Slides
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors September 14, 2026
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 2 Disclaimer Caution Regarding Forward Looking Information and Statements This presentation contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian 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 regarding: the implementation, timing and expected benefits of the Company’s OneEro program, safety transformation, procurement initiatives, operating systems, automation, artificial intelligence, digital technologies and other innovation initiatives; expected procurement, commercial, smelting, refining and other cost savings, including the timing and sustainability thereof; expected production, operating costs and capital expenditures at the Caraíba Operations, Tucumã Operation and Xavantina Operations; mineral reserve and mineral Resource estimates and the potential conversion of inferred mineral Resources to economically viable mineral reserves; estimated completion dates, estimated capital expenditures and expected benefits associated with certain projects and milestones, including completion of the Pilar Mine’s new external shaft at the Caraíba Operations and the Xavantina power infrastructure expansion project; the Company’s ability to maintain improved performance at the Caraíba mill and realize the expected benefits of the Pilar Mine’s new external shaft and the Xavantina power infrastructure expansion project; the expected timing of delivery, installation and commissioning of additional tailings filtration capacity at the Tucumã Operation, including three new tailings filters and additional plates for each of the three existing filter presses, and the expected impact on plant throughput; the expected completion of the ventilation and cooling infrastructure tie-in at the Xavantina Operations and its expected impact on mining rates, mill throughput and processed grades; the Company’s plans, prospects, business strategies, strategic vision and aspirations, and the achievement and timing thereof; and exploration, development and operational activities and results at the Company’s properties, including Furnas. Forward-looking statements relating to the Furnas Copper-Gold Project (“Furnas” or the “Furnas Project”) may include statements regarding the results of the Furnas Project PEA, including the mineral Resource estimate and the parameters and assumptions underlying such estimate; potential future expansion of the mineral Resource estimate and the Furnas Project; exploration and development strategies, objectives and programs, including planned areas of additional exploration; the life of mine and life of mine plan; mining methods, mining rates, production estimates and production profile; processing estimates, process flowsheet, metal grades and production and recovery rates; capital, sustaining and operating costs and C1 cash costs; economic metrics and sensitivities, including NPV, IRR and payback period, and the parameters and assumptions underlying such results; geological and mineralization interpretations; development and construction plans, including staged development, sequencing, timing, effects and benefits; the size and scale of the Furnas Project; timelines and other statements relating to the economic viability, development or construction of the Furnas Project; compliance with contractual, permitting, regulatory and earn-in agreement requirements; the results of any Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, Mineral Resource or Mineral Reserve estimate, or life of mine estimate; anticipated exploration and development activities at Furnas; and the anticipated development of, and plans and expectations relating to, a future 60/40 (Ero/VBM) joint venture. Forward-looking statements may also include statements regarding the significance of exploration programs or results; the Company’s ability to monetize gold concentrates produced at the Xavantina Operations, including expectations regarding operating costs, payability, grades and volumes of gold concentrates sold and the timing thereof, and the expected impact of the mobile filter press and industrial dryer commissioned in the second quarter of 2026 on gold concentrate drying capacity, shipment volumes and cash generation; future exploration plans and the potential results or significance thereof; anticipated market prices of metals, treatment and refining charges, currency exchange rates, interest rates and other market conditions; the Company’s hedging, procurement, commercial and risk-management strategies and policies, including anticipated hedge coverage, duration, commercial terms and exposure to spot prices; anticipated cash generation, debt repayment and deleveraging, leverage targets, liquidity, financial flexibility and balance-sheet capacity; the Company’s capital allocation priorities, including continued deleveraging and the anticipated timing, nature and amount of any shareholder return program, and the Company’s ability to fund such a program while meeting its balance- sheet objectives; the continued availability of key inputs and consumables; 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 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 Company’s 2025 Annual Information Form, dated March 30, 2026 (“AIF”) under the heading “Risk Factors”. The Company’s forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management on the date the statements are made, many of which may be difficult to predict and beyond the Company’s control. In connection with the forward-looking statements contained in this presentation and in the AIF, the Company has made certain assumptions about, among other things: favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production, development and exploration of the Company’s properties and assets; future prices of copper, gold and other metal prices; the timing and results of exploration and drilling programs; the accuracy of any mineral reserve and mineral Resource estimates; the geology of the Caraíba Operations, the Xavantina Operations, the Tucumã Operation and the Furnas Project being as described in the respective technical report for each property; production costs; the accuracy of budgeted exploration, development and construction costs and expenditures; the price of other commodities such as fuel; future currency exchange rates, interest rates and tariff rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; work force continuing to remain healthy in the face of prevailing epidemics, pandemics or other health risks; political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; availability of equipment; positive relations with local groups and the Company’s ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of the Company’s current loan arrangements, and the ability of the Company to generate free cash flow to support the initiation of a shareholder return program while meeting its balance sheet deleveraging objectives. Although the Company believes that the assumptions inherent in forward-looking statements are reasonable as of the date of this presentation, 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 presentation. 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 presentation 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. This presentation may also contain future-oriented financial information (“FOFI”) and information which could be considered to be in the nature of a “financial outlook”. Such FOFI or financial outlook was approved by management of the Company as of the date of presentation for the purpose of providing management’s reasonable estimate of what return investors might expect to earn based on the assumptions set forth in such estimates and the information may not be appropriate for other purposes. Management cautions that such FOFI or financial outlook reflects the Company’s current beliefs and are based on information currently available to the Company and on assumptions the Company believes are reasonable. Actual results and developments may differ materially from results and developments discussed in the FOFI or financial outlook as they are subject to a number of significant risks and uncertainties. Certain of these risks and uncertainties are beyond the Company’s control. Consequently, all of the FOFI or financial outlook are qualified by these cautionary statements, and there can be no assurances. Cautionary Notes Regarding Mineral Resource and Mineral Reserve Estimates Unless otherwise indicated, all reserve and resource estimates included in this presentation 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.
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 3 Disclaimer General Scientific and technical information contained in this presentation has been reviewed, verified and approved by Mr. Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), FAusIMM (No. 329148), and Resource Manager of the Company, who is a “qualified person” within the meanings of NI 43-101. Scientific and technical information contained in this presentation relating to the Company’s mining operations located within the Curaçá Valley, northeastern Bahia State, Brazil (the “Caraíba Operations”), is derived from, and in some instances is a direct extract from, and based on the assumptions, qualifications and procedures set out in, the report prepared in accordance with 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 “2022 Caraíba Operations Technical Report”). Each a “qualified person” and “independent” of the Company within the meanings of NI 43-101 on the date of the report. Scientific and technical information contained in this presentation relating to the Company’s mining operations located approximately 18 km west of the town of Nova Xavantina, southeastern Mato Grosso State, Brazil (the “Xavantina Operations” and formerly known as the “NX Gold Mine”), is derived from, and in some instances is a direct extract from, and based on the assumptions, qualifications and procedures set out in, the report prepared in accordance with NI 43-101 and entitled “Technical Report on the Xavantina Operations, Mato Grosso, Brazil”, dated December 19, 2025 with an effective date of June 30, 2025, prepared by Branca Horta de Almeida Abrantes, MAIG, Hugo Ribeiro de Andrade Filho, FAusIMM (CP), Leonardo de Moraes Soares, MAIG, Paulo Roberto Bergmann Moreira, FAusIMM and Porfirio Cabaleiro Rodriguez, FAIG, all of GE21 (the “2025 Xavantina Operations Technical Report”). Each of Branca Horta de Almeida Abrantes, MAIG, Hugo Ribeiro de Andrade Filho, FAusIMM (CP), Leonardo de Moraes Soares, MAIG, Paulo Roberto Bergmann Moreira, FAusIMM and Porfirio Cabaleiro Rodriguez, FAIG. Each a “qualified person” and “independent” of the Company within the meanings of NI 43-101 on the date of the report. Scientific and technical information contained in this presentation relating to the Tucumã Operation, which is located within southeastern Pará State, Brazil (referred to herein as the “Tucumã Operation” or by its former name, the “Boa Esperança Project”), is derived from, and in some instances is a direct extract from, and based on the assumptions, qualifications and procedures set out in, 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. and Scott C. Elfen, P.E. each of Ausenco Canada Inc. (“Ausenco Canada”), Erin L. Patterson, P.E., formerly employed by its affiliate Ausenco USA South Inc. (“Ausenco USA”), Carlos Guzmán, FAusIMM RM (Chilean Mining Commission) of NCL Ingenieria y Construccion SpA (“NCL”) and Emerson Ricardo Ré, 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 “2021 Tucumã Operation Technical Report”). Each of Kevin Murray, P. Eng., Scott C. Elfen, P.E., Carlos Guzmán, FAusIMM RM CMC and Emerson Ricardo Ré, MAusIMM (CP), is a “qualified person” within the meaning of NI 43-101. Each of Kevin Murray, P. Eng., Scott C. Elfen, P.E., and Carlos Guzmán, FAusIMM RM CMC are “independent” of the Company within the meaning of NI 43-101. Erin L. Patterson, P.E., who is no longer employed by Ausenco USA, was a “qualified person” and “independent" of the Company within the meanings of NI 43-101 as at the date of the report. Mr. Ré, 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. Scientific and technical information contained in this presentation relating to the Furnas Project, located in the Carajás Mineral Province in Pará State, Brazil, is derived from, and in some instances is a direct extract from, and based on the assumptions, qualifications and procedures set out the report prepared in accordance with NI 43-101 and entitled “Preliminary Economic Assessment for the Furnas Project, Pará State, Brazil (NI 43-101 Technical Report)", dated March 30, 2026 with an effective date of February 23, 2026, prepared by João Estevão Junior, MAIG, of SDPM (the "2026 Furnas Project Technical Report"), who is “qualified person” and “independent” of the Company within the meanings of NI 43-101 on the date of the report. Please see the Company’s AIF, the 2022 Caraíba Operations Technical Report, the 2025 Xavantina Operations Technical Report, the 2021 Tucumã Operation Technical Report, and the 2026 Furnas Project Technical Report, each filed on the Company’s profile at www.sedarplus.ca/landingpage/ and www.sec.gov, for details regarding the data verification undertaken with respect to the scientific and technical information included in this presentation regarding the Caraíba Operations, the Xavantina Operations, the Tucumã Operation and the Furnas Project, for additional details regarding the related exploration information, including interpretations, the QA/QC employed, sample, analytical and testing results and for additional details regarding the mineral Resource and mineral reserve estimates disclosed herein. Third Party Information This presentation includes market, industry and economic data which was obtained from various publicly available sources and other sources believed by the Company to be true. Although the Company believes it to be reliable, the Company has not independently verified any of the data from third party sources referred to in this presentation or analyzed or verified the underlying reports relied upon or referred to by such sources or ascertained the underlying economic and other assumptions relied upon by such sources. The Company believes that its market, industry and economic data is accurate and that its estimates and assumptions are reasonable, but there can be no assurance as to the accuracy or completeness thereof. The accuracy and completeness of the market, industry and economic data used throughout this presentation are not guaranteed and the Company does not make any representation as to the accuracy or completeness of such information. Non-IFRS Measures Financial results of the Company are prepared in accordance with IFRS. The Company utilizes certain alternative performance (non-IFRS) measures to monitor its performance, including copper C1 cash cost, 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. Copper C1 cash cost is a non-IFRS performance measure 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 and incentive payments. 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. Realized copper price is a non-IFRS ratio which is calculated as gross copper revenue divided by pounds of copper sold during the period. Management believes measuring realized copper price enables investors to better understand performance based on realized copper sales in each reporting period. 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 or recovered 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 as a supplement 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 or recovered 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 as a supplement to IFRS measures. 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. 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. “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. 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. For more information, see the company’s most recent MD&A.
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 4 Agenda 1:30 PM Opening Remarks Makko DeFilippo 1:50 PM Operations Overview Gelson Batista 2:15 PM Break 2:35 PM Furnas Overview Gelson Batista 2:50 PM Exploration Overview Michael Hocking 3:05 PM Financials Wayne Drier 3:20 PM Brazil Fireside Chat Makko DeFilippo, Eduardo de Come & Courtney Lynn 3:35 PM Q&A
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 5 Speakers Makko DeFilippo President, CEO & Director In Attendance Deepk Hundal EVP, General Counsel and Corporate Secretary Farooq Hamed VP, Investor Relations Antônio Neto Director, Legal Juliana Sitta Director, Human Resources Marcelo Santos Director, Innovation & Technology Rafael Ribeiro Director, Technical Services Renato Possancini Director, Finance Gelson Batista EVP & COO Wayne Drier EVP & CFO Mike Hocking VP, Exploration Courtney Lynn EVP, External Affairs and Strategy Eduardo De Come EVP, Brazil
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors Makko DeFilippo President, Chief Executive Officer & Director Opening Remarks
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 7 See Endnotes - Additional Footnotes. 1. For more information on the Company’s plans to earn a 60% interest in the Furnas Project, please see press releases dated Oct ober 30, 2023, and July 22, 2024. For more information on the results of the PEA on the Furnas Project, please see press release dated February 23, 2026, and the 2026 Furnas Technical Report. 3. Copper equivalent calculated using average annual spot metal prices for 2017 -2025 and long-term metal prices of $4.60/lb Cu, $3,300/oz Au, and $40.00/oz Ag for forward -looking periods. Copper equivalent processed grade reflects relative recovery rate for each metal as outlined on the PEA Highlights Press Release dated February 23, 2026, and t he 2026 Furnas Technical Report. Furnas production based on an ownership of 60% by Ero. Caraíba Production Bahia State Furnas(1) Advanced Stage Pará State Xavantina Production Mato Grosso State Corporate Offices Belo Horizonte São Paulo Tucumã Production Pará State Proven History of Uncovering Value Through a deep-value, exploration-forward operating model High-Quality Growth Project in Furnas Long-life copper-gold project with scale and compelling economics (1) Disciplined, ROIC-Driven Capital Allocation Transition to cash generation phase supports future shareholder returns (2) A Differentiated Copper & Gold Company 25 kt 53 kt 82 kt 65 kt 2017 2021 2025 3-Yr Outlook Furnas (60%) 81-110 kt Pathway to ~150kt+ Copper Equivalent Production(3)(4)
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 8 Since our founding, execution of organic growth while protecting share count has continued to deliver more revenue, more production and a larger mineral resource base per share. History of Value Creation Behind Every Share M&I Resources Per Share(4) (CuEq(3) lbs/share) Production Per Share(2) (CuEq(3) lbs/share) Revenue Per Share(1) (US$/share) $2.25 $5.39 $7.55 $9.96 2017 2021 2025 LTM 0.84 1.28 1.74 1.77 2017 2021 2025 LTM 31.8 41.2 52.3 78.1 2017 2021 2025 LTM Greater revenue generation per share Production growth with minimal equity raised More long-term Resource value per share See Endnotes - Additional Footnotes. 3. Copper equivalent calculated using average annual spot metal prices for 2017 -2025 and LTM periods. 4. Mineral Resources that are not mineral reserves do not have demonstrated economic viability. Measured and Indicated Resources are calculated in a copper equivalent basis. For more information on the results of the PEA on the Furnas Project, please see press release dated February 23, 2026, and the Furnas 2026 Technical Report. Measured and Inferred Resources per share = Measured and Indicated Resources / diluted share count as per the corresponding Financial Statements for each year.
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 9 STANDARDIZE Embed common processes + systems EXECUTE Deliver consistently against plan INNOVATE Leverage technology to unlock value OPTIMIZE Improve cost + productivity drivers Embedding systems, routines and discipline required to realize the full potential of every asset. Developing a Culture Centered on Excellence and Innovation Continuous System for Unlocking Asset Potential SAFETY & CONTINUOUS IMPROVEMENT CULTURE Foundations of OneEro transformation BEHAVIORS Build ownership, accountability, and a relentless focus on improvement PROCESSES Embed disciplined, repeatable systems that drive consistent execution CAPABILITIES Develop people, tools and technology required to unlock value Management Focus OPERATING RELIABILITY Stable and predictable operating performance ASSET AVAILABILITY Increased uptime and productive capacity OPERATIONAL EFFICIENCY Optimized productivity, costs and Resource utilization DELIVERY AGAINST PLAN Consistent achievement of operating commitments Targeted Outcomes
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors OneEro Video
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 11 A company-wide program launched in early 2025 to align leadership, strengthen how we operate, and unlock value across Ero. OneEro: A Stronger Organization from the Inside Out OneEro One team. One standard. LEADERSHIP Aligned structure, priorities and accountability HEALTH & SAFETY Launched a companywide safety transformation program PROCUREMENT Centralized sourcing to strengthen vendor governance, standardize contracts and secure better terms CULTURE Established a strategic HR function and refreshed Ero’s Purpose, Vision & Values TECHNOLOGY & INNOVATION Focused on automation, AI and data to streamline work, improve decisions and increase efficiency 0.46 LTIFR in 2025 Lowest since 2021 PROCUREMENT $10-$15M Annualized savings secured Renegotiated supply & 3rd party contracts >$20M Expected 2026 savings Improved smelting & refining terms Measurable Results HEALTH & SAFETY Strengthening the organization behind the assets to support safer execution, continuous improvement and deliver Ero’s next phase of growth
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 12 Execution against objectives established in early 2025 has strengthened Ero’s operating performance and financial capabilities. Strategy in Action: Delivering on Our Objectives See Endnotes - Additional Footnotes. DELIVERED ON OUR COMMITMENTS TUCUMÃ COMMERCIAL PRODUCTION July 1, 2025 High-margin operation that materially expands Ero’s copper platform BALANCE SHEET DELEVERAGING(1) Gross and net leverage down 1.8 turns in 18 months Net leverage: 2.6x 0.8x | Gross leverage: 2.8x 1.0x ADVANCE FURNAS COPPER-GOLD PROJECT PEA published; earn-in drilling requirements complete Pre-Feasibility Study underway; publication targeted for H2 2027 WHILE DELIVERING NEW VALUE DRIVERS GOLD CONCENTRATE SALES PROGRAM Unlocked value from Xavantina’s historic stockpiles Contributing to strong cash flows and rapid deleveraging FULL MINE MECHANIZATION AT XAVANTINA Re-positioning Xavantina to achieve higher mining rates Strengthening foundations to pursue growth options CARAÍBA PLANT DE-BOTTLENECKING Increased plant capacity from 4.2 to 4.8 Mtpa(2) Supporting record planned throughput of ~4.5 Mtpa in 2026
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 13 Nearly 90 cents of every dollar of cash available for deleveraging has translated into repayment of debt principal. Delivering on Our Commitment to Deleverage See Endnotes - Additional Footnotes. $560M ($370M) ($85M) $106M Operating cash flow Capital expenditures Interest, lease & finance payments Cash available for deleveraing CASH AVAILABLE FOR DELEVERAGING(1) DEBT PRINCIPAL Q2 2025 ‒ Q2 2026 15% lower 89% converted into principal reduction $95M repaid Disciplined capital allocation has reduced debt principal by $95 million in five quarters. Peak Debt Q1 2025 Principal Repaid Debt at Q2 2026 $643M ($95M) $548M $400M Senior Notes $400M Senior Notes $165M Credit Facility $120M Credit Facility $76M Other $28M
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 14 Furnas will bring together the scale, low-cost profile and long mine-life to reshape Ero’s portfolio. Furnas: Ero’s Next Transformation 108 kt CuEq Production(1) First 15 Years 24 years Mine Life FURNAS Cornerstone Growth Project MEANINGFUL SCALE MULTI-DECADE INITIAL MINE LIFE FIRST QUARTILE OPERATING COSTS LOW CAPITAL INTENSITY $268 $1,154 $2,040 $2,927 $3,813 $4,699 11.3% 19.9% 27.0% 33.2% 38.8% 44.0% $3.60/lb $1,800/oz $4.10/lb $2,550/oz $4.60/lb $3,300/oz $5.10/lb $4,050/oz $5.60/lb $4,800/oz $6.10/lb $5,550/oz After-Tax NPV (8%, US$M) After-Tax IRR Leverage to Copper and Gold Prices $0.24/lb C1 Cash Cost(2) First 15 Years ~9 km Deposit Footprint Open at depth and along strike Note: The Furnas PEA is preliminary in nature and includes inferred mineral Resources, which are considered too speculative geologi cally to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not mineral reserves do not have demonstrated economic viability. 1. Copper equivalent based on long-term metal prices of $4.60/lb Cu, $3,300/oz Au, and $40.00/oz Ag. 2. First Quartile Life-of-Mine C1 Cash Costs. Cash Cost are a non-IFRS financial measure and do not have standardized meanings prescribed by IFRS and might not be comparable to similar finan cial measures disclosed by other issuers. Please refer to the Company’s discussion of Non -IFRS measures in its most recent MD&A.
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 15 EARN-IN DRILLING REQUIREMENTS COMPLETE 200,000+ m Total drilling since 2001(1) ✔ Extensive metallurgical testwork ✔ Conventional flowsheet design ✔ PFS engineering commenced ✔ 11 drill rigs on site Pre-Feasibility Study on track for publication in H2 2027 Early completion of exploration requirements and advanced studies are rapidly advancing Furnas towards target 2029 investment decision Advancing Furnas Investment Decision 2029 See Endnotes - Additional Footnotes. 2. For more information on the Company’s plans to earn a 60% interest in the Furnas Project, please see its press releases dated October 30, 2023, and July 22, 2024. For more information on the results of the PEA on the Furnas Project, please see press release dated February 23, 2026, and the Furnas 2026 Technical Report. EXPLORATION(2) 90,000 m earn-in drilling ENGINEERING STUDIES 28,000 m COMPLETE PHASE 1 Prelim. Econ. Assessment COMPLETE 17,000 m COMPLETE PHASE 2 Pre-Feasibility Study ADVANCING 45,000 m COMPLETE PHASE 3 Feasibility Study STEP 3 2029 Investment Decision 60% Ownership in Joint-Venture
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 16 Ero is becoming stronger, safer and ready for growth while actively deploying capital at Furnas, in new technologies and to build an organic project portfolio at every stage of development Growth and Value Creation FINANCIAL STRENGTH & FLEXIBILITY Continue deleveraging the balance sheet to fund capital allocation priorities. EXECUTION OF FURNAS Redeploy capital towards permitting, infill drilling and engineering targeting Final Investment Decision (FID) in 2029. ESTABLISHING STRONG FOUNDATIONS Deleverage & De-risk TECHNOLOGY & INNOVATION Deploy new technologies to increase safety, decision making capabilities and operating margins. ORGANIC EXPLORATION PORTFOLIO Extend mine lives at existing operations while advancing earlier-stage opportunities, building a strong project pipeline that leverages Ero’s core competencies. CREATING OPTIONALITY & VALUE Safer, Positioned for Growth, Project Pipeline Enabling FURNAS: Building the Future of Ero Actively deploying capital towards Feasibility and FID Investment Decision Target 2029
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors Gelson Batista Executive Vice President & Chief Operating Officer Operations
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 18 Multi-year safety transformation is advancing our ambition of an injury -free workplace. Safety Is How We Operate COMMON FRAMEWORK Shared tools, standards and site practices1 VISIBLE LEADERSHIP Visible leaders and frequent peer-to-peer feedback 2 CRITICAL-RISK CAPABILITY Risk identification, controls and training3 LEARNING & CONTINUOUS IMPROVEMENT Audits, communication and accountability 4 OneEro Safety Management SystemSafety Transformation “A Bright Mine is a Safe Mine” Company-wide initiative to increase industrial lighting in all work fronts 5S Housekeeping Program Company-wide workplace organization and cleanliness "Mine of Ideas" Program Continuous improvement program with focus on health and safety 1.00 0.60 0.46 0.59 2023 2024 2025 LTM LTIFR Trend Evidence of Progress 0.46 LTIFR in 2025 Lowest since 2021 0 Fatalities in 2025 and YTD 2026 DSS+ Safety Training Comprehensive review and company-wide training program Site Leadership Renewal Clear accountability and visible ownership Shared Best Practices Informed by leading standards
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 19 Ambition to be a leader in the deployment of technology – advancing a human-centric strategy, designed to protect our people and produce measurable operating outcomes. Technology & Innovation as a Driver of Operating Performance CARAÍBA Remote drilling, AI-based maintenance center ✓ Remote production drilling; less exposure, more productive hours ✓ AI-based digital maintenance ✓ UG mine situational awareness platform; safety and productivity ONEERO TECHNOLOGY STRATEGY Safer Mines Reduce exposure and strengthen hazard detection. Higher Productivity Increase productive time and stabilize processes. Greater Reliability Prevent failures and reduce unplanned downtime. KEY PROJECT COMPLETIONS TUCUMÃ AI-driven mill and maintenance ✓ Hero Intelligence tells operators how to optimize milling performance ✓ Digital Twin real-time simulations using GenAI every shift XAVANTINA Remote blasting and real-time mine monitoring ✓ First blasts successful; implementation underway ✓ UG mine situational awareness platform; safety and productivity
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 50+ year operating history 20 BAHIA, BRAZIL Caraíba Operations A high-grade, long-life copper platform positioned for renewed growth AT A GLANCE 99.6% Ownership 4.8 Mtpa(1) Plant Capacity 2042 Mine Life UG + OP Mine Types PROVEN CAPACITY, RENEWED MOMENTUM(2) 20.1 kt 45.5 kt 36.0 kt 2017 2021 2025 3-Yr Outlook 35.0-50.0 kt NEW PILAR SHAFT The next step-change at Caraíba 1 Shorter transport time for people, ore and waste 2 Higher mining rates from the Pilar Mine 3 New high-grade access Deepening Extension Zone See Endnotes - Additional Footnotes.
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 21 1.8 Mt 2.4 Mt 3.7 Mt 2017 2021 2025 3-Year Outlook 3.2 Mtpa 3.2 Mtpa 4.2 Mtpa 4.8 Mtpa 2017 2021 2025 3-Year Outlook A sequenced program of grinding, flotation and debottlenecking investments has converted capacity into sustained throughput growth. A Multi-Year Plant Expansion and Upgrade Program See Endnotes - Additional Footnotes. TARGETED INVESTMENTS ACROSS THE FLOWSHEET +50% installed capacity | +1.6 Mtpa Base plant capacity 3.2 Mtpa2017 HIG mill installed Grinding circuit optimizationQ3 2020 Third ball mill installed Capacity increased to 4.2 MtpaQ4 2023 Jameson Cell installed Flotation circuit enhancementQ1 2024 Debottlenecking completed Capacity increased to 4.8 MtpaQ4 2025 PROCESSED VOLUMES AND AVAILABLE PLANT CAPACITY(1) 4.5 Mt to 4.7 Mt
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 22 96% 57% 55% 55% 4% 4% 15% 15% 39% 30% 30% 2017 2021 2025 3-Year Outlook Pilar Surubim Vermelhos (UG+OP) 1.8 Mt 2.3 Mt 3.7 Mt Caraíba's extensive land package and integrated operating footprint provide flexibility in the timing and mix of mill feed. Multiple Ore Sources Support Sustained Plant Throughput ANNUAL PROCESSED VOLUME BY SOURCE 4.5-4.7 Mtpa Expected for 2026-2028 SUSTAINED THROUGHPUT 0.9%-1.1% Cu Expected over the outlook period BLENDED FEED GRADE Surubim N8 Surubim mining concludes in Q1 2027, with stockpile feed continuing through mid-2027 as N8 (Vermelhos) mining commences. FEED TRANSITION 4.5-4.7 Mt
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 23 The new shaft represents a transformational investment intended to serve Caraíba for decades. Pilar Shaft: Building for Caraíba's Future 1,556 m Shaft depth at completion ~$370M Total project capital 3.0 Mt Target annual ore production at Pilar ~40% Lower average transport distance A DISCIPLINED PATH TO COMPLETION Site clearing and early civil works commenced Sept. 2021 Pre-sink surface infrastructure completed; main shaft sinking commenced Q4 2023 >1,100 m shaft depth reached Aug. 2026 Projected completion of shaft sinking Q1 2027 2028+ Full Operational Benefits WHAT THE SHAFT UNLOCKS More Productive Shifts Faster access to deep mining areas increases time at the face by 30%+. Increased Hoisting Capacity Enables Pilar production to reach up to ~3.0 Mtpa. Higher-Grade Feed Access to Deepening Extension Zone where reserve grades average over 1.7% Cu. Lower Unit Operating Costs Increased productivity and higher mined grades expected to support unit cost savings.
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors New Deepening Shaft Engineering & Admin. Shaft Headframe Permanent Rock & Personnel Winder Building Stage Winder Building 24
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors Commercial production achieved July 1, 2025 25 PARÁ, BRAZIL Tucumã Operation A high-margin operation delivering portfolio growth AT A GLANCE 99.6% Ownership 4.0 Mtpa(1) Plant Capacity 2035 Mine Life OP Mine Type RAMPING UP PRODUCTION(2) TAILINGS FILTRATION EXPANSION Unlocking full plant capacity 1 Expansion of existing tailings filters Completed in June 2026 2 Addition of new modular tailings filters On track for H2 2026 3 Path to design capacity ~70% in Q2 2026 to 100% exiting 2026 28.3 kt 2025 3-Yr Outlook See Endnotes - Additional Footnotes. 32.5-40.0 kt
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors New modular tailings filters are expected to enable the plant to exit 2026 operating at 4Mtpa run -rate. Tucumã Plant: Ramping Capacity CONSTRUCTION & COMMISSIONING Safe and disciplined project execution 2024 Zero LTIs On time & on budget 1st saleable copper concentrate produced in Q3 COMMERCIAL PRODUCTION & RAMP-UP Progressive operating improvements drove higher throughout 2025 Commercial production effective July 1, 2025 Plant debottlenecking delivers throughput gains FILTRATION EXPANSION & HIGHER CAPACITY Addressing a key constraint to increase plant capacity 2026 ~8% increase in existing tailings filter capacity in Q2 Installation of new tailings filters in Q4 expected to increase capacity by 50% CONTINUED EXECUTION TO DESIGN CAPACITY 334 kt 713 kt 1,092 kt 1,279 kt H2 2024 H1 2025 H2 2025 H1 2026 114% CONSISTENT GROWTH IN PLANT THROUGHPUT 53% 17%
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors Mine mechanization successfully completed 27 MATO GROSSO, BRAZIL Xavantina Operations A high-grade, underground gold operation re-positioned for growth AT A GLANCE 97.6% Ownership 300 ktpa(1) Plant Capacity 2032 Reserve Life UG Mine Type MECHANIZATION DRIVING GROWTH(2) MECHANIZED GROWTH Unlocking excess mill capacity 1 Mine mechanization completed New mining method deployed 2 Mining & development rates ramping up With upgraded ventilation & cooling 3 Large mineral resource base Accelerate mineral resource conversion and extend mine life See Endnotes - Additional Footnotes. 25.3 koz 37.8 koz 37.3 koz 2017 2021 2025 3-Yr Outlook 40.0-60.0 koz
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 28 People Resources Equipment Process Safety 134 kt 172 kt 177 kt 2017 2021 2025 3-Year Outlook 300 ktpa 300 ktpa 300 ktpa 300 ktpa 2017 2021 2025 3-Year Outlook Transition to mechanized mining supporting higher mining and development rates. A Mechanized Mine Unlocking Full Operating Potential MINED VOLUMES AND AVAILABLE PLANT CAPACITY(1) 200 kt to 250 kt MEANINGFUL BENEFITS Safer operating environment Reduced workforce exposure Higher utilization Better equipment operating conditions Consistent mining operations Repeatable development and production Scalable platform Supports higher mining rates at deeper levels, where vein thickness is increasing Mine Mechanization PATH TO COMPLETION Mechanization process begins First tranche of equipment arrives Q1 2025 New mining method introduced Operator training and fleet replacement underway Q3 2025 Transition to new mining method completed Room & pillar to sublevel stoping Q1 2026 Ventilation and cooling upgrades Mining and development rates ramp up Q2 2026 See Endnotes - Additional Footnotes.
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 29 A dedicated 138 kV transmission line and substation are expected to unlock value and deliver tangible cost savings. Power Infrastructure to Support Growth Xavantina is a mid-sized consumer, supplied through a 34.5 kV connection. Power demand increased due to mine mechanization and infrastructure upgrades. The local utility company increased power supply to support current operations, bringing the existing connection close to capacity. A 138 kV transmission connection and company-owned substation are required to support future growth. More power resilience and support for the expansion of Xavantina’s operational footprint. Xavantina becomes a large-sized consumer, having access to lower power rates. ~2 Years Target Payback ~US$5 M Estimated annual opex savings ~US$10M Investment CURRENT STATE CONSTRAINT SOLUTION BENEFITS Agreements Reached H1 26 COMPLETED Engineering, Procurement & Installation H2 26 IN PROGRESS Operating License H2 27 H1 27 NEXT STEPS Commissioning and Start of Operations
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 30 Commercial execution of value initiative and expanded drying capacity are converting historic stockpiles into a growing source of near-term cash generation – expected to continue into H1 2027. Gold Concentrates: Unlocking Value and Incremental Cash Flow At spot gold prices of approximately $4,400/oz and All-In Sustaining Costs(2) of $715/oz, gold recovered from historic stockpiles is adding meaningful cash flows and contributing to accelerated balance sheet deleveraging. 1. Mineral Resources that are not mineral reserves do not have demonstrated economic viability. For more information on the upd ated mineral Resource and mineral reserve estimate on the Xavantina Operations, including the maiden inferred mineral Resource on the stockpile, please see the 2025 Xavantina Operations Technical Report. 2. All-in Sustaining Costs are a non-IFRS financial measure and do not have standardized meanings 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 most recent MD&A. 29.3 koz OPPORTUNITY AT SCALE Maiden inferred Resource(1) 24 kt at 37.4 gpt Au within the sampled portion (20% of total volume) 15.0 koz 2.1 koz 11.9 koz Q4 2025 Q1 2026 Q2 2026 GOLD RECOVERED (in concentrate) End of rainy season + Addition of mobile filter press and industrial dryer SHIPMENT VOLUMES INCREASE Expected to drive higher volumes of gold concentrate shipment volumes
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors Coffee break We Will Return in 20 Minutes
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary ColorsSecondary Colors Furnas: Cornerstone For Long-Term Growth
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors Furnas Video
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 34 Engineering, permitting and exploration workstreams are advancing in parallel to support a final investment decision. Advancing Milestones NEAR-TERM CATALYSTS Submit EIA/RIMA ▪ Complete environmental studies ▪ Advance environmental licensing process YEAR-END 2026 Announce Phase 3 drill program results ▪ Support PFS and FS mine planning ▪ Inform future reserve & resource updates YEAR-END 2026 / EARLY 2027 Publish Pre-Feasibility Study ▪ Integrate technical and trade-off studies ▪ Complete Phase 2 of earn-in agreement H2 2027 PROJECT ROADMAP DRILLING Phase 1 (28,000 m) Phase 2 (17,000 m) Phase 3 (45,000 m) ENGINEERING Preliminary Econ. Assessment Pre-Feasibility Study Feasibility Study ENVIRON. / PERMITTING EIA / RIMA Licensing INVESTMENT DECISION 2025 2026 2027 2028 2029
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 35 Continued investment in drilling intended to: ▪ Strengthen mine plan ▪ Upgrade mineral resources to reserves ▪ Continue increasing the size and scale of Furnas With required exploration complete, Ero is maintaining drill activity to continue de -risking the Furnas mine plan while pursuing targeted extensions of mineralization. Sustaining Momentum to Capture Upside and De-Risk Furnas 11 DRILL RIGS Currently active on site FURNAS DRILLING PRIORITIES RESERVE DEFINITION Infill and conversion drilling to support resource upgrades. RESOURCE GROWTH Step-out drilling to test extensions along strike and to depth. HYDROGEOLOGY DRILLING Groundwater modelling for mine water management and system design. DETAILED GEOTECHNICAL DRILLING Confirming ground conditions for stable, optimized pit slopes and underground stopes; de-risking mine design.
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors Michael Hocking Vice President, Exploration Exploration
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 37 Exploration Strategy PRIORITIES IN-MINE + NEAR-MINE Reserve replacement and mine life extensions1 REGIONAL + GREENFIELD Long-term growth pipeline development and future optionality2 Strategy focused on mine life extension and establishing a strong pipeline of organic exploration opportunities. ORGANIC EXPLORATION PORTFOLIOEXPLORATION FOUNDATIONS UNLOCKING OPPORTUNITIES ▪ Caraíba: New high-grade intercepts confirm potential of the Deepening Extension Zone ▪ Tucumã: New high-grade extensions of mineralization beneath the open pit ▪ Xavantina: New structural intercept of mine- sequence ~1,000m down-plunge of the 2025 Mineral Resource envelope ▪ Furnas: 11 drill rigs currently active on site IN-MINE & NEAR-MINE EXPLORATION ▪ Caraíba: New emerging Cu-Ni sulphide discovery near the Vermelhos Mine; drilling ongoing ▪ Tucumã: Advanced stage Cu-Au target within 30 km of mining operation; drilling ongoing NEW REGIONAL OPPORTUNITIES ▪ Odin District: New ~220,000 hectare highly prospective exploration district secured; first pass drill program underway NEW GREENFIELD DISTRICT
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 38 High-grade mineral resource that remains open to depth – latest drilling confirms high-grades . Caraíba In-Mine: Pilar’s Deepening Extension Zone See Endnotes – Additional Footnotes. 1. Mineral Resources that are not mineral reserves do not have demonstrated economic viability. RESOURCE GROWTH SINCE 2017(1)(2) (Mt) Deepening exploration program expected to resume in 2027 with additional step-out drilling. NEXT STEPS Expected to be a significant source of mill feed, mineralization open at depth. LONG-TERM UPSIDE M&I Resources(1) Inferred Resources (1) LONGITUDINAL CROSS-SECTION LOOKING EAST 217 163 NA 34 NA 2017 2021 2025 0 250 m L-1000 L-1500 FC51188 5.5 m @ 5.4% Cu FC50217 27.0 m @ 3.2% Cu Incl.13.0 m @ 4.8% Cu FC50217 18.0 m @ 3.4% Cu Incl.6.0 m @ 13.0% Cu Final shaft depth (~1,550m from surface) N Deepening Project Open 217 130 197 218Measured Inferred Indicated Meas.: 0.004 Mt @ 1.77% Cu Ind.: 10.4 Mt @ 2.08% Cu Inf.: 6.1 Mt @ 2.14% Cu Meas.: 2.9 Mt @ 1.19% Cu Indicated: 9.7 Mt @ 1.67% Cu Inferred: 11.0 Mt @ 1.99% Cu
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 39 Mineralization remains open at depth, with follow-up drilling planned to further test the underground opportunity. Tucumã: High-Grade Mineralization Below the Open Pit See Endnotes – Additional Footnotes. 1. Mineral Resources that are not mineral reserves do not have demonstrated economic viability. 1.35 Mt 2.24% Cu 2025 Inferred Mineral Resource(1) INITIAL UG RESOURCE(1)(2) ▪ 8,000-meter drill program completed outside of the current Resource estimate ▪ Results continue to confirm high-grade mineralization below the Tucumã pit ▪ Follow-up drill program planned to commence year-end 2026 / early 2027 HIGH-GRADE CONTINUITY Block model (Cu ≥ 2.0%) Tucumã open pit Drill holes with Cu assays BSPD-305 ▪ 10.1 m at 1.1% Cu from 647.3 m, incl. 2.7 m at 2.1% Cu from 654.7 m ▪ 7.7 m at 1.2% Cu from 794.2 m ▪ 5.8 m at 1.5% Cu from 858.8 m 0 100 200 300 m SW NE BSPD-304 BSPD-305 BSPD-307 BSPD-307 ▪ 8.2 m at 1.3% Cu from 459.8 m ▪ 5.9 m at 4.1% Cu from 489.8 m ▪ 4.3 m at 2.6% Cu from 631.5 m ▪ 11.7 m at 1.8% Cu from 680.0 m BSPD-304 ▪ 14.1 m at 1.6% Cu from 401.7 m ▪ 8.1 m at 1.2% Cu from 454.0 m ▪ 8.5 m at 1.0% Cu from 466.0 m ▪ 5.8 m at 1.0% Cu from 553.0 m ▪ 11.7 m at 4.4% Cu from 569.3 m CROSS SECTION OF TUCUMÃ
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 40 In-mine drilling is expanding Santo Antônio while testing parallel zones beyond the current mineral resource envelope. Xavantina: Extending a High-Grade Gold System See Endnotes – Additional Footnotes. 1. Mineral Resources that are not mineral reserves do not have demonstrated economic viability. IN-MINE RESOURCE GROWTH SINCE 2017(1)(2) (koz) EXTEND SANTO ANTÔNIO MAIN Drilling continues to confirm continuity and extend the principal mineralized zone. TEST SANTO ANTÔNIO EAST High-grade intercepts highlight the potential of a parallel zone beyond the current mineral resource footprint. TWO GROWTH VECTORS SAUG72 0.71m @ 3.80 g/t SAUG74 1.59m @ 3.20 g/t SAUG73 8.16m @ 3.50 g/t SAUG75 1.28m @ 0.61 g/t SAUG80 1.54m @ 0.34 g/t SAUG77 0.54m @ 0.27 g/t SAUG78 3.86m @ 13.45 g/t SAUG79 0.6m @ 0.27 g/t SAUG82 5.29m @ 5.05 g/t SAUG81 2.15m @ 10.37 g/t Inferred Indicated Measured SAUG71 1.90m @ 0.82 g/t SAUG69 0.55m @ 0.05 g/t SAUG70 5.98m @ 15.52 g/t SAUG84 9.68m @ 12.22 g/t N Santo Antônio Main Santo Antônio East Santo Antônio West SAUG76A 2.85m @2.10 g/t SAUG68 3.28m @ 8.59 g/t SAUG67 0.67m @ 1.72 g/t SAUG66C 0 .96m @ 0.16 g/t 0 100 200 m SAUG60 10.26m @ 20.24 g/t SAUG64 3.38m @ 23.49 g/t SAUG65 15.67m @ 11.88 g/t SAUG63 1.91m @ 4.68 g/t SAUG62 2.33m @ 2.51 g/t N Santo Antônio Matinha PLAN MAP OF 2025 RESOURCE ENVELOPE Measured Inferred Indicated 583 NA 81 NA 2017 2021 2025 357 152 664 336 Ind.: 1.1 Mt @ 10.28 g/t Au Inf.: 0.7 Mt @ 6.61 g/t Au Meas.: 0.3 Mt @ 8.06 g/t Au Ind.: 2.0 Mt @ 8.86 g/t Au Inf.: 1.1 Mt @ 9.16 g/t Au
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 41 Deep step-out drilling intersects Santo Antônio-style geology ~1,000 m down-plunge of the 2025 resource envelope. Xavantina: Testing Continuity of Santo Antônio at Depth See Endnotes – Additional Footnotes. 1. Mineral Resources that are not mineral reserves do not have demonstrated economic viability. 2025 Mineral Resource(1) Envelope Santo Antônio Mine Matinha MineMain intercept 1,570 m from surface SPL-03A(2) SPL-03B SPL-03A: 1,620 m to intercept, 1,665 m total length SPL-03B: Wedge-hole in progress, target depth of 1,500 m N Surface topography 2025 Mineral Resource(1) Drill traces SPL-03A intercept 0 500 1,000 1,500 m VERTICAL SECTION – LOOKING EAST ~1,000 meters Down-plunge of the 2025 Mineral Resource envelope GEOLOGICAL CONTINUITY ▪ SPL-03A extends Santo Antônio geologic structure and mine- sequence ~1,000 m down-plunge of the current resource envelope ▪ Internal assays indicate low grades (final accredited-lab assays pending) ▪ Wedge drilling ongoing to test lateral extensions
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 42 Multiple Cu-Ni sulphide intercepts define an emerging discovery near the Vermelhos Mine. Caraíba Regional: Emerging New Cu-Ni Sulphide Discovery See Endnotes – Additional Footnotes. 2. BHEM” interpreated borehole electromagnetic response measured in seimens (“S”). <10 kilometers From the Vermelhos Mine ~4,200 meters Drilled through August 31, 2026 ~400 meters Strike length – mineralization remains open ✓ Strategic proximity to existing mine infrastructure ✓ Massive to semi-massive Cu-Ni sulphide intercepts ✓ Mineralization remains open along trend ✓ Follow-up drilling and borehole electromagnetics (BHEM) testing open extensions and untested conductors in progress NEW DISCOVERY NEAR EXISTING OPERATIONS LONGITUDINAL SECTION OF N30 – LOOKING NORTHEAST Untested BHEM(2) plates 0 100 200 300 m N Diabase dykes FN30-03FN30-01 FN30-09 BHEM(2) plates (700 – 1,200S) Ultramafic rocks ▪ FN30-05: 15.8 m at 0.64% Cu, 2.17% Ni and 0.05% Co, incl. 1.8 m at 1.75% Cu, 6.40% Ni and 0.14% Co ▪ FN30-09: 7.0 m at 1.02% Cu, 1.42% Ni and 0.04% Co, incl. 4.7 m at 1.14% Cu, 2.00% Ni and 0.06% Co ▪ FN30-03: 13.4 m at 0.69% Cu, 0.88% Ni and 0.03% Co, incl. 0.7 m at 3.85% Cu, 3.50% Ni and 0.08% Co INITIAL DRILL HIGHLIGHTS(1)
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 43 Ero has leveraged over a decade of exploration experience to secure a never-tested large-scale greenfield property with geological characteristics similar to the Curaçá Valley. Odin: Building A New District-Scale Opportunity in Bahia COMPARABLE HOST GEOLOGY Caraíba-aged mafic-ultramafic rocks with similar age and geological characteristics. DISTRICT-SCALE FOOTPRINT ~220,000 hectares of prospective exploration ground secured, regional mapping ongoing. APPLYING PROVEN EXPERTISE Leveraging more than a decade of exploration experience at Caraíba to advance targeting and drilling. DISTRICT COMPARISON LEVERAGING DECADES OF KNOWLEDGE Caraíba Odin Property size 185,000 ha 220,000 ha Ero Drilling 428,000 m 3,100 m # of producing mines 6 current and past-producing None 0 25 50 km ~110 km ~30 km 0 25 50 km ~100 km ~90 km Stream sediments CARAÍBA DISTRICT ODIN DISTRICT
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors Wayne Drier Executive Vice President & Chief Financial Officer Finance
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 45 A flexible framework protects cash flow and execution while preserving exposure to favorable market conditions. Balanced Risk Management Through the Cycle See Additional Footnotes. DISCIPLINED, THROUGH-CYCLE APPROACHDOWNSIDE PROTECTION UPSIDE PARTICIPATION RISK MANAGEMENT STRATEGY OUTCOME BRL EXPOSURE Hedge 50%-80% of forecast BRL operating and capital expenditures up to 18 months forward, using zero-cost collars with attractive floors and high ceilings. Cost visibility + favorable FX participation METAL PRICES Selectively hedge during periods of elevated leverage or growth investment; maximize copper and gold price participation as leverage declines. Cash flow protection + metal price upside BALANCE SHEET Target net leverage(1) of 1.0x or better through the cycle while maintaining balance sheet liquidity and financial capacity. Balance sheet resilience + flexibility PROCUREMENT Centralize sourcing to secure best terms while strategically managing critical inputs against supply disruption risks. Cost discipline + supply assurance COMMERCIAL TERMS Secure terms for majority of concentrate production up to two years forward while retaining measured exposure to spot terms. Concentrate spec stability + spot TC/RC participation
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 46 Layered collars create a defined exchange-rate corridor, improving cost predictability. FX Hedge Program Designed to Stabilize BRL/USD Exposure 6.42 5.54 Wtd. Avg. Ceiling 4.96 BRL / USD 1.00 Wtd. Avg. Floor 5.39 BRL / USD 1.00 6.25 5.53 No hedge gain or loss BRL/USD exchange rate Hedged rate corridor Defined floor and ceiling reduce FX uncertainty and support more predictable margins 5.33 5.01 5.39 5.02 5.01 5.43 6.49 5.43 6.50 5.51 Hedge gain Hedge loss 4.50 4.75 5.00 5.25 5.50 5.75 6.00 6.25 6.50 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Dec-26
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 47 Centralized sourcing is generating better commercial outcomes while strengthening protection against critical supply chain risks. OneEro Procurement Strengthens Terms and Resilience Company-wide visibility and leverage CENTRALIZED PROCUREMENT Stronger governance Standardized contracts & terms Consolidated demand Improved commercial terms INITIAL SAVINGS SECURED $10-$15M Annualized savings secured Renegotiated supply & 3rd party contracts Contracted services Trucking & logistics Consumables Spare parts Initial Focus Areas Protecting operational continuity SUPPLY CHAIN RESILIENCE IDENTIFY Critical inputs and supplier exposure PROTECT Proactively increase targeted inventory REBALANCE Adjust inventory as disruption risk subsides Strategic risk management
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 48 A portfolio approach balances committed shipment volumes, commercial flexibility and value capture across every contract dimension. Capturing Value Across the Full Suite of Concentrate Terms FULL-VALUE COMMERCIAL TERMS >$20M Expected 2026 savings More value per tonne of concentrate sold STRONGER REALIZED VALUE VOLUME & TIMING Balancing production plans, commercial optionality and negotiating leverage. TC/RCs Treatment & refining charges remain at historic lows. PAYABLES & DEDUCTIONS Value retained across contained metals and specifications. COUNTERPARTY MIX Leveraging benefits of sales to both traders and smelters. FREIGHT & INSURANCE Ocean freight and Incoterm optimization. Concentrate Value Multiple levers offer opportunity to capture value. ✔ Improved smelting & refining terms ✔ Greater portfolio flexibility ✔ Strong counterparty relationships
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 49See Endnotes - Additional Footnotes. 2. These are non-IFRS financial measures and do not have standardized meanings prescribed by IFRS and might not be comparable to s imilar financial measures disclosed by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its most recent MD&A. Disciplined Deleveraging, Expanding Financial Flexibility 2.8x 2.7x 2.3x 2.2x 1.5x 1.2x 1.0x 2.6x 2.4x 2.1x 1.9x 1.2x 1.0x 0.8x Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Total Debt / LTM Adj. EBITDA Net Debt / LTM Adj. EBITDA Gross and net leverage down(1) 1.8 turns in 18 months $552M → $453M Dec-24 Jun-26 18% Reduction $216M → $533M Dec-24 Jun-26 147% Growth $90M → $182M Dec-24 Jun-26 ~2x Increase Operational performance and focused growth strategy leading to a meaningful reduction in the Company's leverage position. NET DEBT(2) LTM ADJUSTED EBITDA(2) AVAILABLE LIQUIDITY(2)
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 50 Building Balance Sheet Capacity to Support Priorities See Endnotes - Additional Footnotes. Near-term focus on creating balance sheet capacity for future shareholder returns, growth investment and debt optionality. TARGETED DEBT CAPITAL STRUCTURE 15% lower Peak Debt Q1 2025 Principal Repaid Debt at Q2 2026 July 2026 Repayment PF Debt Principal Copper Prepay Credit Facility Remaining Principal $643M ($95M) $548M $400M Senior Notes $400M $165M Credit Facility $120M $76M Other $28M ($25M) $400M $95M $28M $523M ($18M) ($95M) $400M $410M At spot metal prices, cash generation expected to support further deleveraging CAPITAL ALLOCATION PRIORITIES SHAREHOLDER RETURNS Initiating a shareholder return program is a core capital allocation priority upon further balance sheet deleveraging. FURNAS DEVELOPMENT Funding capacity to construct Furnas is essential to our long-term growth strategy. DEBT OPTIONALITY Increasing bond yields reinforce the value of preserving the option to repay the $400M senior notes.(1)
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors Makko DeFilippo President, Chief Executive Officer & Director Courtney Lynn EVP, External Affairs & Strategy Eduardo de Come EVP, Brazil Brazil Fireside Chat
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 52 Critical minerals supply is highly concentrated, creating geopolitical vulnerabilities around industrial capacity, technology leadership, energy security, and defense readiness. Brazil: Repositioning as a Critical Minerals Partner of Choice CRITICAL MINERALS IN FOCUS US$21B INVESTMENT IN CRITICAL MINERALS Instituto Brasileiro de Mineração (IBRAM) estimates US$76.9B investment in mining through 2030, including US$21.3B for critical and strategic minerals and US$8.6B for copper projects SUPPORTIVE POLICY MEASURES National Policy on Critical and Strategic Minerals (PNMCE) approved by Senate on September 2, 2026 THE TOP MINING JURISDICTION IN LATAM “Miners perceive Brazil to be the most attractive jurisdiction for investment in the region.” - Fraser Institute Annual Survey of Mining Companies 2025 BRAZIL INTEREST & INFLATION 0% 5% 10% 15% Target Selic Rate Year-over-Year Inflation (IPCA) FOREIGN DIRECT INVESTMENT (US$B) $46.4 $75.5 $62.8 $74.1 $77.7 2021 2022 2023 2024 2025
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 53 Global supply chain urgency is converging with Brazil’s geology, clean power and industrial ambition. Brazil: Globally Relevant in The Race for Critical Minerals WHY BRAZIL SIGNIFICANT EXPLORATION UPSIDE Only ~27% of Brazil has been geologically mapped at detailed scale, leaving potential for new discoveries. MINERAL DIVERSITY AT SCALE Brazil produces 90+ mineral commodities, with globally significant resources across critical minerals. ESTABLISHED MINING JURISDICTION A mature mining ecosystem with skilled labor, established service providers, and extensive operating infrastructure. CLEAN POWER GRID With over 85% renewable power generation, Brazil’s energy matrix is amongst the cleanest in the world. BRAZIL’S POLICY RESPONSE SET NATIONAL DIRECTION National Mining Policy Council, National Mining Plan 2050 and proposed critical minerals policy. MOBILIZE DEVELOPMENT CAPITAL BNDES and Finep support innovation and projects spanning the full critical minerals supply chains MOVE UP THE VALUE CHAIN Strategic processing, batteries, EVs and integrated rare-earth magnet initiative. ATTRACT CAPITAL & PARTNERS Foreign investor guidance and an IDB-backed rare earth strategy strengthen investment transparency and international collaboration. National Policy on Critical and Strategic Minerals
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 54 Critical and strategic minerals have been an ongoing policy initiative on both sides of the federal government in Brazil since 2021 - Ero continues to participate actively in policy discussions. Brazil Critical Minerals Policy: Timeline A 5 YEAR JOURNEY IN CRITICAL & STRATEGIC MINERAL POLICY National Mining Policy Council (CNPM) created. Q2 2022 Tucumã Project designated a strategic project under the Pró- Minerais Estratégicos policy, alongside five other projects. Q4 2021 Ministry of Mines and Energy (MME) launches the National Energy Transition Policy (PNTE), consolidates 14 prior critical mineral proposals into the PNMCE. 2024 OBJECTIVES OF THE NATIONAL POLICY ON CRITICAL & STRATEGIC MINERALS (PNMCE) ACCESS TO FINANCING Initiatives aimed at improving financing capacity for critical and strategic mineral projects including access to government funding TAX INCENTIVES Potential for tax credits worth up to 20% of eligible expenditures, refundable in cash or as federal tax offset PRIORITY PERMITTING Prioritization of environmental and administrative licencing protocols for eligible projects COMMITMENT TO REGULATORY CERTAINTY PNMCE expressly commits to regulatory stability, legal certainty and predictability as the foundations for attracting foreign investment Pró-Minerais Estratégicos policy defines strategic mineral groups, later creates CTAPME, the interministerial project qualification committee. Q1 2021 Q4 2025 CNPM formally installed, ~3 years after its creation. May 6, 2026 Chamber of Deputies approves the PNMCE. Senate approves the PNMCE; sent to president for approval and creation the CIMCE council (within 90 days). Sep 2, 2026
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 5 minute break followed by: Q&A Session Instagram LinkedIn
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary ColorsSecondary Colors Appendix
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors Primary Colors Secondary ColorsSecondary Colors 57 2026 Guidance Caraíba Tucumã Xavantina Production 35.0 – 40.0 kt Cu 32.5 – 37.5 kt Cu 40 – 50 koz Au Operating Costs $2.30 – $2.50 / lb Cu C1 Cash Cost $1.95- $2.15 / lb Cu C1 Cash Cost $1,100 - $1,350 / oz (From $1,000 - $1,250 / oz) Au C1 Cash Cost $2,200 - $2,700 / oz (From $2,000 - $2,500 / oz) Au All-In Sustaining Cost Capital Expenditures (Incl. Exploration) $170 – $185 M $35 – $45 M $50 - $60 M (From $40 – $50 M) Furnas Project, Other Exploration & Corporate $30 – $40 M Note: For more information on the Company’s 2026 updated guidance, please refer to its Earnings Press Release dated August 5, 2026
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors Primary Colors Secondary ColorsSecondary Colors 58 Three-Year Production Outlook Caraíba Tucumã Xavantina 2026 35.0 – 40.0 kt Cu 32.5 – 37.5 kt Cu 40 – 50 koz Au 2027 40.0 – 45.0 kt Cu 35.0 – 40.0 kt Cu 50 – 60 koz Au 2028 45.0 – 50.0 kt Cu 35.0 – 40.0 kt Cu 50 – 60 koz Au Concentrate sales expected to continue through mid-2027(1) Note: For more information on the Company’s three -year production outlook, please refer to its press release dated February 5, 2 026. 1. Gold concentrate sales over the projection period related to Xavantina's stockpiled gold concentrate remain subject to ong oing sampling.
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 59 Reserves & Resources - Caraíba Tonnes (kt) Grade (Cu%) Contained Cu (kt) Mineral Reserves Proven (Underground) 22,810 0.98 224 Probable (Underground) 16,979 1.35 229 Proven & Probable (Underground) 39,789 1.14 453 Proven (Open Pit) 19,590 0.54 105 Probable (Open Pit) 22,956 0.49 112 Proven & Probable (Open Pit) 42,546 0.51 217 Total Proven 42,400 0.77 328 Total Probable 39,935 0.85 340 Total Proven & Probable 82,335 0.81 669 Mineral Resources Measured (Underground) 67,410 1.07 719 Indicated (Underground) 41,847 1.09 456 Measured & Indicated (Underground) 109,257 1.08 1,175 Inferred (Underground) 70,854 0.97 687 Measured (Open Pit) 27,561 0.53 146 Indicated (Open Pit) 36,664 0.52 189 Measured & Indicated (Open Pit) 64,224 0.52 335 Inferred (Open Pit) 23,975 0.50 120 Total Measured 94,971 0.91 865 Total Indicated 78,511 0.82 645 Total Measured & Indicated 173,482 0.87 1,510 Total Inferred 94,830 0.85 807 Note: Mineral Resources that are not mineral reserves do not have demonstrated economic viability. For more information on t he mineral Resource and mineral reserve estimate on the Caraíba Operations, please see the Additional Information section of this presentation, the AIF, and the 2022 Caraíba Operations Technical Report, which can be found on the Company's website and under the Company's profile on SEDAR and EDGAR.
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 60 Reserves & Resources - Tucumã Tonnes (kt) Grade (Cu%) Contained Cu (kt) Mineral Reserves Proven 26,862 0.89 238.9 Probable 12,378 0.67 83.0 Total Proven & Probable 39,240 0.82 322.3 Mineral Resources Measured (Open Pit, High-Grade) 5,360 2.13 113.96 Measured (Open Pit, Low-Grade) 22,645 0.58 130.58 Measured (Open Pit) 28,005 0.87 244.55 Indicated (Open Pit, High-Grade) 1,661 2.27 37.63 Indicated (Open Pit, Low-Grade) 13,433 0.51 68.43 Indicated (Open Pit) 15,094 0.70 106.06 Measured & Indicated (Open Pit, High-Grade) 7,021 2.16 151.59 Measured & Indicated (Open Pit, Low-Grade) 36,078 0.55 199.01 Total Measured & Indicated 43,099 0.81 350.61 Inferred (Open Pit, High-Grade) 40.5 2.69 1.09 Inferred (Open Pit, Low-Grade) 507.7 0.49 2.48 Inferred (Open Pit) 548.2 0.65 3.57 Inferred (Underground, High-Grade) 1,354 2.24 30.38 Inferred (Underground, Low-Grade) 9,681 0.60 58.24 Inferred (Underground) 11,035 0.80 88.62 Total Inferred 11,583 0.79 92.19 Note: Mineral Resources that are not mineral reserves do not have demonstrated economic viability. For more information on t he mineral Resource and mineral reserve estimate on the Tucumã Operation, please see the Additional Information section of this presentation, the AIF, and the 2021 Tucumã Operation Technical Report, which can be found on the Company's website and under the Company's profile on SEDAR and EDGAR.
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 61 Reserves & Resources - Xavantina Tonnes (kt) Grade (gpt Au) Contained Au (koz) Mineral Reserves Proven (Santo Antônio) 221 6.48 46.1 Probable (Santo Antônio) 1,793 6.98 402.5 Proven & Probable (Santo Antônio) 2,014 6.93 448.6 Probable (Matinha) 82 6.65 17.6 Proven & Probable (Matinha) 82 6.65 17.6 Total Proven 221 6.48 46.1 Total Probable 1,875 6.97 420.1 Total Proven & Probable 2,096 6.92 466.2 Mineral Resources Measured (Santo Antônio) 312 8.05 80.8 Indicated (Santo Antônio) 1,949 8.75 548.2 Measured & Indicated (Santo Antônio) 2,261 8.65 628.9 Inferred (Santo Antônio) 1,057 9.31 316.5 Indicated (Matinha) 98 11.14 35.1 Measured & Indicated (Matinha) 98 11.14 35.1 Inferred (Matinha) 84 7.26 19.7 Inferred (Gold Concentrates) 24 37.41 29.3 Total Measured 312 8.05 80.8 Total Indicated 2,047 8.86 583.3 Total Measured & Indicated 2,359 8.75 664.0 Total Inferred 1,166 9.75 365.4 Note: Mineral Resources that are not mineral reserves do not have demonstrated economic viability. For more information on t he mineral Resource and mineral reserve estimate on the Xavantina Operations, please see the Additional Information section of this presentation, and the 2025 Xavantina Operations Technical Report, which can be found on the Company's website and under the Company's profile on SEDAR and EDGAR.
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary ColorsSecondary Colors Endnotes
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 63 Additional Footnotes – Opening Remarks Page 7: A Differentiated Copper & Gold Company 1. For more information on the Company’s plans to earn a 60% interest in the Furnas Project, please see press releases dated October 30, 2023, and July 22, 2024. For more information on the results of the PEA on the Furnas Project, please see press release dated February 23, 2026, and the 2026 Furnas Technical Report. 2. Pace of shareholder returns subject to prevailing commodity prices, operating performance and other risk factors. Please refe r to the Company's most recent AIF for additional risk factors. 3. Copper equivalent calculated using long -term metal prices of $4.60/lb Cu, $3,300/oz Au, and $40.00/oz Ag. Copper equivalent processed grade reflects relative recovery rate for each metal as outlined on the PEA Highlights Press Release dated February 23, 2026, and the 2026 Furnas Technical Report. Furnas production based on an ownership of 60% by Ero. 4. The three-year outlook range reflects the lowest and highest endpoints the 2026 –2028 production outlook ranges presented in the Company’s Press Release dated February 5, 2026. Page 8: History of Value Creation Behind Every Share 1. Revenue per share = yearly revenue / diluted share count as per the corresponding Financial Statements for each year. 2. Production per share = Copper Equivalent production / diluted share count as per the corresponding Financial Statements for each year. 3. Copper equivalent calculated using long-term metal prices of $4.60/lb Cu, $3,300/oz Au, and $40.00/oz Ag. 4. Mineral Resources that are not mineral reserves do not have demonstrated economic viability. Measured and Indicated Resources are calculated in a copper equivalent basis. 2017 Measured and Indicated Resources as stated in the Company’s IPO prospectus dated October 11, 2017. 2021 Measured and Indicated Resources as stated in the Company’s AIF for that year. 2025 Measured and Indicated Resources as stated in the Company’s AIF for that year for Caraíba, Xavantina and Tucumã, and as stated in the 2026 Furnas technical Report, considering an ownership of 60%. For more information on the results of the PEA on the Furnas Project, please see press release dated February 23, 2026, and the Furnas 2026 Technical Report. Measured and Inferred Resources per share = Measured and Indicated Resources / diluted share count as per the corresponding Financial Statements for each year. Page 15: Advancing Furnas Investment Decision 2029 1. Includes approximately 90,000 meters of historic drilling conducted by Vale S.A. And Anglo American plc as well as 110,000+ meters of drilling completed by Ero. 2. For more information on the Company’s plans to earn a 60% interest in the Furnas Project, please see its press releases dated October 30, 2023, and July 22, 2024. For more information on the results of the PEA on the Furnas Project, please see press release dated February 23, 2026, and the 2026 Furnas Technical Report. Page 13: Delivering on Our Commitment to Deleverage 1. Capital expenditures include "Additions to mineral properties, plant and equipment" and "Additions to exploration and evaluation assets.“ Interest, lease & finance payments includes "Lease liability payments", "Interest paid on loans and borrowings" and "Other finance expenses paid". Please se the Company’s most recent Financial Statements for more Information. Page 12: Strategy in Action: Delivering on Our Objectives 1. Net Leverage = Net Debt / Adjusted EBITDA. Gross Leverage = Gross Debt / Adjusted EBITDA. Adjusted EBITDA is a non - IFRS financial measure and does not have standardized meanings 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 most recent MD&A. 2. Current plant capacity as stated in the Company’s Earnings Press Release dated March 5, 2026.
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 64 Additional Footnotes – Operations Page 20: Caraíba Operations 1. Plant capacity is the current plant capacity as stated in the Company’s Earnings Press Release dated March 5, 2026. 2. The three-year production outlook range reflects the lowest and highest endpoints of the three -year outlook ranges for 2026– 2028, as presented in the Company’s Press Release dated February 5, 2026. Page 21: A Multi-Year Plant Expansion and Upgrade Program 1. The three-year plant capacity outlook is based on the current plant capacity as stated in the Company’s Earnings Press Release dated March 5, 2026. Page 27: Xavantina Operations 1. Plant capacity as stated in the 2025 Xavantina Operations Technical Report. 2. The three-year production outlook range reflects the lowest and highest endpoints of the updated 2026 guidance range presented in the Company’s Earnings Release dated August 5, 2026, and the 2027 –2028 outlook ranges presented in the Company’s Press Release dated February 5, 2026. Page 25: Tucumã Operation 1. Plant capacity as stated in 2021 Tucumã Operation Technical Report. 2. The three-year production outlook range reflects the lowest and highest endpoints of the three -year outlook ranges for 2026–2028, as presented in the Company’s Press Release dated February 5, 2026. Page 28: A Mechanized Mine Unlocking Full Operating Potential 1. The three-year plant capacity outlook is based on the current plant capacity as stated in the 2025 Xavantina Operations Technical Report.
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 65 Additional Footnotes - Exploration Page 38: Caraíba In-Mine: Pilar’s Deepening Extension Zone 1. Mineral Resources that are not mineral reserves do not have demonstrated economic viability. 2. Deepening Mineral Resource figures shown represent a disaggregation of the Caraíba Operations Mineral Resource estimate effective December 31, 2025. Mineral Resources are inclusive of Mineral Reserves. Refer to the AIF for additional information Page 42: Caraíba Regional: Emerging New Cu -Ni Sulphide Discovery 1. Reported intervals represent drilled lengths; true widths have not yet been determined. Exploration results were prepared under the supervision of, and approved by, Mr. Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), FAusIMM (No. 329148). Additional information regarding sampling, analytical methods and QA/QC is available from Ero Copper. 2. BHEM” interpreated borehole electromagnetic response measured in seimens (“S”). Page 39: Tucumã: High-Grade Mineralization Below the Open Pit 1. Mineral Resources that are not mineral reserves do not have demonstrated economic viability. 2. Tucumã Mineral Resources were most recently updated effective December 31, 2025 and reflect depletion of the Mineral Resource estimate reported in the 2021Tucumã Operation Technical Report. The December 31, 2025 update incorporate no new drilling, geological reinterpretation, or re -estimation work. Mineral Resources are inclusive of Mineral Reserves. Refer to the AIF, for additional information. Page 40: Xavantina: Extending a High -Grade Gold System 1. Mineral Resources that are not mineral reserves do not have demonstrated economic viability. 2. Measured, Indicated and Inferred Mineral Resource shells shown reflect the 2025 Mineral Resource estimate for the Xavantina Operations, effective June 30, 2025. Mineral Resources are inclusive of Mineral Reserves. Refer to the AIF and the 2025 Xavantina Operations Technical Report for additional information. Page 41: Xavantina: Testing Continuity of Santo Antônio at Depth 1. Mineral Resources that are not mineral reserves do not have demonstrated economic viability. 2. Assay results for hole SPL-03A had not been received from an accredited laboratory as of the date of this presentation. Preliminary internal analytical results indicate gold grades that are low, well below the Xavantina Operations' current Miner al Resource cut-off grade. These preliminary results have not been verified by an accredited third -party laboratory and are subject to change upon receipt of final certified assay results. Scientific and technical information relating to this explor ation result has been reviewed and approved by Mr. Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), FAusIMM (No. 329148), a "qualified person" as defined under NI 43 -101. Refer to the AIF and the 2025 Xavantina Operations Technical Report, for additional information regarding the Xavantina Operations Mineral Resource estimate.
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 66 Additional Footnotes - Finance Page 45: Balanced Risk Management Through the Cycle 1. Net Leverage = Net Debt / Adjusted EBITDA. Gross Leverage = Gross Debt / Adjusted EBITDA. Adjusted EBITDA is a non - IFRS financial measure and does not have standardized meanings 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 most recent MD&A. Page 49: Disciplined Deleveraging, Expanding Financial Flexibility 1. Net Leverage = Net Debt / Adjusted EBITDA. Gross Leverage = Gross Debt / Adjusted EBITDA. 2. These are non-IFRS financial measures and do not have standardized meanings 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 most recent MD&A. Page 50: Building Balance Sheet Capacity to Support Priorities 1. Debt reflects the Principal to Be Repaid as stated in the Company’s most recent Financial Statements.
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary ColorsSecondary Colors Additional Information
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 68 Additional Information Caraíba Operations Mineral Reserves Notes: 1. Effective Date of December 31, 2025, accounting for drilling activities and mining depletion at the Caraíba Operations since the September 30, 2022 effective date of the Mineral Resource and Mineral Reserve estimates contained in the 2022 Caraíba Operations Technical Report. 2. Mineral reserves included within stated mineral Resources. All figures have been rounded to reflect the relative accuracy of the estimates. Summed amounts may not add due to rounding. 3. Mineral Reserve estimates were prepared in accordance with CIM Standards and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted by CIM Council on November 29, 2019 (the “CIM Guidelines”), using geostatistical and/or classical methods, plus economic and mining parameters appropriate for the deposit. 4. Mineral Reserve estimates were prepared in accordance with the CIM Standards, and the CIM Guidelines, using geostatistical and/or classical methods, plus economic and mining parameters appropriate for the deposit. Mineral Reserves are based on a long-term copper price of US$3.85 per pound (“lb”), and a USD:BRL foreign exchange rate of 5.50. Mineral Reserves are the economic portion of the Measured and Indicated Mineral Resources. Mining dilution and recovery factors vary for specific Mineral Reserve sources and are influenced by factors such as deposit type, deposit shape, stope orientation, and selected mining methods. In the mine design of the Pilar and Vermelhos underground mines, certain stopes include Measured and Indicated as well as Inferred Resource blocks. In these instances, Inferred Resource blocks within the defined mining shape were assigned zero grade. Development occurring within marginal ore, above the operational cut-off grade, has also been included in the Mineral Reserve estimate. Dilution occurring from Measured and Indicated Resource blocks was assigned a grade based on the Mineral Resource grade of the blocks included in the dilution envelope. 5. The September 30, 2022 Mineral reserves were classified according to the CIM Standards and the CIM Guidelines by Mr. Beck Nader, FAIG (#4472), of BNA Mining Solutions, and Alejandro Sepúlveda, Registered Member (#0293) (Chilean Mining Commission) of NCL Ingeniería y Construcción SpA. Both of whom are independent “qualified persons” as such term is defined under NI 43-101. The updated Mineral Resource and Mineral Reserve estimates as at December 31, 2025 was prepared under the supervision of and approved by Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), FAusIMM (No. 329148), Resource Manager of the Company, who is a “qualified person” within the meanings of NI 43-101. Please refer to the AIF and the 2022 Caraíba OperationsTechnical Report for additional technical information. Caraíba Operations Mineral Resources Notes: 1. Effective Date of December 31, 2025, accounting for drilling activities and mining depletion at the Caraíba Operations since the September 30, 2022, effective date of the Mineral Resource and Mineral Reserve estimates contained in the 2022 Caraíba Operations Technical Report. 2. Presented mineral Resources inclusive of mineral reserves. All figures have been rounded to the relative accuracy of the estimates. Summed amounts may not add due to rounding. Mineral Resources that are not mineral reserves do not have a demonstrated economic viability. 3. Mineral Resources have been constrained within developed 3D grade-shells and lithology models applying a 0.45% and 0.20% copper grade envelope for high and marginal grade, respectively. Within these envelopes, Mineral Resources for underground deposits were constrained to those volumes ensuring Reasonable Prospects for Eventual Economic Extraction after application of 0.50% copper cut-off grade as well as a marginal cut-off grade of 0.32% copper, used for Pilar Mine underground Mineral Resources and 0.51% copper and of 0.33% copper for Vermelhos Mine underground Mineral Resources. 4. For open pit projects, a 0.13% copper cut-off grade was used for Mineral Resources reporting. Mineral Resources were estimated using ordinary kriging within 5m by 5m by 5m block sizes. Mineral Resources are shown inclusive of Mineral Reserves. The low-grade envelope, using a cut-off grade of 0.20% copper for underground deposits, was used to develop a dilution envelope and development block model to better define the grade of blocks within the dilution envelope for planning and design of underground stopes and planned development within the Mineral Reserve estimates and LOM production plan. 5. The September 30, 2022 Mineral Resources were classified according to the CIM Standards and the CIM Guidelines by Mr. Porfirio Cabaleiro Rodriguez, FAIG, (#3708), with contributions from others at GE21. All are independent “qualified persons” as such term is defined under NI 43-101. The updated Mineral Resource and Mineral Reserve estimates as at December 31, 2025 was prepared under the supervision of and approved by Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), FAusIMM (No. 329148), Resource Manager of the Company, who is a “qualified person” within the meanings of NI 43-101. Please refer to the AIF and the 2022 Caraíba Operations Technical Report for additional technical information.
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 69 Additional Information Tucumã Operation Mineral Reserves Notes: 1. Effective Date of December 31, 2025, accounting for depletion of the estimates reported in the 2021 Tucumã Operation Technical Report with an effective date of August 31, 2021. 2. Mineral reserves included within stated mineral Resources. All figures have been rounded to the relative accuracy of the estimates. Summed amounts may not add due to rounding. High-grade and low-grade mineral Resources defined as greater than or equal to 1.00% copper and less than 1.00% copper, respectively. 3. Mineral Reserves are reported as constrained within Measured and Indicated pit designs and are supported by a mine plan featuring a constant throughput rate and cut-off optimization. The pit designs and mine plan were optimized using the following economic and technical parameters: copper price of US$3.00/lb; average recovery to concentrate is 91.3%; copper concentrate logistics costs of US$108.2/wmt; transport losses of 0.2%; copper concentrate treatment charges of US$59.5/dmt, US$0.0595/lb of copper refining charges; copper payability of 96.3%; average mining cost of US$2.47/t-mined; process cost of US$7.74/t-processed and G&A costs of US$3.83/t-processed; average pit slope angles that range from 30º to 50º and 2% royalt. 4. Mineral Reserves estimate considered an SMU of 2m x 2m x 8m, an overall dilution of 3.3% and a metal loss of 0.3%. 5. The August 31, 2021 Mineral reserves were classified according to the CIM Standards and the CIM Guidelines by Mr. Carlos Guzman, RM CMC (0119) and FAusIMM (229036), an employee of NCL Ingeniería y Construcción SpA and an independent “qualified person” as such term is defined under NI 43-101. The updated Mineral Resource and Mineral Reserve estimates as at December 31, 2025 was prepared under the supervision of and approved by by Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), FAusIMM (No. 329148), Resource & Reserve Manager of the Company and a QP as such term is defined under NI 43-101. Please refer to the AIF and the 2021 Tucumã Operation Technical Report for additional technical information. Tucumã Operation Mineral Resources Notes: 1. Effective Date of December 31, 2025, accounting for depletion of the estimates reported in the 2021 Tucumã Operation Technical Report with an effective date of August 31, 2021. 2. Tonnes and grade are rounded to reflect approximation. Open Pit Mineral Resources are stated at a cut-off grade of 0.20% Cu and are fully contained within an optimized pit shell. Underground Mineral Resources are stated within an optimized stopes below the pit shell. A cut-off grade of 0.51% Cu and a marginal cut-off grade of 0.32% Cu were applied in the stope optimization. 3. Presented Mineral Resources inclusive of Mineral Reserves. Summed amounts may not add due to rounding. High-grade and low-grade mineral Resources defined as greater than or equal to 1.00% copper and less than 1.00% copper, respectively. Mineral Resources that are not Mineral Reserves and have not demonstrated economic viability. Mineral Resource estimates do not account for mineability, selectivity, mining loss and dilution. These Mineral Resource estimates include Inferred Mineral Resources that are normally considered too geologically speculative to allow for the application of economic considerations that would see them categorized as Mineral Reserves. There is also no certainty that these Inferred Mineral Resources will be converted to Measured and Indicated categories through further drilling or into Mineral Reserves once economic considerations have been applied. 4. The August 31, 2021 Mineral Resources were classified according to the CIM Standards and the CIM Guidelines by Mr. Carlos Guzman, RM CMC (0119) and FAusIMM (229036), an employee of NCL Ingeniería y Construcción SpA and an independent “qualified person” as such term is defined under NI 43-101. The updated Mineral Resource and Mineral Reserve estimates as at December 31, 2025 was prepared under the supervision of and approved by by Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), FAusIMM (No. 329148), Resource & Reserve Manager of the Company and a QP as such term is defined under NI 43-101. Please refer to the AIF and the 2021 Tucumã Operation Technical Report for additional technical information.
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 70 Additional Information Xavantina Operations Mineral Reserves Notes: 1. Effective Date of June 30, 2025. 2. Mineral reserves included within stated mineral Resources. All figures have been rounded to the relative accuracy of the estimates. Summed amounts may not add due to rounding. 3. The 2025 mine plan incorporates the Sublevel Stoping (SLS) mining method, replacing the previously used room-and-pillar and cut-and-fill methods in most areas. Practical mining shapes (wireframes) were designed using geological wireframes and mineral Resource block models as a guide to ensure operational selectivity and mineability. Mining parameters applied to the reserve estimates include total dilution and recovery factors appropriate for each mining are: (i) Productive stopes: 23% planned dilution and 10% operational dilution, for a total of 33%, with an assumed mining recovery of 90%; and (ii) Remaining room-and-pillar areas: 7.0% planned dilution and 8.5% operational dilution, for a total of 16% dilution, with an assumed mining recovery of 92.5%. 4. The June 30, 2025 Mineral reserves were classified according to the CIM Standards and the CIM Guidelines by Mr. Hugo Ribeiro de Andrade Filho, FAusIMM (323096), an employee of GE21 Consultoria Mineral Ltda and an independent “qualified person” as such term is defined under NI 43-101. Please refer to the 2025 Xavantina OperationsTechnical Report for additional technical information. Xavantina Operations Mineral Resources Notes: 1. Effective Date of June 30, 2025. 2. Presented mineral Resources inclusive of mineral reserves. Indicated mineral Resource totals are undiluted. All figures have been rounded to the relative accuracy of the estimates. Summed amounts may not add due to rounding. Mineral Resources that are not mineral reserves do not have a demonstrated economic viability. The Mineral Resource estimates were prepared in accordance with the CIM Standards and the CIM Guidelines, using geostatistical and/or classical methods, plus economic and mining parameters appropriate to the deposit. 3. Mineral Resources are estimated using ordinary kriging within 10 meter by 10 meter by 2 meter block size, with a minimum sub-block size of 1.25 meter by 1.25 meter by 0.5 meter. 4. Mineral Resource are constrained using a minimum stope dimension of 2.0 meters by 2.0 meters by 1.5 meters, a cut-off of 1.46 gpt based on underground mining and processing costs of US$107 per tonne and a gold price of US$2,500 per ounce. 5. The 2025 inferred mineral Resource estimate for gold concentrates was determined using gold assay data compiled from 25 auger drill holes drilled at an approximate spacing of 12.5 meters at depths ranging between 2.0 to 3.0 meters. Auger holes were sampled on 1.0 meter intervals producing 68 sample composites. Samples were analyzed for gold content at the Xavantina laboratory using fire-assay and verified by an independent third-party laboratory (see Quality Assurance and Quality Control). Grade estimation within the gold concentrate stockpile was determined using the Inverse Quadratic Distance interpolation method constrained to the volume that was sampled. 6. The June 30, 2025 Resources were classified according to the CIM Standards and the CIM Guidelines by Mr. Leonardo de Moraes Soares, MAIG (5180), an employee of GE21 Consultoria Mineral Ltda and an independent “qualified person” as such term is defined under NI 43-101. Please refer to the 2025 Xavantina Operations Technical Report for additional technical information. Furnas Project Mineral Resources Notes: 1. Effective Date of November 30, 2025, and presented on a 100% ownership basis. 2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Summed amounts may not add due to rounding. 3. The CIM Definition Standards (2014) were used for reporting Mineral Resources, which are effective as at November 30, 2025 and presented on a 100% ownership basis. The Mineral Resource estimate is reported on an in situ basis, with no operational, planned, or internal mining dilution, and no mining recovery factors applied. Minimum mining widths and/or geological constraints incorporated in the estimation methodology were applied to reflect reasonable mining selectivity and geological continuity and do not represent the application of operational dilution. 4. Mineral Resources have been estimated using a copper price of US$9,039/tonne, a gold price of US$2,500/oz, a silver price of US$24.00/oz, a USD:BRL foreign exchange rate of 5.50, and copper, gold, and silver metallurgical recovery rates of 90.3%, 74.6%, and 71.0%, respectively. The estimation was constrained using Datamine’s MSO for underground and Studio NPVS for open pit optimization. The applied copper-equivalent cut-off grades were 0.45% (break-even) and 0.43% (marginal) for underground, and 0.20% (break-even) and 0.17% (marginal) for open pit. Mineral Resources were estimated using ordinary kriging within a 25-meter by 25-meter by 4-meter block size (X, Y, Z), with a minimum sub-block size of 6.25 meters by 6.25 meters by 2.0 meters. 5. Mr. João Estevão Junior, MAIG, of SDPM, an independent qualified person within the meanings of NI 43-101, supervised the preparation and validation of the mineral Resource estimate in the 2026 Furnas Technical Report.
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 71 Tucumã Underground Drill Results Hole ID Easting Northing Elevation Azimuth (degrees) Dip (degrees) From (m) To (m) Length (m) Cu (%) Au (g/t) Ag (g/t) BSPD-301 451,062 9,241,481 256 327 54 191.30 195.80 4.50 1.15 0.03 1.83 and 566.80 572.35 5.55 1.08 0.05 3.40 BSPD-303 451,084 9,241,337 253 330 53 828.70 834.00 5.30 1.01 0.04 0.83 BSPD-304 450,915 9,241,276 269 330 49 401.70 415.80 14.10 1.56 n/a 1.40 and 454.00 462.10 8.10 1.20 n/a 1.40 and 466.00 474.50 8.50 0.99 n/a 1.20 and 553.00 558.00 5.80 1.04 n/a 1.04 and 569.30 581.00 11.70 4.44 0.07 5.52 BSPD-305 451,020 9,241,274 258 329 55 647.30 657.40 10.10 1.12 n/a 1.64 and 794.20 801.85 7.65 1.16 n/a 1.46 and 858.75 864.50 5.75 1.53 n/a 1.97
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 72 Tucumã Underground Drill Results (continued) Hole ID Easting Northing Elevation Azimuth (degrees) Dip (degrees) From (m) To (m) Length (m) Cu (%) Au (g/t) Ag (g/t) BSPD-306 450,975 9,241,171 280 329 53 350.20 362.95 12.75 1.04 0.03 1.64 and 505.85 512.85 7.00 1.96 0.02 1.62 and 706.35 714.50 8.15 1.07 0.02 0.79 BSPD-307 450,928 9,241,333 269 329 54 459.80 467.95 8.15 1.34 0.04 1.69 and 489.80 495.65 5.85 4.14 0.10 4.04 and 631.50 635.80 4.30 2.60 0.07 4.70 and 680.00 691.70 11.70 1.79 0.16 4.28 BSPD-308 450,953 9,241,401 268 330 55 320.40 326.00 5.60 1.12 0.04 2.03 including 320.40 322.00 1.60 3.75 0.13 6.72 and 504.50 516.40 11.90 2.30 0.04 3.23 including 506.50 511.80 5.25 4.88 0.09 6.48 and 544.00 551.45 7.45 1.05 0.01 1.65 and 624.00 634.60 10.60 1.01 0.01 1.68
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 73 Caraíba Regional N30 Drill Results Hole ID Easting Northing Elevation Azimuth (degrees) Dip (degrees) From (m) To (m) Length (m) Cu (%) Ni (%) Co (ppm) FN30-01 392,854 8,964,871 414 220 43 10.31 18.31 8.00 0.25 0.16 52.13 and 37.25 38.59 1.34 0.49 1.36 339.74 and 99.97 105.69 5.72 0.72 1.35 464.37 and 120.77 127.07 6.30 0.60 0.82 280.44 and 144.89 145.44 0.55 0.42 0.05 39.00 FN30-02 392,729 8,964,946 414 91 56 60.07 67.45 7.38 0.40 0.34 111.82 FN30-03 392,791 8,964,358 417 58 56 255.20 259.90 4.72 1.53 0.59 449.75 and 270.60 284.00 13.41 0.69 0.88 275.20 FN30-05 392,721 8,964,506 416 65 54 222.40 238.20 15.84 0.64 2.17 498.71 FN30-06 392,721 8,964,506 416 30 57 131.10 135.80 4.62 0.21 0.59 287.39 and 237.30 242.30 5.00 0.28 0.30 83.20 and 245.30 248.40 3.07 0.31 0.53 185.21
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 74 Caraíba Regional N30 Drill Results (continued) Hole ID Easting Northing Elevation Azimuth (degrees) Dip (degrees) From (m) To (m) Length (m) Cu (%) Ni (%) Co (ppm) FN30-08 392,721 8,964,506 416 57 69 140.50 141.00 0.55 0.11 1.12 528.00 and 154.00 155.60 1.60 0.26 1.12 524.63 FN30-09 392,754 8,964,666 415 65 60 163.40 170.40 6.96 1.02 1.42 420.34 FN30-10 392,709 8,964,801 414 53 45 110.51 115.38 4.87 0.68 0.99 302.87 FN30-11 392,753 8,964,666 416 33 59 188.09 192.00 3.91 0.80 1.77 560.04 FN30-12 392,804 8,964,701 415 57 60 117.84 123.45 5.91 0.21 0.62 175.21 FN30-14 392,811 8,964,385 415 85 46 265.76 269.41 3.65 0.24 0.35 n/a and 275.57 282.77 7.20 0.30 1.15 n/a
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 75 Pilar Deepening Drill Results Hole ID Easting Northing Elevation Azimuth (degrees) Dip (degrees) From (m) To (m) Length (m) Cu (%) FC50217 863 3211 -960 97 82 708.00 735.00 27.00 3.17 including 708.00 721.00 13.00 4.78 and 767.00 785.00 18.00 3.42 including 766.54 772.53 5.99 12.99 FC51188 863 3242 -960 87 74 399.86 405.36 5.50 5.40
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 76 Xavantina In-Mine Drill Results Hole ID Easting Northing Elevation Azimuth (degrees) Dip (degrees) From (m) To (m) Length (m) Au (g/t) SAUG60 339,080 8,382,938 -227 131 -36 449.80 460.06 10.26 20.24 SAUG62 339,080 8,382,937 -228 139 -34 423.86 426.19 2.33 2.51 SAUG63 339,082 8,382,935 -228 139 -33 429.62 431.53 1.91 4.68 SAUG64 339,081 8,382,937 -228 123 -42 440.08 443.46 3.38 23.49 SAUG65 339,080 8,382,939 -228 100 -52 463.06 478.73 15.67 11.88 SAUG66C 338,937 8,382,702 -232 104 -36 359.58 360.54 0.96 0.16 SAUG67 338,937 8,382,702 -232 96 -37 401.88 402.55 0.67 1.72 SAUG68 338,937 8,382,702 -232 97 -41 404.53 407.81 3.28 8.59 SAUG69 338,932 8,382,701 -232 240 -45 467.37 467.92 0.55 0.05 SAUG70 339,503 8,382,710 -190 335 -64 470.08 476.06 5.98 15.52 SAUG71 338,933 8,382,701 -232 219 -49 386.24 388.14 1.90 0.82 SAUG72 338,933 8,382,701 -231 230 -51 361.95 362.66 0.71 3.80
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 77 Xavantina In-Mine Drill Results (continued) Hole ID Easting Northing Elevation Azimuth (degrees) Dip (degrees) From (m) To (m) Length (m) Au (g/t) SAUG73 339,503 8,382,710 -190 324 -60 509.37 517.53 8.16 3.50 SAUG74 338,933 8,382,702 -231 250 -52 429.58 431.17 1.59 3.20 SAUG75 339,504 8,382,711 -190 349 -60 492.18 493.46 1.28 0.61 SAUG76A 339,080 8,382,935 -228 173 -36 397.25 400.10 2.85 2.10 SAUG77 339,081 8,382,936 -228 138 -52 413.87 414.41 0.54 0.27 SAUG78 338,939 8,382,702 -232 108 -45 331.58 335.44 3.86 13.45 SAUG79 339,080 8,382,936 -228 145 -61 402.87 403.47 0.60 0.27 SAUG80 339,503 8,382,711 -190 340 -56 713.60 715.14 1.54 0.34 SAUG81 338,937 8,382,701 -232 193 -54 291.09 293.24 2.15 10.37 SAUG82 339,079 8,382,936 -228 170 -55 381.44 386.73 5.29 5.05 SAUG84 338,937 8,382,700 -232 195 -45 299.68 309.36 9.68 12.22
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R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors Primary Colors Secondary ColorsSecondary Colors www.ero.com