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 Investor Presentation February 2026 | TSX: ERO | NYSE: ERO
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2 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 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 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 with respect to the Company's expected production, operating costs and capital expenditures at the Caraíba Operations, the Tucumã Operation and the Xavantina Operations; the estimation of mineral reserves and mineral resources; estimated completion dates for certain milestones, including the completion of the Pilar Mine's new external shaft at the Caraíba Operations; the ability of the Company to maintain improved performance at the Caraíba mill or realize benefits associated with the Pilar Mine's new external shaft; Company’s plans, prospects and business strategies and strategic vision and aspirations and their achievement and timing; the results of the Furnas PEA, including but not limited to the mineral resource estimate and the parameters and assumptions used to estimate the mineral resources, future expansion of the mineral resource estimate and the Project, the strategy and objectives of the Company's drill programs, the life of mine, the life of mine plan, mining methods, production estimates and production profile, processing estimates, mining rates, metal grades and production and recovery rates, process flowsheet, costs and expenditures (including capital, sustaining and operating costs, and C1 cash costs) and the timing thereof, economic metrics and sensitivities, estimated economic results (including Project economics, economic metrics, NPV, IRR, and payback period) and the parameters and assumptions used to estimate the economic results, geological and mineralization interpretations, exploration and development activities, timelines and similar statements relating to the economic viability of the Project, Project development and construction plans (including staged development, sequencing, timing, the effects and benefits); the filing of a technical report in connection with the PEA and the timing thereof; the size and scale of the Furnas Project; the Company’s ability to comply with contractual and permitting or other regulatory and/or earn-in agreement requirements; the results of any Preliminary Economic Assessment, Pre- Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, and life of mine estimates; anticipated market prices of metals and currency exchange rates; anticipated exploration and development activities at Furnas; the anticipated project development and other plans and expectations with respect to a future 60/40 (Ero/VBM) joint venture; the significance of any particular exploration program or result, including the Company's ability to monetize gold concentrates produced at the Xavantina Operations, including expectations for operating costs, payability, the actual grades of gold concentrates sold, statements with respect to total volume or tonnes of gold concentrate to be sold, and the timing therein, as well as the Company’s expectations for current and future exploration plans including, but not limited to, planned areas of additional exploration and the potential to convert any portion of the inferred mineral resource base to economically viable mineral reserves; 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 most recent Annual Information Form (“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 Copper-Gold Project being as described in the respective technical report for each property; production costs; the accuracy of budgeted exploration, development and construction costs and expenditures; the price of other commodities such as fuel; future currency exchange rates, interest rates and tariff rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; work force continuing to remain healthy in the face of prevailing epidemics, pandemics or other health risks political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; availability of equipment; positive relations with local groups and the Company’s ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of the Company’s current loan arrangements. Although the Company believes that the assumptions inherent in forward-looking statements are reasonable as of the date of this 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. In particular, and without limiting the generality of the foregoing, this presentation and the documents incorporated by reference herein use the terms “measured resources,” “indicated resources” and “inferred resources” as defined in accordance with NI 43-101 and the CIM Standards. Further to recent amendments, mineral property disclosure requirements in the United States (the “U.S. Rules”) are governed by subpart 1300 of Regulation S-K of the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) which differ from the CIM Standards. As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multi-jurisdictional disclosure system (the “MJDS”), Ero is not required to provide disclosure on its mineral properties under the U.S. Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. If Ero ceases to be a foreign private issuer or loses its eligibility to file its annual report on Form 40-F pursuant to the MJDS, then Ero will be subject to the U.S. Rules, which differ from the requirements of NI 43-101 and the CIM Standards. Pursuant to the new U.S. Rules, the SEC recognizes estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources.” In addition, the definitions of “proven mineral reserves” and “probable mineral reserves” under the U.S. Rules are now “substantially similar” to the corresponding standards under NI 43-101. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that Ero reports are or will be economically or legally mineable. Further, “inferred mineral resources” have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Under Canadian securities laws, estimates of “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies, except in rare cases. While the above terms under the U.S. Rules are “substantially similar” to the standards under NI 43-101 and CIM Standards, there are differences in the definitions under the U.S. Rules and CIM Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that Ero may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had Ero prepared the reserve or resource estimates under the standards adopted under the U.S. Rules.
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3 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 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 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 “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 “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 “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 Copper-Gold Project ("Furnas" or 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 proceduresset out in, the Company's press release dated February 23, 2026 (scientific and technical information contained in the press release was 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) or, where applicable, the report prepared in accordance with NI 43-101 and entitled “Furnas Copper Project – Para State, Brazil – NI43-101 Mineral Resource Estimate Technical Report", dated November 18, 2024 with an effective date of June 30, 2024, prepared byAnderson Goncalves Candido, FAusIMM of RPMGlobal Canada (the "2024 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 most recent AIF, the Caraíba Operations Technical Report, the Xavantina Operations Technical Report, and the Tucumã Operation Technical Report, and the 2024 Furnas Project Technical Report each filed on the Company’s profile at www.sedarplus.ca/landingpage/ and www.sec.gov, for detailsregarding 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, copper C1 cash cost including foreign exchange hedges, realized copper price, gold C1 cash cost, gold AISC, realized gold price, EBITDA, adjusted EBITDA, adjusted net income attributable to owners of the Company, adjusted net income per share, net (cash) debt, working capital and available liquidity, as more particularly described in the Company's MD&A for the three and twelve months ended September 30, 2025, a copy of which can be found on the Company's website, on SEDAR+ and on EDGAR. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company, the Caraíba Operations, the Xavantina Operations and the Tucumã Operation. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional 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 and copper C1 cash cost including foreign exchange hedges are non-IFRS performance measures used by the Company to manage and evaluate the performance of its copper mining operations. Copper C1 cash cost is calculated as C1 cash costs divided by total pounds of copper produced during the period. C1 cash costs comprise the total cost of production, including expenses related to transportation, and treatment and refining charges. These costs are net of by-product credits, incentive payments and certain tax credits associated with sales invoiced to the Company's Brazilian customer. Copper C1 cash cost including foreign exchange hedges is calculated as C1 cash costs, adjusted for realized gains or losses from its operational foreign exchange hedges, divided by total pounds of copper produced during the period. Although the Company does not apply hedge accounting in its consolidated financial statements and recognizes these contracts at fair value through profit or loss, the Company believes it appropriate to present cash costs including the impact of realized gains and losses as these contracts were entered into to mitigate the impact of changes in exchange rates. Gold C1 cash cost is a non- IFRS performance measure used by the Company to manage and evaluate the operating performance of its gold mining segment and is calculated as C1 cash costs divided by total ounces of gold produced during the period. C1 cash cost includes total cost of production, net of by-product credits and incentive payments. Gold C1 cash cost is widely reported in the mining industry as benchmarks for performance but does not have a standardized meaning and is disclosed in supplemental to IFRS measures. Gold AISC is an extension of gold C1 cash cost discussed above and is also a key performance measure used by management to evaluate operating performance of its gold mining segment. Gold AISC is calculated as AISC divided by total ounces of gold produced during the period. AISC includes C1 cash costs, site general and administrative costs, accretion of mine closure and rehabilitation provision, sustaining capital expenditures, sustaining leases, and royalties and production taxes. Gold AISC is widely reported in the mining industry as benchmarks for performance but does not have a standardized meaning and is disclosed in supplement to IFRS measures. EBITDA and adjusted EBITDA are non-IFRS performance measures used by management to evaluate its debt service capacity and performance of its operations. EBITDA represents earnings before finance expense, finance income, income taxes, depreciation and amortization. Adjusted EBITDA is EBITDA before the pre-tax effect of adjustments for non-cash and/or non-recurring items required in determination of EBITDA for covenant calculation purposes. “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.
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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 Company Overview & Strategy
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5 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 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 A Differentiated Copper & Gold Growth Story Xavantina Production Mato Grosso State Caraíba Production Bahia State Corporate Offices Belo Horizonte São Paulo Tucumã Production Pará State Furnas(1) Advanced Stage Pará State * Pace of shareholder returns subject to prevailing commodity prices, operating performance and other risk factors. Please refer to the Company's most recent AIF for additional risk factors. 1. For more information on the Company’s plans to earn a 60% interest in the Furnas Copper -Gold Project, please see press releas es dated October 30, 2023 , July 22, 2024. For more information on the results of the PEA on the Furnas Project, please see press release dated February 23, 2026. Proven History of Uncovering Value Through a differentiated, deep-value and exploration- forward operating model High-Quality Growth Project in Furnas PEA outlines 24-year initial mine life, first quartile unit operating costs, and strong economics across metal price environments(1) Disciplined, ROIC-Driven Capital Allocation Transitioning from heavy capex phase to cash generation while funding high-return growth and shareholder returns*
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6 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 6 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 Poised for Significant Near-Term EBITDA Expansion Source: Consensus estimates from FactSet as of February 20, 2026. Ivanhoe Mines and IGO Limited excluded due to equity method of accounting used for material assets. Ero Hudbay Minerals Lundin Mining Sandfire Resources Capstone Mining Antofagasta First Quantum Teck Freeport-McMoRan South32 Nexa Taseko 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70% (40%) (20%) 0% 20% 40% 60% 80% 100% 2024A to 2026E Copper Production Growth Ero is well-positioned due to growing production and EBITDA contributions expected from Tucumã and Xavantina gold concentrate sales through 2026. 2026E EBITDA Margin Copper Production Growth & EBITDA Margin
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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 Our Operations
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8 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 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 Caraíba: Long-Life Copper Operation 1. Production estimates based on midpoint of the Company’s three -year production outlook included in its press release dated Feb ruary 5, 2026. Asset Overview ▪ High-grade, long-life copper operation with steady production levels o Located in Bahia State, 90 km SE of Petrolina o Fully integrated mining and processing complex with 50-year operating history o 2026 C1 cash costs expected to be $2.30 to $2.50 /lb. Cu produced o Two underground mines: Pilar and Vermelhos o One open pit mine: Surubim Catalysts ▪ Pilar Mine’s new external shaft ✓ Pre-sink surface infrastructure completed on schedule ✓ Main shaft sinking underway with project completion in 2027 ✓ Benefits expected to include: o Significantly reduced transport time of material and people between deepest mining areas and surface o Access to high-grade Deepening Extension Zone o Increased total mining rates from the Pilar Mine ▪ Investing in regional copper exploration Production Profile(1) 0 10 20 30 40 50Copper Production (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 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 External Shaft Project 9 Engineering & Admin. Shaft Headframe Permanent Rock & Personnel Winder Building Stage Winder Building
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10 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 10 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 Tucumã: High-Margin Operation Delivering Portfolio Growth 1. Production estimates based on midpoint of the Company’s three -year production outlook included in its press release dated Februa ry 5, 2026. Asset Overview ▪ Open pit copper operation o Located in Pará State, ~40 km SW of Tucumã o Commercial production effective July 1, 2025 ▪ Attractive operating margins o 2026 C1 cash costs expected to be $1.95 to $2.15 /lb. Cu produced ▪ Significant growth potential o Cornerstone position in western Carajás Mineral Province o Brownfield and greenfield exploration potential Catalysts ▪ Production projected to increase as processing plant completes ramp up to nameplate capacity ▪ Near-mine and regional exploration opportunities ✓ Deposit extensions and regional opportunities under evaluation 0 10 20 30 40 2022A 2023A 2024A 2025A 2026E 2027E 2028E Copper Production (kt) Production Profile(1) Construction successfully completed in just over 2 years with commercial production achieved in mid-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 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 Tucumã Plant January 2025 11
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12 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 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 Xavantina: High-Grade, Low-Cost Gold Operation 1. Production estimates based on midpoint of the Company’s three -year production outlook included in its press release dated Februa ry 5, 2026. Asset Overview ▪ High-grade, high-margin underground gold mine and processing facility o Located in Mato Grosso State, ~18km NW of Nova Xavantina o Among the highest-grade gold mines in South America o 2025 transition to mechanized mining driving improved health and safety environment, increased production rates and operational efficiencies Production Profile(1) 0 10 20 30 40 50 60Gold Production (koz) Catalysts ▪ Exploration / Plant Capacity ✓ Testing extensions of known veins and targeting new vein discoveries with regional exploration program ✓ Potential to increase production by leveraging excess mill capacity
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13 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 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 Significant Value Creation at Xavantina Initiative to unlock value from stockpiled gold concentrates Maiden inferred mineral resource estimate of ~29,000 oz(1) Launched in Q4 2024 to capture value from stored gold concentrates produced in small but high-grade quantities since processing operations began in 2012. Represents sampled portion of the stockpile (~24,000 tonnes at 37.4 gpt inferred mineral resource estimate1), based on ~20% of the total volume. Commenced sales of gold concentrates in Q4 2025 Sold 14,999 ounces of gold contained in concentrates in Q4 2025 (14,614 tonnes invoiced at 31.92 gpt). Concentrate sales expected to continue through mid-2027(2) Additional sampling and assaying occurring concurrent to concentrate sales. 1. Mineral resources that are not mineral reserves do not have demonstrated economic viability. For more information on the updated mineral resource and mineral reserve estimate on the Xavantina Operations, including the aforementioned maiden inferred mineral resource on the stockpile, please see press release dated November 4, 2025. 2. Gold concentrate sales over the projection period related to Xavantina's stockpiled gold concentrate remain subject to ongoing 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 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 PEA: Cornerstone For Long-Term Growth The PEA is preliminary in nature and includes inferred mineral resources, which are considered too speculative geologically to have 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.
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15 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 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 PEA: Asset Quality Speaks for Itself 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 is a non -IFRS Measure. Please refer to the Notes section of the Company’ s press release dated February 23, 2026, for a discussion of non -IFRS Measures. First 15 Years 108 kt Copper Equivalent1 70 kt Copper 111 koz Gold 532 koz Silver $0.24 /lb. Copper C1 Cash Cost2 24 Year Life of Mine 81 kt Copper Equivalent1 52 kt Copper 84 koz Gold 374 koz Silver $0.30 /lb. Copper C1 Cash Cost2
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16 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 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: PEA Decades in the Making 1. Sources: Wood Mackenzie Inc., company reports, analysts’ reports. 2. Source: Company Reports 3. Copper equivalent calculated using long -term metal prices of $4.60/lb Cu, $3,300/oz Au, and $40.00/oz Ag. 4. Cash Cost is a non-IFRS Measure. Please refer to the Notes section of the Company’s press release dated February 23, 2026, for a discussion of non-IFRS Measures. $0.30 $0.33 $0.74 $1.01 $1.32 $1.34 $1.47 $1.67 $1.84 $1.90 Furnas Santo Domingo Vicunã Warintza Santa Cruz Cactus Copper World Copper Creek Marimaca Yellowhead C1 Cash Costs2 Byproduct Basis ($/lb) $10,878 $13,236 $13,651 $15,308 $15,856 $16,841 $18,005 $21,000 $21,124 $21,805 Cactus Copper World Marimaca Copper Creek Furnas Yellowhead Warintza Vicunã Santo Domingo Santa Cruz 3 Capital Intensity1 ($/kt CuEq) 100,000+ Meters of drilling at Furnas since 2001 Extensive Metallurgical Testwork Conventional Flowsheet Design Remains Open to Depth and Along Strike ~9km Deposit Footprint ~50,000m of drilling planned in 2026 4
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17 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 17 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 * These are non-IFRS measures and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar f inancial measures disclosed by other issuers. Please refer to the Company’s discussion of Non -IFRS measures in its MD&A for the period ended September 30, 2025. $1.3 Billion Initial Capex $2.0 Billion Net Present Value (8%) 27.0% Internal Rate of Return $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 Cu $1,800/oz Au $4.10/lb Cu $2,550/oz Au $4.60/lb Cu $3,300/oz Au $5.10/lb Cu $4,050/oz Au $5.60/lb Cu $4,800/oz Au $6.10/lb Cu $5,550/oz Au After-Tax NPV (8%, US$M) After-Tax IRR Leverage to Copper and Gold Prices Furnas: PEA Outlines Standout Project Economics
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18 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 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 PEA outlines a phased development approach for Furnas over four discrete operating mining areas allowing capital deployment to align with the progression of mining activities and projected cash flow generation. Furnas: Value-Driven Development and Operating Plan ~9 km Project Footprint Open pit and underground in SE Zone supports early production years Early Cash Flow NW Zone expect to begin production late in year 4 of operations Phased Development Southeast ZoneNorthwest Zone 13.5 Mtpa Conventional Processing Facility NW SE 500m Open Pit Mining Areas Primary / Secondary Stopes (Underground Mining Areas) Underground Infrastructure & Development
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19 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 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 Updated Mineral Resource in PEA based on 28,000m of Phase 1 drilling – additional 50,000m planned in 2026 Furnas: High-Return Exploration Program 1. Copper equivalent calculated using long -term metal prices of $4.60/lb Cu, $3,300/oz Au, and $40.00/oz Ag. 2. Please refer to the Company's press release dated September 18, 2025 for additional information on the Company's Phase 1 E xploration Program at Furnas. 99 119 125 120 114 107 108 107 102 109 108 104 105 106 88 79 53 35 31 28 28 29 29 9 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Copper Gold Silver Copper Equivalent Production1 (kt) Deposit Remains Open Over ~9km Project Footprint Deepest Intercept 115m @ 0.76% Cu & 0.46 gpt Au <600m Below Surface(2) ~50,000m of Drilling Planned for 2026
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20 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 20 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: Large, Highly Prospective IOCG Project The updated mineral resource estimate for Furnas is supported by over 100,000 meters of drilling conducted since 2001 ~50,000 meters to be drilled in 2026 ▪ ~50,000 meters of drilling completed in 2025, including the Phase 1 (28,000 meters) and Phase 2 (17,000 meters) drill programs o Only Phase 1 results included in updated mineral resource estimate ▪ Phase 3 underway with eight drill rigs currently operating on site o Infill drilling to upgrade inferred mineral resources and increase continuity of the high-grade zones o Extensional drilling to depth and along strike, focused on increasing grade and thickness in areas with limited prior drilling Category Tonnes (Mt) Grade Contained Metal Cu (%) Au (g/t) Ag (g/t) CuEq(1) (%) Cu (kt) Au (koz) Ag (koz) CuEq(1) (kt) Open Pit Indicated 272.2 0.59 0.31 1.66 0.83 1,594 2,748 14,546 2,252 Inferred 117.1 0.51 0.31 1.24 0.75 601 1,160 4,662 876 Underground Indicated 3.4 0.57 0.23 1.44 0.75 19 25 156 25 Inferred 78.8 0.53 0.31 1.50 0.77 418 791 3,809 607 Indicated 275.6 0.59 0.31 1.66 0.83 1,613 2,773 14,702 2,277 Inferred 195.9 0.52 0.31 1.34 0.76 1,020 1,952 8,470 1,483 Note: The Canadian Institute of Mining, Metallurgy and Petroleum ("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 applicat ion of operational dilution. All figures have been rounded to reflect the relative accuracy of the estimates. Summed amounts may not add due to rounding. Mineral resources that are not mineral reserves do not have demonstrated economic viabil ity. See "Notes on Mineral Resources" below and/or the Company’s press release dated February 23, 2026 for additional technical and scientific information. For more information on the Phase 1 drill program, please see the Company’s press releases dated July 10, 2025, and September 18, 2025. 1. CuEq grade for the updated mineral resource estimate calculated as Cu grade + ((Au grade x 0.03215 x $2,500 gold price x 74.6% gol d metallurgical recovery) + (Ag grade x 0.03215 x $24.00 silver price x 71.0% silver metallurgical recovery)) / (0.01 x $9,039/tonne copper price x 90.3% copper metallurgical recovery).
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21 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 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 Advancing exploration drilling, engineering, environmental and permitting work to fast-track Project development Furnas: Cornerstone of Ero's Future Growth Strategy 1. For more information on the Furnas Copper-Gold Project’s updated mineral resource estimate and initial capital expenditure estimate , please see the Company’s press release dated February 23, 2026. 2. For more information on the Company’s plans to earn a 60% interest in the Furnas Copper -Gold Project, please see its press relea ses dated October 30, 2023 and July 22, 2024. ▪ To earn a 60% interest in Furnas(2), Ero must complete three phases of work over a 5-year earn-in period ▪ Ero will grant VBM a free-carry on certain capital expenditures related to project development: o Initial 11% free-carry, funding 71% of the first $1.0 billion o If applicable, a subsequent 5.5% free-carry, funding 65.5% of the next $1.0 billion o At PEA initial capital of ~$1.3 billion, Ero’s attributable capital spend, including VBM's free-carry would be ~$890 million 2024-2025 2025-2026 2026-2028 20292023 2024 28,000 m of drilling + Scoping Study (PEA) Definitive Earn-in Agreement Executed Ero and Vale announce Earn-in Agreement 17,000 m of drilling + Pre-Feasibility Study 45,000 m of drilling + Feasibility Study Investment decision on JV Construction / Ero earns 60% Agreement Phase 1 Phase 2 Phase 3 Investment Decision Illustrative Timeline Based on Earn-In Agreement ~50,000 meters of drilling, including Phase 1 & 2 drill campaigns, completed in 2025 ~50,000 meters of drilling planned for 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 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 Financial & Environmental Stewardship
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23 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 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 The Company continued deleveraging in Q3 2025 with the net debt leverage ratio decreasing to 1.9x (from 2.1x in Q2 2025 and 2.5x at year-end 2024). Strong Balance Sheet and Improved Leverage * Total Liquidity is a non-IFRS measures. Please see the Company’s MD&A for the period ended September 30, 2025 for a reconciliation of non-IFRS measures. $66M $45M Cash & Cash Equivalents Sr. Secured Revolving Credit Facility $111M $111 million Total Liquidity* at September 30, 2025 1.9x Net Debt Leverage Ratio Total Debt $611 Net Debt $545 LTM Adj. EBITDA $282 Total Debt Leverage Ratio 2.2x Net Debt Leverage Ratio 1.9x
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24 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 24 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 “Brazil’s electricity matrix is one of the cleanest in the world and Brazil is committed to continuing its support for renewable energy projects.” - International Trade Administration, U.S. Dept. of Commerce Sustainability Advantage Enabled by Brazil’s Clean Energy Matrix 1. Energy Institute - Statistical Review of World Energy 2025. 2. EPE: Brazilian Energy Balance 2024 3. IEA: Brazil Energy Profile. 55% 14% 9% 8% 12% 2% Hydro Wind Solar Other Renewable Nonrenewable energy Imported Brazil Electricity Matrix, 2024(2) Second largest hydropower producer in the world(3) Home to South America’s largest windfarm (Complexo Eólico Lagoa dos Ventos) Home to 3 of the world’s 10 largest hydroelectric power dams Share of Electricity Production from Renewables(1), 2025 87%
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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 Guidance and Production Outlook
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26 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 26 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 2026 Guidance Note: For more information on the Company’s 2026 guidance, please refer to its press release dated February 5, 2026. 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 $1,000 - $1,250 / oz Au C1 Cash Cost $2,000 - $2,500 / oz Au All-In Sustaining Cost Capital Expenditures (Incl. Exploration) $170 – $185 M $35 – $45 M $40 – $50 M Furnas Copper-Gold Project, Other Exploration & Corporate $30 – $40 M
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27 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 27 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 Three-Year Production Outlook Note: For more information on the Company’s three -year production outlook, please refer to its press release dated February 5, 2026. 1. Gold concentrate sales over the projection period related to Xavantina's stockpiled gold concentrate remain subject to ong oing sampling. 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)
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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 Appendix
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29 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 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 Caraíba Operations * These are non-IFRS measures and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar f inancial measures disclosed by other issuers. Please refer to the Company’s discussion of Non -IFRS measures in its MD&A for the period ended September 30, 2025. 8.6 7.4 9.2 9.1 10.4 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 1.30 1.18 1.27 1.01 1.00 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 720 693 792 997 1,175 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Tonnes Processed (kt) Grade Processed (%) Cu Production (kt) C1 Cash Costs* ($/lb produced) ▪ Plant throughput increased 18% compared to Q3 2025, reaching record volumes of nearly 1.2M tonnes for the period, supported by: o Higher mining rates across all three mines o A successful multi-quarter mill debottlenecking program that enabled increased processing rates 1.85 2.22 2.07 2.32 Q4/24 Q1/25 Q2/25 Q3/25
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30 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 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 Tucumã Operation * These are non-IFRS measures and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar f inancial measures disclosed by other issuers. Please refer to the Company’s discussion of Non -IFRS measures in its MD&A for the period ended September 30, 2025. Tonnes Processed (kt) Grade Processed (%) Cu Production (kt) ▪ Sequential quarterly production growth of approximately 22% in Q4 2025 driven by higher grade processed ▪ Mining operations continued to perform well with approximately 1.2M tonnes of ore mined during the period 223 294 419 575 517 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 2.17 2.18 1.74 1.51 1.93 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 4.3 5.1 6.4 7.6 9.3 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 C1 Cash Costs* ($/lb produced) Q3 2025 marks the first quarter following the declaration of commercial production at Tucumã, with cash costs of $1.62 per pound.
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31 R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 31 R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 13.8 12.8 8.9 6.6 7.7 9.1 26.6 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Xavantina Operations * These are non-IFRS measures and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar f inancial measures disclosed by other issuers. Please refer to the Company’s discussion of Non -IFRS measures in its MD&A for the period ended September 30, 2025. Grade Processed (gpt) Au Production (koz)Tonnes Processed (kt) C1 Cash Costs* ($/oz produced) ▪ Production increased approximately 52% QoQ on higher processed grades and throughput driven by the transition to mechanized mining ▪ Gold concentrate shipments commenced in Q4 2025, with approximately 15,000 ounces sold AISC* ($/oz produced) 26 33 38 48 53 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 11.18 6.87 7.11 8.15 9.98 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 744 1,100 1,115 1,086 Q4/24 Q1/25 Q2/25 Q3/25 1,691 2,228 2,234 2,425 Q4/24 Q1/25 Q2/25 Q3/25 Gold Concentrates Mine Production
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32 R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors 32 R: 0 G: 128 B: 128 #008080 Logo Teal R: 0 G: 74 B: 74 #004a4a R: 92 G: 93 B:84 #5c5d54 Logo Charcoal R: 199 G: 229 B: 228 #c7e5e4 R: 167 G: 169 B: 172 #a7a9ac R: 124 G: 47 B: 72 #7c2f48 R: 44 G: 62 B: 96 #2c3e60 R: 217 G: 164 B: 65 #d9a441 R: 194 G: 89 B: 17 #c25911 Primary Colors Secondary Colors Key Financial Metrics * These are non-IFRS measures and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar f inancial measures disclosed by other issuers. Please refer to the Company’s discussion of Non -IFRS measures in its MD&A for the period ended September 30, 2025. Cash Flow from Operations (US$M) $61 $65 $90 $110 Q4/24 Q1/25 Q2/25 Q3/25 Adjusted EBITDA* (US$M) $59 $63 $83 $77 Q4/24 Q1/25 Q2/25 Q3/25 Adjusted Net Income* (US$M) $17 $36 $48 $28 Q4/24 Q1/25 Q2/25 Q3/25 Adjusted Net Income* (US$ per diluted share) $0.17 $0.35 $0.46 $0.27 Q4/24 Q1/25 Q2/25 Q3/25
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33 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 33 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 Exploration efforts are focused on two discrete high-grade zones identified within the overall mineralized body, known as the SE and NW Zones, that extend over a combined strike length of ~5 km Furnas: Geology and Plan Map Note: For more information, please refer to the Company’s press releases dated July 10, 2025, and September 18, 2025.
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34 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 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 Phase 1 Drilling Highlights ▪ FURN-DD-00284: 105 meters at 1.17% copper and 0.77 grams per tonne ("gpt") gold (1.54% CuEq1), including 63 meters at 1.30% copper and 1.13 gpt gold (1.84% CuEq1) ▪ FURN-DD-00271: 75 meters at 1.02% copper and 0.59 gpt gold (1.30% CuEq1), including 30 meters at 1.71% copper and 1.05 gpt gold (2.21% CuEq1), and 15 meters at 2.30% copper and 1.60 gpt gold (3.06% CuEq1) ▪ FURN-DD-00322: 115 meters at 0.76% copper and 0.47 grams per tonne ("gpt") gold (0.98% CuEq1), including 46 meters at 0.81% copper and 0.56 gpt gold (1.11% CuEq1) and 28 meters at 0.91% copper and 0.71 gpt gold (1.25% CuEq1) ▪ FURN-DD-00305: 103 meters at 0.88% copper and 0.80 gpt gold (1.26% CuEq1), including 27 meters at 1.04% copper and 1.18 gpt gold (1.60% CuEq1) Furnas: Cross sections within the high-grade SE Zone Note: For more information, please refer to the Company’s press releases dated July 10, 2025, and September 18, 2025. 1. CuEq = Cu grade + (Au grade x 0.03215 x ($1,900 gold price x 61.50% gold metallurgical recovery / (0.01 x $9,259/tonne copper price x 85.00% copper metallurgical recovery)).
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35 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 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 Phase 1 Drilling Highlights ▪ FURN-DD-00321: 115 meters at 0.47% copper and 0.27 gpt gold (0.60% CuEq 1), including 8 meters at 1.13% copper and 0.49 gpt gold (1.36% CuEq1) ▪ FURN-DD-00300: 80 meters at 1.02% copper and 0.36 gpt gold (1.19% CuEq1), including 28 meters at 1.67% copper and 0.49 gpt gold (1.90% CuEq1) Furnas: Cross section within the high-grade NW Zone Note: For more information, please refer to the Company’s press release dated September 18, 2025. 1. CuEq = Cu grade + (Au grade x 0.03215 x ($1,900 gold price x 61.50% gold metallurgical recovery / (0.01 x $9,259/tonne copper price x 85.00% copper metallurgical recovery)).
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36 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 36 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 Caraíba Operations Reserves & Resources Note: Please refer to the Additional Information section of this presentation for relevant technical and scientific informati on. Tonnes (kt) Grade (Cu%) Contained Cu (kt) Mineral Reserves (Underground) Proven 14,164 1.15 163 Probable 16,710 1.57 263 Proven & Probable 30,874 1.38 426 Mineral Resources (Underground) Measured 53,976 1.08 581 Indicated 47,558 1.17 558 Measured & Indicated 101,534 1.12 1,138 Inferred 71,690 0.82 584 Mineral Reserves (Open Pit) Proven 18,101 0.54 99 Probable 24,083 0.54 130 Proven & Probable 42,184 0.54 228 Mineral Resources (Open Pit) Measured 24,086 0.56 134 Indicated 35,464 0.54 193 Measured & Indicated 59,550 0.55 327 Inferred 29,746 0.49 145 Total Mineral Reserves Proven 32,265 0.81 262 Probable 40,793 0.96 392 Proven & Probable 73,058 0.90 654 Total Mineral Resources Measured 78,062 0.92 715 Indicated 83,021 0.90 751 Measured & Indicated 161,083 0.91 1,465 Inferred 101,436 0.72 729
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37 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 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 Tucumã Operation Reserves & Resources Note: Please refer to the Additional Information section of this presentation for relevant technical and scientific informati on. Tonnes (kt) Grade (Cu%) Contained Cu (kt) Mineral Reserves Proven 30,674 0.89 273.2 Probable 12,378 0.67 83.4 Proven & Probable 43,052 0.83 356.6 Mineral Resources (Pit Constrained) Measured (High-Grade) 7,117 2.16 153.6 Indicated (High-Grade) 1,661 2.27 37.6 Measured & Indicated (High-Grade) 8,778 2.18 191.3 Measured (Low-Grade) 25,476 0.60 152.0 Indicated (Low-Grade) 13,433 0.51 68.4 Measured & Indicated (Low-Grade) 38,909 0.57 220.4 Total Measured & Indicated 47,687 0.86 411.7 Inferred (Pit Constrained, High-Grade) 40 2.69 1.1 Inferred (Pit Constrained, Low-Grade) 514 0.49 2.5 Inferred (Pit Constrained) 555 0.65 3.6 Inferred (Underground High-Grade Outside Pit Limits) 1,354 2.24 30.4 Inferred (Underground Low-Grade Outside Pit Limits) 9,681 0.60 58.2 Inferred (Underground Mineralization Outside Pit Limits) 11,035 0.80 88.6 Total Inferred 11,590 0.80 92.2
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38 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 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 Xavantina Operations Reserves & Resources Note: Please refer to the Additional Information section of this presentation for relevant technical and scientific informati on. Tonnes (kt) Grade (gpt Au) Contained Au (oz) Mineral Reserves Proven, Santo Antônio Vein 221 6.48 46.1 Proven, Matinha Vein - - - Total Proven 221 6.48 46.1 Probable, Santo Antônio Vein 1,793 6.98 402.5 Probable, Matinha Vein 82 6.65 17.6 Total Probable 1,875 6.97 420.1 Total Proven & Probable 2,096 6.92 466.2 Mineral Resources Measured, Santo Antônio Vein 312 8.05 80.8 Measured, Matinha Vein - - - Total Measured 312 8.05 80.8 Indicated, Santo Antônio Vein 1,949 8.75 548.2 Indicated, Matinha Vein 98 11.11 35.1 Total Indicated 2,047 8.86 583.3 Total Measured & Indicated 2,359 8.75 664.0 Inferred, Santo Antônio Vein 1,057 9.31 316.5 Inferred, Matinha Vein 84 7.26 19.7 Inferred, Gold Concentrates 24 37.41 29.3 Total Inferred 1,166 9.75 365.4
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39 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 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 Additional Information Caraíba Operations Mineral Reserves Notes: 1. Effective Date of December 31, 2024, 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 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 the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10, 2014 (the “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 reserves are based on a long-term copper price of US$3.60 per pound (“lb”), and a USD:BRL foreign exchange rate of 5.10. 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, Indicated, and Inferred Resource blocks. In these instances, Inferred Resource blocks within the defined mining shape were assigned zero grade. In 2024, Inferred blocks assigned zero grade totaled approximately 6 tonnes for the Deepening Extension Zone, 2,412 tonnes for the Pilar Underground Mine, and approximately 13,700 tonnes for the Vermelhos Underground Mine. 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. Please refer to the Company’s “2024 Annual Information Form” dated March 6, 2025 for additional technical information. The updated Mineral Resource and Mineral Reserve estimates as at December 31, 2024 was prepared under the supervision of and approved by Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), FAusIMM (No. 329148), Manager, Resources & Reserves of the Company, who is a “qualified person” within the meanings of NI 43-101. Caraíba Operations Mineral Resources Notes: 1. Effective Date of December 31, 2024, 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 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 0.51% copper cut-off grade as well as a marginal cut-off grade of 0.33% copper, used for Pilar Mine underground Mineral Resources and 0.52% copper and of 0.34% copper for Vermelhos Mine underground Mineral Resources. 4. For open pit projects 0.13% copper cut-off grade were 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 in the 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. Please refer to the Company’s “2024 Annual Information Form” dated March 6, 2025 for additional technical information. The updated Mineral Resource and Mineral Reserve estimates as at December 31, 2024 was prepared under the supervision of and approved by Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), FAusIMM (No. 329148), Manager, Resources & Reserves of the Company, who is a “qualified person” within the meanings of NI 43-101.
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40 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 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 Additional Information Tucumã Operation Mineral Reserves Notes: 1. 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. A 3D geologic model was developed for the Tucumã Operation. Geologically constrained copper grade shells are developed using a copper cut-off grade of 0.20% and 0.51% for pit constrained and unconstrained mineral resources, respectively, to generate a 3D mineralization model of the Tucumã Operation. Within grade shells, mineral resources are estimated using ordinary kriging within a 2.0 meter by 2.0 meter by 4.0 meter block size. Open pit constrained, unconstrained and marginal cut-off grades are based upon a copper price of US$6,400 per tonne with cost parameters appropriate to the deposit. 4. Mineral reserves are based on a long-term copper price of US$6,613 per tonne; concentrate grade of 27% copper; average metallurgical recoveries of 91.3%; copper concentrate logistics costs of US$108.20 per wet metric tonne (“wmt”); transport losses of 0.2%; copper concentrate treatment charges of US$59.50 per dry metric tonne (“dmt”), refining charges of U$0.0595 per pound of copper; copper payability of 96.3%; average mining cost of US$2.47 per tonne mined; processing cost of US$7.74 per tonne processed and G&A costs of US$3.83 per tonne processed; average pit slope angles that range from 30º for saprolite to 50º for fresh rock and a 2% CFEM government royalty. 5. 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. Please refer to the “Boa Esperança Project NI 43-101 Technical Report on Feasibility Study Update” for additional technical information. Tucumã Operation Mineral Resources Notes: 1. Effective Date of August 31, 2021. 2. 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 do not have a demonstrated economic viability. The mineral resource estimates are 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. A 3D geologic model was developed for the Tucumã Operation. Geologically constrained grade shells were developed using various copper cut-off grades to generate a 3D mineralization model of the Project. Within the grade shells, mineral resources were estimated using ordinary kriging within a 2.0 meter by 2.0 meter by 4.0 meter block size. Within the optimized resource open pit limits, a cut-off grade of 0.20% copper was applied based upon a copper price of US$6,400 per tonne, net smelter return (“NSR”) of 94.53%, average metallurgical recoveries of 90.7%, mining recovery of 95.0%, dilution of 5.0%, mining costs of US$3.10 per tonne mined run of mine (“ROM”), processing and transportation costs of US$5.65 per tonne ROM, and G&A costs of US$2.66 per tonne ROM. Unconstrained inferred mineral resources have been stated at a cut-off grade of 0.51% copper with a marginal cut-off grade of 0.32% copper based upon a copper price of US$6,400 per tonne, NSR of 94.53%, mining recovery of 100%, average metallurgical recoveries of 90.7%, mining costs of US$14.71 per tonne ROM, processing and transportation costs of US$5.70 per tonne ROM, and G&A costs of US$2.60 per tonne ROM. 4. Block model tonnage and grade estimates for the Project were classified according to the CIM Standards and the CIM Guidelines by Mr. Emerson Ricardo Re, RM CMC (0138) and MAusIMM (CP) (305892), an employee of the Company on the date of the technical report (now of HCM Consultoria Geologica Eireli) and a “qualified person” as such term is defined under NI 43-101. Please refer to the “Boa Esperança Project NI 43-101 Technical Report on Feasibility Study Update” for additional technical information.
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41 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 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 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. Mineral reserve estimates for the Xavantina Operations are prepared under the supervision of and verified by Mr. Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), FAusIMM (No. 329148) and Manager, Resources & Reserves of the Company who is a “qualified person” within the meanings of NI 43-101. 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 Canadian Standards fand 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. Mineral resource estimates for the Xavantina Operations are prepared under the supervision of and verified by Mr. Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), FAusIMM (No. 329148) and Manager, Resources & Reserves of the Company who is a “qualified person” within the meanings of NI 43-101. Furnas Copper-Gold 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. 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. 4. 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. 5. The Canadian Institute of Mining, Metallurgy and Petroleum ("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.
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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 Farooq Hamed VP, Investor Relations E-mail: info@ero.com 1050-625 Howe St, Vancouver, BC, V6C 2T6 www.ero.com