Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Share Name	Share Symbol	Market	Type
Ero Copper Corporation	NYSE:ERO	NYSE	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.439	1.84%	24.309	24.34	23.43	24.16	417,879	19:06:48

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 May 2024

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 ☐ 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).

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).

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.

	By:	/s/ Deepk Hundal
		Name: Deepk Hundal
		Title: SVP, General Counsel and Corporate Secretary
Date: May 7, 2024

Exhibit Index


Exhibit Number						Description of Document

99.1						Management’s Discussion and Analysis for the three months ended March 31, 2024
99.2						Condensed Consolidated Financial Statements for the three months ended March 31, 2024
99.3						Press Release dated May 7, 2024

MANAGEMENT’S DISCUSSION

AND ANALYSIS

FOR THE THREE MONTHS ENDED

MARCH 31, 2024

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			1
HIGHLIGHTS			2
REVIEW OF OPERATIONS
The Caraíba Operations			5
The Xavantina Operations			6
2024 GUIDANCE			7
REVIEW OF FINANCIAL RESULTS
Review of quarterly results			9

Summary of quarterly results for most recent eight quarters			11
OTHER DISCLOSURES
Liquidity, Capital Resources, and Contractual Obligations			12
Management of Risks and Uncertainties			14
Other Financial Information			17
Accounting Policies, Judgments and Estimates			18
Capital Expenditures			19
Alternative Performance (NON-IFRS) Measures			20
Disclosure Controls and Procedures and Internal Control over Financial Reporting			28
Notes and Cautionary Statements			29

Ero Copper Corp. March 31, 2024 MD&A

MANAGEMENT’S DISCUSSION AND ANALYSIS

This Management’s Discussion and Analysis (“MD&A”) has been prepared as at May 7, 2024 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 months ended March 31, 2024, and related notes thereto, which are prepared in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting as permitted by the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (the “IASB”). All references in this MD&A to “Q1 2024” and “Q1 2023” are to the three months ended March 31, 2024 and March 31, 2023, respectively. As well, this MD&A should be read in conjunction with the Company’s December 31, 2023 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 May 7, 2024, unless otherwise stated.

BUSINESS OVERVIEW

Ero is a high-margin, high-growth, low carbon-intensity copper producer with operations in Brazil and corporate headquarters in Vancouver, B.C., Canada. The Company's primary asset is a 99.6% interest in the Brazilian copper mining company, Mineração Caraíba S.A. ("MCSA"), held indirectly through its wholly-owned subsidiary, Ero Brasil Participaçoes Ltda.. MCSA is the 100% owner of the Company's Caraíba Operations, which are located in the Curaçá Valley, Bahia State, Brazil, and the Tucumã Project, an IOCG-type copper project located in Pará, Brazil. The Company also owns 97.6% of NX Gold S.A. ("NX Gold") which owns the Xavantina Operations, comprised of an operating gold and silver mine located in Mato Grosso, Brazil. Additional information on the Company and its operations, including technical reports on the Caraíba Operations, Xavantina Operations and Tucumã Project, can be found on the Company's website (www.erocopper.com), 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. March 31, 2024 MD&A | Page 1

HIGHLIGHTS


	2024 - Q1		2023 - Q4		2023 - Q1
Operating Information

Copper (Caraíba Operations)
Ore Processed (tonnes)	853,371		812,202		772,548
Grade (% Cu)	1.08		1.59		1.33
Cu Production (tonnes)	8,091		11,760		9,327
Cu Production (lbs)	17,837,530		25,926,281		20,563,552
Cu Sold in Concentrate (tonnes)	9,461		11,429		9,464
Cu Sold in Concentrate (lbs)	20,858,592		25,196,731		20,865,486

Cu C1 Cash Cost(1)(2)	$	2.30	$	1.75	$	1.89

Gold (Xavantina Operations)
Ore Processed (tonnes)	37,834		34,416		35,763
Grade (g / tonne)	16.38		17.18		11.85
Au Production (oz)	18,234		16,867		12,443

Au C1 Cash Cost(1)	$	395	$	413	$	436
Au AISC(1)	$	797	$	991	$	946

Financial information ($ in millions, except per share amounts)
Revenues	$	105.8	$	116.4	$	101.0
Gross profit	31.2		41.9		40.1
EBITDA(1)	17.8		73.7		48.1
Adjusted EBITDA(1)	43.3		50.3		44.5
Cash flow from operations	17.2		49.4		16.4
Net (loss) income	(6.8)		37.1		24.5
Net (loss) income attributable to owners of the Company	(7.1)		36.5		24.2
- Per share (basic)	(0.07)		0.37		0.26
- Per share (diluted)	(0.07)		0.37		0.26
Adjusted net income attributable to owners of the Company(1)	16.8		20.7		22.5
- Per share (basic)	0.16		0.21		0.24
- Per share (diluted)	0.16		0.21		0.24

Cash, cash equivalents, and short-term investments	51.7		111.7		236.6
Working (deficit) capital(1)	(28.6)		25.7		218.8
Available liquidity(1)	156.7		261.7		386.6
Net debt(1)	415.1		314.5		174.2

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

(2) Copper C1 cash cost including foreign exchange hedges was $2.28 in Q1 2024 (Q1 2023 - $1.84).

Ero Copper Corp. March 31, 2024 MD&A | Page 2

Q1 2024 Highlights

Solid first quarter financial results fueled by record gold production and strengthening gold and copper prices

•The Caraíba Operations produced 8,091 tonnes of copper in concentrate during the quarter at C1 cash costs(1) of $2.30 per pound of copper produced. Including the benefit of realized gains on allocated foreign exchange hedges, C1 cash costs(1) at the Caraíba Operations during the period were $2.28 per pound of copper produced

◦Mill throughput volumes increased 5.1% quarter-on-quarter following the successful completion of the Caraíba mill expansion in late 2023

◦A planned decrease in mined and processed copper grades during the quarter was compounded by delays in underground development required to access scheduled high-grade stopes, resulting in a higher proportion of ore mined from lower grade stopes during the period

•The Xavantina Operations achieved record gold production of 18,234 ounces during the quarter, resulting in C1 cash costs(1) and AISC(1) of $395 and $797, respectively, per ounce of gold produced

◦Tonnes processed increased 9.9% quarter-on-quarter while mined and processed gold grades remained elevated at 16.38 grams per tonne ("gpt")

•First quarter financial results reflect record gold production and operating margins at the Xavantina Operations as well as the sale of copper concentrate inventories carried over from Q4 2023 at the Caraíba Operations

◦Net loss attributable to the owners of the Company of $7.1 million ($0.07 per share on a diluted basis)

◦Adjusted net income attributable to the owners of the Company(1) of $16.8 million ($0.16 per share on a diluted basis)

◦Adjusted EBITDA(1) of $43.3 million

•At the The Tucumã Project, major mechanical and sub-component commissioning was completed during the quarter, and first ore passed through the crushing circuit and main conveyors. With commissioning progressing ahead of schedule and physical completion at approximately 97%, the Company expects to achieve first copper concentrate production in early Q3 2024. Total project capital remains unchanged at $310 million

•At quarter-end, available liquidity was $156.7 million, including $51.7 million in cash and cash equivalents plus $105.0 million of undrawn availability under the Company's senior secured revolving credit facility. Subsequent to quarter-end, to support the commencement of production and associated working capital needs at the Tucumã Project, the Company entered into a $50.0 million non-priced copper prepayment facility, which will be repaid through the delivery of copper at prevailing market prices.

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

Ero Copper Corp. March 31, 2024 MD&A | Page 3

Increasing 2024 production guidance for the Xavantina Operations to reflect a continuation of exceptional gold grades

•Following record operating performance at the Xavantina Operations during the quarter, the Company is increasing its 2024 gold production guidance from 55,000 to 60,000 ounces to a range of 60,000 to 65,000 ounces, and is guiding towards the low end of its full-year cost guidance for the Xavantina Operations

•The Company is reaffirming all other 2024 production, cost and capital expenditure guidance ranges

Tucumã Project on track to deliver transformational near-term growth

•As construction of the Tucumã Project nears completion, commissioning is advancing ahead of schedule, and first copper concentrate production is expected to commence in early Q3 2024

◦Completed mechanical and sub-component commissioning in Q1 2024, as well as first ore through the crushing circuit and main conveyors

◦Commissioning of the process plant, including the ball mill, flotation circuit, and tailings and concentrate filters, remains on track for integrated commissioning in June 2024

◦Sulphide ore stockpiled for process plant commissioning was approximately 36,000 tonnes with over 160,000 tonnes of ore drilled and ready to be blasted in the mine as of quarter-end

◦The total direct project capital estimate remains unchanged at approximately $310 million

◦To date, the Tucumã Project has recorded no lost-time injuries with over five million hours of work completed since 2022

•At the Caraíba Operations, main shaft sinking at the Pilar Mine's new external shaft is progressing on track to achieve a projected depth of approximately 600 meters by year-end

◦Reaming of the second and longest raisebore leg of the shaft, totaling 718 meters, was completed in April 2024

Ero Copper Corp. March 31, 2024 MD&A | Page 4

REVIEW OF OPERATIONS

The Caraíba Operations


Copper	2024 - Q1		2023 - Q4		2023 - Q1
Ore mined (tonnes)	788,332		886,271		759,599
Ore processed (tonnes)	853,371		812,202		772,548
Grade (% Cu)	1.08		1.59		1.33
Recovery (%)	88.1		91.0		90.8

Cu Production (tonnes)	8,091		11,760		9,327
Cu Production (lbs)	17,837,530		25,926,281		20,563,552

Concentrate grade (% Cu)	32.7		33.3		33.9
Concentrate sales (tonnes)	28,721		34,332		30,074
Cu Sold in concentrate (tonnes)	9,461		11,429		9,464
Cu Sold in concentrate (lbs)	20,858,592		25,196,731		20,865,486

Realized copper price	$	3.74	$	3.52	$	3.95
Copper C1 cash cost	$	2.30	$	1.75	$	1.89
Copper C1 cash cost including foreign exchange hedges	$	2.28	$	1.59	$	1.84

The Caraíba Operations delivered quarterly copper production of 8,091 tonnes in concentrate at a C1 cash cost of $2.30 per pound of copper produced. Including the benefit of realized gains on allocated foreign exchange hedges, C1 cash costs during the period were $2.28 per pound.

Mill throughput volumes increased 5.1% quarter-on-quarter following the successful completion of the Caraíba mill expansion in Q4 2023. Higher processed tonnage during the quarter partially offset a planned decrease in mined and processed copper grades that was compounded by delays in underground development required to access scheduled high-grade stopes within the Pilar Mine, resulting in a higher proportion of ore mined from lower grade stopes during the period.

Tonnes of ore mined in Q1 2024 included:

•Pilar: 454,610 tonnes grading 1.23% copper (vs. 471,695 tonnes at 1.76% copper in Q4 2023)

•Vermelhos: 227,166 tonnes grading 1.21% copper (vs. 248,349 tonnes at 1.59% copper in Q4 2023)

•Surubim: 106,556 tonnes at 0.65% copper (vs. 166,227 tonnes at 0.68% copper in Q4 2023)

Contributions from the three mines resulted in total ore mined during the quarter of 788,332 tonnes grading 1.15% copper (vs. 886,271 tonnes at 1.51% copper in Q4 2023).

The Caraíba Operations are projected to produce 42,000 to 47,000 tonnes of copper in concentrate for the year, with Q1 2024 expected to be the lowest production quarter. Anticipated increases in mill throughput volumes and higher copper grades from scheduled stope sequencing are expected to contribute to sequential production increases throughout the remaining quarters of the year.

Ero Copper Corp. March 31, 2024 MD&A | Page 5

The Company is maintaining its full-year C1 cash cost guidance range for the Caraíba Operations of $1.80 to $2.00. Unit operating costs are expected to peak in Q1 2024 and improve in subsequent quarters due to projected increases in copper production.

Exploration activities during Q1 2024 at the Caraíba Operations continued to focus on advancing the Company's full-year exploration objectives of (i) extending high-grade mineralization within the upper levels of the Pilar Mine and at the Vermelhos Mine, (ii) delineating extensions of regional targets with known copper mineralization located near the Caraíba mill, and (iii) drill testing regional nickel and copper targets in the Vermelhos district.

The Xavantina Operations


Gold	2024 - Q1		2023 - Q4		2023 - Q1
Ore mined (tonnes)	37,834		34,417		35,763
Ore processed (tonnes)	37,834		34,416		35,763
Head grade (grams per tonne Au)	16.38		17.18		11.85
Recovery (%)	91.5		88.7		91.4

Gold ounces produced (oz)	18,234		16,867		12,443
Silver ounces produced (oz)	10,209		9,907		8,194

Gold sold (oz)	16,853		18,479		13,097
Silver sold (oz)	9,086		9,618		8,422

Realized gold price(1)	$	1,920	$	1,820	$	1,828
Gold C1 cash cost	$	395	$	413	$	436
Gold AISC	$	797	$	991	$	946

(1) Realized Au price includes the effect of ounces sold under the stream arrangement with Royal Gold. See "Realized Gold Price" section of "Non-IFRS Measures" for detail.

The Xavantina Operations achieved record quarterly gold production of 18,234 ounces at a C1 cash cost of $395 and an AISC of $797 per ounce of gold produced. Tonnes processed increased 9.9% quarter-on-quarter while mined and processed gold grades remained elevated at 16.38 gpt.

Following record operating performance at the Xavantina Operations during the quarter, the Company is increasing its full-year gold production guidance from 55,000 to 60,000 ounces to a range of 60,000 to 65,000 ounces. The Company expects mined and processed gold grades to remain above plan through the remainder of H1 2024, as positive grade reconciliations have continued into Q2 2024. While this trend may continue beyond Q2 2024, the Company is projecting a reversion to long-term block model grades for planned mining areas in H2 2024.

As a result of higher full-year production expectations, the Company is guiding towards the low end of its 2024 gold C1 cash cost guidance range of $550 to $650 and its gold AISC guidance range of $1,050 to $1,150.

Exploration activities at the Xavantina Operations during the quarter continued to focus on testing the down plunge extension of the Santo Antônio vein at depth as well as drill testing the Santo Antonio/Brás joining extension. Regional Exploration focused on identifying potential gold systems parallel to Xavantina mine system.

Ero Copper Corp. March 31, 2024 MD&A | Page 6

2024 GUIDANCE

Following record operating performance at the Xavantina Operations during the quarter, the Company is increasing its 2024 gold production guidance from 55,000 to 60,000 ounces to a range of 60,000 to 65,000 ounces. The Company expects mined and processed gold grades to remain above plan through the remainder of H1 2024, as positive grade reconciliations have continued into Q2 2024. While this trend may continue beyond Q2 2024, the Company is projecting a reversion to long-term block model grades for planned mining areas in H2 2024. As a result of higher full-year production expectations, the Company is guiding towards the low end of its full-year cost guidance for the Xavantina Operations.

Consolidated copper production of 59,000 to 72,000 tonnes in concentrate is expected to be weighted towards H2 2024, largely due to the anticipated commencement of production at the Tucumã Project in early Q3 2024. Consequently, consolidated copper C1 cash costs are projected to be lower in H2 2024 versus H1 2024.

2024 Production and Cost Guidance

The Company's updated cost guidance for 2024 assumes a foreign exchange rate of 5.00 BRL per USD, a gold price of $1,900 per ounce and a silver price of $23.00 per ounce.

Previous Guidance

Updated Guidance

Consolidated Copper Production (tonnes)

Caraíba Operations

42,000 - 47,000

Unchanged

Tucumã Operations

17,000 - 25,000

Unchanged

Total

59,000 - 72,000

Unchanged

Consolidated Copper C1 Cash Costs(1) Guidance

Caraíba Operations

$1.80 - $2.00

Unchanged

Tucumã Operations

$0.90 - $1.10

Unchanged

Total

$1.50 - $1.75

Unchanged

The Xavantina Operations

Au Production (ounces)

55,000 - 60,000

60,000 - 65,000

Gold C1 Cash Cost(1) Guidance

$550 - $650

Low End of Range

Gold AISC(1) Guidance

$1,050 - $1,150

Low End of Range

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 this MD&A for complete risk factors.

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

Ero Copper Corp. March 31, 2024 MD&A | Page 7

2024 Capital Expenditure Guidance

Full-year capital expenditures are projected to range from $299 to $349 million, including an estimated $30 to $40 million allocated to consolidated exploration programs. As the Company nears completion of the Tucumã Project, capital expenditures are expected to decrease in Q2 2024 compared to Q1 2024 and be weighted towards H1 2024.

The 2024 capital expenditure guidance assumes an exchange rate of 5.10 USD:BRL for the Tucumã Project based on allocated foreign exchange hedges with a weighted average ceiling and floor of 5.10 and 5.23 USD:BRL, respectively. All other capital expenditures assume an exchange rate of 5.00 USD:BRL. Figures presented in the table below are in USD millions.


Caraíba Operations
Growth						$80 - $90
Sustaining						$100 - $110
Total, Caraíba Operations						$180 - $200

Tucumã Project
Growth						$65 - $75
Capitalized Ramp-Up Costs						$4 - $6
Sustaining						$2 - $5
Total, Tucumã Project						$71 - $86

Xavantina Operations
Growth						$3 - $5
Sustaining						$15 - $18
Total, Xavantina Operations						$18 - $23

Consolidated Exploration Programs						$30 - $40

Company Total
Growth						$148 - $170
Capitalized Ramp-Up Costs						$4 - $6
Sustaining						$117 - $133
Exploration						$30 - $40
Total, Company						$299 - $349

Ero Copper Corp. March 31, 2024 MD&A | Page 8

REVIEW OF FINANCIAL RESULTS

The following table provides a summary of the financial results of the Company for Q1 2024 and Q1 2023. Tabular amounts are in thousands of US dollars, except share and per share amounts.


		Three months ended March 31,
	Notes	2024		2023

Revenue	1	$	105,793	$	100,956
Cost of sales	2	(74,616)		(60,848)
Gross profit		31,177		40,108
Expenses
General and administrative	3	(11,514)		(12,216)
Share-based compensation		(6,545)		(5,017)
Income before the undernoted		13,118		22,875
Finance income		1,468		4,138
Finance expense	4	(4,634)		(6,526)
Foreign exchange (loss) gain	5	(18,996)		8,621


Other income		361		58
(Loss) income before income taxes		(8,683)		29,166
Income tax recovery (expense)
Current		(3,330)		(2,100)
Deferred		5,183		(2,566)
	6	1,853		(4,666)
Net (loss) income for the period		$	(6,830)	$	24,500

Other comprehensive (loss) gain
Foreign currency translation (loss) gain	7	(24,680)		17,641
Comprehensive (loss) income		$	(31,510)	$	42,141









Net (loss) income per share attributable to owners of the Company
Basic		$	(0.07)	$	0.26
Diluted		$	(0.07)	$	0.26
Weighted average number of common shares outstanding
Basic		102,769,444		92,294,045
Diluted		102,769,444		93,218,281

Ero Copper Corp. March 31, 2024 MD&A | Page 9

Notes:

1. Revenues from copper sales in Q1 2024 was $73.9 million (Q1 2023 - $77.3 million) on sale of 20.9 million lbs of copper (Q1 2023 - 20.9 million lbs) at an average realized price of $3.74 (Q1 2023 - $3.95) per lb. The decrease in copper revenues was primarily attributed to lower average realized price.

Revenues from gold sales in Q1 2024 was $31.9 million (Q1 2023 - $23.7 million) on sale of 16,853 ounces of gold (Q1 2023 - 13,097 ounces) at an average realized price of $1,920 per ounce (Q1 2023 - $1,828 per ounce). The increase in gold revenues was attributable to both higher realized gold price and an increase in sales volume, as production and head grades both increased significantly compared to the same quarter of the prior year.

2. Cost of sales for Q1 2024 from copper sales was $61.6 million (Q1 2023 - $50.6 million) which primarily comprised of $17.6 million (Q1 2023 - $12.5 million) in depreciation and depletion, $13.2 million (Q1 2023 - $11.3 million) in salaries and benefits, $8.7 million (Q1 2023 - $8.5 million) in materials and consumables, $6.7 million (Q1 2023 - $6.4 million) in maintenance costs, $6.5 million (Q1 2023 - $6.1 million) in contracted services, $3.9 million increase (Q1 2023 - $1.2 million decrease) in inventories, $3.1 million (Q1 2023 - $2.7 million) in utilities, and $1.8 million (Q1 2023 - $1.9 million) in sales expenses. The increase in cost of sales in Q1 2024 as compared to Q1 2023 was primarily attributable to a 10% increase in tonnes processed, as well as higher depreciation and depletion due to overall higher depletable asset base, and higher labour costs from wage and other benefit increases. Lower grades of ore processed also resulted in an increase in the cost per pound sold.

Cost of sales for Q1 2024 from gold sales was $13.0 million (Q1 2023 - $10.2 million) which primarily comprised of $5.3 million (Q1 2023 - $3.9 million) in depreciation and depletion, $2.6 million (Q1 2023 - $2.1 million) in salaries and benefits, $2.0 million (Q1 2023 - $1.2 million) in contracted services, $1.7 million (Q1 2023 - $1.5 million) in materials and consumables, $0.6 million (Q1 2023 - $0.4 million) in maintenance costs, and $0.6 million (Q1 2023 - $0.5 million) in utilities. The increase in cost of sales as compared to Q1 2023 was primarily due to higher depreciation and depletion attributed to an increase in production as well as depreciable asset base. These increases were more than offset by the increase on grades of ore mined which reduced the cost per ounce sold.

3. General and administrative expenses for Q1 2024 was primarily comprised of $6.0 million (Q1 2023 - $7.1 million) in salaries and consulting fees, $2.3 million (Q1 2023 - $2.2 million) in office and administration expenses, $1.7 million (Q1 2023 - $1.4 million) in incentive payments, $0.4 million (Q1 2023 - $0.5 million) in accounting and legal costs, and $0.7 million (Q1 2023 - $0.9 million) in other costs. The decrease in general and administrative expenses was mainly attributed to decreases in salaries and consulting fees.

4. Finance expense for Q1 2024 was $4.6 million (Q1 2023 - $6.5 million) and is primarily comprised of other finance expense of $2.9 million (Q1 2023 - $0.2 million), accretion of deferred revenue of $0.7 million (Q1 2023 - $0.8 million), accretion of asset retirement obligations of $0.6 million (Q1 2023 - $0.6 million), lease interest of $0.4 million (Q1 2023 - $0.3 million), and interest on loans and borrowings of $— million (Q1 2023 - $4.5 million). In addition, $7.4 million (Q1 2023 - $2.4 million) in interest was capitalized to projects in progress. The overall decrease in finance expense was attributable to higher interest expense being capitalized as a result of higher capital expenditures on construction projects as compared to the same quarter in the prior year, partially offset by a credit loss provision of $1.9 million recognized on accounts and note receivable.

5. Foreign exchange loss for Q1 2024 was $19.0 million (Q1 2023 - $8.6 million gain). This amount is primarily comprised of foreign exchange loss on USD denominated debt of $12.8 million (Q1 2023 - $5.4 million gain) in MCSA for which the functional currency is the BRL, and unrealized foreign exchange loss on derivative contracts of $9.3 million (Q1 2023 - $3.2 million gain), partially offset by realized foreign exchange gain on derivative contracts of $2.1 million (Q1 2023 - $0.9 million gain) and other foreign exchange gains of $1.0 million (Q1 2023 - $0.9 million losses). The unrealized foreign exchange loss on USD denominated debt and on derivative contracts was a result of the weakening of the BRL against the USD during the period.

6. In Q1 2024, the Company recognized $1.9 million in income tax recovery (Q1 2023 - tax expense of $4.7 million). The change in income tax was primarily a result of a loss before taxes as compared to income before taxes in the same quarter of the prior year.

7. The foreign currency translation loss is a result of a fluctuation of the BRL against the USD during Q1 2024, which weakened from approximately 4.84 BRL per US dollar at the beginning of Q1 2024 to approximately 5.00 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. March 31, 2024 MD&A | Page 10

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	Mar. 31,(1)		Dec. 31,(2)		Sep. 30,(3)		Jun. 30,(4)		Mar. 31,(5)		Dec. 31,(6)		Sep. 30,(7)		Jun. 30,(8)
	2024		2023		2023		2023		2023		2022		2022		2022
Revenue	$	105.8	$	116.4	$	105.2	$	104.9	$	101.0	$	116.7	$	85.9	$	114.9
Cost of sales	$	(74.6)	$	(74.6)	$	(69.7)	$	(65.5)	$	(60.8)	$	(64.0)	$	(63.1)	$	(64.3)
Gross profit	$	31.2	$	41.9	$	35.5	$	39.4	$	40.1	$	52.7	$	22.8	$	50.7
Net (loss) income for period	$	(6.8)	$	37.1	$	2.8	$	29.9	$	24.5	$	22.5	$	4.0	$	24.1
(Loss) income per share attributable to the owners of the Company
- Basic	$	(0.07)	$	0.37	$	0.03	$	0.32	$	0.26	$	0.24	$	0.04	$	0.26
- Diluted	$	(0.07)	$	0.37	$	0.03	$	0.32	$	0.26	$	0.24	$	0.04	$	0.26
Weighted average number of common shares outstanding
- Basic	102,769,444		98,099,791		93,311,434		92,685,916		92,294,045		91,522,358		90,845,229		90,539,647
- Diluted	102,769,444		98,482,755		94,009,268		93,643,447		93,218,281		92,551,916		91,797,437		91,850,321

Notes:

1.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.

2.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.

3.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.

4.During Q2 2023, the Company recognized net income of $29.9 million compared to $24.5 million in the preceding quarter. The increase was primarily attributable to an increase in foreign exchange gain and the recognition of an unrealized gain in copper derivative contracts.

5.During Q1 2023, the Company recognized net income of $24.5 million compared to $22.5 million in the preceding quarter. The increase was primarily attributable to an increase in foreign exchange gain, a reduction in general and administrative expenses, and a reduction in finance expense. In the prior quarter, the Company recognized a $3.3 million expected credit loss provision.

6.During Q4 2022, the Company recognized net income of $22.5 million compared to $4.0 million in the preceding quarter. The increase was primarily attributable to a $29.9 million increase in gross profit as a result of 13% increase in copper production, partially offset by higher share-based payment expenses and a $3.3 million expected credit loss provision recognized in relation to payment arrangement with PMA.

Ero Copper Corp. March 31, 2024 MD&A | Page 11

7.During Q3 2022, the Company recognized net income of $4.0 million compared to $24.1 million in the preceding quarter. The decrease was primarily attributable to a $27.9 million decrease in gross profit as a result of 12% lower production, reduced copper and gold realized prices, and provisional pricing adjustments on copper concentrate sold in the prior quarter.

8.During Q2 2022, the Company recognized net income of $24.1 million compared to $52.5 million in the preceding quarter. The decrease was primarily attributable to volatility in foreign exchange gains or losses driven by the strengthening of the BRL against the USD in the quarter, which resulted in $3.3 million of foreign exchange losses compared to $18.7 million of foreign exchange gains in the preceding quarter and a $10.3 million decrease in gross profit as a result of reduced copper and gold realized prices and overall inflationary pressure on cost of sales. The increase in copper produced and sold was mostly offset by a provisional pricing adjustment.

LIQUIDITY, CAPITAL RESOURCES, AND CONTRACTUAL OBLIGATIONS

Liquidity

As at March 31, 2024, the Company held cash and cash equivalents of $51.7 million and available liquidity of $156.7 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 have decreased by $60.0 million since December 31, 2023. The Company’s cash flows from operating, investing, and financing activities during 2024 are summarized as follows:

•Cash used in investing activities of $107.1 million, including:

◦$106.6 million of additions to mineral property, plant and equipment; and

◦$1.2 million of additions to exploration and evaluation assets;

net of:

◦$0.7 million in proceeds from short-term investments and interest received.

Partially offset by:

•Cash from operating activities of $17.2 million, primarily consists of:

◦$17.8 million of EBITDA (see Non-IFRS Measures);

◦$2.1 million of derivative contract settlements; and

◦$1.1 million of additional advances from the NX Gold Precious Metal Purchase Agreement;

net of:

◦$19.5 million of unrealized foreign exchange gains;

◦$2.6 million of income taxes paid; and

◦$20.6 million of net change in non-cash working capital items.

•Cash from financing activities of $30.1 million, primarily consists of:

◦$50.1 million of new loans and borrowings, including a $45.0 million drawdown of the Senior Credit Facility; and

◦$0.3 million of proceeds from exercise of stock options.

Ero Copper Corp. March 31, 2024 MD&A | Page 12

net of:

◦$13.4 million of interest paid on loans and borrowings;

◦$3.1 million of lease payments; and

◦$2.6 million of principal repayments on loans and borrowings.

Subsequent to March 31, 2024, the Company drew down an additional $25.0 million of the senior secured revolving credit facility.

As at March 31, 2024, the Company had working capital deficit of $28.6 million and available liquidity of $156.7 million.

Capital Resources

At March 31, 2024, the Company had available liquidity of $156.7 million, including $51.7 million in cash and cash equivalents and $105.0 million of undrawn availability under its senior secured revolving credit facility.

In May 2024, to support the commencement of production and associated working capital needs at the Tucumã Project, 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 will be repaid over 27 equal monthly installments, beginning in October 2024, through the delivery of 272 tonnes of copper each month. Should any delivery exceed the monthly amortization payment of $2.1 million based on prevailing market prices, the excess value will be repaid to the Company. Through the end of 2024, the Company has the option to increase the size of the non-priced copper prepayment facility from $50.0 million to $75.0 million.

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, including the capital expenditures to complete the Tucumã Project, and other initiatives, for the foreseeable future.

In 2023, the senior credit facility was amended to increase its limit from $75.0 million to $150.0 million with maturity extended from March 2025 to December 2026 ("Amended Senior Credit Facility"). The Amended Senior Credit Facility bears interest on a sliding scale of SOFR plus an applicable margin of 2.00% to 4.50% depending on the Company's consolidated leverage ratio. Commitment fees for the undrawn portion of the Amended Senior Credit Facility is also based on a sliding scale ranging from 0.45% to 1.01%.

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, 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.

Ero Copper Corp. March 31, 2024 MD&A | Page 13

Contractual Obligations and Commitments

The Company has a precious metals purchase agreement with RGLD Gold AG ("Royal Gold"), 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 March 31, 2024 and December 31, 2023:


	March 31, 2024		December 31, 2023
Cash and cash equivalents	51,692		$	111,738

Accounts receivable	8,061		5,710
Derivatives	1,667		11,254
Note receivable	14,764		17,413
Deposits and other assets	10,329		9,484
	$	86,513	$	155,599

The Company invests cash and cash equivalents and short-term investments 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 November 30, 2022, Paranapanema S/A ("PMA"), one of the Company's customers in Brazil, filed for bankruptcy protection. According to PMA, the action was attributed to working capital challenges following an operational halt at one of their facilities. Progress was noted in August 2023 when PMA and its creditors agreed on a judicial recovery plan, which subsequently received approval from the judicial recovery court in November 2023. As a preferred supplier to PMA, the Company has entered into a note receivable arrangement with PMA. The arrangement is excluded from the judicial recovery process and provides the Company with certain judicial guarantees. According to the note receivable

Ero Copper Corp. March 31, 2024 MD&A | Page 14

arrangement, repayment is 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 March 31, 2024, the gross amount of accounts and note receivable from PMA was $25.0 million (December 31, 2023 - $25.2 million). As PMA missed its first installment in March 2024, the Company further increased the expected credit loss provision by $1.9 million. After adjusting for credit loss provision and present value discount of $9.6 million (December 31, 2023 - $7.7 million), the amortized cost of the note receivable at March 31, 2024 was $14.8 million (December 31, 2023 - $17.4 million), of which $8.4 million (December 31, 2023 - $8.3 million was classified as current and $6.4 million (December 31, 2023 - $9.1 million) as non-current.

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 March 31, 2024:


Non-derivative financial liabilities	Carrying value		Contractual cash flows		Up to 12 months		1 - 2 years		3 - 5 years		More than 5 years
Loans and borrowings (including interest)	$	466,802	$	639,386	$	43,722	$	117,473	$	478,191	$	—
Accounts payable and accrued liabilities	109,095		109,095		109,095		—		—		—
Other non-current liabilities	9,190		25,443		—		10,657		14,400		386
Leases	19,616		19,588		11,965		5,300		2,323		—
Total	$	604,703	$	793,512	$	164,782	$	133,430	$	494,914	$	386

As at March 31, 2024, the Company has capital commitments, which is net of advances to suppliers, of $119.3 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 derivative financial asset for foreign exchange collar contracts and copper derivative contracts whose notional amounts and maturity information are disclosed below under foreign exchange currency risk, interest rate risk, and price risk.

Foreign exchange currency risk

Ero Copper Corp. March 31, 2024 MD&A | Page 15

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 March 31, 2024 relates to $20.4 million (December 31, 2023 – $17.2 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 March 31, 2024 on $438.9 million of intercompany loan balances (December 31, 2023 - $342.2 million) which have contractual repayment terms. Strengthening (weakening) in the Brazilian Real against the US dollar at March 31, 2024 by 10% and 20%, would have decreased (increased) pre-tax net loss by $45.8 million and $91.7 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 March 31, 2024 is summarized as follows:

Purpose

Notional Amount

Denomination

Weighted average floor

Weighted average cap / forward price

Maturities

Operational costs

$172.5 million

USD/BRL

4.96

5.38

Apr 2024 - Dec 2024

Capital expenditures

$78.0 million

USD/BRL

5.10

5.23

Apr 2024 - Dec 2024

Total

$250.5 million

USD/BRL

5.01

5.34

Apr 2024 - Dec 2024

The aggregate fair value of the Company's foreign exchange derivatives was a net asset of $1.7 million (December 31, 2023 - asset of $11.3 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 collar contracts was a loss of $9.3 million for the three months ended March 31, 2024 (a gain of $3.2 million for the three months ended March 31, 2023), which has been recognized in foreign exchange (loss) gain.

In addition, during the three months ended March 31, 2024, the Company recognized a realized gain of $2.1 million (realized gain of $0.9 million for the three months ended March 31, 2023) related to the settlement of foreign currency forward collar contracts. Of the $2.1 million in realized gain recognized during the three months ended March 31, 2024, $1.8 million (three months ended March 31, 2023 - $nil) was attributed to capital expenditures and $0.3 million (three months ended March 31, 2023 - $0.9 million) to operational cost hedges.

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.

Ero Copper Corp. March 31, 2024 MD&A | Page 16

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 March 31, 2024, 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 March 31, 2024, the Company had provisionally priced sales that are exposed to commodity price changes. Based on the Company’s net exposure at March 31, 2024, a 10% change in the price of copper would have changed $0.6 million.

At March 31, 2024, the Company has entered into zero-cost copper derivative contracts on 1,000 tonnes of copper per month from April 2024 to June 2024, representing approximately 25% of estimated production volumes over the period. As of March 31, 2024, the fair value of these contracts was a net liability of $0.5 million (December 31, 2023 - liability of $0.6 million). The fair value of copper collar contracts was determined based on option pricing models, forward copper price and information provided by the counter party.

During the three months ended March 31, 2024, the Company recognized an unrealized gain of $0.1 million (unrealized gain of $0.2 million for the three months ended March 31, 2023) and a realized loss of nil (realized loss of $1.8 million for the three months ended March 31, 2023) in relation to its copper hedge derivatives in other income or loss.

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 March 31, 2024, the Company had no material off-balance sheet arrangements.

Outstanding Share Data

As of May 7, 2024, the Company had 102,991,265 common shares issued and outstanding.

Ero Copper Corp. March 31, 2024 MD&A | Page 17

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, 2023 and condensed consolidated interim financial statements for the three months ended March 31, 2024. Judgements have been made in the determination of the functional currency of the Company and its subsidiaries and in the assessment of the probability of cash outflow related to legal claims and contingent liabilities. Certain of accounting policies, such as derivative instruments, deferred revenue, carrying amounts of mineral properties and associated mine closure and reclamation costs, provision for mine closure and reclamation costs, income tax including tax uncertainties, and expected credit losses involve critical accounting estimates. Certain of these estimates are dependent on mineral reserves and resource estimates. Changes in estimates of mineral reserves and resources could impact depreciation and depletion rates, asset carrying amounts and the provisions for mine closure and reclamation costs. The Company estimates its mineral reserves and resources based on information compiled by competent individuals. Estimates of mineral reserves and resources are 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 estimating mineral reserves, and assumptions that are valid at the time of estimation may change significantly when new information becomes available. Changes in the estimation 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.

Ero Copper Corp. March 31, 2024 MD&A | Page 18

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.



	2024 - Q1		2023 - Q1
Caraíba Operations
Growth	$	19,731	$	24,702
Sustaining	14,267		20,862
Exploration	4,599		5,196
Deposit on Projects	3,007		3,659
Total, Caraíba Operations	$	41,604	$	54,419

Tucumã Project
Growth	56,781		11,782

Exploration	10		638
Deposit on Projects	(6,752)		14,100
Total, Tucumã Project	$	50,039	$	26,520

Xavantina Operations
Growth	57		987
Sustaining	3,064		3,013
Exploration	1,314		1,905
Deposit on Projects	(29)		—
Total, Xavantina Operations	$	4,406	$	5,905

Corporate and Other

Sustaining	—		178
Exploration	1,134		1,837
Deposit on Projects	(10)		—
Total, Corporate and Other	$	1,124	$	2,015

Consolidated
Growth	76,569		37,471
Sustaining	17,331		24,053
Exploration	7,057		9,576
Deposit on Projects	(3,784)		17,759
Total, Consolidated Capital Expenditures	$	97,173	$	88,859

Ero Copper Corp. March 31, 2024 MD&A | Page 19


	2024 - Q1		2023 - Q1
Total, Consolidated Capital Expenditures	$	97,173	$	88,859
Add (less):
Additions to exploration and evaluation assets	(1,201)		(3,045)
Additions to right-of-use assets	4,034		4,085
Capitalized depreciation	574		—
Realized foreign exchange gain on capital expenditure hedges	1,688		—
Total, additions per Mineral Properties, Plant and Equipment	$	102,268	$	89,899

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.

Ero Copper Corp. March 31, 2024 MD&A | Page 20

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.

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


Reconciliation:	2024 - Q1		2023 - Q4		2023 - Q1
Cost of production	$	42,227	$	39,790	$	36,285
Add (less):
Transportation costs & other	1,252		1,853		1,339
Treatment, refining, and other	5,170		7,332		6,463
By-product credits	(2,440)		(3,394)		(2,810)
Incentive payments	(1,199)		(1,693)		(1,237)
Net change in inventory	(3,893)		1,434		(1,185)
Foreign exchange translation and other	(7)		20		15
C1 cash costs	41,110		45,342		38,870
(Gain) loss on foreign exchange hedges	(276)		(4,185)		(932)
C1 cash costs including foreign exchange hedges	$	40,834	$	41,157	$	37,938


	2024 - Q1		2023 - Q4		2023 - Q1
Costs
Mining	$	25,256	$	26,646	$	23,210
Processing	7,177		8,177		6,554
Indirect	5,947		6,581		5,453
Production costs	38,380		41,404		35,217
By-product credits	(2,440)		(3,394)		(2,810)
Treatment, refining and other	5,170		7,332		6,463
C1 cash costs	41,110		45,342		38,870
(Gain) loss on foreign exchange hedges	(276)		$	(4,185)	$	(932)
C1 cash costs including foreign exchange hedges	$	40,834	$	41,157	$	37,938

Ero Copper Corp. March 31, 2024 MD&A | Page 21


	2024 - Q1		2023 - Q4		2023 - Q1











Costs per pound
Total copper produced (lb, 000)	17,838		25,926		20,564

Mining	$	1.42	$	1.03	$	1.13
Processing	$	0.40	$	0.32	$	0.32
Indirect	$	0.33	$	0.25	$	0.27
By-product credits	$	(0.14)	$	(0.13)	$	(0.14)
Treatment, refining and other	$	0.29	$	0.28	$	0.31
Copper C1 cash costs	$	2.30	$	1.75	$	1.89
(Gain) loss on foreign exchange hedges	$	(0.02)	$	(0.16)	$	(0.05)
Copper C1 cash costs including foreign exchange hedges	$	2.28	$	1.59	$	1.84

Realized Copper Price

Realized copper price is a non-IFRS ratio that 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 the realized copper sales in each reporting period.

The following table provides a calculation of realized copper price and a reconciliation to copper segment .


Reconciliation:	2024 - Q1		2023 - Q4		2023 - Q1
Copper revenue ($000s)(1)	$	73,856	$	83,237	$	77,301
less: by-product credits	(2,440)		(3,394)		(2,810)
Net copper revenue	71,416		79,843		74,491
add: treatment, refining and other	5,170		7,332		6,463
add: royalty taxes	1,359		1,501		1,411
Gross copper revenue	77,945		88,676		82,365
Cu Sold in concentrate (lbs)	20,859		25,197		20,865
Realized copper price	$	3.74	$	3.52	$	3.95

(1) Copper revenue includes provisional price and volume adjustments

Ero Copper Corp. March 31, 2024 MD&A | Page 22

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.


Reconciliation:	2024 - Q1		2023 - Q4		2023 - Q1
Cost of production	$	7,255	$	7,122	$	6,107
Add (less):
Incentive payments	(443)		(386)		(407)
Net change in inventory	264		65		(352)
By-product credits	(189)		(248)		(176)
Smelting and refining	90		113		76
Foreign exchange translation and other	232		296		176
C1 cash costs	$	7,209	$	6,962	$	5,424
Site general and administrative	1,353		1,492		1,232
Accretion of mine closure and rehabilitation provision	92		111		105
Sustaining capital expenditure	3,254		5,499		3,013
Sustaining lease payments	2,122		1,861		1,660
Royalties and production taxes	510		785		338
AISC	$	14,540	$	16,710	$	11,772

Ero Copper Corp. March 31, 2024 MD&A | Page 23


	2024 - Q1		2023 - Q4		2023 - Q1
Costs
Mining	$	3,820	$	3,430	$	2,567
Processing	2,259		2,315		1,905
Indirect	1,229		1,352		1,052
Production costs	7,308		7,097		5,524
Smelting and refining costs	90		113		76
By-product credits	(189)		(248)		(176)
C1 cash costs	$	7,209	$	6,962	$	5,424
Site general and administrative	1,353		1,492		1,232
Accretion of mine closure and rehabilitation provision	92		111		105
Sustaining capital expenditure	3,254		5,499		3,013
Sustaining leases	2,122		1,861		1,660
Royalties and production taxes	510		785		338
AISC	$	14,540	$	16,710	$	11,772

Costs per ounce
Total gold produced (ounces)	18,234		16,867		12,443

Mining	$	209	$	203	$	206
Processing	$	124	$	137	$	153
Indirect	$	67	$	80	$	85
Smelting and refining	$	5	$	7	$	6
By-product credits	$	(10)	$	(14)	$	(14)
Gold C1 cash cost	$	395	$	413	$	436
Gold AISC	$	797	$	991	$	946

Ero Copper Corp. March 31, 2024 MD&A | Page 24

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)	2024 - Q1		2023 - Q4		2023 - Q1
NX Gold revenue	$	31,937	$	33,176	$	23,655
less: by-product credits	(189)		(248)		(176)
Gold revenue, net	$	31,748	$	32,928	$	23,479
add: smelting, refining, and other charges	605		713		468

Gold revenue, gross	$	32,353	$	33,641	$	23,947
- spot (cash)	$	24,529	$	28,205	$	18,677
- stream (cash)	$	1,901	$	1,613	$	1,231
- stream (amortization of deferred revenue)	$	5,923	$	3,823	$	4,039

Total gold ounces sold	16,853		18,479		13,097
- spot	12,298		14,332		9,787
- stream	4,555		4,147		3,310

Realized gold price (per ounce)	$	1,920	$	1,820	$	1,828
- spot	$	1,995	$	1,968	$	1,908
- stream (cash + amortization of deferred revenue)	$	1,718	$	1,311	$	1,592
- cash (spot cash + stream cash)	$	1,568	$	1,614	$	1,520

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.

Ero Copper Corp. March 31, 2024 MD&A | Page 25


Reconciliation:	2024 - Q1		2023 - Q4		2023 - Q1
Net (Loss) Income	$	(6,830)	$	37,052	$	24,500
Adjustments:
Finance expense	4,634		5,284		6,526
Finance income	(1,468)		(1,989)		(4,138)
Income tax (recovery) expense	(1,853)		8,415		4,666
Amortization and depreciation	23,296		24,980		16,506
EBITDA	$	17,779	$	73,742	$	48,060
Foreign exchange loss (gain)	18,996		(24,871)		(8,621)
Share based compensation	6,545		477		5,017
Unrealized (gain) loss on copper derivatives	(64)		955		—


Adjusted EBITDA	$	43,256	$	50,303	$	44,456

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 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.

Ero Copper Corp. March 31, 2024 MD&A | Page 26


Reconciliation:	2024 - Q1		2023 - Q4		2023 - Q1
Net (loss) income as reported attributable to the owners of the Company	$	(7,141)	$	36,549	$	24,154
Adjustments:
Share based compensation	6,545		477		5,017
Unrealized foreign exchange loss (gain) on USD denominated balances in MCSA	11,257		(10,308)		(4,753)
Unrealized foreign exchange loss (gain) on foreign exchange derivative contracts	9,304		(9,852)		(3,152)
Unrealized (gain) loss on copper derivative contracts	(64)		951		—



Tax effect on the above adjustments	(3,128)		2,932		1,208
Adjusted net income attributable to owners of the Company	$	16,773	$	20,749	$	22,474

Weighted average number of common shares
Basic	102,769,444		98,099,791		92,294,045
Diluted	103,242,437		98,482,755		93,218,281

Adjusted EPS
Basic	$	0.16	$	0.21	$	0.24
Diluted	$	0.16	$	0.21	$	0.24

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.


	March 31, 2024		December 31, 2023		March 31, 2023
Current portion of loans and borrowings	$	16,059	$	20,381	$	9,221
Long-term portion of loans and borrowings	450,743		405,852		401,595
Less:
Cash and cash equivalents	(51,692)		(111,738)		(209,908)
Short-term investments	—		—		(26,739)

Net debt (cash)	$	415,110	$	314,495	$	174,169

Ero Copper Corp. March 31, 2024 MD&A | Page 27

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.


	March 31, 2024		December 31, 2023		March 31, 2023
Current assets	$	129,960	$	199,487	$	331,241
Less: Current liabilities	(158,565)		(173,800)		(112,448)
Working (deficit) capital	$	(28,605)	$	25,687	$	218,793

Cash and cash equivalents	51,692		111,738		209,908
Short-term investments	—		—		26,739
Available undrawn revolving credit facilities(1)	105,000		150,000		150,000
Available liquidity	$	156,692	$	261,738	$	386,647

(1) In January 2023, the Company amended its senior credit facility to increase its limit from $75.0 million to $150.0 million and extended the maturity from March 2025 to December 2026.

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.

Ero Copper Corp. March 31, 2024 MD&A | Page 28

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 months ended March 31, 2024.

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., Erin L. Patterson, P.E. and Scott C. Elfen, P.E. all of Ausenco Engineering Canada Inc. (or its affiliate Ausenco Engineering USA South Inc. in the case of Ms. Patterson), Carlos 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. and 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. Each of Kevin Murray, P. Eng., Erin L. Patterson, P.E. and Scott C. Elfen, P.E., and Carlos Guzmán, FAusIMM RM CMC are “independent” of the Company within the meaning of NI 43-101. 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. 3219148) and Resource Manager of the Company who is a “qualified person” within the meanings of NI 43-101.

Ero Copper Corp. March 31, 2024 MD&A | Page 29

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 Project, including the Company’s planned exploration, development, construction and production activities; 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 including but not limited to the Deepening Extension Project at the Caraíba Operations and the Tucumã Project; the timing and amount of future production at the Caraíba Operations, the Xavantina Operations and the Tucumã Project; the Company's expectations regarding planned capital expenditures for the Tucumã Project, the Deepening Extension Project and/or the Caraíba Mill expansion project falling within contingency levels; 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; 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”.

Ero Copper Corp. March 31, 2024 MD&A | Page 30

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 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 and interest 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 (including COVID-19), 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.

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. In particular, and without limiting the generality of the foregoing, this MD&A 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.

Ero Copper Corp. March 31, 2024 MD&A | Page 31

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.

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. March 31, 2024 MD&A | Page 32

CONDENSED CONSOLIDATED INTERIM

FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED

MARCH 31, 2024 AND 2023


Ero Copper Corp.
Table of Contents


CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidated Statements of Financial Position			1
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income			2
Condensed Consolidated Statements of Cash Flow			3
Condensed Consolidated Statements of Changes in Shareholders' Equity			4

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

General
Note 1. Nature of Operations			5
Note 2. Basis of Preparation			5

Note 3. Segment Disclosure			6

Statements of Financial Position
Note 4. Inventories			9
Note 5. Other Current Assets			9
Note 6. Mineral Properties, Plant and Equipment			10
Note 7. Exploration and Evaluation Assets			11
Note 8. Deposits and Other Non-current Assets			11
Note 9. Accounts Payable and Accrued Liabilities			11
Note 10. Loans and Borrowings			12
Note 11. Deferred Revenue			13

Note 12. Other Non-current Liabilities			14
Note 13. Share Capital			14

Statements of Earnings
Note 14. Revenue			18
Note 15. Cost of Sales			19
Note 16. General and Administrative Expenses			19
Note 17. Finance Expense			20
Note 18. Foreign Exchange (Loss) Gain			20


Other Items

Note 19. Financial Instruments			20

Note 20. Supplemental Cash Flow Information			24
Note 21. Commitment			24
Note 22. Subsequent Events			24


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


	Notes	March 31, 2024		December 31, 2023
ASSETS
Current
Cash and cash equivalents		$	51,692	$	111,738

Accounts receivable		8,061		5,710
Inventories	4	35,092		42,254
Income tax receivable		2,788		500
Other current assets	5	32,327		39,285
		129,960		199,487
Non-Current
Mineral properties, plant and equipment	6	1,301,390		1,251,998
Exploration and evaluation assets	7	30,209		29,936
Deferred income tax assets		1,063		1,315
Deposits and other non-current assets	8	37,913		28,952
		1,370,575		1,312,201
Total Assets		$	1,500,535	$	1,511,688

LIABILITIES
Current
Accounts payable and accrued liabilities	9	$	109,095	$	120,704
Current portion of loans and borrowings	10	16,059		20,381
Current portion of deferred revenue	11	17,029		17,159
Income taxes payable		3,870		3,997
Current portion of derivatives	19	483		563
Current portion of lease liabilities		12,029		10,996
		158,565		173,800
Non-Current
Loans and borrowings	10	450,743		405,852
Deferred revenue	11	53,283		58,390
Provision for rehabilitation and closure costs		25,807		26,687
Deferred income tax liabilities		4,911		10,863
Lease liabilities		7,587		8,607
Other non-current liabilities	12	20,216		18,158
		562,547		528,557
Total Liabilities		721,112		702,357

SHAREHOLDERS’ EQUITY
Share capital	13	271,759		271,336
Equity reserves		(39,867)		(16,616)
Retained earnings		542,389		549,530
Equity attributable to owners of the Company		774,281		804,250
Non-controlling interests		5,142		5,081
		779,423		809,331
Total Liabilities and Equity		$	1,500,535	$	1,511,688

Commitments (Notes 7, 11 and 21); Subsequent Events (Notes 10 and 22)

APPROVED ON BEHALF OF THE BOARD:

"David Strang"

, CEO and Director

"Jill Angevine"

, Director

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


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



		Three months ended March 31,
	Notes		2024		2023

Revenue	14		$	105,793	$	100,956
Cost of sales	15		(74,616)		(60,848)
Gross profit			31,177		40,108

Expenses
General and administrative	16		(11,514)		(12,216)
Share-based compensation	13 (e)		(6,545)		(5,017)
Income before the undernoted			13,118		22,875
Finance income			1,468		4,138
Finance expense	17		(4,634)		(6,526)
Foreign exchange (loss) gain	18		(18,996)		8,621
Other income			361		58
(Loss) earnings before income taxes			(8,683)		29,166

Current income tax expense			(3,330)		(2,100)
Deferred income tax recovery (expense)			5,183		(2,566)
Income tax recovery (expense)			1,853		(4,666)
Net (loss) income for the period			$	(6,830)	$	24,500

Other comprehensive (loss) gain
Foreign currency translation (loss) gain			(24,680)		17,641
Comprehensive (loss) income			$	(31,510)	$	42,141

Net (loss) income attributable to:
Owners of the Company			(7,141)		24,154
Non-controlling interests			311		346
			$	(6,830)	$	24,500

Comprehensive (loss) income attributable to:
Owners of the Company			(31,621)		41,667
Non-controlling interests			111		474
			$	(31,510)	$	42,141

Net (loss) income per share attributable to owners of the Company
Basic	13 (f)		$	(0.07)	$	0.26
Diluted	13 (f)		$	(0.07)	$	0.26

Weighted average number of common shares outstanding
Basic	13 (f)		102,769,444		92,294,045
Diluted	13 (f)		102,769,444		93,218,281

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


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


		Three months ended March 31,
	Notes		2024		2023
Cash Flows from Operating Activities
Net (loss) income for the period			$	(6,830)	$	24,500
Adjustments for:
Amortization and depreciation			23,296		16,506
Income tax (recovery) expense			(1,853)		4,666
Amortization of deferred revenue	14		(5,923)		(4,039)

Share-based compensation			6,545		5,017
Finance income			(1,468)		(4,138)
Finance expenses			4,634		6,526
Foreign exchange loss (gain)			19,498		(8,448)
Other			(9)		2,886
Changes in non-cash working capital items	20		(20,574)		(27,751)






			17,316		15,725
Advance from NX Gold PMPA	11		1,105		2,439
Derivative contract settlements			2,126		(853)
Provision settlements			(688)		(554)
Income taxes paid			(2,627)		(364)
			17,232		16,393

Cash Flows used in Investing Activities
Additions to mineral properties, plant and equipment			(106,589)		(83,317)
Additions to exploration and evaluation assets			(1,201)		(3,045)
Proceeds from short-term investments and interest received			731		117,439

			(107,059)		31,077

Cash Flows used in Financing Activities


Lease liability payments			(3,110)		(2,606)
New loans and borrowings, net of transaction costs	10		50,135		1,120
Loans and borrowings repaid	10		(2,617)		(2,159)
Interest paid on loans and borrowings	10		(13,352)		(13,299)
Other finance expenses paid			(1,286)		(1,910)
Proceeds from exercise of stock options			298		2,952
			30,068		(15,902)

Effect of exchange rate changes on cash and cash equivalents			(287)		638
Net (decrease) increase in cash and cash equivalents			(60,046)		32,206
Cash and cash equivalents - beginning of period			111,738		177,702
Cash and cash equivalents - end of period			$	51,692	$	209,908

Supplemental cash flow information (note 20)

The accompanying notes are an integral part of these condensed consolidated interim financial statements 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			Equity Reserves
	Notes	Number of shares	Amount		Contributed Surplus		Foreign Exchange		Retained Earnings		Total		Non-controlling interest		Total equity

Balance, December 31, 2022		92,182,633	$	148,055	$	11,185	$	(77,374)	$	456,726	$	538,592	$	3,573	$	542,165
Income for the period		—	—		—		—		24,154		24,154		346		24,500
Other comprehensive income for the period		—	—		—		17,513		—		17,513		128		17,641
Total comprehensive income for the period		—	—		—		17,513		24,154		41,667		474		42,141
Shares issued for:
Exercise of options		337,779	4,218		(1,266)		—		—		2,952		—		2,952


Share-based compensation	13 (e)	—	—		720		—		—		720		—		720

Dividends to non-controlling interest		—	—		—		—		—		—		(54)		(54)
Balance, March 31, 2023		92,520,412	$	152,273	$	10,639	$	(59,861)	$	480,880	$	583,931	$	3,993	$	587,924


Balance, December 31, 2023		102,747,558	$	271,336	$	8,497	$	(25,113)	$	549,530	$	804,250	$	5,081	$	809,331
Income (loss) for the period		—	—		—		—		(7,141)		(7,141)		311		(6,830)
Other comprehensive loss for the period		—	—		—		(24,480)		—		(24,480)		(200)		(24,680)
Total comprehensive income (loss) for the period		—	—		—		(24,480)		(7,141)		(31,621)		111		(31,510)
Shares issued for:

Exercise of options		21,886	423		(125)		—		—		298		—		298


Share-based compensation	13 (e)	—	—		1,354		—		—		1,354		—		1,354
Dividends to non-controlling interest		—	—		—		—		—		—		(50)		(50)
Balance, March 31, 2024		102,769,444	$	271,759	$	9,726	$	(49,593)	$	542,389	$	774,281	$	5,142	$	779,423

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


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

1. 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 and the Tucumã Project (formerly known as the Boa Esperança Project). MCSA’s predominant activity is the production and sale of copper concentrate from the Caraíba Operations, located in Bahia, Brazil, with gold and silver produced and sold as by-products. The Tucumã Project, which is currently under construction with production of copper concentrate scheduled to commence in the second half of 2024, is located within the municipality of Tucumã in the southeastern part of the state of Pará, Brazil.

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 Mato Grosso State, Brazil.

2. Basis of Preparation

(a) 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, 2023.

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, 2023, 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 May 7, 2024.

(b) 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, 2023.

Notes to Financial Statements | Page 5


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 January 1, 2024, the Company adopted the following amendments to accounting standards:

•In January 2020, the IASB issued Classification of Liabilities as Current or Non-current (Amendments to IAS 1) which amended IAS 1, Presentation of Financial Statements (“IAS 1”), to clarify the requirements for presenting liabilities in the statement of financial position. The amendments specify that the Company must have the right to defer settlement of a liability for at least 12 months after the reporting period for the liability to be classified as non-current. In addition, the amendments clarify that: (a) the Company’s right to defer settlement must exist at the end of the reporting period; (b) classification is unaffected by management’s intentions or expectations about whether the Company will exercise its right to defer settlement; (c) if the Company’s right to defer settlement is subject to the Company complying with specified conditions, the right exists at the end of the reporting period only if the Company complies with those conditions at the end of the reporting period, even if the lender does not test compliance until a later date; and (d) the term settlement includes the transfer of the Company’s own equity instruments to the counterparty that results in the extinguishment of the liability, except when the settlement of the liability with the Company transferring its own equity instruments is at the option of the counterparty and such option has been classified as an equity instrument, separate from the host liability.

•In October 2022, the IASB issued amendment Non-current Liabilities with Covenants to IAS 1 to clarify that covenants of loan arrangements which the Company must comply with only after the reporting date would not affect classification of a liability as current or non-current at the reporting date. The amendment also introduces additional disclosure requirements related to such covenants to include: (i) the nature of the covenants and the date by which the Company must comply with the covenants; (ii) the carrying amount of the related liabilities; and (iii) facts and circumstances, if any, that indicate that the Company may have difficulty complying with covenants

The adoption of these amendments did not have a material impact on the Company's condensed consolidated interim financial statements.

3. 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 months ended March 31, 2024, the Company’s reporting segments include its two operating mines in Brazil, the Caraíba Operations and the Xavantina Operations, its development project, the Tucumã Project in Brazil, and its corporate head office in Canada. Significant information relating to the Company's reportable segments is summarized in the tables below:

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 March 31, 2024	Caraíba (Brazil)		Xavantina (Brazil)		Tucumã (Brazil)		Corporate and Other		Consolidated

Revenue	$	73,856	$	31,937	$	—	$	—	$	105,793

Cost of production	(42,227)		(7,255)		—		—		(49,482)
Depreciation and depletion	(17,561)		(5,283)		—		—		(22,844)
Sales expense	(1,818)		(472)		—		—		(2,290)
Cost of sales	(61,606)		(13,010)		—		—		(74,616)

Gross profit	12,250		18,927		—		—		31,177

Expenses
General and administrative	(6,354)		(1,601)		—		(3,559)		(11,514)
Share-based compensation	—		—		—		(6,545)		(6,545)
Finance income	820		116		—		532		1,468
Finance expenses	(3,392)		(968)		—		(274)		(4,634)
Foreign exchange (loss) gain	(19,058)		1		—		61		(18,996)

Other income (expenses)	290		75		—		(4)		361
(Loss) income before taxes	(15,444)		16,550		—		(9,789)		(8,683)
Current tax expense	(5)		(1,801)		—		(1,524)		(3,330)
Deferred tax recovery (expense)	5,396		(213)		—		—		5,183
Net (loss) income	$	(10,053)	$	14,536	$	—	$	(11,313)	$	(6,830)

Capital expenditures(1)	41,604		4,406		50,039		1,124		97,173

Assets
Current	$	76,717	$	21,654	$	4,956	$	26,633	129,960
Non-current	887,555		92,727		372,997		17,296		1,370,575
Total Assets	$	964,272	$	114,381	$	377,953	$	43,929	$	1,500,535
Total Liabilities	$	120,940	$	90,991	$	34,502	$	474,679	721,112

(1) 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 three months ended March 31, 2024, Caraíba earned revenues from one customer (March 31, 2023 - two) while Xavantina earned revenues from two customers (March 31, 2023 - two).

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)


Three months ended March 31, 2023	Caraíba (Brazil)		Xavantina (Brazil)		Tucumã (Brazil)		Corporate and Other		Consolidated

Revenue	$	77,300	$	23,656	$	—	$	—	$	100,956

Cost of production	(36,285)		(6,107)		—		—		(42,392)
Depreciation and depletion	(12,468)		(3,936)		—		—		(16,404)
Sales expenses	(1,875)		(177)		—		—		(2,052)
Cost of sales	(50,628)		(10,220)		—		—		(60,848)

Gross profit	26,672		13,436		—		—		40,108

Expenses
General and administrative	(6,548)		(1,309)		—		(4,359)		(12,216)
Share-based compensation	—		—		—		(5,017)		(5,017)
Finance income	2,005		285		—		1,848		4,138
Finance expenses	(826)		(1,109)		—		(4,591)		(6,526)
Foreign exchange gain	8,592		—		—		29		8,621

Other income (expenses)	66		(6)		—		(2)		58
Income (loss) before taxes	29,961		11,297		—		(12,092)		29,166
Current tax expense	(385)		(1,195)		—		(520)		(2,100)
Deferred tax expense	(2,467)		(99)		—		—		(2,566)
Net income (loss)	$	27,109	$	10,003	$	—	$	(12,612)	$	24,500

Capital expenditures	54,419		5,905		26,520		2,015		88,859

Assets
Current	$	112,272	$	32,707	$	7,408	$	178,854	331,241
Non-current	681,843		79,646		117,685		11,425		890,599
Total Assets	$	794,115	$	112,353	$	125,093	$	190,279	$	1,221,840
Total Liabilities	$	99,064	$	103,704	$	9,238	$	421,910	633,916

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)

4. Inventories


	March 31, 2024		December 31, 2023
Supplies and consumables	$	23,555	$	24,270
Stockpiles	2,697		5,624
Work in progress	3,086		917
Finished goods	5,754		11,443
	$	35,092	$	42,254

5. Other Current Assets


	March 31, 2024		December 31, 2023
Advances to suppliers	$	371	$	306
Prepaid expenses and other	8,083		4,716
Derivatives (Note 19)	1,667		11,254
Note receivable (Note 19)	8,386		8,346
Advances to employees	945		944
Value added taxes recoverable	12,875		13,719

	$	32,327	$	39,285

Notes to Financial Statements | Page 9


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. Mineral Properties, Plant and Equipment


	Buildings		Mining Equipment		Mineral Properties(1)		Projects in Progress		Equipment & Other Assets		Deposit on Projects		Mine Closure Costs		Right-of-Use Assets		Total
Cost:







Balance, December 31, 2023	37,246		285,489		697,808		419,657		26,613		49,542		18,509		49,329		1,584,193
Additions(2)	—		14,460		19,988		53,549		1,244		8,993		—		4,034		102,268
Capitalized borrowing costs	—		—		—		7,432		—		—		—		—		7,432

Disposals	—		(48)		—		(4)		(114)		—		—		(454)		(620)
Transfers	4,920		32,008		—		(24,570)		419		(12,777)		—		—		—
Foreign exchange	(1,195)		(9,235)		(21,660)		(11,599)		(785)		(1,502)		(573)		(1,513)		(48,062)
Balance, March 31, 2024	$	40,971	$	322,674	$	696,136	$	444,465	$	27,377	$	44,256	$	17,936	$	51,396	$	1,645,211

Accumulated depreciation:




Balance, December 31, 2023	(6,984)		(68,917)		(209,939)		—		(9,368)		—		(6,316)		(30,671)		(332,195)
Depreciation expense	(485)		(7,144)		(10,602)		—		(527)		—		(198)		(3,338)		(22,294)
Disposals	—		38		—		—		—		—		—		151		189
Foreign exchange	220		2,195		6,634		—		271		—		197		962		10,479
Balance, March 31, 2024	$	(7,249)	$	(73,828)	$	(213,907)	$	—	$	(9,624)	$	—	$	(6,317)	$	(32,896)	$	(343,821)

Net book value, December 31, 2023	$	30,262	$	216,572	$	487,869	$	419,657	$	17,245	$	49,542	$	12,193	$	18,658	$	1,251,998
Net book value, March 31, 2024	$	33,722	$	248,846	$	482,229	$	444,465	$	17,753	$	44,256	$	11,619	$	18,500	$	1,301,390

(1) Mineral properties include $72.5 million (2023 - $72.4 million) of costs which are not currently being depreciated.

(2) Additions to projects in progress was net of $11.0 million in value added taxes that were transferred to other receivables during the three months ended March 31, 2024 pursuant to recoverability assessment.

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)

7. Exploration and Evaluation Assets

As at March 31, 2024, the Company has $30.2 million (2023 - $29.9 million) in exploration and evaluation assets, primarily related to three property option agreements. In order for the Company to acquire 100% of these properties, the Company will be required to complete certain drill programs, including a minimum of $15.5 million in exploration expenditures over three years. Depending on results of these exploration programs, further option payments to complete the acquisitions is required. In the event that the Company exercises its option to acquire 100% interest in these properties, the optioners are expected to retain net smelter royalties of up to 1.5%.

8. Deposits and Other Non-current Assets


	March 31, 2024		December 31, 2023
Value added taxes recoverable	$	22,822	$	11,413
Note receivable (Note 19)	6,378		9,067
Deposits and others	8,713		8,472
	$	37,913	$	28,952

9. Accounts Payable and Accrued Liabilities


	March 31, 2024		December 31, 2023
Trade suppliers	$	69,651	$	74,877
Payroll and labour related liabilities	17,214		26,421
Value added tax and other tax payable	9,337		9,142
Cash-settled equity awards (Note 13(b) and (c))	11,895		8,796
Other accrued liabilities	998		1,468
	$	109,095	$	120,704

Notes to Financial Statements | Page 11


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

10. Loans and Borrowings


							Carrying value, including accrued interest
Description	Currency	Security	Maturity (Months)	Coupon rate	Principal to be repaid		March 31, 2024		December 31, 2023
Senior Notes	USD	Unsecured	70	6.50%	$	400,000	$	396,990	$	403,274
Senior credit facility	USD	Secured	33	SOFR plus 2.00% - 4.50%	45,000		44,441		—
Equipment finance loans	USD	Secured	15 - 37	5.00% - 8.35%	19,314		19,550		16,175
Equipment finance loans	EUR	Secured	23 - 27	5.25%	872		874		1,000
Equipment finance loans	BRL	Unsecured	1 - 26	nil% - 16.63%	2,711		2,843		3,409
Bank loan	BRL	Unsecured	32	CDI + 0.50%	2,096		2,104		2,375



Total					$	469,993	$	466,802	$	426,233

Current portion							$	16,059	$	20,381
Non-current portion							$	450,743	$	405,852

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


	March 31, 2024		December 31, 2023
Balance, beginning of period	$	426,233	$	418,057

Proceeds from drawdown of Senior Credit Facility	45,000		—
Proceeds from new equipment finance loans	5,137		14,889
Deferred transaction costs	(870)		—
Principal and interest payments	(15,969)		(35,247)
Interest costs, including interest capitalized	7,432		28,282

Foreign exchange	(161)		252
Balance, end of period	$	466,802	$	426,233

(a) 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 Senior Notes are subject to the following early redemption options by the Company:

•On or after February 15, 2025, the Company has the option, in whole or in part, to redeem the Senior Notes at a price ranging from 103.25% to 100% of the principal amount together with accrued and unpaid interest,

Notes to Financial Statements | Page 12


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

if any, to the date of redemption, with the rate decreasing based on the length of time the Senior Notes are outstanding;

•Before February 15, 2025, the Company may redeem some or all of the Senior Notes at 100% of the principal amount plus a “make whole” premium, plus accrued and unpaid interest, if any, to the date of redemption; and

•At any time before February 15, 2025, the Company may redeem up to 40% of the original principal amount of the Senior Notes with the proceeds of certain equity offerings at a redemption price of 106.50% of the principal amount of the Senior Notes, together with accrued and unpaid interest, if any, to the date of redemption.

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) Senior Credit Facility

The Company has a Senior Revolving Credit Facility ("Senior Credit Facility") with a borrowing limit of $150.0 million which matures on December 2026. Amounts drawn on the Senior Credit Facility bear interest on a sliding scale at a rate of SOFR plus 2.00% to 4.50% depending on the Company’s consolidated leverage ratio. Commitment fees for any undrawn portion of the Senior Credit Facility are based on a sliding scale between 0.45% to 1.01%.

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, are required to be tested at each quarter end. These covenants include (a) a leverage ratio based on total indebtedness to rolling four quarters adjusted earnings before interest, taxes, depreciation and amortization ("Rolling EBITDA"); (b) a 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 March 31, 2024, the Company is in compliance with these financial covenants.

During three months ended March 31, 2024, the Company drew down $45.0 million on its Senior Credit Facility at an average interest rate of 8.76%. Subsequent to March 31, 2024, the Company drew down an additional $25.0 million of the Senior Credit Facility.

11. Deferred Revenue

In August 2021, the Company entered into a precious metals purchase agreement (the “NX Gold PMPA”) 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 NX Gold PMPA.

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 deferred revenue during the three months ended March 31, 2024 are comprised of the following:


	March 31, 2024		December 31, 2023
Gold ounces delivered(1)	4,555		14,005


Balance, beginning of period	$	75,549	$	86,055
Advances	—		3,544
Accretion expense	686		3,032
Amortization of deferred revenue(2)	(5,923)		(17,082)
Balance, end of period	$	70,312	$	75,549

Current portion	$	17,029	$	17,159
Non-current portion	53,283		58,390

(1) During the three months ended March 31, 2024, the Company delivered 4,555 ounces of gold (December 31, 2023 - 14,005 ounces) to Royal Gold for average consideration of $417 per ounce (December 31, 2023 - $386 per ounce). At March 31, 2024, a cumulative 33,815 ounces (December 31, 2023 - 29,260 ounces) of gold have been delivered under the NX Gold PMPA.

(2) Amortization of deferred revenue during the year ended December 31, 2023 was net of $2.5 million related to change in estimate attributed to advances received and change in life-of-mine production estimates.

As part of the NX Gold PMPA, 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.

12. Other Non-current Liabilities


	March 31, 2024		December 31, 2023
Cash-settled equity awards (Note 13(b))	$	4,553	$	2,549
Withholding, value added tax, and other taxes payable	9,450		8,012
Provision	1,576		1,622

Other liabilities	4,637		5,975
	$	20,216	$	18,158

13. Share Capital

As at March 31, 2024, the Company’s authorized share capital consists of an unlimited number of common shares without par value. As at March 31, 2024, 102,769,444 common shares were outstanding (December 31, 2023 - 102,747,558).

Notes to Financial Statements | Page 14


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

(a) Options

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


	Three Months Ended March 31,
	2024			2023
	Number of Stock Options	Weighted Average Exercise Price (CAD)		Number of Stock Options	Weighted Average Exercise Price (CAD)
Outstanding stock options, beginning of period	1,886,325	$	19.03	2,781,074	$	15.49

Exercised	(21,886)	18.44		(337,779)	11.95
Forfeited	—	—		(21,862)	18.50
Outstanding stock options, end of period	1,864,439	$	19.03	2,421,433	$	15.96

The weighted average share price on the date of exercise for options exercised during the three months ended March 31, 2024 was $23.43 CAD (three months ended March 31, 2023 - $22.53 CAD).

As at March 31, 2024, the following stock options were outstanding:


Weighted Average Exercise Prices	Number of Stock Options	Vested and Exercisable Number of Stock Options	Weighted Average Remaining Life in Years

$10.01 to $20.00 CAD	1,390,719	634,768	3.53
$20.01 to $24.45 CAD	473,720	471,774	0.85
$19.03 CAD ($14.04 USD)	1,864,439	1,106,542	2.85

(b) 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.

Notes to Financial Statements | Page 15


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 PSUs issued and outstanding is as follows:


	Three Months Ended March 31,
	2024	2023
Outstanding balance, beginning of period	967,921	881,788


Forfeited	—	(30,560)
Outstanding balance, end of period	967,921	851,228

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 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 March 31, 2024, the fair value of the PSU liability was $10.4 million (December 31, 2023 - $6.5 million) of which $5.9 million (December 31, 2023 - $3.9 million) was recognized in accounts payable and accrued liabilities and the remainder in other non-current liabilities.

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:


	Three months ended March 31,
	2024	2023
Outstanding balance, beginning of period	307,312	219,961
Issued	5,425	4,726


Outstanding balance, end of period	312,737	224,687

At March 31, 2024, DSU liabilities had a fair value of $6.0 million (December 31, 2023 - $4.9 million) which has been recognized in accounts payable and accrued liabilities.

Notes to Financial Statements | Page 16


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

(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.

The continuity of RSUs issued and outstanding is as follows:


	Three months ended March 31,
	2024	2023
Outstanding balance, beginning of period	340,570	263,202


Forfeited	—	(6,256)
Outstanding balance, end of period	340,570	256,946

(e) Share-based compensation


	Three months ended March 31,
		2024		2023
Stock options		$	684	$	262
Performance share unit plan		3,913		3,358
Deferred share unit plan		1,278		939
Restricted share unit plan		670		458
Share-based compensation(1)		$	6,545	$	5,017

(1) For the three months ended March 31, 2024, the Company recorded $1.4 million (three months ended March 31, 2023 - $0.7 million) of share-based compensation in contributed surplus, and the remaining share-based compensation was recorded in liabilities.

Notes to Financial Statements | Page 17


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) Net (Loss) Income per Share


	Three months ended March 31,
		2024		2023
Weighted average number of common shares outstanding		102,769,444		92,294,045
Dilutive effects of:
Stock options		—		667,290
Share units		—		256,946
Weighted average number of diluted common shares outstanding(1)		102,769,444		93,218,281

Net (loss) income attributable to owners of the Company		$	(7,141)	$	24,154
Basic net (loss) income per share		$	(0.07)	$	0.26
Diluted net (loss) income per share		$	(0.07)	$	0.26

(1) Weighted average number of diluted common shares outstanding for the three months ended March 31, 2024 excluded 724,936 (three months ended March 31, 2023 - 565,851) stock options and 340,570 share units (three months ended March 31, 2023 - nil) that were anti-dilutive.

14. Revenue


	Three months ended March 31,
		2024		2023
Copper
Sales within Brazil		$	—	$	16,251
Export sales		73,652		61,649
Adjustments on provisional sales(1)		204		(599)
		73,856		77,301
Gold
Sales		26,014		19,616
Amortization of deferred revenue(2)		5,923		4,039
		$	31,937	$	23,655
		$	105,793	$	100,956

(1) Adjustments on provisional sales include both pricing and quantity adjustments. Under the terms of the Company’s contract with its Brazilian domestic customer, sales are provisionally priced on the date of sale based on the previous month’s average copper price and subsequently settled based on the average copper price in the month of shipment. Provisionally priced sales to the Company's international customers are settled with a final sales price between zero to one month after shipment takes place and, therefore, are exposed to commodity price changes.

(2) During the three months ended March 31, 2024, the Company delivered 4,555 ounces of gold (three months ended March 31, 2023 - 3,310 ounces of gold) under a precious metals purchase agreement with Royal Gold (note 11) for average cash consideration of $417 per ounce (three months ended March 31, 2023 - $372 per ounces) and recognized $5.9 million in amortization of deferred revenue (three months ended March 31, 2023 - $4.0 million).

Notes to Financial Statements | Page 18


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. Cost of Sales


	Three months ended March 31,
		2024		2023
Materials		$	10,404	$	9,983
Salaries and benefits		15,848		13,381
Contracted services		8,454		7,314
Maintenance costs		7,244		6,825
Utilities		3,667		3,160
Other costs		236		192
Change in inventory (excluding depreciation and depletion)		3,629		1,537
Cost of production		49,482		42,392
Sales expense and others		2,290		2,052
Depreciation and depletion		21,268		15,981
Change in inventory (depreciation and depletion)		1,576		423
		$	74,616	$	60,848

16. General and Administrative Expenses


	Three months ended March 31,
		2024		2023
Accounting and legal		$	380	$	539
Amortization and depreciation		452		102
Office and administration		2,296		2,173
Salaries and consulting fees		6,031		7,107
Incentive payments		1,691		1,398
Other		664		897
		$	11,514	$	12,216

Notes to Financial Statements | Page 19


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. Finance Expense


	Three months ended March 31,
		2024		2023
Interest on loans and borrowings(1)		$	—	$	4,548
Accretion of deferred revenue		686		788
Accretion of provision for rehabilitation and closure costs		633		649
Interest on lease liabilities		445		296
Other finance expenses(2)		2,870		245
		$	4,634	$	6,526

(1) During the three months ended March 31, 2024, the Company capitalized $7.4 million (three months ended 2023 - $2.4 million) of borrowing costs to projects in progress.

(2) Other finance expenses during the three months ended March 31, 2024 included $1.9 million (three months ended 2023 - $0.5 million recovery) credit loss provision on certain accounts receivable (see Note 19).

18. Foreign Exchange (Loss) Gain

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 March 31,
		2024		2023
Foreign exchange (loss) gain on USD denominated debt in Brazil		$	(12,808)	$	5,405
Realized foreign exchange gain on derivative contracts (note 19)		2,126		932
Unrealized foreign exchange (loss) gain on derivative contracts (note 19)		(9,341)		3,165
Foreign exchange gain (loss) on other financial assets and liabilities		1,027		(881)
		$	(18,996)	$	8,621

19. 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 March 31, 2024, derivatives were measured at fair value based on Level 2 inputs.

The carrying values of cash and cash equivalents, short-term investments, accounts receivable, deposits, and accounts payable and accrued liabilities approximate their fair values due to their short terms to maturity or the

Notes to Financial Statements | Page 20


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

discount rate used approximates to the contractual interest rate. At March 31, 2024, the carrying value of loans and borrowings, including accrued interest, was $466.8 million while the fair value is approximately $450.4 million. At March 31, 2024, the carrying value of notes receivable, including accrued interest, was $14.8 million which approximates its fair value.

Credit risk


	March 31, 2024		December 31, 2023
Cash and cash equivalents	$	51,692	$	111,738

Accounts receivable	8,061		5,710
Derivatives	1,667		11,254
Note receivable	14,764		17,413
Deposits and other assets	10,329		9,484
	$	86,513	$	155,599

The Company invests cash and cash equivalents and short-term investments 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 November 2022, Paranapanema S/A ("PMA"), one of the Company's customers in Brazil, filed for bankruptcy protection. According to PMA, the action was attributed to working capital challenges following an operational halt at one of their facilities. Progress was noted in August 2023 when PMA and its creditors agreed on a judicial recovery plan, which subsequently received approval from the judicial recovery court in November 2023. As a preferred supplier to PMA, the Company has entered into a note receivable arrangement with PMA. The arrangement is excluded from the judicial recovery process and provides the Company with certain judicial guarantees. According to the note receivable arrangement, repayment is 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 March 31, 2024, the gross amount of accounts and note receivable from PMA was $25.0 million (December 31, 2023 - $25.2 million). As PMA missed its first installment in March 2024, the Company further increased the expected credit loss provision by $1.9 million. After adjusting for credit loss provision and present value discount of $9.6 million (December 31, 2023 - $7.7 million), the amortized cost of the note receivable at March 31, 2024 was $14.8 million (December 31, 2023 - $17.4 million), of which $8.4 million (December 31, 2023 - $8.3 million) was classified as current and $6.4 million (December 31, 2023 - $9.1 million) as non-current.

Notes to Financial Statements | Page 21


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

The table below shows the Company's maturity of non-derivative financial liabilities on March 31, 2024:


Non-derivative financial liabilities	Carrying value		Contractual cash flows		Up to 12 months		1 - 2 years		3 - 5 years		More than 5 years
Loans and borrowings (including interest)	$	466,802	$	639,386	$	43,722	$	117,473	$	478,191	$	—
Accounts payable and accrued liabilities	109,095		109,095		109,095		—		—		—
Other non-current liabilities	9,190		25,443		—		10,657		14,400		386
Leases	19,616		19,588		11,965		5,300		2,323		—
Total	$	604,703	$	793,512	$	164,782	$	133,430	$	494,914	$	386

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 March 31, 2024 are as follows:

Contract Description

Notional Amount

Denomination

Weighted average floor

Weighted average cap / forward price

Maturities

Foreign exchange collar (i)

$214.5 million

USD/BRL

4.98

5.36

April 2024 - December 2024

Foreign exchange forward (i)

$36.0 million

USD/BRL

N/A

5.17

April 2024 - December 2024

Copper collar (iii)

3,000 tonnes

$ / lb

$3.60

$4.03

April 2024 - June 2024

Notes to Financial Statements | Page 22


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 may use certain foreign exchange derivatives, including collars and forward contracts, to manage its foreign exchange risks. At March 31, 2024, the aggregate fair value of the Company's foreign exchange derivatives was a net asset of $1.7 million (December 31, 2023 - asset of $11.3 million) and is included in other current assets in the statement of financial position. 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 collar contracts was an unrealized loss of $9.3 million for the three months ended March 31, 2024 (a gain of $3.2 million for the three months ended March 31, 2023) and has been recognized in foreign exchange (loss) gain. In addition, during the three months ended March 31, 2024, the Company recognized a realized gain of $2.1 million (realized gain of $0.9 million for the three months ended March 31, 2023) related to the settlement of foreign currency forward collar contracts.

(ii) Interest rate risk

(iii) Price risk

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

At March 31, 2024, the Company had provisionally priced sales that are exposed to commodity price changes (note 14). Based on the Company’s net exposure at March 31, 2024, a 10% change in the price of copper would have changed pre-tax net loss by $0.6 million.

Notes to Financial Statements | Page 23


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

million (December 31, 2023 - liability of $0.6 million). The fair value of copper collar contracts was determined based on option pricing models, forward copper price and information provided by the counter party.

20. Supplemental Cash Flow Information


	Three months ended March 31,
Net change in non-cash working capital items:		2024		2023
Accounts receivable		$	(3,018)	$	(8,543)
Inventories		3,629		(1,221)
Other assets		(6,632)		(2,933)
Accounts payable and accrued liabilities		(14,553)		(15,054)


		$	(20,574)	$	(27,751)

Non-cash investing and financing activities:

Additions to property, plant and equipment by leases		$	4,034	$	4,085
Non-cash increase in accounts payable in relation to capital expenditures		2,070		2,497
Change in mineral properties, plant and equipment from change in estimates for provision for rehabilitation and closure costs		—		(406)

21. Commitment

22. Subsequent Events

Notes to Financial Statements | Page 24


			TSX: ERO
			NYSE: ERO

May 7, 2024

Ero Copper Reports First Quarter 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 months ended March 31, 2024. Management will host a conference call tomorrow, Wednesday, May 8, 2024, 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

•The Tucumã Project is expected to achieve first copper concentrate production in early Q3 2024, marking a major inflection point for the Company

◦Overall physical completion of approximately 97%

◦Commissioning progressing ahead of schedule with major mechanical and sub-component commissioning completed during the quarter, as well as first ore through the crushing circuit and main conveyors

◦Total direct project capital cost remains unchanged at $310 million

•First quarter copper production was 8,091 tonnes at C1 cash costs(*) of $2.30 per pound of copper produced. Including the benefit of realized gains on designated foreign exchange hedges, first quarter copper C1 cash costs(*) were $2.28 per pound

•Gold production during the quarter was a record 18,234 ounces at C1 cash costs(*) and All-in Sustaining Costs ("AISC")(*) of $395 and $797, respectively, per ounce of gold produced

◦Net loss attributable to the owners of the Company of $7.1 million, or $0.07 per share on a diluted basis

◦Adjusted net income attributable to the owners of the Company(*) of $16.8 million, or $0.16 per share on a diluted basis

◦Adjusted EBITDA(*) of $43.3 million

(*) 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 months ended March 31, 2024 and the Reconciliation of Non-IFRS Measures section at the end of this press release.



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


			TSX: ERO
			NYSE: ERO

•Available liquidity at quarter-end of $156.7 million, including $51.7 million in cash and cash equivalents plus $105.0 million of undrawn availability under the Company's senior secured revolving credit facility. Subsequent to quarter-end, to support the commencement of production and associated working capital needs at the Tucumã Project, the Company entered into a $50.0 million non-priced copper prepayment facility, which will be repaid through the delivery of copper at prevailing market prices.

•Following record operating performance at the Xavantina Operations during the quarter, the Company is increasing its 2024 gold production guidance from 55,000 to 60,000 ounces to a range of 60,000 to 65,000 ounces, and guiding towards the low end of its full-year cost guidance for the Xavantina Operations

•The Company is reaffirming all other 2024 production, cost and capital expenditure guidance ranges

"The Xavantina Operations continued to exceed our expectations during the first quarter, achieving record gold production driven by favorable grade reconciliations that have continued into the second quarter," said David Strang, Chief Executive Officer. "This trend has allowed us to increase our full-year gold production guidance, which we expect will translate to achieving the lower end of our 2024 gold cost guidance.

"Our first quarter financial results also showcase Xavantina's strong performance and reflect the sale of copper concentrate inventories carried over from the fourth quarter of 2023 at the Caraíba Operations. Combined with a strengthening gold and copper price environment, we are off to a solid start to 2024.

"I am also delighted to report that commissioning is advancing ahead of schedule at the Tucumã Project, and we expect to achieve first production early in the third quarter. With copper fundamentals stronger than ever, we are committed to maintaining our momentum and are excited as we near a significant inflection point in our growth trajectory."



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


			TSX: ERO
			NYSE: ERO

FIRST QUARTER REVIEW

•Mining & Milling Operations

◦The Caraíba Operations processed 853,371 tonnes of ore grading 1.08% copper, producing 8,091 tonnes of copper in concentrate for the quarter after metallurgical recoveries of 88.1%

–Mill throughput volumes increased 5.1% quarter-on-quarter following the successful completion of the Caraíba mill expansion in late 2023

–A planned decrease in mined and processed copper grades during the quarter was compounded by delays in underground development required to access scheduled high-grade stopes, resulting in a higher proportion of ore mined from lower grade stopes during the period

◦The Xavantina Operations processed 37,834 tonnes of ore grading 16.38 grams per tonne ("gpt"), producing a record 18,234 ounces of gold in the quarter after metallurgical recoveries of 91.5%

•Organic Growth Projects

◦As construction of the Tucumã Project nears completion, commissioning is advancing ahead of schedule, and first copper concentrate production is expected to commence in early Q3 2024

–Completed mechanical and sub-component commissioning in Q1 2024, as well as first ore through the crushing circuit and main conveyors

–Commissioning of the process plant, including the ball mill, flotation circuit, and tailings and concentrate filters, remains on track for integrated commissioning in June 2024

–Sulphide ore stockpiled for process plant commissioning was approximately 36,000 tonnes with over 160,000 tonnes of ore drilled and ready to be blasted in the mine as of quarter-end

–The total direct project capital estimate remains unchanged at approximately $310 million

–To date, the Tucumã Project has recorded no lost-time injuries with over five million hours of work completed since 2022

◦At the Caraíba Operations, main shaft sinking at the Pilar Mine's new external shaft is on track to achieve a projected depth of approximately 600 meters by year-end

–Reaming of the second and longest raisebore leg of the shaft, totaling 718 meters, was completed in early April 2024



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


			TSX: ERO
			NYSE: ERO

Figure 1: The Tucumã Project's flotation circuit and tailings thickener (May 2024).

Figure 2: Tailings thickener at the Tucumã Project (May 2024).



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


			TSX: ERO
			NYSE: ERO

Figure 3: Exposed sulphide ore at the Tucumã Project (May 2024).

SUBSEQUENT EVENTS

To support the commencement of production and associated working capital needs at the Tucumã Project, the Company entered into a $50.0 million non-priced copper prepayment facility in May 2024, structured by the Bank of Montreal and with participation by CIBC Capital Markets. This facility will be repaid over 27 equal monthly installments, beginning in October 2024, through the delivery of 272 tonnes of copper each month. Should any delivery exceed the monthly amortization payment of $2.1 million based on prevailing market prices, the excess value will be repaid to the Company.

Through the end of 2024, the Company has the option to increase the size of the non-priced copper prepayment facility from $50.0 million to $75.0 million.



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


			TSX: ERO
			NYSE: ERO

OPERATING AND FINANCIAL HIGHLIGHTS


	2024 - Q1		2023 - Q4		2023 - Q1
Operating Information

Copper (Caraíba Operations)
Ore Processed (tonnes)	853,371		812,202		772,548
Grade (% Cu)	1.08		1.59		1.33
Cu Production (tonnes)	8,091		11,760		9,327
Cu Production (000 lbs)	17,838		25,926		20,564
Cu Sold in Concentrate (tonnes)	9,461		11,429		9,464
Cu Sold in Concentrate (000 lbs)	20,859		25,197		20,865
Cu C1 cash cost(1)(2)	$	2.30	$	1.75	$	1.89

Gold (Xavantina Operations)
Ore Processed (tonnes)	37,834		34,416		35,763
Grade (g / tonne)	16.38		17.18		11.85
Au Production (oz)	18,234		16,867		12,443
Au C1 cash cost(1)	$	395	$	413	$	436
Au AISC(1)	$	797	$	991	$	946

Financial Highlights ($ in millions, except per share amounts)
Revenues	$	105.8	$	116.4	$	101.0
Gross profit	31.2		41.9		40.1
EBITDA(1)	17.8		73.7		48.1
Adjusted EBITDA(1)	43.3		50.3		44.5
Cash flow from operations	17.2		49.4		16.4
Net (loss) income	(6.8)		37.1		24.5
Net (loss) income attributable to owners of the Company	(7.1)		36.5		24.2
Per share (basic)	(0.07)		0.37		0.26
Per share (diluted)	(0.07)		0.37		0.26
Adjusted net income attributable to owners of the Company(1)	16.8		20.7		22.5
Per share (basic)	0.16		0.21		0.24
Per share (diluted)	0.16		0.21		0.24

Cash, cash equivalents, and short-term investments	51.7		111.7		236.6
Working (deficit) capital(1)	(28.6)		25.7		218.8
Net debt(1)	415.1		314.5		174.2

(1) 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 months ended March 31, 2024 and the Reconciliation of Non-IFRS Measures section at the end of this press release.

(2) Copper C1 cash cost including foreign exchange hedges (per lb) in Q1 2024 was $2.28, compared to $1.84 in Q1 2023.



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


			TSX: ERO
			NYSE: ERO

2024 PRODUCTION AND COST GUIDANCE(*)

The Company's updated cost guidance for 2024 assumes a foreign exchange rate of 5.00 BRL per USD, a gold price of $1,900 per ounce and a silver price of $23.00 per ounce.

Previous Guidance

Updated Guidance

Consolidated Copper Production (tonnes)

Caraíba Operations

42,000 - 47,000

Unchanged

Tucumã Operations

17,000 - 25,000

Unchanged

Total

59,000 - 72,000

Unchanged

Consolidated Copper C1 Cash Costs(1) Guidance

Caraíba Operations

$1.80 - $2.00

Unchanged

Tucumã Operations

$0.90 - $1.10

Unchanged

Total

$1.50 - $1.75

Unchanged

The Xavantina Operations

Au Production (ounces)

55,000 - 60,000

60,000 - 65,000

Gold C1 Cash Cost(1) Guidance

$550 - $650

Low End of Range

Gold AISC(1) Guidance

$1,050 - $1,150

Low End of Range

* 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.

(1) 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

2024 CAPITAL EXPENDITURE GUIDANCE(*)

Capital expenditure guidance assumes an exchange rate of 5.10 USD:BRL for the Tucumã Project based on designated foreign exchange hedges with a weighted average ceiling and floor of 5.10 and 5.23 USD:BRL, respectively. All other capital expenditures assume an exchange rate of 5.00 USD:BRL. Figures presented below are in USD millions.


Caraíba Operations
Growth						$80 - $90
Sustaining						$100 - $110
Total, Caraíba Operations						$180 - $200

Tucumã Project
Growth						$65 - $75
Capitalized Ramp-Up Costs						$4 - $6
Sustaining						$2 - $5
Total, Tucumã Project						$71 - $86

Xavantina Operations
Growth						$3 - $5
Sustaining						$15 - $18
Total, Xavantina Operations						$18 - $23

Consolidated Exploration Programs						$30 - $40

Company Total
Growth						$148 - $170
Capitalized Ramp-Up Costs						$4 - $6
Sustaining						$117 - $133
Exploration						$30 - $40
Total, Company						$299 - $349

(*) 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.



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 Wednesday, May 8, 2024 at 11:30 am Eastern time (8:30 am Pacific time) to discuss these results.


Date:			Wednesday, May 8, 2024
Time:			11:30 am Eastern time (8:30 am Pacific time)
Dial in:			Canada/USA: 1-844-763-8274, International: +1-647-484-8814 please dial in 5-10 minutes prior and ask to join the call
Pre-Register:			Registration link (https://dpregister.com/DiamondPassRegistration/register?confirmationNumber=10023373&linkSecurityString=f82a87e37a) (pre-register to bypass the live operator queue)
Replay:			Canada/USA: 1-855-669-9658, International: +1-604-674-8052
Replay Passcode:			0848

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 months ended March 31, 2024 which is available on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov.



9			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:	2024 - Q1		2023 - Q4		2023 - Q1
Cost of production	$	42,227	$	39,790	$	36,285
Add (less):
Transportation costs & other	1,252		1,853		1,339
Treatment, refining, and other	5,170		7,332		6,463
By-product credits	(2,440)		(3,394)		(2,810)
Incentive payments	(1,199)		(1,693)		(1,237)
Net change in inventory	(3,893)		1,434		(1,185)
Foreign exchange translation and other	(7)		20		15
C1 cash costs	41,110		45,342		38,870
(Gain) loss on foreign exchange hedges	(276)		(4,185)		(932)
C1 cash costs including foreign exchange hedges	$	40,834	$	41,157	$	37,938




Mining	$	25,256	$	26,646	$	23,210
Processing	7,177		8,177		6,554
Indirect	5,947		6,581		5,453
Production costs	38,380		41,404		35,217
By-product credits	(2,440)		(3,394)		(2,810)
Treatment, refining and other	5,170		7,332		6,463
C1 cash costs	41,110		45,342		38,870
(Gain) loss on foreign exchange hedges	(276)		(4,185)		(932)
C1 cash costs including foreign exchange hedges	$	40,834	$	41,157	$	37,938


Costs per pound
Payable copper produced (lb, 000)	17,838		25,926		20,564

Mining	$	1.42	$	1.03	$	1.13
Processing	$	0.40	$	0.32	$	0.32
Indirect	$	0.33	$	0.25	$	0.27
By-product credits	$	(0.14)	$	(0.13)	$	(0.14)
Treatment, refining and other	$	0.29	$	0.28	$	0.31
Copper C1 cash costs	$	2.30	$	1.75	$	1.89
(Gain) loss on foreign exchange hedges	$	(0.02)	$	(0.16)	$	(0.05)
Copper C1 cash costs including foreign exchange hedges	$	2.28	$	1.59	$	1.84



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


			TSX: ERO
			NYSE: ERO

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:	2024 - Q1		2023 - Q4		2023 - Q1
Cost of production	$	7,255	$	7,122	$	6,107
Add (less):
Incentive payments	(443)		(386)		(407)
Net change in inventory	264		65		(352)
By-product credits	(189)		(248)		(176)
Smelting and refining	90		113		76
Foreign exchange translation and other	232		296		176
C1 cash costs	$	7,209	$	6,962	$	5,424
Site general and administrative	1,353		1,492		1,232
Accretion of mine closure and rehabilitation provision	92		111		105
Sustaining capital expenditure	3,254		5,499		3,013
Sustaining lease payments	2,122		1,861		1,660
Royalties and production taxes	510		785		338
AISC	$	14,540	$	16,710	$	11,772



Costs
Mining	$	3,820	$	3,430	$	2,567
Processing	2,259		2,315		1,905
Indirect	1,229		1,352		1,052
Production costs	7,308		7,097		5,524
Smelting and refining costs	90		113		76
By-product credits	(189)		(248)		(176)
C1 cash costs	$	7,209	$	6,962	$	5,424
Site general and administrative	1,353		1,492		1,232
Accretion of mine closure and rehabilitation provision	92		111		105
Sustaining capital expenditure	3,254		5,499		3,013
Sustaining leases	2,122		1,861		1,660
Royalties and production taxes	510		785		338
AISC	$	14,540	$	16,710	$	11,772

Costs per ounce
Payable gold produced (ounces)	18,234		16,867		12,443

Mining	$	209	$	203	$	206
Processing	$	124	$	137	$	153
Indirect	$	67	$	80	$	85
Smelting and refining	$	5	$	7	$	6
By-product credits	$	(10)	$	(14)	$	(14)
Gold C1 cash cost	$	395	$	413	$	436
Gold AISC	$	797	$	991	$	946



11			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:	2024 - Q1		2023 - Q4		2023 - Q1
Net (Loss) Income	$	(6,830)	$	37,052	$	24,500
Adjustments:
Finance expense	4,634		5,284		6,526
Finance income	(1,468)		(1,989)		(4,138)
Income tax (recovery) expense	(1,853)		8,415		4,666
Amortization and depreciation	23,296		24,980		16,506
EBITDA	$	17,779	$	73,742	$	48,060
Foreign exchange loss (gain)	18,996		(24,871)		(8,621)
Share based compensation	6,545		477		5,017
Unrealized (gain) loss on copper derivatives	(64)		955		—


Adjusted EBITDA	$	43,256	$	50,303	$	44,456



12			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


Reconciliation:	2024 - Q1		2023 - Q4		2023 - Q1
Net (loss) income as reported attributable to the owners of the Company	$	(7,141)	$	36,549	$	24,154
Adjustments:
Share based compensation	6,545		477		5,017
Unrealized foreign exchange loss (gain) on USD denominated balances in MCSA	11,257		(10,308)		(4,753)
Unrealized foreign exchange loss (gain) on foreign exchange derivative contracts	9,304		(9,852)		(3,152)
Unrealized (gain) loss on copper derivative contracts	(64)		951		—


Tax effect on the above adjustments	(3,128)		2,932		1,208
Adjusted net income attributable to owners of the Company	$	16,773	$	20,749	$	22,474

Weighted average number of common shares
Basic	102,769,444		98,099,791		92,294,045
Diluted	103,242,437		98,482,755		93,218,281

Adjusted EPS
Basic	$	0.16	$	0.21	$	0.24
Diluted	$	0.16	$	0.21	$	0.24



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


			TSX: ERO
			NYSE: ERO

Net (Cash) Debt

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.


	March 31, 2024		December 31, 2023		March 31, 2023
Current portion of loans and borrowings	$	16,059	$	20,381	$	9,221
Long-term portion of loans and borrowings	450,743		405,852		401,595
Less:
Cash and cash equivalents	(51,692)		(111,738)		(209,908)
Short-term investments	—		—		(26,739)

Net debt (cash)	$	415,110	$	314,495	$	174,169

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.


	March 31, 2024		December 31, 2023		March 31, 2023
Current assets	$	129,960	$	199,487	$	331,241
Less: Current liabilities	(158,565)		(173,800)		(112,448)
Working (deficit) capital	$	(28,605)	$	25,687	$	218,793

Cash and cash equivalents	51,692		111,738		209,908
Short-term investments	—		—		26,739
Available undrawn revolving credit facilities	105,000		150,000		150,000
Available liquidity	$	156,692	$	261,738	$	386,647



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


			TSX: ERO
			NYSE: ERO

ABOUT ERO COPPER CORP

Ero is a high-margin, high-growth, low carbon-intensity copper producer with operations in Brazil and corporate headquarters in Vancouver, B.C., Canada. 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 (formerly known as the MCSA Mining Complex), which are located in the Curaçá Valley, Bahia State, Brazil and include the Pilar and Vermelhos underground mines and the Surubim open pit mine, and the Tucumã Project (formerly known as Boa Esperança), an IOCG-type copper project located in Pará, Brazil. The Company also owns 97.6% of NX Gold S.A. ("NX Gold") which owns the Xavantina Operations (formerly known as the NX Gold Mine), comprised of an operating gold and silver mine located in Mato Grosso, Brazil. Additional information on the Company and its operations, including technical reports on the Caraíba Operations, Xavantina Operations and Tucumã Project, can be found on the Company's website (www.erocopper.com), 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”.

FOR MORE INFORMATION, PLEASE CONTACT

Courtney Lynn, SVP, Corporate Development, Investor Relations & Sustainability

(604) 335-7504

info@erocopper.com



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


			TSX: ERO
			NYSE: ERO

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 production, operating costs and capital expenditures at the Caraíba Operations, the Tucumã Project and the Xavantina Operations; estimated completion dates for certain milestones, including the commissioning timeline and initial production at the Tucumã Project; a continuation of elevated gold grades at the Xavantina Operations; 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.

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 and the Tucumã 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 and interest 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.

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.



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

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