well as higher grades and mining rates at the Caraíba Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The Caraíba Operations produced 9,162 tonnes of copper in concentrate at an average C1 cash cost<sup>(\*)</sup> of $2.07 per pound, representing approximately 25% quarter-on-quarter production growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The Tucumã Operation produced 6,351 tonnes of copper in concentrate, an increase of 25% from Q1 2025. With sustained plant throughput exceeding 75% of design capacity during June, the Company declared commercial production at Tucumã, effective July 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold production during the quarter was 7,743 ounces at an average C1 cash cost<sup>(\*)</sup> and All-in Sustaining Cost ("AISC")<sup>(\*)</sup> of $1,115 and $2,234 per ounce, respectively, representing approximately 17% higher production at similar cash costs<sup>(\*)</sup> and AISC<sup>(\*)</sup> quarter-on-quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly financial performance benefited from record consolidated copper production, increased gold production and higher metal prices compared to Q1 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Net income attributable to the owners of the Company of $70.5 million ($0.68 per share on a diluted basis).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Adjusted net income attributable to the owners of the Company<sup>(\*)</sup> of $48.1 million ($0.46 per share on a diluted basis).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Adjusted EBITDA<sup>(\*)</sup> of $82.7 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup> At quarter-end, available liquidity<sup>(\*)</sup> was $113.3 million, including $68.3 million in cash and cash equivalents and $45.0 million of undrawn availability under the Company's senior secured revolving credit facility ("Senior Credit Facility").

---

| | |
|:---|:---|
| **1** | **Ero Copper Corp** |
| | 625 Howe Street **\|** Suite 1050 **\|** Vancouver **\|** BC **\|** V6C 2T6 **\|** Canada |

---

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---

| |
|:---|
| **TSX: ERO** |
| **NYSE: ERO** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company is reaffirming full-year guidance at Caraíba, and updating guidance ranges at Tucumã and Xavantina to reflect H1 2025 performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ At the Caraíba Operations, programs launched in H1 2025 to enhance operating efficiency and cost control are delivering strong margin performance compared to full-year guidance. These ongoing initiatives include (i) focusing the Pilar Mine's fleet on the upper levels of the mine to reduce haul distances, (ii) implementing new technologies aimed at enhancing both safety and productivity, and (iii) improving fleet and mine infrastructure maintenance initiatives to increase mobile equipment availability and reduce unplanned downtime. While these efforts are expected to result in full-year copper production at the lower end of the 37,500 to 42,500 tonne guidance range, C1 cash costs<sup>(\*)</sup> are projected to fall within the lower half of the guidance range of $2.15 to $2.35 per pound. Sequential increases in mined and processed volumes are expected to contribute to higher copper production over the remainder of the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ At the Tucumã Operation, full-year copper production guidance has been updated to 30,000 to 37,500 tonnes at C1 cash costs<sup>(\*)</sup> of $1.10 to $1.30 per pound of copper produced to reflect lower-than-forecast tonnes processed in H1 2025. Updated full-year guidance reflects a significant expected increase in copper production during H2 2025, consistent with original 2025 guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ At the Xavantina Operations, full-year production guidance has been updated to 40,000 to 50,000 ounces with C1 cash costs<sup>(\*)</sup> of $850 to $1,000 per ounce of gold produced and AISC<sup>(\*)</sup> of $1,800 to $2,000 per ounce to reflect lower-than-planned production in H1 2025. Ongoing investments in mine modernization and mechanization are expected to drive a step-change in mining rates in H2 2025, resulting in higher projected production and lower unit costs that align with the long-term outlook for the operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Full-year capital expenditure guidance is unchanged at $230 to $270 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During Q2 2025, the Company completed 18,000 meters of drilling at the Furnas Project and successfully concluded the 28,000-meter Phase 1 drill program in July, approximately one quarter ahead of schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ As announced on July 10, 2025, assay results have been received for approximately 10,000 meters of the program. These results continue to demonstrate strong continuity and extend the known limits of mineralization within the high-grade NW and SE Zones, which remain the focus of future underground mining operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ As of mid-July, eight drill rigs were active on site, supporting an average drilling rate of over 1,500 meters per week. Based on these drilling rates, the Company expects to complete the 17,000-meter Phase 2 drill program, which will include a greater focus on step-out drilling to further extend known mineralization, by year-end 2025.

---

| | |
|:---|:---|
| **2** | **Ero Copper Corp** |
| | 625 Howe Street **\|** Suite 1050 **\|** Vancouver **\|** BC **\|** V6C 2T6 **\|** Canada |

---

------

---

| |
|:---|
| **TSX: ERO** |
| **NYSE: ERO** |

---

*"We made meaningful progress towards the achievement of our 2025 strategy during the second quarter,"* said Makko DeFilippo, President and Chief Executive Officer. *"Highlights included the continued ramp-up and declaration of commercial production at Tucumã, the initiation of debt repayment, and the early completion of Phase 1 drilling at Furnas ahead of schedule. Operational performance across all of our assets improved in Q2 with record consolidated copper production, and we are encouraged by the momentum we are carrying into the second half of the year, driven by optimization and technology initiatives we executed in H1 2025.*

*"At Caraíba, focusing the mining fleet in the upper levels of the Pilar Mine paired with several ongoing operational excellence initiatives is proving to be a successful strategy. Our focus on technology, utilization and availability has resulted in improved overall fleet management and productivity, operational flexibility and a significant reduction in unplanned infrastructure downtime. At Surubim, scheduled pit sequencing led to higher mined tonnage, a trend we expect to continue in in the second half of the year. At Xavantina, our investments in mine mechanization, ventilation and technology support what we see as a step-change in mining rates, allowing production to return to annualized rates consistent with our longer-term outlook for the operation. And at Furnas, we remain focused on unlocking long-term value as we advance Phase 2 drilling with eight rigs active on site and remain on track to complete the program by year-end."*

---

| | |
|:---|:---|
| **3** | **Ero Copper Corp** |
| | 625 Howe Street **\|** Suite 1050 **\|** Vancouver **\|** BC **\|** V6C 2T6 **\|** Canada |

---

------

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| |
|:---|
| **TSX: ERO** |
| **NYSE: ERO** |

---

**SECOND QUARTER REVIEW**

**The Caraíba Operations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly copper production totaled 9,162 tonnes of copper in concentrate, with an average C1 cash cost<sup>(\*)</sup> of $2.07 per pound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ongoing operational excellence initiatives to enhance availability, utilization, safety and productivity at Caraíba are driving strong margin performance. These initiatives include focusing the mining fleet to the upper levels of the Pilar Mine to reduce haul distances, technologies to enhance productivity and predictive maintenance, as well as investments in infrastructure resilience, which are expected to support higher sustained mining rates in H2 2025.

**The Tucumã Operation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Tucumã Operation produced 6,351 tonnes of copper in concentrate during Q2 2025, representing a 25% increase compared to Q1 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ramp-up progressed during the quarter, supported by the completion of repairs and commissioning of the third tailings filter in April and May. This allowed the operation to increase sustained throughput levels exceeding 75% of design capacity during the second half of June, resulting in a 42% quarter-on-quarter increase in ore tonnes processed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• C1 cash costs<sup>(\*)</sup> for the Tucumã Operation will be reported commencing in Q3 2025, following the achievement of commercial production, effective July 1, 2025.

**The Xavantina Operations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly gold production totaled 7,743 ounces of gold, an increase of approximately 17% quarter-on-quarter. C1 cash cost<sup>(\*)</sup> and AISC<sup>(\*)</sup> totaled $1,115 and $2,234, respectively, per ounce.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher tonnes processed and improved grades contributed to the sequential increase in gold production, even as operations were temporarily impacted by the transition to mechanized mining during the quarter.

<sup>(\*)</sup> These are non-IFRS measures and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company's discussion of Non-IFRS measures in its Management's Discussion and Analysis for the three and six months ended June 30, 2025 and the Reconciliation of Non-IFRS Measures section at the end of this press release.

---

| | |
|:---|:---|
| **4** | **Ero Copper Corp** |
| | 625 Howe Street **\|** Suite 1050 **\|** Vancouver **\|** BC **\|** V6C 2T6 **\|** Canada |

---

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---

| |
|:---|
| **TSX: ERO** |
| **NYSE: ERO** |

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**OPERATING HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025 - Q2** | **2025 - Q1** | **2024 - Q2** | **2025 - YTD** | **2024 - YTD** |
| **Copper (Caraíba Operations)** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Ore Mined (tonnes) | **792764** | 696239 | 897161 | **1489003** | 1685493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ore Processed (tonnes) | **791946** | 692901 | 957692 | **1484847** | 1811063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grade (% Cu) | **1.27** | 1.18 | 1.03 | **1.23** | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recovery (%) | **91.1** | 90.2 | 90.2 | **90.7** | 89.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cu Production (tonnes) | **9162** | 7357 | 8867 | **16519** | 16958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cu Production (000 lbs) | **20199** | 16219 | 19548 | **36418** | 37386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cu Sold in Concentrate (tonnes) | **9387** | 6949 | 8706 | **16336** | 18167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cu Sold in Concentrate (000 lbs) | **20697** | 15318 | 19192 | **36015** | 40051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cu C1 cash cost<sup>(1)(2)</sup> | $**2.07** | $2.22 | $2.16 | $**2.13** | $2.23 |
| **Copper (Tucumã Operation)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ore Mined (tonnes) | **798811** | 328291 |  | **1127102** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ore Processed (tonnes) | **418699** | 294314 |  | **713013** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Grade (% Cu) | **1.74** | 2.18 |  | **1.92** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Recovery (%) | **85.4** | 89.4 |  | **87.2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cu Production (tonnes) | **6351** | 5067 |  | **11418** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cu Production (000 lbs) | **14002** | 11171 |  | **25173** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cu Sold in Concentrate (tonnes) | **5968** | 5168 |  | **11136** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cu Sold in Concentrate (000 lbs) | **13158** | 11393 |  | **24551** |  |
| **Gold (Xavantina Operations)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ore Mined (tonnes) | **37829** | 33228 | 40446 | **71057** | 78280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ore Processed (tonnes) | **37829** | 33228 | 40446 | **71057** | 78280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grade (g / tonne) | **7.11** | 6.87 | 14.00 | **6.99** | 15.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recovery (%) | **88.7** | 90.8 | 91.0 | **89.6** | 91.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Au Production (oz) | **7743** | 6638 | 16555 | **14381** | 34789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Au Sold (oz) | **8276** | 5834 | 17621 | **14110** | 34474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Au C1 cash cost<sup>(1)</sup> | $**1115** | $1100 | $428 | $**1108** | $411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Au AISC<sup>(1)</sup> | $**2234** | $2228 | $842 | $**2231** | $819 |

---

<sup>(1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>EBITDA, adjusted EBITDA, adjusted net income (loss) attributable to owners of the Company, adjusted net income (loss) per share attributable to owners of the Company, net (cash) debt, working capital, copper C1 cash cost, copper C1 cash cost including foreign exchange hedges, gold C1 cash cost and gold AISC are non-IFRS measures. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company's discussion of Non-IFRS measures in its Management's Discussion and Analysis for the three and six months ended June 30, 2025 and the Reconciliation of Non-IFRS Measures section at the end of this press release.

<sup>(2) &nbsp;&nbsp;&nbsp;&nbsp;</sup>Copper C1 cash cost including foreign exchange hedges was $2.06 in Q2 2025 (Q2 2024 - $2.16).

---

| | |
|:---|:---|
| **5** | **Ero Copper Corp** |
| | 625 Howe Street **\|** Suite 1050 **\|** Vancouver **\|** BC **\|** V6C 2T6 **\|** Canada |

---

------

---

| |
|:---|
| **TSX: ERO** |
| **NYSE: ERO** |

---

**FINANCIAL HIGHLIGHTS**

($ in millions, except per share amounts)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025 - Q2** | **2025 - Q1** | **2024 - Q2** | **2025 - YTD** | **2024 - YTD** |
| Revenues | $**163.5** | $125.1 | $117.1 | $**288.6** | $222.9 |
| Gross profit | **67.3** | 55.5 | 43.3 | **122.8** | 74.5 |
| EBITDA<sup>(1)</sup> | **114.2** | 117.9 | (36.2) | **232.0** | (18.4) |
| Adjusted EBITDA<sup>(1)</sup> | **82.7** | 63.2 | 51.5 | **145.9** | 94.8 |
| Cash flow from operations | **90.3** | 65.4 | 14.7 | **155.7** | 31.9 |
| Net income (loss) | **71.0** | 80.6 | (53.4) | **151.7** | (60.2) |
| Net income (loss) attributable to owners of the Company | **70.5** | 80.2 | (53.2) | **150.8** | (60.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Per share (basic) | **0.68** | 0.77 | (0.52) | **1.46** | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;Per share (diluted) | **0.68** | 0.77 | (0.52) | **1.45** | (0.59) |
| Adjusted net income attributable to owners of the Company<sup>(1)</sup> | **48.1** | 35.8 | 18.6 | **84.0** | 35.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Per share (basic) | **0.46** | 0.35 | 0.18 | **0.81** | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Per share (diluted) | **0.46** | 0.35 | 0.18 | **0.81** | 0.34 |
| Cash, cash equivalents, and short-term investments | **68.3** | 80.6 | 44.8 | **68.3** | 44.8 |
| Working (deficit) capital<sup>(1)</sup> | **(33.5)** | 10.2 | (57.6) | **(33.5)** | (57.6) |
| Net debt<sup>(1)</sup> | **559.1** | 561.8 | 482.0 | **559.1** | 482.0 |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>EBITDA, adjusted EBITDA, adjusted net income (loss) attributable to owners of the Company, adjusted net income (loss) per share attributable to owners of the Company, net (cash) debt, working capital, copper C1 cash cost, copper C1 cash cost including foreign exchange hedges, gold C1 cash cost and gold AISC are non-IFRS measures. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company's discussion of Non-IFRS measures in its Management's Discussion and Analysis for the three and six months ended June 30, 2025 and the Reconciliation of Non-IFRS Measures section at the end of this press release.

---

| | |
|:---|:---|
| **6** | **Ero Copper Corp** |
| | 625 Howe Street **\|** Suite 1050 **\|** Vancouver **\|** BC **\|** V6C 2T6 **\|** Canada |

---

------

---

| |
|:---|
| **TSX: ERO** |
| **NYSE: ERO** |

---

**2025 PRODUCTION AND COST GUIDANCE**

Consolidated copper production guidance for 2025 has been updated to 67,500 to 80,000 tonnes to reflect the slower-than-expected ramp up at the Tucumã Operation, which achieved commercial production on July 1, 2025. Consolidated copper production is expected to increase sequentially in H2 2025 driven by higher mill throughput at the Tucumã Operation and higher mined and processed volumes at the Caraíba Operations, particularly at Pilar and Surubim.

At the Xavantina Operations, gold production guidance has been updated to 40,000 to 50,000 ounces to reflect lower-than-expected production in H1 2025. The Company expects investments in mine modernization and mechanization to support sequential increases in mined and processed volumes through the remainder of the year.

---

| | | |
|:---|:---|:---|
| | **Original Guidance** | **Current Guidance** |
| **Copper Production (tonnes)** | | |
| &nbsp;&nbsp;Caraíba Operations | 37500 - 42500 | 37500 - 42500 |
| &nbsp;&nbsp;Tucumã Operation | 37500 - 42500 | 30000 - 37500 |
| &nbsp;&nbsp;Total Copper | 75000 - 85000 | 67500 - 80000 |
| **Copper C1 Cash Cost**<sup>(1)</sup> **Guidance** |  |  |
| &nbsp;&nbsp;Caraíba Operations | $2.15 - $2.35 | $2.15 - $2.35 |
| &nbsp;&nbsp;Tucumã Operation | $1.05 - $1.25 | $1.10 - $1.30 |
| &nbsp;&nbsp;**The Xavantina Operations** |  |  |
| &nbsp;&nbsp;Au Production (ounces) | 50000 - 60000 | 40000 - 50000 |
| &nbsp;&nbsp;Gold C1 Cash Cost<sup>(1)</sup> Guidance | $650 - $800 | $850 - $1000 |
| &nbsp;&nbsp;Gold AISC<sup>(1)</sup> Guidance | $1400 - $1600 | $1800 - $2000 |

---

Note: Guidance is based on estimates and assumptions including, but not limited to, mineral reserve estimates, grade and continuity of interpreted geological formations and metallurgical recovery performance. Please refer to the Company's SEDAR+ and EDGAR filings, including the most recent Annual Information Form ("AIF"), for a detailed summary of risk factors.

<sup>(1)</sup> Please refer to the section titled "Alternative Performance (Non-IFRS) Measures" within the MD&A.

---

| | |
|:---|:---|
| **7** | **Ero Copper Corp** |
| | 625 Howe Street **\|** Suite 1050 **\|** Vancouver **\|** BC **\|** V6C 2T6 **\|** Canada |

---

------

---

| |
|:---|
| **TSX: ERO** |
| **NYSE: ERO** |

---

**2025 CAPITAL EXPENDITURE GUIDANCE**

Capital expenditure guidance remains unchanged at a range of $230 to $270 million, excluding capitalized ramp-up costs prior to the declaration of commercial production at the Tucumã Operation.

Figures presented in the table below are in USD millions.

---

| | |
|:---|:---|
| Caraíba Operations | $165 - $180 |
| Tucumã Operation<sup>(1)</sup> | $30 - $40 |
| Xavantina Operations | $25 - $35 |
| Furnas Copper-Gold Project and Other Exploration | $10 - $15 |
| **Total** | $230 - $270 |

---

Note: Guidance is based on certain estimates and assumptions, including but not limited to, mineral reserve estimates, grade and continuity of interpreted geological formations and metallurgical performance. Please refer to the Company's most recent Annual Information Form and Management of Risks and Uncertainties in the MD&A for complete risk factors.

<sup>(1)</sup> Excludes capitalized ramp-up costs prior to the declaration of commercial production at the Tucumã Operation.

---

| | |
|:---|:---|
| **8** | **Ero Copper Corp** |
| | 625 Howe Street **\|** Suite 1050 **\|** Vancouver **\|** BC **\|** V6C 2T6 **\|** Canada |

---

------

---

| |
|:---|
| **TSX: ERO** |
| **NYSE: ERO** |

---

**CONFERENCE CALL DETAILS**

The Company will hold a conference call on Friday, August 1, 2025 at 11:30 am Eastern time (8:30 am Pacific time) to discuss these results. A results presentation will be available for download via the webcast link and in the Presentations section of the Company's website on the day of the conference call.

---

| | |
|:---|:---|
| Date: | Friday, August 1, 2025 |
| Time: | 11:30 am Eastern time (8:30 am Pacific time) |
| Dial in: | Canada/USA Toll Free: 1-833-752-3380<br>International: +1-647-846-2821<br>Please dial in 5-10 minutes prior to the start of the call or pre-register using this link to bypass the live operator queue.<br>(https://dpregister.com/sreg/10200387/ff53d62cdc) |
| Webcast: | To access the webcast, click here.<br>(https://event.choruscall.com/mediaframe/webcast.html?webcastid=1vjDLcyB) |
| Replay: | Canada/USA: 1-855-669-9658, International: +1-412-317-0088 <br>For country-specific dial-in numbers, click here.<br>(https://services.choruscall.com/ccforms/replay.html) |
| Replay Passcode: | 4498533 |

---

---

| | |
|:---|:---|
| **9** | **Ero Copper Corp** |
| | 625 Howe Street **\|** Suite 1050 **\|** Vancouver **\|** BC **\|** V6C 2T6 **\|** Canada |

---

------

---

| |
|:---|
| **TSX: ERO** |
| **NYSE: ERO** |

---

**Reconciliation of Non-IFRS Measures**

Financial results of the Company are presented in accordance with IFRS. The Company utilizes certain alternative performance (non-IFRS) measures to monitor its performance, including copper C1 cash cost, copper C1 cash cost including foreign exchange hedges, gold C1 cash cost, gold AISC, EBITDA, adjusted EBITDA, adjusted net income attributable to owners of the Company, adjusted net income per share, net (cash) debt, working capital and available liquidity. These performance measures have no standardized meaning prescribed within generally accepted accounting principles under IFRS and, therefore, amounts presented may not be comparable to similar measures presented by other mining companies. These non-IFRS measures are intended to provide supplemental information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

For additional details please refer to the Company's discussion of non-IFRS and other performance measures in its Management's Discussion and Analysis for the three and six months ended June 30, 2025 which is available on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov.

---

| | |
|:---|:---|
| **10** | **Ero Copper Corp** |
| | 625 Howe Street **\|** Suite 1050 **\|** Vancouver **\|** BC **\|** V6C 2T6 **\|** Canada |

---

------

---

| |
|:---|
| **TSX: ERO** |
| **NYSE: ERO** |

---

**Copper C1 cash cost and copper C1 cash cost including foreign exchange hedges**

The following table provides a reconciliation of copper C1 cash cost to cost of production, its most directly comparable IFRS measure.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reconciliation:** | **2025 - Q2** | **2025 - Q1** | **2024 - Q2** | **2025 - YTD** | **2024 - YTD** |
| Cost of production | $**46890** | $35719 | $41945 | $**82609** | $84172 |
| Add (less): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation costs & other | **1792** | 1322 | 1283 | **3114** | 2535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treatment, refining, and other | **2340** | 2410 | 4058 | **4750** | 9228 |
| &nbsp;&nbsp;&nbsp;&nbsp;By-product credits | **(6205)** | (4699) | (3431) | **(10904)** | (5871) |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive payments | **(1457)** | (1289) | (1174) | **(2746)** | (2373) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in inventory | **(1611)** | 2659 | (468) | **1048** | (4361) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange translation and other | **16** | (147) | 21 | **(131)** | 14 |
| **C1 cash costs**<sup>(1)</sup> | **41765** | 35975 | 42234 | **77740** | 83344 |
| (Gain) loss on foreign exchange hedges | **(217)** | 2216 | 46 | **1999** | (230) |
| **C1 cash costs including foreign exchange hedges** | $**41548** | $38191 | $42280 | $**79739** | $83114 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Mining | $**31442** | $25796 | $27881 | $**57238** | $53137 |
| Processing | **6549** | 6352 | 7927 | **12901** | 15104 |
| Indirect | **7639** | 6116 | 5799 | **13755** | 11746 |
| Production costs | **45630** | 38264 | 41607 | **83894** | 79987 |
| By-product credits | **(6205)** | (4699) | (3431) | **(10904)** | (5871) |
| Treatment, refining and other | **2340** | 2410 | 4058 | **4750** | 9228 |
| **C1 cash costs**<sup>(1)</sup> | **41765** | 35975 | 42234 | **77740** | 83344 |
| (Gain) loss on foreign exchange hedges | **(217)** | 2216 | 46 | **1999** | (230) |
| **C1 cash costs including foreign exchange hedges** | $**41548** | $38191 | $42280 | $**79739** | $83114 |

---

(1) Copper C1 cash costs for 2025 and 2024 do not include Tucumã Operation's results, as commercial production has not been achieved as of June 30, 2025.

---

| | |
|:---|:---|
| **11** | **Ero Copper Corp** |
| | 625 Howe Street **\|** Suite 1050 **\|** Vancouver **\|** BC **\|** V6C 2T6 **\|** Canada |

---

------

---

| |
|:---|
| **TSX: ERO** |
| **NYSE: ERO** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025 - Q2** | **2025 - Q1** | **2024 - Q2** | **2025 - YTD** | **2024 - YTD** |
| **Costs per pound** | | | | | |
| Total copper produced (lbs, 000) | **20199** | 16219 | 19548 | **36418** | 37386 |
| Mining | $**1.56** | $1.59 | $1.42 | $**1.57** | $1.42 |
| Processing | $**0.32** | $0.39 | $0.41 | $**0.35** | $0.41 |
| Indirect | $**0.38** | $0.38 | $0.30 | $**0.38** | $0.31 |
| By-product credits | $**(0.31)** | $(0.29) | $(0.18) | $**(0.30)** | $(0.16) |
| Treatment, refining and other | $**0.12** | $0.15 | $0.21 | $**0.13** | $0.25 |
| **Copper C1 cash costs**<sup>(1)</sup> | $**2.07** | $2.22 | $2.16 | $**2.13** | $2.23 |
| (Gain) loss on foreign exchange hedges | $**(0.01)** | $0.14 | $— | $**0.06** | $(0.01) |
| **Copper C1 cash costs including foreign exchange hedges** | $**2.06** | $2.36 | $2.16 | $**2.19** | $2.22 |

---

(1)Copper C1 cash costs for 2025 and 2024 do not include Tucumã Operation's results, as commercial production has not been achieved as of June 30, 2025.

**Gold C1 cash cost and gold AISC**

The following table provides a reconciliation of gold C1 cash cost and gold AISC to cost of production, its most directly comparable IFRS measure.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reconciliation:** | **2025 - Q2** | **2025 - Q1** | **2024 - Q2** | **2025 - YTD** | **2024 - YTD** |
| Cost of production | $**8761** | $6225 | $7580 | $**14986** | $14835 |
| Add (less): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive payments | **(209)** | (269) | (226) | **(478)** | (669) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in inventory | **63** | 1339 | (322) | **1402** | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp;By-product credits | **(159)** | (111) | (259) | **(270)** | (448) |
| &nbsp;&nbsp;&nbsp;&nbsp;Smelting and refining | **42** | 35 | 97 | **77** | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange translation and other | **133** | 82 | 215 | **215** | 447 |
| **C1 cash costs** | $**8631** | $7301 | $7085 | $**15932** | $14294 |
| Site general and administrative | **1264** | 1077 | 1350 | **2341** | 2703 |
| Accretion of mine closure and rehabilitation provision | **145** | 141 | 88 | **286** | 180 |
| Sustaining capital expenditure | **4435** | 3909 | 2653 | **8344** | 5907 |
| Sustaining lease payments | **2313** | 2021 | 1908 | **4334** | 4030 |
| Royalties and production taxes | **511** | 338 | 862 | **849** | 1372 |
| **AISC** | $**17299** | $14787 | $13946 | $**32086** | $28486 |

---

---

| | |
|:---|:---|
| **12** | **Ero Copper Corp** |
| | 625 Howe Street **\|** Suite 1050 **\|** Vancouver **\|** BC **\|** V6C 2T6 **\|** Canada |

---

------

---

| |
|:---|
| **TSX: ERO** |
| **NYSE: ERO** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025 - Q2** | **2025 - Q1** | **2024 - Q2** | **2025 - YTD** | **2024 - YTD** |
| **Costs** | | | | | |
| Mining | $**4552** | $3760 | $3705 | $**8312** | $7525 |
| Processing | **2472** | 2206 | 2277 | **4678** | 4536 |
| Indirect | **1724** | 1411 | 1265 | **3135** | 2494 |
| Production costs | **8748** | 7377 | 7247 | **16125** | 14555 |
| Smelting and refining costs | **42** | 35 | 97 | **77** | 187 |
| By-product credits | **(159)** | (111) | (259) | **(270)** | (448) |
| **C1 cash costs** | $**8631** | $7301 | $7085 | $**15932** | $14294 |
| Site general and administrative | **1264** | 1077 | 1350 | **2341** | 2703 |
| Accretion of mine closure and rehabilitation provision | **145** | 141 | 88 | **286** | 180 |
| Sustaining capital expenditure | **4435** | 3909 | 2653 | **8344** | 5907 |
| Sustaining leases | **2313** | 2021 | 1908 | **4334** | 4030 |
| Royalties and production taxes | **511** | 338 | 862 | **849** | 1372 |
| **AISC** | $**17299** | $14787 | $13946 | $**32086** | $28486 |
| **Costs per ounce** |  |  |  |  |  |
| Total gold produced (ounces) | **7743** | 6638 | 16555 | **14381** | 34789 |
| Mining | $**588** | $566 | $224 | $**578** | $216 |
| Processing | $**319** | $332 | $138 | $**325** | $130 |
| Indirect | $**223** | $213 | $76 | $**218** | $72 |
| Smelting and refining | $**5** | $5 | $6 | $**5** | $5 |
| By-product credits | $**(20)** | $(16) | $(16) | $**(18)** | $(12) |
| **Gold C1 cash cost** | $**1115** | $1100 | $428 | $**1108** | $411 |
| **Gold AISC** | $**2234** | $2228 | $842 | $**2231** | $819 |

---

---

| | |
|:---|:---|
| **13** | **Ero Copper Corp** |
| | 625 Howe Street **\|** Suite 1050 **\|** Vancouver **\|** BC **\|** V6C 2T6 **\|** Canada |

---

------

---

| |
|:---|
| **TSX: ERO** |
| **NYSE: ERO** |

---

**Earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA**

The following table provides a reconciliation of EBITDA and Adjusted EBITDA to net income, its most directly comparable IFRS measure.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reconciliation:** | **2025 - Q2** | **2025 - Q1** | **2024 - Q2** | **2025 - YTD** | **2024 - YTD** |
| **Net Income (Loss)** | $**71028** | $80627 | $(53399) | $**151655** | $(60229) |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance expense | **5976** | 4723 | 4565 | **10699** | 9199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance income | **(1130)** | (838) | (1361) | **(1968)** | (2829) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (recovery) | **13082** | 14741 | (8267) | **27823** | (10120) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization and depreciation | **25215** | 18620 | 22294 | **43835** | 45590 |
| **EBITDA** | $**114171** | $117873 | $(36168) | $**232044** | $(18389) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss | **(38640)** | (58400) | 70454 | **(97040)** | 89450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share based compensation | **7756** | 1173 | 6075 | **8929** | 12620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on commodity derivatives | **(636)** | 2102 | 436 | **1466** | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-down of exploration and evaluation asset | **—** |  | 10745 | **—** | 10745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xavantina Gold Stream transaction fees | **—** | 458 |  | **458** |  |
| **Adjusted EBITDA** | $**82651** | $63206 | $51542 | $**145857** | $94798 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Change in rehabilitation and closure provision relates to revisions to rehabilitation and closure plans and cost estimates at the Company's historic mining operations that have entered the closure phase, and for which there are no substantive future economic value. Such costs are reflected within other expenses on the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income.

---

| | |
|:---|:---|
| **14** | **Ero Copper Corp** |
| | 625 Howe Street **\|** Suite 1050 **\|** Vancouver **\|** BC **\|** V6C 2T6 **\|** Canada |

---

------

---

| |
|:---|
| **TSX: ERO** |
| **NYSE: ERO** |

---

**Adjusted net income attributable to owners of the Company and Adjusted net income per share attributable to owners of the Company**

The following table provides a reconciliation of Adjusted net income attributable to owners of the Company and Adjusted EPS to net income attributable to the owners of the Company, its most directly comparable IFRS measure.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reconciliation:** | **2025 - Q2** | **2025 - Q1** | **2024 - Q2** | **2025 - YTD** | **2024 - YTD** |
| **Net income (loss) as reported attributable to the owners of the Company** | $**70548** | $80227 | $(53247) | $**150775** | $(60388) |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share based compensation | **7756** | 1173 | 6075 | **8929** | 12620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange (gain) loss on USD denominated balances in MCSA | **(28204)** | (39628) | 48517 | **(67832)** | 59774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange (gain) loss on foreign exchange derivative contracts | **(6606)** | (16739) | 16006 | **(23345)** | 25310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on commodity derivatives | **(633)** | 2079 | 434 | **1446** | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incremental COVID-19 costs | **—** |  |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in rehabilitation and closure provision<sup>(1)</sup> | **—** |  |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-down of exploration and evaluation asset | **—** |  | 10745 | **—** | 10745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xavantina Gold Stream transaction fees | **—** | 458 |  | **458** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax effect on the above adjustments | **5281** | 8279 | (9904) | **13560** | (13032) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted net income attributable to owners of the Company | $**48142** | $35849 | $18626 | $**83991** | $35399 |
| **Weighted average number of common shares** |  |  |  |  |  |
| Basic | **103582082** | 103564654 | 103082363 | **103573416** | 102918092 |
| Diluted | **103905561** | 103904737 | 103961615 | **103902012** | 103704730 |
| **Adjusted EPS** |  |  |  |  |  |
| Basic | $**0.46** | $0.35 | $0.18 | $**0.81** | $0.34 |
| Diluted | $**0.46** | $0.35 | $0.18 | $**0.81** | $0.34 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Change in rehabilitation and closure provision relates to revisions to rehabilitation and closure plans and cost estimates at the Company's historic mining operations that have entered the closure phase, and for which there are no substantive future economic value. Such costs are reflected within other expenses on the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income.

---

| | |
|:---|:---|
| **15** | **Ero Copper Corp** |
| | 625 Howe Street **\|** Suite 1050 **\|** Vancouver **\|** BC **\|** V6C 2T6 **\|** Canada |

---

------

---

| |
|:---|
| **TSX: ERO** |
| **NYSE: ERO** |

---

**Net Debt (Cash)** 

The following table provides a calculation of net debt (cash) based on amounts presented in the Company's condensed consolidated interim financial statements as at the periods presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** | **June 30, 2024** |
| Current portion of loans and borrowings | $**58076** | $52479 | $45893 | $39889 |
| Long-term portion of loans and borrowings | **569300** | 589860 | 556296 | 486919 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | **(68303)** | (80573) | (50402) | (44773) |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | **—** |  |  |  |
| **Net debt (cash)** | $**559073** | $561766 | $551787 | $482035 |

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**Working Capital and Available Liquidity**

The following table provides a calculation for these based on amounts presented in the Company's condensed consolidated interim financial statements as at the periods presented.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** | **June 30, 2024** |
| Current assets | $**178524** | $232292 | $141790 | $124554 |
| Less: Current liabilities | **(212010)** | (222048) | (211706) | (182143) |
| **Working (deficit) capital** | $**(33486)** | $10244 | $(69916) | $(57589) |
| Cash and cash equivalents | **68303** | 80573 | 50402 | 44773 |
| Available undrawn revolving credit facilities<sup>(1)</sup> | **45000** | 35000 | 15000 | 100000 |
| Available undrawn prepayment facilities<sup>(2)</sup> | $**—** | $— | $25000 | $25000 |
| **Available liquidity** | $**113303** | $115573 | $90402 | $169773 |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;In January 2025, the Company amended its Senior Credit Facility to increase the limit from $150.0 million to $200.0 million and extended the maturity from December 2026 to December 2028.

(2) In March 2025, the Company exercised its option to increase the size of its copper prepayment facility from $50.0 million to $75.0 million.

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|:---|:---|
| **16** | **Ero Copper Corp** |
| | 625 Howe Street **\|** Suite 1050 **\|** Vancouver **\|** BC **\|** V6C 2T6 **\|** Canada |

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|:---|
| **TSX: ERO** |
| **NYSE: ERO** |

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**ABOUT ERO COPPER CORP**

Ero Copper is a high-margin, high-growth copper producer with operations in Brazil and corporate headquarters in Vancouver, B.C. The Company's primary asset is a 99.6% interest in the Brazilian copper mining company, Mineração Caraíba S.A. ("MCSA"), 100% owner of the Company's Caraíba Operations, which are located in the Curaçá Valley, Bahia State, Brazil, and the Tucumã Operation, an open pit copper mine located in Pará State, Brazil. The Company also owns 97.6% of NX Gold S.A. ("NX Gold") which owns the Xavantina Operations, an operating gold mine located in Mato Grosso State, Brazil. In July 2024, the Company signed a definitive earn-in agreement with Vale Base Metals for a 60% interest in the Furnas Copper-Gold Project, located in the Carajás Mineral Province in Pará State, Brazil. For more information on the earn-in agreement, please see the Company's press releases dated October 30, 2023 and July 22, 2024. Additional information on the Company and its operations, including technical reports on the Caraíba Operations, Xavantina Operations, Tucumã Operation and the Furnas Copper-Gold Project, can be found on the Company's website (www.erocopper.com), on SEDAR+ (www.sedarplus.ca/landingpage/) and on EDGAR (www.sec.gov). The Company's shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol "ERO".

**FOR MORE INFORMATION, PLEASE CONTACT**

Farooq Hamed, VP, Investor Relations

info@erocopper.com

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|:---|:---|
| **17** | **Ero Copper Corp** |
| | 625 Howe Street **\|** Suite 1050 **\|** Vancouver **\|** BC **\|** V6C 2T6 **\|** Canada |

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|:---|
| **TSX: ERO** |
| **NYSE: ERO** |

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CAUTION REGARDING FORWARD LOOKING INFORMATION AND STATEMENTS

This press release 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 securities legislation (collectively, "forward-looking statements"). Forward-looking statements include statements that use forward-looking terminology such as "may", "could", "would", "will", "should", "intend", "target", "plan", "expect", "budget", "estimate", "forecast", "schedule", "anticipate", "believe", "continue", "potential", "view" or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Forward-looking statements may include, but are not limited to, statements with respect to the Company's expected development and mining rates, production, operating costs and capital expenditures at the Caraíba Operations, the Tucumã Operation and the Xavantina Operations; estimated timing for certain milestones, including the step change in mining rates at Xavantina in H2 2025; expectations related to exploration activities at the Furnas Project including the expected timing of the completion of the Phase 2 drill program by year-end 2025; and any other statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results, performance or achievements.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual results, actions, events, conditions, performance or achievements to materially differ from those expressed or implied by the forward-looking statements, including, without limitation, risks discussed in this press release and in the Company's Annual Information Form for the year ended December 31, 2023 ("AIF") under the heading "Risk Factors". The risks discussed in this press release and in the AIF are not exhaustive of the factors that may affect any of the Company's forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results, actions, events, conditions, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, actions, events, conditions, performance or achievements to differ from those anticipated, estimated or intended.

Forward-looking statements are not a guarantee of future performance. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve statements about the future and are inherently uncertain, and the Company's actual results, achievements or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to herein and in the AIF under the heading "Risk Factors".

The Company's forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management on the date the statements are made, many of which may be difficult to predict and beyond the Company's control. In connection with the forward-looking statements contained in this press release and in the AIF, the Company has made certain assumptions about, among other things: favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production, development and exploration of the Company's properties and assets; future prices of copper, gold and other metal prices; the timing and results of exploration and drilling programs; the accuracy of any mineral reserve and mineral resource estimates; the geology of the Caraíba Operations, the Xavantina Operations, the Tucumã Operation and the Furnas Copper-Gold Project being as described in the respective technical report for each property; production costs; the accuracy of budgeted exploration, development and construction costs and expenditures; the price of other commodities such as fuel; future currency exchange rates, interest rates and tariff rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; work force continuing to remain healthy in the face of prevailing epidemics, pandemics or other health risks, political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; availability of equipment; positive relations with local groups and the Company's ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of the Company's current loan arrangements. Although the Company believes that the assumptions inherent in forward-looking statements are reasonable as of the date of this press release, these assumptions are subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking statements. The Company cautions that the foregoing list of assumptions is not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking statements contained in this press release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or results or otherwise, except as and to the extent required by applicable securities laws.

CAUTIONARY NOTES REGARDING MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES

Unless otherwise indicated, all reserve and resource estimates included in this press release and the documents incorporated by reference herein have been prepared in accordance with National Instrument 43-101, *Standards of Disclosure for Mineral Projects* ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") — CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC"), and reserve and resource information included herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, this press release and the documents incorporated by reference herein use the terms "measured resources," "indicated resources" and "inferred resources" as defined in accordance with NI 43-101 and the CIM Standards.

Further to recent amendments, mineral property disclosure requirements in the United States (the "U.S. Rules") are governed by subpart 1300 of Regulation S-K of the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") which differ from the CIM Standards. As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multi-jurisdictional disclosure system (the "MJDS"), Ero is not required to provide disclosure on its mineral properties under the U.S. Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. If Ero ceases to be a foreign private issuer or loses its eligibility to file its annual report on Form 40-F pursuant to the MJDS, then Ero will be subject to the U.S. Rules, which differ from the requirements of NI 43-101 and the CIM Standards.

Pursuant to the new U.S. Rules, the SEC recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources". In addition, the definitions of "proven mineral reserves" and "probable mineral reserves" under the U.S. Rules are now "substantially similar" to the corresponding standards under NI 43-101. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that Ero reports are or will be economically or legally mineable. Further, "inferred mineral resources" have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Under Canadian securities laws, estimates of "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies, except in rare cases. While the above terms under the U.S. Rules are "substantially similar" to the standards under NI 43-101 and CIM Standards, there are differences in the definitions under the U.S. Rules and CIM Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that Ero may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had Ero prepared the reserve or resource estimates under the standards adopted under the U.S. Rules.

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| | |
|:---|:---|
| **18** | **Ero Copper Corp** |
| | 625 Howe Street **\|** Suite 1050 **\|** Vancouver **\|** BC **\|** V6C 2T6 **\|** Canada |

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