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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

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

under the Securities Exchange Act of 1934

For the month of November 2024

Commission File Number 001-40459

ERO COPPER CORP.

(Translation of registrant's name into English)

625 Howe Street, Suite 1050

Vancouver, British Columbia V6C 2T6

Canada

(Address of principal executive office)

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

Form 20-F ☐ Form 40-F ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).

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

Signatures

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


	Ero Copper Corp.

	By:	/s/ Deepk Hundal
		Name: Deepk Hundal
		Title: SVP, General Counsel and Corporate Secretary
Date: November 5, 2024

Exhibit Index


Exhibit Number						Description of Document

99.1						Management’s Discussion and Analysis for the three and nine months ended September 30, 2024
99.2						Condensed Consolidated Interim Financial Statements for the three and nine months ended September 30, 2024
99.3						Press Release dated November 5 , 2024

MANAGEMENT’S DISCUSSION

AND ANALYSIS

FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2024

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

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


TABLE OF CONTENTS

BUSINESS OVERVIEW			1
HIGHLIGHTS			2
REVIEW OF OPERATIONS
The Caraíba Operations			6
The Tucumã Operation			7
The Xavantina Operations			8
2024 GUIDANCE			9
REVIEW OF FINANCIAL RESULTS
Review of quarterly results			10

Summary of quarterly results for most recent eight quarters			14
OTHER DISCLOSURES
Liquidity, Capital Resources, and Contractual Obligations			15
Management of Risks and Uncertainties			17
Other Financial Information			20
Accounting Policies, Judgments and Estimates			21
Capital Expenditures			22
Alternative Performance (NON-IFRS) Measures			23
Disclosure Controls and Procedures and Internal Control over Financial Reporting			31
Notes and Cautionary Statements			32

Ero Copper Corp. September 30, 2024 MD&A

MANAGEMENT’S DISCUSSION AND ANALYSIS

This Management’s Discussion and Analysis (“MD&A”) has been prepared as at November 5, 2024 and should be read in conjunction with the unaudited condensed consolidated interim financial statements of Ero Copper Corp. (“Ero”, the “Company”, or “we”) as at, and for the three and nine months ended September 30, 2024, and related notes thereto, which are prepared in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting as issued by the International Accounting Standards Board (the “IASB”). All references in this MD&A to “Q3 2024” and “Q3 2023” are to the three months ended September 30, 2024 and September 30, 2023, respectively, and all references to “YTD 2024” and “YTD 2023” are to the nine months ended September 30, 2024 and September 30, 2023, respectively. As well, this MD&A should be read in conjunction with the Company’s December 31, 2023 audited consolidated financial statements and MD&A. All dollar amounts are expressed in United States (“US”) dollars and tabular amounts are expressed in thousands of US dollars, unless otherwise indicated. References to “$”, “US$”, “dollars”, or “USD” are to US dollars, references to “C$” are to Canadian dollars, and references to “R$” or “BRL” are to Brazilian Reais.

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

This MD&A contains “forward‐looking statements” that are subject to risk factors set out in a cautionary note contained at the end of this MD&A. The Company cannot assure investors that such statements will prove to be accurate, and actual results and future, events may differ materially from those anticipated in such statements. The results for the periods presented are not necessarily indicative of the results that may be expected for any future period. Investors are cautioned not to place undue reliance on such forward-looking statements. All information contained in this MD&A is current and has been approved by the Board of Directors of the Company (the “Board”) as of November 5, 2024, unless otherwise stated.

BUSINESS OVERVIEW

Ero Copper is a high-margin, high-growth copper producer with operations in Brazil and corporate headquarters in Vancouver, B.C. The Company's primary asset is a 99.6% interest in the Brazilian copper mining company, Mineração Caraíba S.A. ("MCSA"), 100% owner of the Company's Caraíba Operations (formerly known as the MCSA Mining Complex), which are located in the Curaçá Valley, Bahia State, Brazil and include the Pilar and Vermelhos underground mines and the Surubim open pit mine, and the Tucumã Operation (formerly known as Boa Esperança), an open pit copper mine located in Pará, Brazil. The Company also owns 97.6% of NX Gold S.A. ("NX Gold") which owns the Xavantina Operations (formerly known as the NX Gold Mine), comprised of an operating gold and silver mine located in Mato Grosso, Brazil. Additional information on the Company and its operations, including technical reports on the Caraíba Operations, Xavantina Operations and Tucumã Operation, can be found on SEDAR+ (www.sedarplus.ca/landingpage/) and on EDGAR (www.sec.gov). The Company’s shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol “ERO”.

Ero Copper Corp. September 30, 2024 MD&A | Page 1

HIGHLIGHTS

Operating Highlights


	2024 - Q3		2024 - Q2		2023 - Q3		2024 - YTD		2023 - YTD
Copper (Caraíba Operations)
Ore Processed (tonnes)	900,289		957,692		806,096		2,711,352		2,419,465
Grade (% Cu)	1.20		1.03		1.46		1.10		1.45
Cu Production (tonnes)	9,920		8,867		10,766		26,878		32,097
Cu Production (lbs)	21,870,631		19,548,441		23,734,026		59,256,602		70,761,357
Cu Sold in Concentrate (tonnes)	9,970		8,706		10,090		28,137		31,166
Cu Sold in Concentrate (lbs)	21,980,217		19,192,315		22,243,586		62,031,124		68,708,912

Cu C1 Cash Cost(1)(2)	$	1.63	$	2.16	$	1.92	$	2.01	$	1.83

Copper (Tucumã Operation)
Ore Processed (tonnes)	110,778		—		—		110,778		—
Grade (% Cu)	1.00		—		—		1.00		—
Cu Production (tonnes)	839		—		—		839		—
Cu Production (lbs)	1,850,043		—		—		1,850,043		—
Cu Sold in Concentrate (tonnes)	357		—		—		357		—
Cu Sold in Concentrate (lbs)	787,042		—		—		787,042		—

Gold (Xavantina Operations)
Ore Processed (tonnes)	41,761		40,446		31,446		120,041		101,586
Grade (g / tonne)	11.41		14.00		18.72		13.85		14.43
Au Production (oz)	13,485		16,555		17,579		48,274		42,355

Au C1 Cash Cost(1)	$	539	$	428	$	371	$	447	$	425
Au AISC(1)	$	1,034	$	842	$	844	$	879	$	943

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

(2) Copper C1 cash cost including foreign exchange hedges was $1.72 in Q3 2024 (Q3 2023 - $1.77) and $2.04 in YTD 2024 (YTD 2023 - $1.73).

Ero Copper Corp. September 30, 2024 MD&A | Page 2

Financial Highlights

($ in millions, except per share amounts)


	2024 - Q3		2024 - Q2		2023 - Q3		2024 - YTD		2023 - YTD
Revenues	$	124.8	$	117.1	$	105.2	$	347.7	$	311.1
Gross profit	53.7		43.3		35.5		128.2		115.0
EBITDA(1)	74.5		(36.2)		28.3		56.1		135.0
Adjusted EBITDA(1)	62.2		51.5		42.9		157.0		133.2
Cash flow from operations	52.7		14.7		41.9		84.6		113.7
Net income (loss)	41.4		(53.4)		2.8		(18.9)		57.3
Net income (loss) attributable to owners of the Company	40.9		(53.2)		2.5		(19.5)		56.3
- Per share (basic)	0.40		(0.52)		0.03		(0.19)		0.61
- Per share (diluted)	0.39		(0.52)		0.03		(0.19)		0.60
Adjusted net income attributable to owners of the Company(1)	27.6		18.6		17.3		63.0		62.0
- Per share (basic)	0.27		0.18		0.19		0.61		0.67
- Per share (diluted)	0.27		0.18		0.18		0.61		0.66

Cash, cash equivalents, and short-term investments	20.2		44.8		87.6		20.2		87.6
Working (deficit) capital(1)	(60.9)		(57.6)		32.8		(60.9)		32.8
Available liquidity(1)	125.2		169.8		237.6		125.2		237.6
Net debt(1)	518.7		482.0		331.8		518.7		331.8

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

Ero Copper Corp. September 30, 2024 MD&A | Page 3

Q3 2024 Highlights

Third quarter financial results reflect an expansion of operating margins, driven by a significant decrease in unit operating costs at the Caraíba Operations and higher realized gold prices at the Xavantina Operations

•The Tucumã Operation achieved a major commissioning milestone in July 2024, producing its first saleable copper concentrate. As ramp-up efforts increased mill throughput during the quarter, the operation delivered 839 tonnes of copper, contributing to consolidated quarterly copper production of 10,759 tonnes

◦The Caraíba Operations produced 9,920 tonnes of copper in concentrate during the quarter at C1 cash costs(1) of $1.63 per pound of copper produced

–Higher mined and processed copper grades drove an 11.9% quarter-on-quarter increase in copper production and contributed to a 24.5% decrease in C1 cash costs

–Unit operating costs and margins also benefited from improved concentrate treatment and refining charges, secured as of May 2024, as well as a more favorable USD to BRL exchange rate

◦Despite intermittent power disruptions that slowed the ramp-up of Tucumã's processing plant during the quarter, mining operations remained ahead of schedule, contributing to the buildup of ore stockpiles to be processed in Q4 2024 and throughout 2025

•The Xavantina Operations produced 13,485 ounces of gold during the quarter, resulting in C1 cash costs(1) and AISC(1) of $539 and $1,034, respectively, per ounce of gold produced

◦Tonnes processed increased 3.3% quarter-on-quarter, partially offsetting a planned decrease in mined and processed gold grades

•Improved operating margins for the quarter were supported by a significant decrease in unit operating costs at the Caraíba Operations and higher realized gold prices at the Xavantina Operations, resulting in:

◦Net income attributable to the owners of the Company of $40.9 million ($0.39 per share on a diluted basis)

◦Adjusted net income attributable to the owners of the Company(1) of $27.6 million ($0.27 per share on a diluted basis)

◦Adjusted EBITDA(1) of $62.2 million

•During the quarter, the Company opportunistically entered into zero-cost gold collar contracts on 2,500 ounces of gold per month from January 2025 to December 2025. These contracts set a floor price of $2,200 per ounce, while allowing for upside participation in gold price increases up to a cap of $3,425 per ounce, over 20% above the all-time high price reached in October 2024. The total hedged volume is 30,000 ounces, representing just over 50% of projected 2025 gold production at the Xavantina Operations

•At quarter-end, available liquidity was $125.2 million, including $20.2 million in cash and cash equivalents, $80.0 million of undrawn availability under the Company's senior secured revolving credit facility, and $25.0 million of undrawn availability under the Company's copper prepayment facility

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

Ero Copper Corp. September 30, 2024 MD&A | Page 4

2024 Guidance Update

•The Company is updating its consolidated copper production guidance for 2024 to a range of 43,000 to 48,000 tonnes in concentrate. The adjustment reflects power disruptions at the Tucumã Operation, which extended the processing plant's ramp-up schedule, as well as slower-than-expected underground development progress at Caraíba's Pilar Mine.

•Due to the anticipated delay in achieving commercial production at the Tucumã Operation, the Company is narrowing 2024 C1 cash cost guidance to only include the Caraíba Operations. The Company is reaffirming its full-year C1 cash cost guidance for the Caraíba Operations of $1.80 to $2.00 per pound of copper produced. Positive factors, including improved concentrate treatment and refining charges secured as of May 2024, a higher gold byproduct credit, and a more favorable USD to BRL exchange rate, are expected to more than offset the impact of lower projected copper production.

•The Company is maintaining its increased 2024 gold production guidance range of 60,000 to 65,000 ounces as well as its reduced full-year gold cost guidance of $450 to $550 per ounce of gold produced for C1 cash costs, and $900 to $1,000 per ounce for AISC.

•The Company is reaffirming its full-year consolidated capital expenditure guidance of $303 to $348 million.

With consolidated copper production on track to double in 2025, the Company continued to bolster its growth pipeline with the execution of a definitive earn-in agreement on the Furnas Copper-Gold Project

•In July 2024, the Company signed a definitive earn-in agreement ("Agreement") with Salobo Metais S.A., a subsidiary of Vale Base Metals Limited, to earn a 60% interest in the Furnas Copper-Gold Project ("Furnas") located in the Carajás Mineral Province in Pará State, Brazil. The terms of the Agreement align with the previously signed binding term sheet outlined in the Company's press release dated October 30, 2023.

•Subsequent to quarter-end, the Company announced an initial National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate for Furnas, highlighting its significant potential. This mineral resource estimate, supported by over 90,000 meters of historical drilling, is detailed in the Company's press release dated October 2, 2024.

•The Company also commenced the Phase 1 drill program in October 2024 after receiving drilling permits from the Pará State environmental agency in September 2024. This minimum 28,000-meter program, designed to support a preliminary economic assessment on Furnas, is focused on infill drilling and extending high-grade zones within the deposit to depth.

Ero Copper Corp. September 30, 2024 MD&A | Page 5

REVIEW OF OPERATIONS

The Caraíba Operations


	2024 - Q3		2024 - Q2		2023 - Q3		2024 - YTD		2023 - YTD
Ore mined (tonnes)	874,937		897,161		794,102		2,560,430		2,454,850
Ore processed (tonnes)	900,289		957,692		806,096		2,711,352		2,419,465
Grade (% Cu)	1.20		1.03		1.46		1.10		1.45
Recovery (%)	91.9		90.2		91.6		90.2		91.5

Cu Production (tonnes)	9,920		8,867		10,766		26,878		32,097
Cu Production (lbs)	21,870,631		19,548,441		23,734,026		59,256,602		70,761,357

Concentrate grade (% Cu)	33.3		33.1		33.9		33.1		33.9
Concentrate sales (tonnes)	29,964		26,222		30,751		84,907		96,670
Cu Sold in concentrate (tonnes)	9,970		8,706		10,090		28,137		31,166
Cu Sold in concentrate (lbs)	21,980,217		19,192,315		22,243,586		62,031,124		68,708,912

Realized copper price	$	3.88	$	4.22	$	3.65	$	3.94	$	3.69
Copper C1 cash cost	$	1.63	$	2.16	$	1.92	$	2.01	$	1.83
Copper C1 cash cost including foreign exchange hedges	$	1.72	$	2.16	$	1.77	$	2.04	$	1.73

The Caraíba Operations achieved quarterly copper production of 9,920 tonnes in concentrate, bringing YTD 2024 production to 26,878 tonnes. Higher mined and processed copper grades drove an 11.9% quarter-on-quarter increase in copper production and contributed to a 24.5% decrease in C1 cash costs, which averaged $1.63 per pound of copper produced for the quarter. C1 cash costs and margins also benefited from improved concentrate treatment and refining charges, secured as of May 2024, as well as a more favorable USD to BRL exchange rate, resulting in weighted average YTD 2024 C1 cash costs of $2.01 per pound of copper produced.

Tonnes of ore mined in Q3 2024 included:

•Pilar: 407,884 tonnes grading 1.34% copper (vs. 466,991 tonnes at 1.25% copper in Q2 2024)

•Vermelhos: 250,365 tonnes grading 1.47% copper (vs. 228,626 tonnes at 1.00% copper in Q2 2024)

•Surubim: 216,688 tonnes at 0.68% copper (vs. 201,544 tonnes at 0.63% copper in Q2 2024)

Contributions from the three mines resulted in total ore mined during the quarter of 874,937 tonnes grading 1.21% copper (vs. 897,161 tonnes at 1.05% copper in Q2 2024).

During the quarter, efforts to increase underground development rates at the Pilar Mine were impacted by slower-than-anticipated progress by a third-party development contractor. Consequently, the Company expects lower mined and processed tonnage at the Caraíba Operations

Ero Copper Corp. September 30, 2024 MD&A | Page 6

through year-end. To support accelerated development rates, the Company intends to engage an additional contractor in Q4 2024.

Exploration activities during Q3 2024 at the Caraíba Operations continued to focus on advancing the Company's full-year exploration objectives of (i) delineating high-grade mineralization within the upper levels of the Pilar and Vermelhos Mines, (ii) outlining extensions of regional targets with known copper mineralization near the Vermelhos Mine, and (iii) testing regional nickel and copper targets throughout the Curaçá Valley.

The Tucumã Operation


						2024 - Q3
Ore mined (tonnes)						867,315
Ore processed (tonnes)						110,778
Grade (% Cu)						1.00
Recovery (%)						75.7

Cu Production (tonnes)						839
Cu Production (lbs)						1,850,043

Concentrate grade (% Cu)						25.5
Concentrate sales (tonnes)						1,652
Cu Sold in concentrate (tonnes)						357
Cu Sold in concentrate (lbs)						787,042

The Tucumã Operation achieved a significant commissioning milestone during the quarter with the production of first saleable copper concentrate in July 2024 resulting in the first sale of concentrate near the end of the quarter. Mining operations continued ahead of schedule during the quarter, contributing to a buildup of ore stockpiles that are expected to be processed in Q4 2024 and throughout 2025. The ramp-up of Tucumã's processing plant progressed well through July and the majority of August; however, as the plant moved toward continuous operations, the Company detected intermittent voltage oscillations within the third-party regional power grid. These oscillations limited the ability to run the mill at full capacity on a continuous basis, resulting in quarterly production of 839 tonnes of copper in concentrate.

In addition, the Tucumã Operation experienced a temporary power disruption following a severe localized windstorm that impacted the regional power grid, including the main 230kV transmission line servicing the southwest region of the Carajás Mineral Province. Power was restored after approximately 10 days, allowing the Company to safely resume ramp-up activities on October 16, 2024. For further details on the power disruption and resumption of ramp-up activities, please refer the Company's press releases dated October 5, 2024 and October 16, 2024.

To address ongoing intermittent voltage oscillations, the Company implemented a mill power management solution that enables continuous plant operations despite minor voltage fluctuations. Since this implementation, the plant has maintained continuous operations and is advancing toward full capacity.

Ero Copper Corp. September 30, 2024 MD&A | Page 7

The Xavantina Operations


	2024 - Q3		2024 - Q2		2023 - Q3		2024 - YTD		2023 - YTD
Ore mined (tonnes)	41,761		40,446		31,277		120,041		101,565
Ore processed (tonnes)	41,761		40,446		31,446		120,041		101,586
Head grade (grams per tonne Au)	11.41		14.00		18.72		13.85		14.43
Recovery (%)	92.5		91.0		92.9		91.8		89.9

Gold ounces produced (oz)	13,485		16,555		17,579		48,274		42,355
Silver ounces produced (oz)	8,168		9,896		10,994		28,273		27,767

Gold sold (oz)	14,615		17,621		15,457		49,089		39,470
Silver sold (oz)	8,523		10,468		10,296		28,077		26,037

Realized gold price(1)	$	2,382	$	2,193	$	1,902	$	2,156	$	1,889
Gold C1 cash cost	$	539	$	428	$	371	$	447	$	425
Gold AISC	$	1,034	$	842	$	844	$	879	$	943

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

The Xavantina Operations delivered quarterly gold production of 13,485 ounces, with higher mill throughput partially offsetting a planned decrease in mined and processed gold grades, bringing YTD 2024 gold production to 48,274 ounces.

C1 cash costs and AISC for the quarter were $539 and $1,034, respectively, per ounce of gold produced, resulting in YTD 2024 C1 cash costs and AISC of $447 and $879 per ounce of gold produced.

Exploration activities at the Xavantina Operations during the quarter continued to focus on testing the down plunge extension of the Santo Antônio vein as well as drill testing the intersection of the Santo Antônio and Brás Veins. Regional surface exploration efforts focused on identifying additional gold systems in the vicinity of the Xavantina mine system.

Ero Copper Corp. September 30, 2024 MD&A | Page 8

2024 GUIDANCE

The Company is updating production guidance for both the Caraíba and Tucumã Operations, resulting in a consolidated copper production guidance for the year of 43,000 to 48,000 tonnes in concentrate.

Due to the anticipated delay in achieving commercial production at the Tucumã Operation, the Company is narrowing 2024 C1 cash cost guidance to only include the Caraíba Operations. The Company is reaffirming full-year C1 cash cost guidance for the Caraíba Operations of $1.80 to $2.00 per pound of copper produced. Positive factors, including improved concentrate treatment and refining charges secured as of May 2024, a higher gold byproduct credit, and a more favorable USD to BRL exchange rate, are expected to more than offset the impact of lower projected copper production.

At the Xavantina Operations, the Company is reaffirming increased full-year gold production guidance of 60,000 to 65,000 ounces, with similar production levels and unit cost performance expected in Q4 2024 compared to Q3 2024. Consequently, the Company is reaffirming its reduced cost guidance ranges, including C1 cash cost guidance of $450 to $550 per ounce of gold produced, and AISC guidance of $900 to $1,000 per ounce of gold produced.

The Company is also reaffirming consolidated 2024 capital expenditure guidance of $303 to $348 million.

2024 Production and Cost Guidance

The Company's cost guidance for 2024 assumes a foreign exchange rate of 5.00 BRL per USD, a gold price of $1,900 per ounce and a silver price of $23.00 per ounce for Q4 2024.


	Original Guidance	Current Guidance
Consolidated Copper Production (tonnes)
Caraíba Operations	42,000 - 47,000	35,000 - 37,000
Tucumã Operation	17,000 - 25,000	8,000 - 11,000
Total	59,000 - 72,000	43,000 - 48,000

Caraíba Operations C1 Cash Cost(1) Guidance	$1.80 - $2.00	Unchanged




The Xavantina Operations
Au Production (ounces)	55,000 - 60,000	60,000 - 65,000
Gold C1 Cash Cost(1) Guidance	$550 - $650	$450 - $550
Gold AISC(1) Guidance	$1,050 - $1,150	$900 - $1,000

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

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

Ero Copper Corp. September 30, 2024 MD&A | Page 9

REVIEW OF FINANCIAL RESULTS

The following table provides a summary of the financial results of the Company for Q3 2024 and Q3 2023. Tabular amounts are in thousands of US dollars, except share and per share amounts.


		Three months ended September 30,
	Notes	2024		2023

Revenue	1	$	124,837	$	105,181
Cost of sales	2	(71,128)		(69,706)
Gross profit		53,709		35,475
Expenses
General and administrative	3	(12,628)		(14,402)
Share-based compensation		(4,859)		1,185
Write-down of exploration and evaluation asset		(467)		—
Income before the undernoted		35,755		22,258
Finance income		781		2,976
Finance expense	4	(4,039)		(8,017)
Foreign exchange gain (loss)	5	17,246		(13,937)
Other expenses		(45)		(1,276)
Income before income taxes		49,698		2,004
Income tax (expense) recovery
Current		(4,873)		(3,317)
Deferred		(3,458)		4,124
	6	(8,331)		807
Net income for the period		$	41,367	$	2,811

Other comprehensive gain (loss)
Foreign currency translation gain (loss)	7	13,757		(29,046)
Comprehensive income (loss)		$	55,124	$	(26,235)









Net income (loss) per share attributable to owners of the Company
Basic		$	0.40	$	0.03
Diluted		$	0.39	$	0.03
Weighted average number of common shares outstanding
Basic		103,239,881		93,311,434
Diluted		103,973,827		94,009,268

Ero Copper Corp. September 30, 2024 MD&A | Page 10

Notes:

1. Revenues from copper sales in Q3 2024 was $90.4 million (Q3 2023 - $76.1 million) on sale of 22.0 million lbs of copper (Q3 2023 - 22.2 million lbs) at an average realized price of $3.88 (Q3 2023 - $3.65) per lb. The increase in copper revenues was primarily attributed to higher average realized price, partially offset by lower quantity sold, at Caraíba.

Revenues from gold sales in Q3 2024 was $34.4 million (Q3 2023 - $29.0 million) on sale of 14,615 ounces of gold (Q3 2023 - 15,457 ounces) at an average realized price of $2,382 per ounce (Q3 2023 - $1,902 per ounce). The increase in gold revenues was attributable to higher realized gold price, partially offset by a decrease in sales volume.

2. Cost of sales for Q3 2024 from copper sales was $59.9 million (Q3 2023 - $57.2 million) which primarily comprised of $16.7 million (Q3 2023 - $15.6 million) in depreciation and depletion, $13.2 million (Q3 2023 - $13.8 million) in salaries and benefits, $10.0 million (Q3 2023 - $9.6 million) in materials and consumables, $9.9 million (Q3 2023 - $7.4 million) in contracted services, $7.3 million (Q3 2023 - $7.8 million) in maintenance costs, $2.4 million (Q3 2023 - $2.2 million) in sales expenses, $2.2 million (Q3 2023 - $3.0 million) in utilities, and $1.9 million increase (Q3 2023 - $2.6 million decrease) in changes in inventories. The increase in cost of sales in Q3 2024 as compared to Q3 2023 was primarily attributable to a 12% increase in tonnes processed, resulting in higher contracted service costs and increased depreciation and depletion.

Cost of sales for Q3 2024 from gold sales was $11.2 million (Q3 2023 - $12.6 million) which primarily comprised of $4.5 million (Q3 2023 - $5.3 million) in depreciation and depletion, $2.5 million (Q3 2023 - $2.3 million) in salaries and benefits, $1.7 million (Q3 2023 - $1.6 million) in materials and consumables, $2.0 million (Q3 2023 - $1.7 million) in contracted services, $0.7 million (Q3 2023 - $0.6 million) in maintenance costs, and $0.6 million (Q3 2023 - $0.6 million) in utilities. The decrease in cost of sales as compared to Q3 2023 was primarily due to a 5% decrease in gold ounces sold, resulting in lower depreciation and depletion.

3. General and administrative expenses for Q3 2024 was primarily comprised of $6.8 million (Q3 2023 - $8.6 million) in salaries and consulting fees, $2.5 million (Q3 2023 - $2.3 million) in office and administration expenses, $1.5 million (Q3 2023 - $1.6 million) in incentive payments, $1.0 million (Q3 2023 - $1.0 million) in other costs, and $0.5 million (Q3 2023 - $0.6 million) in accounting and legal costs. The decrease in general and administrative expenses was mainly attributed to reduction in consulting fees.

4. Finance expense for Q3 2024 was $4.0 million (Q3 2023 - $8.0 million) and is primarily comprised of other finance expense of $2.4 million (Q3 2023 - $3.5 million), accretion of deferred revenue of $0.6 million (Q3 2023 - $0.8 million), accretion of asset retirement obligations of $0.6 million (Q3 2023 - $0.7 million), lease interest of $0.5 million (Q3 2023 - $0.3 million), and interest on loans and borrowings of nil (Q3 2023 - $2.8 million). Interest on loans and borrowings were net of $9.6 million (Q3 2023 - $4.4 million) in borrowing costs which were capitalized to projects in progress. The overall decrease in finance expense was attributable to an increase in capitalization of borrowing costs as a result of capital expenditures on construction projects.

5. Foreign exchange gain for Q3 2024 was $17.2 million (Q3 2023 - $13.9 million loss). This amount is primarily comprised of $11.0 million (Q3 2023 - $10.0 million loss) in foreign exchange gain on USD denominated debt at MCSA for which the functional currency is the BRL and $9.8 million (Q3 2023 - $7.6 million loss) of unrealized foreign exchange gain on derivative contracts, partially offset by $3.4 million (Q3 2023 - $3.5 million gain) of realized foreign exchange loss on derivative contracts and other foreign exchange losses of $0.2 million (Q3 2023 - $0.1 million gains). The unrealized foreign exchange gain on USD denominated debt and on derivative contracts was a result of the 2% strengthening of the BRL against the USD during the period.

6. In Q3 2024, the Company recognized $8.3 million in income tax expense (Q3 2023 a recovery of $0.8 million). The increase in income tax expense was primarily a result of higher income before taxes as compared to the same quarter of the prior year.

7. The foreign currency translation gain is a result of a fluctuation of the BRL against the USD during Q3 2024, which strengthened from approximately 5.56 BRL per US dollar at the beginning of Q3 2024 to approximately 5.45 BRL per US dollar by the end of the quarter, when translating the net assets of the Company’s Brazilian subsidiaries to USD for presentation in the Company’s condensed consolidated interim financial statements.

Ero Copper Corp. September 30, 2024 MD&A | Page 11

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


		Nine months ended September 30,
	Notes	2024		2023

Revenue	1	$	347,720	$	311,066
Cost of sales	2	(219,542)		(196,075)
Gross profit		128,178		114,991
Expenses
General and administrative	3	(35,952)		(40,269)
Share-based compensation		(17,479)		(8,741)
Write-down of exploration and evaluation asset	4	(11,212)		—
Income before the undernoted		63,535		65,981
Finance income		3,610		10,476
Finance expense	5	(13,238)		(20,538)
Foreign exchange (loss) gain	6	(72,204)		9,741
Other (expenses) income		(2,354)		1,224
(Loss) income before income taxes		(20,651)		66,884
Income tax recovery (expense)
Current		(11,079)		(9,159)
Deferred		12,868		(473)
	7	1,789		(9,632)
Net (loss) income for the period		$	(18,862)	$	57,252

Other comprehensive (loss) gain
Foreign currency translation (loss) gain	8	(85,881)		26,582
Comprehensive (loss) income		$	(104,743)	$	83,834









Net (loss) income per share attributable to owners of the Company
Basic		$	(0.19)	$	0.61
Diluted		$	(0.19)	$	0.60
Weighted average number of common shares outstanding
Basic		103,026,138		92,767,525
Diluted		103,026,138		93,643,940

Ero Copper Corp. September 30, 2024 MD&A | Page 12

Notes:

1. Revenues from copper sales in YTD 2024 amounted to $243.2 million (YTD 2023 - $237.4 million), reflecting the sale of 62.0 million lbs of copper compared to 68.7 million lbs of copper for YTD 2023. The increase in revenues was primarily due to a 6% higher realized copper price, partially offset by 10% lower copper sales resulting from lower copper grades, at Caraíba.

Revenues from gold sales in YTD 2024 amounted to $104.5 million (YTD 2023 - $73.7 million), reflecting the sale of 49,089 ounces of gold at a realized price of $2,156 per ounce, compared to 39,470 ounces of gold sold at a realized price of $1,889 per ounce in YTD 2023. The increase in revenues was driven by higher sales volume and improved gold prices compared to the prior year.

2. Cost of sales for YTD 2024 from copper sales was $181.2 million (YTD 2023 - $164.0 million) which primarily consisted of $50.1 million (YTD 2023 - $44.2 million) in depreciation and depletion, $39.5 million (YTD 2023 - $37.7 million) in salaries and benefits, $28.7 million (YTD 2023 - $27.9 million) in materials and consumables, $26.0 million (YTD 2023 - $20.4 million) in contracted services, $21.6 million (YTD 2023 - $21.0 million) in maintenance costs, $7.9 million (YTD 2023 - $8.6 million) in utilities, and $6.1 million (YTD 2023 - $6.4 million) in sales expenses. The increase in cost of sales was primarily attributed to a 12% increase in tonnes processed, higher depreciation and depletion from an expanded depletable asset base, and increased labour costs from wage and other benefit increases.

Cost of sales for YTD 2024 from gold sales was $38.4 million (YTD 2023- $32.1 million) which primarily comprised of $15.8 million (YTD 2023 - $12.8 million) in depreciation and depletion, $7.6 million (YTD 2023 - $6.6 million) in salaries and benefits, $5.7 million (YTD 2023 - $4.5 million) in contracted services, $5.3 million (YTD 2023 - $4.5 million) in materials and consumables, $1.9 million (YTD 2023 - $1.4 million) in maintenance costs, and $1.8 million (YTD 2023 - $1.7 million) in utilities. The increase in cost of sales was mainly attributed to 24% increase in gold sales, accompanied with higher depreciation and depletion from increased sales and an expanded depreciable asset base.

3. General and administrative expenses for YTD 2024 was primarily comprised of $19.8 million (YTD 2023 - $23.9 million) with respect to salaries and consulting fees, $7.0 million (YTD 2023 - $6.5 million) in office and administrative expenses, $4.2 million (YTD 2023 - $4.4 million) in incentive payments, $2.1 million (YTD 2023 - $2.9 million) in other general and administrative expenses, and $1.5 million (YTD 2023 - $1.5 million) in accounting and legal fees. The decrease in general and administrative expenses in YTD 2024 was primarily attributable to reduction in consulting fees.

4. In YTD 2024, the Company recognized a write-down in exploration and evaluation assets of $11.2 million (YTD 2023 - nil), primarily from the termination of the Fides option agreement.

5. Finance expense for YTD 2024 was $13.2 million (YTD 2023 - $20.5 million) and was primarily comprised of other finance expense of $8.2 million (YTD 2023 - $4.1 million), accretion of deferred revenue of $1.9 million (YTD 2023 - $2.3 million), accretion of the asset retirement obligations of $1.8 million (YTD 2023 - $2.0 million), lease interest of $1.4 million (YTD 2023 - $0.9 million), and nil (YTD 2023 - $11.2 million) from interest on loans and borrowings (net of capitalization of borrowing costs). During YTD 2024, $26.1 million (YTD 2023 - $10.0 million) in interest was capitalized to projects in progress. The overall decrease in finance expense was primarily attributable to higher interest capitalized as a result of capital expenditures incurred on various qualifying projects, partially offset by an increased interest on new loans and borrowings.

6. Foreign exchange loss for YTD 2024 was $72.2 million (YTD 2023 - $9.7 million gain). This amount was primarily comprised of a foreign exchange loss of $56.7 million (YTD 2023 - $7.5 million gain) on USD denominated debt in MCSA, for which the functional currency is the BRL. In addition, the Company recognized a foreign exchange loss on unrealized derivative contracts of $15.6 million (YTD 2023 - $2.3 million loss), and realized foreign exchange loss on derivative contracts of $2.3 million (YTD 2023 - $7.2 million gain), partially offset by other foreign exchange gains of $2.4 million (YTD 2023 - $2.7 million losses). The fluctuation in foreign exchange gains/losses were primarily a result of increased volatility of the USD/BRL foreign exchange rates, which weakened 11.1% during YTD 2024.

7. In YTD 2024, the Company recognized an $1.8 million income tax recovery (YTD 2023 - $9.6 million expense), The change was primarily a result of a net loss before income taxes due to unrealized foreign exchange losses.

8. The foreign currency translation loss is a result of fluctuations of the BRL against the USD during YTD 2024, which weakened from approximately 4.84 BRL per US dollar at the beginning of 2024 to approximately 5.45 BRL per US

Ero Copper Corp. September 30, 2024 MD&A | Page 13

dollar by the end of the quarter, when translating the net assets of the Company’s Brazilian subsidiaries to USD for presentation in the Company’s condensed consolidated interim financial statements.

SUMMARY OF QUARTERLY RESULTS

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


Selected Financial Information	Sep. 30,(1)		Jun. 30,(2)		Mar. 31,(3)		Dec. 31,(4)		Sep. 30,(5)		Jun. 30,(6)		Mar. 31,(7)		Dec. 31,(8)
	2024		2024		2024		2023		2023		2023		2023		2022
Revenue	$	124.8	$	117.1	$	105.8	$	116.4	$	105.2	$	104.9	$	101.0	$	116.7
Cost of sales	$	(71.1)	$	(73.8)	$	(74.6)	$	(74.6)	$	(69.7)	$	(65.5)	$	(60.8)	$	(64.0)
Gross profit	$	53.7	$	43.3	$	31.2	$	41.9	$	35.5	$	39.4	$	40.1	$	52.7
Net income (loss) for period	$	41.4	$	(53.4)	$	(6.8)	$	37.1	$	2.8	$	29.9	$	24.5	$	22.5
Income (loss) per share attributable to owners of the Company
- Basic	$	0.40	$	(0.52)	$	(0.07)	$	0.37	$	0.03	$	0.32	$	0.26	$	0.24
- Diluted	$	0.39	$	(0.52)	$	(0.07)	$	0.37	$	0.03	$	0.32	$	0.26	$	0.24
Weighted average number of common shares outstanding
- Basic	103,239,881		103,082,363		102,769,444		98,099,791		93,311,434		92,685,916		92,294,045		91,522,358
- Diluted	103,973,827		103,082,363		102,769,444		98,482,755		94,009,268		93,643,447		93,218,281		92,551,916

Notes:

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

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

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

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

5.During Q3 2023, the Company recognized net income of $2.8 million compared to $29.9 million in the preceding quarter. The decrease was primarily attributable to foreign exchange losses of $13.9 million compared to foreign

Ero Copper Corp. September 30, 2024 MD&A | Page 14

exchange gain of $15.1 million in the preceding quarter. The change in foreign exchange gain or loss was primarily driven by volatility of the Brazilian Real against the US Dollar during the respective periods.

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

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

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

LIQUIDITY, CAPITAL RESOURCES, AND CONTRACTUAL OBLIGATIONS

Liquidity

As at September 30, 2024, the Company had cash and cash equivalents of $20.2 million and available liquidity of $125.2 million. Cash and cash equivalents were primarily comprised of cash held with reputable financial institutions and are invested in highly liquid short-term investments with maturities of three months or less. The funds are not exposed to liquidity risk and there are no restrictions on the ability of the Company to use these funds to meet its obligations.

Cash and cash equivalents decreased by $91.5 million from December 31, 2023. The Company’s cash flows from operating, investing, and financing activities during 2024 are summarized as follows:

•Cash used in investing activities of $259.0 million, including:

◦$256.0 million of additions to mineral property, plant and equipment; and

◦$4.8 million of additions to exploration and evaluation assets;

net of:

◦$1.9 million in proceeds from interest received.

Partially offset by:

•Cash from operating activities of $84.6 million, primarily consists of:

◦$157.0 million of adjusted EBITDA (see Non-IFRS Measures); and

◦$4.4 million of additional advances from the NX Gold Precious Metal Purchase Agreement;

net of:

◦$42.1 million of net change in non-cash working capital items;

◦$18.1 million of amortization of non-cash deferred revenues; and

◦$5.6 million of income taxes paid.

•Cash from financing activities of $82.8 million, primarily consists of:

◦$147.3 million of new loans and borrowings; and

◦$8.3 million of proceeds from exercise of stock options.

Ero Copper Corp. September 30, 2024 MD&A | Page 15

net of:

◦$30.2 million of principal repayments on loans and borrowings;

◦$29.4 million of interest paid on loans and borrowings; and

◦$10.1 million of lease payments.

As at September 30, 2024, the Company had working capital deficit of $60.9 million.

Capital Resources

At September 30, 2024, the Company had available liquidity of $125.2 million, including $20.2 million in cash and cash equivalents, $80.0 million of undrawn availability under its senior secured revolving credit facility and $25.0 million of undrawn availability under its copper repayment facility.

In May 2024, to support the commencement of production and associated working capital needs at the Tucumã Project, the Company entered into a $50.0 million non-priced copper prepayment facility, structured by the Bank of Montreal and with participation by CIBC Capital Markets. This facility will be repaid over 27 equal monthly installments, beginning in October 2024, through the delivery of 272 tonnes of copper each month. Each monthly delivery's value will be determined based on prevailing market copper prices at the time of delivery. Should the value of any delivery exceed the amount of the monthly installment payment of $2.1 million, the excess value will be repaid to the Company. The copper to be delivered by the Company will be in the form of LME Copper Warrants. Through the end of 2024, the Company has the option to increase the size of the non-priced copper prepayment facility from $50.0 million to $75.0 million.

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

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

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

Ero Copper Corp. September 30, 2024 MD&A | Page 16

Contractual Obligations and Commitments

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

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

MANAGEMENT OF RISKS AND UNCERTAINTIES

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

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company’s receivables from customers. The carrying amount of the financial assets below represents the maximum credit risk exposure as at September 30, 2024 and December 31, 2023:


	September 30, 2024		December 31, 2023
Cash and cash equivalents	20,229		$	111,738

Accounts receivable	20,139		5,710
Derivatives	—		11,254
Note receivable	10,255		17,413
Deposits and other assets	10,401		9,484
	$	61,024	$	155,599

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

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

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

Ero Copper Corp. September 30, 2024 MD&A | Page 17

arrangement, repayment was structured over 24 monthly installments beginning in March 2024, with an annual interest rate equivalent to Brazil's CDI rate of approximately 11.65%.

At September 30, 2024, the gross amount of accounts and note receivable from PMA was $23.2 million (December 31, 2023 - $25.2 million). PMA continued to miss its installment due in 2024, and is currently in default of the agreement. Accordingly, the note receivable is considered credit impaired, and the Company increased the expected credit loss provision by $1.8 million and $6.3 million in the three and nine months ended September 30, 2024, respectively. After adjusting for credit loss provision and present value discount of $13.0 million (December 31, 2023 - $7.7 million), the amortized cost of the note receivable at September 30, 2024 was $10.3 million (December 31, 2023 - $17.4 million), of which $5.1 million (December 31, 2023 - $8.3 million) was classified as current and $5.2 million (December 31, 2023 - $9.1 million) as non-current.

Liquidity risk

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

The table below shows the Company's maturity of non-derivative financial liabilities on September 30, 2024:


Non-derivative financial liabilities	Carrying value		Contractual cash flows		Up to 12 months		1 - 2 years		3 - 5 years		More than 5 years
Loans and borrowings (including interest)	$	538,910	$	705,854	$	70,136	$	170,718	$	465,000	$	—
Accounts payable and accrued liabilities	113,910		113,910		113,910		—		—		—
Other non-current liabilities	13,693		29,279		—		28,184		709		386
Leases	20,427		20,404		11,705		7,721		927		51
Total	$	686,940	$	869,447	$	195,751	$	206,623	$	466,636	$	437

As at September 30, 2024, the Company has capital commitments, which is net of advances to suppliers, of $65.3 million through contracts and purchase orders which are expected to be incurred over a six-year period. In the normal course of operations, the Company may also enter into long-term contracts which can be cancelled with certain agreed customary notice periods without material penalties.

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

Foreign exchange currency risk

Ero Copper Corp. September 30, 2024 MD&A | Page 18

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

The Company's exposure to foreign exchange currency risk at September 30, 2024 relates to $67.3 million (December 31, 2023 – $17.2 million) in loans and borrowings of MCSA denominated in US dollars and Euros. In addition, the Company is also exposed to foreign exchange currency risk at September 30, 2024 on $485.3 million of intercompany loan balances (December 31, 2023 - $342.2 million) which have contractual repayment terms. Strengthening (weakening) in the Brazilian Real against the US dollar at September 30, 2024 by 10% and 20%, would have decreased (increased) pre-tax net loss by $55.2 million and $110.4 million, respectively. This analysis is based on the foreign currency exchange variation rate that the Company considered to be reasonably possible at the end of the period and excluding the impact of the derivatives below. The analysis assumes that all other variables, especially interest rates, are held constant.

The Company may use certain foreign exchange derivatives, including collars and forward contracts, to manage its foreign exchange risks. A summary of the Company's foreign exchange derivatives at September 30, 2024 is summarized as follows:

Purpose

Notional Amount

Denomination

Weighted average floor

Weighted average cap / forward price

Maturities

Operational costs

$307.5 million

USD/BRL

5.23

6.10

Oct 2024 - Dec 2025

Capital expenditures

$19.5 million

USD/BRL

5.11

5.23

Oct 2024 - Dec 2024

Total

$327.0 million

USD/BRL

5.22

6.05

Oct 2024 - Dec 2025

The aggregate fair value of the Company's foreign exchange derivatives was a net liability of $4.1 million (December 31, 2023 - asset of $11.3 million). The fair values of foreign exchange contracts were determined based on option pricing models, forward foreign exchange rates, and information provided by the counter party.

The change in fair value of foreign exchange derivatives was a gain of $9.8 million and a loss of $15.6 million for the three and nine months ended September 30, 2024, respectively (a loss of $7.5 million and $2.3 million for the three and nine months ended September 30, 2023, respectively), which have been recognized in foreign exchange gain (loss).

In addition, during the three and nine months ended September 30, 2024, the Company recognized a realized loss of $3.4 million and $2.3 million, respectively (realized gain of $3.5 million and $7.2 million for the three and nine months ended September 30, 2023, respectively), related to the settlement of foreign exchange derivatives.

Interest rate risk

Ero Copper Corp. September 30, 2024 MD&A | Page 19

borrowings with fixed rates of interest or by entering into derivative instruments that fix the ultimate interest rate paid.

The Company is principally exposed to interest rate risk through its Senior Credit Facility and Brazilian Real denominated bank loans. Based on the Company’s net exposure at September 30, 2024, a 1% change in the variable rates would not materially impact its pre-tax annual net income.

Price risk

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

At September 30, 2024, the Company has entered into zero-cost gold collar contracts on 2,500 ounces of gold per month from January 2025 to December 2025, representing just over 50% of its estimated production volumes for the period. As of September 30, 2024, the fair value of these contracts was a net liability of $0.4 million (December 31, 2023 - nil). The fair value of gold collar contracts was determined based on option pricing models, forward gold price, and information provided by counter party. At September 30, 2024, the Company does not have any outstanding copper collar contracts (December 31, 2023 - liability of $0.6 million).

During the three and nine months ended September 30, 2024, the Company recognized an unrealized gain of $0.4 million and an unrealized impact of nil (unrealized loss of $1.8 million and unrealized gain of $0.8 million for the three and nine months ended September 30, 2023), respectively, on its commodity derivatives.

During the three and nine months ended September 30, 2024, the Company also recognized a realized loss of $0.8 million and a realized loss of $2.6 million, respectively, in relation to its commodity derivatives in other income or loss (nil and $1.8 million realized loss for three and nine months ended September 30, 2023).

At September 30, 2024, the Company had provisionally priced sales that are exposed to commodity price changes. Based on the Company’s net exposure at September 30, 2024, a 10% change in the price of copper would have changed pre-tax net income (loss) $1.0 million.

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

OTHER FINANCIAL INFORMATION

Off-Balance Sheet Arrangements

As at September 30, 2024, the Company had no material off-balance sheet arrangements.

Outstanding Share Data

As of November 5, 2024, the Company had 103,304,418 common shares issued and outstanding.

Ero Copper Corp. September 30, 2024 MD&A | Page 20

ACCOUNTING POLICIES, JUDGMENTS AND ESTIMATES

Critical Accounting Judgments and Estimates

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

The Company’s material accounting policies and accounting estimates are contained in the Company’s consolidated financial statements for the year ended December 31, 2023 and condensed consolidated interim financial statements for the three and nine months ended September 30, 2024. Judgements have been made in the determination of the functional currency of the Company and its subsidiaries, assessment of the probability of cash outflow related to legal claims and contingent liabilities, and commencement of commercial production. Certain of accounting policies, such as derivative instruments, deferred revenue, carrying amounts of mineral properties and associated mine closure and reclamation costs, provision for mine closure and reclamation costs, income tax including tax uncertainties, expected credit losses involve critical accounting estimates. Certain of these estimates are dependent on mineral reserves and resource estimates. Changes in estimates of mineral reserves and resources could impact depreciation and depletion rates, asset carrying amounts and the provisions for mine closure and reclamation costs. The Company estimates its mineral reserves and resources based on information compiled by competent individuals. Estimates of mineral reserves and resources are used in the calculation of depreciation, depletion and determination, when applicable, of the recoverable amount of CGUs, and for forecasting the timing of reclamation and closure cost expenditures. There are numerous uncertainties inherent in estimating mineral reserves, and assumptions that are valid at the time of estimation may change significantly when new information becomes available. Changes in the estimation methodology, forecasted prices of commodities, exchange rates, production costs or recovery rates may change the economic status of mineral reserves and may, ultimately, result in changes in the mineral reserves.

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

Ero Copper Corp. September 30, 2024 MD&A | Page 21

CAPITAL EXPENDITURES

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



	2024 - Q3		2024 - Q2		2024 - Q1		2024 - YTD
Caraíba Operations
Growth	$	21,266	$	13,987	$	19,731	$	54,984
Sustaining	19,373		19,462		14,267		53,102
Exploration	5,158		4,960		4,599		14,717
Deposit on Projects	(8,593)		(3,579)		3,007		(9,165)
Total, Caraíba Operations	$	37,204	$	34,830	$	41,604	$	113,638

Tucumã Project
Growth	4,520		48,151		56,781		109,452
Sustaining	3,994		—		—		3,994
Capitalized ramp-up costs	14,236		4,237		—		18,473
Exploration	1,222		912		10		2,144
Deposit on Projects	(455)		(13,570)		(6,752)		(20,777)
Total, Tucumã Project	$	23,517	$	39,730	$	50,039	$	113,286

Xavantina Operations
Growth	2,182		2,081		57		4,320
Sustaining	2,730		2,769		3,064		8,563
Exploration	1,186		1,133		1,314		3,633
Deposit on Projects	21		151		(29)		143
Total, Xavantina Operations	$	6,119	$	6,134	$	4,406	$	16,659

Corporate and Other

Sustaining	—		112		—		112
Exploration	2,967		545		1,134		4,646
Deposit on Projects	17		2		(10)		9
Total, Corporate and Other	$	2,984	$	659	$	1,124	$	4,767

Consolidated
Growth	27,968		64,219		76,569		168,756
Sustaining	26,097		22,343		17,331		65,771
Capitalized ramp-up costs	14,236		4,237		—		18,473
Exploration	10,533		7,550		7,057		25,140
Deposit on Projects	(9,010)		(16,996)		(3,784)		(29,790)
Total, Consolidated Capital Expenditures	$	69,824	$	81,353	$	97,173	$	248,350

Ero Copper Corp. September 30, 2024 MD&A | Page 22


	2024 - Q3		2024 - Q2		2024 - Q1		2024 - YTD
Total, Consolidated Capital Expenditures	$	69,824	$	81,353	$	97,173	$	248,350
Add (less):
Additions to exploration and evaluation assets	(3,351)		(293)		(1,201)		(4,845)
Additions to right-of-use assets	5,808		3,800		4,034		13,642
Capitalized depreciation	234		(426)		574		382
Realized foreign exchange (loss) gain on capital expenditure hedges	(1,391)		(858)		1,688		(561)
Total, additions per Mineral Properties, Plant and Equipment note	$	71,124	$	83,576	$	102,268	$	256,968

ALTERNATIVE PERFORMANCE (NON-IFRS) MEASURES

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

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

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

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

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

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

Ero Copper Corp. September 30, 2024 MD&A | Page 23

the Company believes it appropriate to present cash costs including the impact of realized gains and losses as these contracts were entered into to mitigate the impact of changes in exchange rates.

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

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


Reconciliation:	2024 - Q3		2024 - Q2		2023 - Q3		2024 - YTD		2023 - YTD
Cost of production	$	40,149	$	41,945	$	39,345	$	124,321	$	113,397
Add (less):
Transportation costs & other	1,283		1,283		1,614		3,818		4,686
Treatment, refining, and other	3,170		4,058		6,574		12,398		20,991
By-product credits	(6,584)		(3,431)		(3,022)		(12,455)		(9,536)
Incentive payments	(1,138)		(1,174)		(1,609)		(3,511)		(3,975)
Net change in inventory	(1,220)		(468)		2,835		(5,581)		2,973
Foreign exchange translation and other	3		21		(171)		17		(169)
C1 cash costs(1)	35,663		42,234		45,566		119,007		128,367
(Gain) loss on foreign exchange hedges	1,965		46		(3,458)		1,735		(7,232)
C1 cash costs including foreign exchange hedges	$	37,628	$	42,280	$	42,108	$	120,742	$	121,135


	2024 - Q3		2024 - Q2		2023 - Q3		2024 - YTD		2023 - YTD
Costs
Mining	$	26,529	$	27,881	$	27,258	$	79,666	$	76,262
Processing	7,069		7,927		8,362		22,173		22,559
Indirect	5,479		5,799		6,394		17,225		18,091
Production costs	39,077		41,607		42,014		119,064		116,912
By-product credits	(6,584)		(3,431)		(3,022)		(12,455)		(9,536)
Treatment, refining and other	3,170		4,058		6,574		12,398		20,991
C1 cash costs(1)	35,663		42,234		45,566		119,007		128,367
(Gain) loss on foreign exchange hedges	1,965		$	46	$	(3,458)	1,735		(7,232)
C1 cash costs including foreign exchange hedges	$	37,628	$	42,280	$	42,108	$	120,742	$	121,135

(1) Copper C1 cash costs for the three and nine months ended September 30, 2024 exclude Tucumã Operation's results as the mine has not yet achieved commercial production.

Ero Copper Corp. September 30, 2024 MD&A | Page 24


	2024 - Q3		2024 - Q2		2023 - Q3		2024 - YTD		2023 - YTD











Costs per pound
Total copper produced (lbs, 000)	21,871		19,548		23,734		59,257		70,761

Mining	$	1.22	$	1.42	$	1.15	$	1.34	$	1.08
Processing	$	0.32	$	0.41	$	0.35	$	0.38	$	0.32
Indirect	$	0.25	$	0.30	$	0.27	$	0.29	$	0.26
By-product credits	$	(0.30)	$	(0.18)	$	(0.13)	$	(0.21)	$	(0.13)
Treatment, refining and other	$	0.14	$	0.21	$	0.28	$	0.21	$	0.30
Copper C1 cash costs(1)	$	1.63	$	2.16	$	1.92	$	2.01	$	1.83
Loss (gain) on foreign exchange hedges	$	0.09	$	—	$	(0.15)	$	0.03	$	(0.10)
Copper C1 cash costs including foreign exchange hedges	$	1.72	$	2.16	$	1.77	$	2.04	$	1.73

(1) Copper C1 cash costs for the three and nine months ended September 30, 2024 exclude Tucumã Operation's results as the mine has not yet achieved commercial production.

Realized Copper Price

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

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


Reconciliation:	2024 - Q3		2024 - Q2		2023 - Q3		2024 - YTD		2023 - YTD
Copper revenue(1)	$	87,305	$	78,943	$	76,136	$	240,104	$	237,366
less: by-product credits	(6,584)		(3,431)		(3,022)		(12,455)		(9,536)
Net copper revenue	80,721		75,512		73,114		227,649		227,830
add: treatment, refining and other	3,170		4,058		6,574		12,398		20,991
add: royalty taxes	1,489		1,428		1,418		4,276		4,548
Gross copper revenue	85,380		80,998		81,106		244,323		253,369
Total copper sold in concentrate (lbs, 000)	21,980		19,192		22,244		62,031		68,709
Realized copper price(2)	$	3.88	$	4.22	$	3.65	$	3.94	$	3.69

(1) Copper revenue includes provisional price and volume adjustments

(2) Realized Copper Price for the three and nine months ended September 30, 2024 exclude Tucumã Operation's results as the mine has not yet achieved commercial production.

Ero Copper Corp. September 30, 2024 MD&A | Page 25

Gold C1 Cash Cost and Gold AISC

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

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

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


Reconciliation:	2024 - Q3		2024 - Q2		2023 - Q3		2024 - YTD		2023 - YTD
Cost of production	$	6,220	$	7,580	$	6,323	$	21,055	$	18,087
Add (less):
Incentive payments	(378)		(226)		(320)		(1,047)		(1,038)
Net change in inventory	1,378		(322)		213		1,320		797
By-product credits	(232)		(259)		(240)		(680)		(579)
Smelting and refining	79		97		101		266		240
Foreign exchange translation and other	203		215		453		650		510
C1 cash costs	$	7,270	$	7,085	$	6,530	$	21,564	$	18,017
Site general and administrative	1,321		1,350		1,304		4,024		3,874
Accretion of mine closure and rehabilitation provision	82		88		112		262		328
Sustaining capital expenditure	2,784		2,653		4,258		8,691		10,801
Sustaining lease payments	1,801		1,908		1,832		5,831		5,232
Royalties and production taxes	686		862		808		2,058		1,702
AISC	$	13,944	$	13,946	$	14,844	$	42,430	$	39,954

Ero Copper Corp. September 30, 2024 MD&A | Page 26


	2024 - Q3		2024 - Q2		2023 - Q3		2024 - YTD		2023 - YTD
Costs
Mining	$	3,852	$	3,705	$	3,140	$	11,377	$	8,724
Processing	2,419		2,277		2,165		6,955		6,118
Indirect	1,152		1,265		1,364		3,646		3,514
Production costs	7,423		7,247		6,669		21,978		18,356
Smelting and refining costs	79		97		101		266		240
By-product credits	(232)		(259)		(240)		(680)		(579)
C1 cash costs	$	7,270	$	7,085	$	6,530	$	21,564	$	18,017
Site general and administrative	1,321		1,350		1,304		4,024		3,874
Accretion of mine closure and rehabilitation provision	82		88		112		262		328
Sustaining capital expenditure	2,784		2,653		4,258		8,691		10,801
Sustaining leases	1,801		1,908		1,832		5,831		5,232
Royalties and production taxes	686		862		808		2,058		1,702
AISC	$	13,944	$	13,946	$	14,844	$	42,430	$	39,954

Costs per ounce
Total gold produced (ounces)	13,485		16,555		17,579		48,274		42,355

Mining	$	286	$	224	$	179	$	236	$	206
Processing	$	179	$	138	$	123	$	144	$	144
Indirect	$	85	$	76	$	78	$	76	$	83
Smelting and refining	$	6	$	6	$	6	$	6	$	6
By-product credits	$	(17)	$	(16)	$	(15)	$	(15)	$	(14)
Gold C1 cash cost	$	539	$	428	$	371	$	447	$	425
Gold AISC	$	1,034	$	842	$	844	$	879	$	943

Ero Copper Corp. September 30, 2024 MD&A | Page 27

Realized Gold Price

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


(in '000s except for ounces and price per ounce)	2024 - Q3		2024 - Q2		2023 - Q3		2024 - YTD		2023 - YTD
NX Gold revenue	$	34,433	$	38,147	$	29,046	$	104,517	$	73,701
less: by-product credits	(232)		(259)		(240)		(680)		(579)
Gold revenue, net	$	34,201	$	37,888	$	28,806	$	103,837	$	73,122
add: smelting, refining, and other charges	619		761		588		1,985		1,452

Gold revenue, gross	$	34,820	$	38,649	$	29,394	$	105,822	$	74,574
- spot (cash)	$	25,718	$	31,775	$	23,003	$	82,022	$	57,519
- stream (cash)	$	2,047	$	1,789	$	1,383	$	5,737	$	3,796
- stream (amortization of deferred revenue)	$	7,055	$	5,085	$	5,008	$	18,063	$	13,259

Total gold ounces sold	14,615		17,621		15,457		49,089		39,470
- spot	10,425		13,785		11,867		36,508		29,612
- stream	4,190		3,836		3,590		12,581		9,858

Realized gold price (per ounce)	$	2,382	$	2,193	$	1,902	$	2,156	$	1,889
- spot	$	2,467	$	2,305	$	1,938	$	2,247	$	1,942
- stream (cash + amortization of deferred revenue)	$	2,172	$	1,792	$	1,780	$	1,892	$	1,730
- cash (spot cash + stream cash)	$	1,900	$	1,905	$	1,578	$	1,788	$	1,553

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

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

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

Ero Copper Corp. September 30, 2024 MD&A | Page 28


Reconciliation:	2024 - Q3		2024 - Q2		2023 - Q3		2024 - YTD		2023 - YTD
Net Income (Loss)	$	41,367	$	(53,399)	$	2,811	$	(18,862)	$	57,252
Adjustments:
Finance expense	4,039		4,565		8,017		13,238		20,538
Finance income	(781)		(1,361)		(2,976)		(3,610)		(10,476)
Income tax expense (recovery)	8,331		(8,267)		(807)		(1,789)		9,632
Amortization and depreciation	21,555		22,294		21,299		67,145		58,044
EBITDA	$	74,511	$	(36,168)	$	28,344	$	56,122	$	134,990
Foreign exchange (gain) loss	(17,246)		70,454		13,937		72,204		(9,741)
Share based compensation	4,859		6,075		(1,185)		17,479		8,741
Write-down of exploration and evaluation asset	467		10,745		—		11,212		—
Unrealized (gain) loss on commodity derivatives	(360)		436		1,814		12		(840)


Adjusted EBITDA	$	62,231	$	51,542	$	42,910	$	157,029	$	133,150

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

“Adjusted net income attributable to owners of the Company” is net income attributed to shareholders as reported, adjusted for certain types of transactions that, in management's judgment, are not indicative of our normal operating activities or do not necessarily occur on a recurring basis. “Adjusted net income per share attributable to owners of the Company” (“Adjusted EPS”) is calculated as "adjusted net income attributable to owners of the Company" divided by weighted average number of outstanding common shares in the period. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, the Company and certain investor and analysts use these supplemental non-IFRS performance measures to evaluate the normalized performance of the Company. The presentation of Adjusted EPS is not meant to substitute the net income (loss) per share attributable to owners of the Company (“EPS”) presented in accordance with IFRS, but rather it should be evaluated in conjunction with such IFRS measures.

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

Ero Copper Corp. September 30, 2024 MD&A | Page 29


Reconciliation:	2024 - Q3		2024 - Q2		2023 - Q3		2024 - YTD		2023 - YTD
Net income (loss) as reported attributable to the owners of the Company	$	40,857	$	(53,247)	$	2,525	$	(19,531)	$	56,255
Adjustments:
Share based compensation	4,859		6,075		(1,185)		17,479		8,741
Unrealized foreign exchange (gain) loss on USD denominated balances in MCSA	(11,860)		48,517		9,481		47,914		(4,988)
Unrealized foreign exchange (gain) loss on foreign exchange derivative contracts	(9,807)		16,006		7,530		15,503		2,300
Write-down of exploration and evaluation asset	465		10,745		—		11,210		—
Unrealized (gain) loss on commodity derivatives	(367)		434		1,808		3		(836)



Tax effect on the above adjustments	3,431		(9,904)		(2,873)		(9,601)		540
Adjusted net income attributable to owners of the Company	$	27,578	$	18,626	$	17,286	$	62,977	$	62,012

Weighted average number of common shares
Basic	103,239,881		103,082,363		93,311,434		103,026,138		92,767,525
Diluted	103,973,827		103,961,615		94,009,268		103,742,304		93,643,940

Adjusted EPS
Basic	$	0.27	$	0.18	$	0.19	$	0.61	$	0.67
Diluted	$	0.27	$	0.18	$	0.18	$	0.61	$	0.66

Net Debt

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


	September 30, 2024		June 30, 2024		December 31, 2023		September 30, 2023
Current portion of loans and borrowings	$	39,383	$	39,889	$	20,381	$	11,764
Long-term portion of loans and borrowings	499,527		486,919		405,852		407,656
Less:
Cash and cash equivalents	(20,229)		(44,773)		(111,738)		(44,757)
Short-term investments	—		—		—		(42,843)

Net debt (cash)	$	518,681	$	482,035	$	314,495	$	331,820

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

Working Capital and Available Liquidity

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


	September 30, 2024		June 30, 2024		December 31, 2023		September 30, 2023
Current assets	$	126,808	$	124,554	$	199,487	$	174,113
Less: Current liabilities	(187,708)		(182,143)		(173,800)		(141,284)
Working (deficit) capital	$	(60,900)	$	(57,589)	$	25,687	$	32,829

Cash and cash equivalents	20,229		44,773		111,738		44,757
Short-term investments	—		—		—		42,843
Available undrawn revolving credit facilities	80,000		100,000		150,000		150,000
Available undrawn prepayment facilities(1)	25,000		25,000		—		—
Available liquidity	$	125,229	$	169,773	$	261,738	$	237,600

(1) In May 2024, the Company entered into a $50.0 million non-priced copper prepayment facility arrangement. Through the end of 2024, the Company has the option to increase the size of the facility from $50.0 million to $75.0 million.

DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROL OVER FINANCIAL REPORTING

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

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

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

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

There were no changes in the Company’s DC&P and ICFR that materially affected, or are reasonably likely to materially affect, ICFR during the three and nine months ended September 30, 2024.

NOTE REGARDING SCIENTIFIC AND TECHNICAL INFORMATION

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

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

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

The report prepared in accordance with NI 43-101 and entitled “Boa Esperança Project NI 43-101 Technical Report on Feasibility Study Update”, dated November 12, 2021 with an effective date of August 31, 2021, prepared by Kevin Murray, P. Eng., Erin L. Patterson, P.E. and Scott C. Elfen, P.E. all of Ausenco Engineering Canada Inc. (or its affiliate Ausenco Engineering USA South Inc. in the case of Ms. Patterson), Carlos Guzmán, FAusIMM RM CMC of NCL and Emerson Ricardo Re, MSc, MBA, MAusIMM (CP) (No. 305892), Registered Member (No. 0138) (Chilean Mining Commission) and Resource Manager of the Company on the date of the report (now of HCM Consultoria Geologica Eireli (“HCM”)) (the “Tucumã Project Technical Report”). Each of Kevin Murray, P. Eng., Erin L. Patterson, P.E. and Scott C. Elfen, P.E., Carlos Guzmán, FAusIMM RM CMC and Emerson Ricardo Re, MAusIMM (CP), is a “qualified person” of the Company within the meanings of NI 43-101. Each of Kevin Murray, P. Eng., Erin L. Patterson, P.E. and Scott C. Elfen, P.E., and Carlos Guzmán, FAusIMM RM CMC are “independent” of the Company within the meaning of NI 43-101. Emerson Ricardo Re, MAusIMM (CP), as Resource Manager of the Company (on the date of the report and now of HCM), was not “independent” of the Company on the date of the report, within the meaning of NI 43-101.

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

The disclosure of Technical Information in this MD&A has been reviewed and approved by Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), FAusIMM (No. 3219148) and Resource Manager of the Company who is a “qualified person” within the meanings of NI 43-101.

Ero Copper Corp. September 30, 2024 MD&A | Page 32

Cautionary Note Regarding Forward-Looking Statements

This MD&A contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”). Forward-looking statements include statements that use forward-looking terminology such as “may”, “could”, “would”, “will”, “should”, “intend”, “target”, “plan”, “expect”, “budget”, “estimate”, “forecast”, “schedule”, “anticipate”, “believe”, “continue”, “potential”, “view” or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Forward-looking statements may include, but are not limited to, statements with respect to the Company’s production, operating cost and capital expenditure guidance; targeting additional mineral resources and expansion of deposits; capital and operating cost estimates and economic analyses (including cash flow projections), including those from the Caraíba Operations Technical Report, the Xavantina Operations Technical Report and the Tucumã Project Technical Report; the Company’s expectations, strategies and plans for the Caraíba Operations, the Xavantina Operations and the Tucumã Project, including the Company’s planned exploration, development, construction and production activities; the Company's plans for the Furnas Project; the results of future exploration and drilling; estimated completion dates for certain milestones; successfully adding or upgrading mineral resources and successfully developing new deposits; the costs and timing of future exploration, development and construction including but not limited to the Deepening Extension Project at the Caraíba Operations and the Tucumã Project; the timing and amount of future production at the Caraíba Operations, the Xavantina Operations and the Tucumã Project; expectations regarding the Company's ability to manage risks related to future copper price fluctuations and volatility; future financial or operating performance and condition of the Company and its business, operations and properties, including expectations regarding liquidity, capital structure, competitive position and payment of dividends; expectations regarding future currency exchange rates; expected concentrate treatment and refining charges; gold by-product credits and USD to BRL exchange rate; and any other statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results, performance or achievements.

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

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

The Company’s forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management on the date the statements are made, many of which may be difficult to

Ero Copper Corp. September 30, 2024 MD&A | Page 33

predict and beyond the Company’s control. In connection with the forward-looking statements contained in this MD&A and in the AIF, the Company has made certain assumptions about, among other things: favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production, development and exploration of the Company’s properties and assets; future prices of copper, gold and other metal prices; the timing and results of exploration and drilling programs; the accuracy of any mineral reserve and mineral resource estimates; the geology of the Caraíba Operations, the Xavantina Operations and the Tucumã Project being as described in the respective technical report for each property; production costs; the accuracy of budgeted exploration, development and construction costs and expenditures; the price of other commodities such as fuel; future currency exchange rates and interest rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; work force continuing to remain healthy in the face of prevailing epidemics, pandemics or other health risks (including COVID-19), political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; availability of equipment; positive relations with local groups and the Company’s ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of the Company’s current loan arrangements. Although the Company believes that the assumptions inherent in forward-looking statements are reasonable as of the date of this MD&A, these assumptions are subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking statements. The Company cautions that the foregoing list of assumptions is not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking statements contained in this MD&A.

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

Cautionary Notes Regarding Mineral Resource and Reserve Estimates

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

Ero Copper Corp. September 30, 2024 MD&A | Page 34

amended (the “U.S. Securities Act”) which differ from the CIM Standards. As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multi-jurisdictional disclosure system (the “MJDS”), Ero is not required to provide disclosure on its mineral properties under the U.S. Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. If Ero ceases to be a foreign private issuer or loses its eligibility to file its annual report on Form 40-F pursuant to the MJDS, then Ero will be subject to the U.S. Rules, which differ from the requirements of NI 43-101 and the CIM Standards.

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

ADDITIONAL INFORMATION

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

Ero Copper Corp. September 30, 2024 MD&A | Page 35

CONDENSED CONSOLIDATED INTERIM

FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2024 AND 2023


Ero Copper Corp.
Table of Contents


CONSOLIDATED FINANCIAL STATEMENTS

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Note 3. Segment Disclosure			7

Statements of Financial Position
Note 4. Inventories			12
Note 5. Other Current Assets			12
Note 6. Mineral Properties, Plant and Equipment			13
Note 7. Exploration and Evaluation Assets			14
Note 8. Deposits and Other Non-current Assets			14
Note 9. Accounts Payable and Accrued Liabilities			15
Note 10. Loans and Borrowings			15
Note 11. Deferred Revenue			17

Note 12. Other Non-current Liabilities			18
Note 13. Share Capital			19

Statements of Earnings
Note 14. Revenue			23
Note 15. Cost of Sales			24
Note 16. General and Administrative Expenses			24
Note 17. Finance Expense			25
Note 18. Foreign Exchange Gain (Loss)			25


Other Items

Note 19. Financial Instruments			25

Note 20. Supplemental Cash Flow Information			29
Note 21. Commitment			29


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


	Notes	September 30, 2024		December 31, 2023
ASSETS
Current
Cash and cash equivalents		$	20,229	$	111,738

Accounts receivable		20,139		5,710
Inventories	4	42,921		42,254
Income tax receivable		3,113		500
Other current assets	5	40,406		39,285
		126,808		199,487
Non-Current
Mineral properties, plant and equipment	6	1,334,266		1,251,998
Exploration and evaluation assets	7	18,618		29,936
Deferred income tax assets		4,505		1,315
Deposits and other non-current assets	8	28,325		28,952
		1,385,714		1,312,201
Total Assets		$	1,512,522	$	1,511,688

LIABILITIES
Current
Accounts payable and accrued liabilities	9	$	113,910	$	120,704
Current portion of loans and borrowings	10	39,383		20,381
Current portion of deferred revenue	11	17,011		17,159
Income taxes payable		2,375		3,997
Current portion of derivatives	19	3,268		563
Current portion of lease liabilities		11,761		10,996
		187,708		173,800
Non-Current
Loans and borrowings	10	499,527		405,852
Deferred revenue	11	45,642		58,390
Provision for rehabilitation and closure costs		24,859		26,687
Deferred income tax liabilities		—		10,863
Lease liabilities		8,666		8,607
Other non-current liabilities	12	29,351		18,158
		608,045		528,557
Total Liabilities		795,753		702,357

SHAREHOLDERS’ EQUITY
Share capital	13	282,910		271,336
Equity reserves		(101,013)		(16,616)
Retained earnings		529,999		549,530
Equity attributable to owners of the Company		711,896		804,250
Non-controlling interests		4,873		5,081
		716,769		809,331
Total Liabilities and Equity		$	1,512,522	$	1,511,688

Commitments (Notes 7, 11 and 21);

APPROVED ON BEHALF OF THE BOARD:

"David Strang"

, CEO and Director

"Jill Angevine"

, Director

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


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



		Three months ended September 30,				Nine months ended September 30,
	Notes	2024		2023		2024		2023

Revenue	14	$	124,837	$	105,181	$	347,720	$	311,066
Cost of sales	15	(71,128)		(69,706)		(219,542)		(196,075)
Gross profit		53,709		35,475		128,178		114,991

Expenses
General and administrative	16	(12,628)		(14,402)		(35,952)		(40,269)
Share-based compensation	13 (e)	(4,859)		1,185		(17,479)		(8,741)
Write-down of exploration and evaluation asset	7	(467)		—		(11,212)		—
Income before the undernoted		35,755		22,258		63,535		65,981
Finance income		781		2,976		3,610		10,476
Finance expense	17	(4,039)		(8,017)		(13,238)		(20,538)
Foreign exchange gain (loss)	18	17,246		(13,937)		(72,204)		9,741
Other (expenses) income		(45)		(1,276)		(2,354)		1,224
Income (loss) before income taxes		49,698		2,004		(20,651)		66,884

Current income tax expense		(4,873)		(3,317)		(11,079)		(9,159)
Deferred income tax (expense) recovery		(3,458)		4,124		12,868		(473)
Income tax (expense) recovery		(8,331)		807		1,789		(9,632)
Net income (loss) for the period		$	41,367	$	2,811	$	(18,862)	$	57,252

Other comprehensive gain (loss)
Foreign currency translation gain (loss)		13,757		(29,046)		(85,881)		26,582
Comprehensive income (loss)		$	55,124	$	(26,235)	$	(104,743)	$	83,834

Net income (loss) attributable to:
Owners of the Company		40,857		2,525		(19,531)		56,255
Non-controlling interests		510		286		669		997
		$	41,367	$	2,811	$	(18,862)	$	57,252

Comprehensive income (loss) attributable to:
Owners of the Company		54,487		(26,300)		(104,691)		82,649
Non-controlling interests		637		65		(52)		1,185
		$	55,124	$	(26,235)	$	(104,743)	$	83,834

Net income (loss) per share attributable to owners of the Company
Basic	13 (f)	$	0.40	$	0.03	$	(0.19)	$	0.61
Diluted	13 (f)	$	0.39	$	0.03	$	(0.19)	$	0.60

Weighted average number of common shares outstanding
Basic	13 (f)	103,239,881		93,311,434		103,026,138		92,767,525
Diluted	13 (f)	103,973,827		94,009,268		103,026,138		93,643,940

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


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



		Three months ended September 30,				Nine months ended September 30,
	Notes	2024		2023		2024		2023
Cash Flows from Operating Activities
Net income (loss) for the period		$	41,367	$	2,811	$	(18,862)	$	57,252
Adjustments for:
Amortization and depreciation		21,555		21,299		67,145		58,044
Income tax expense (recovery)		8,331		(807)		(1,789)		9,632
Amortization of deferred revenue	14	(7,055)		(5,009)		(18,063)		(13,259)

Share-based compensation		4,859		(1,185)		17,479		8,741
Finance income		(781)		(2,976)		(3,610)		(10,476)
Finance expenses		4,039		8,017		13,238		20,538
Foreign exchange (gain) loss		(17,170)		13,237		67,655		(11,242)
Write-down of exploration and evaluation asset	7	467		—		11,212		—
Other		844		1,694		3,136		1,605
Changes in non-cash working capital items	20	2,234		3,426		(42,139)		(9,910)






		58,690		40,507		95,402		110,925
Advance from NX Gold PMPA	11	3,249		—		4,354		2,439
Derivative contract settlements		(4,575)		3,458		(5,285)		5,447
Provision settlements		(2,460)		(886)		(4,218)		(2,343)
Income taxes paid		(2,229)		(1,221)		(5,631)		(2,766)
		52,675		41,858		84,622		113,702

Cash Flows used in Investing Activities
Additions to mineral properties, plant and equipment		(74,480)		(119,134)		(256,013)		(323,347)
Additions to exploration and evaluation assets		(3,351)		(2,254)		(4,845)		(11,263)
Proceeds from short-term investments and interest received		467		16,472		1,865		148,563
Purchase of short-term investments		—		—		—		(40,000)
		(77,364)		(104,916)		(258,993)		(226,047)

Cash Flows used in Financing Activities


Lease liability payments		(3,400)		(2,707)		(10,050)		(8,226)
New loans and borrowings, net of transaction costs	10	20,722		952		147,266		12,760
Loans and borrowings repaid	10	(3,939)		(1,873)		(30,216)		(5,665)
Interest paid on loans and borrowings	10	(14,642)		(13,409)		(29,376)		(26,943)
Other finance expenses paid		(1,026)		(1,266)		(3,129)		(4,098)
Proceeds from exercise of stock options		1,242		2,321		8,325		10,597
		(1,043)		(15,982)		82,820		(21,575)

Effect of exchange rate changes on cash and cash equivalents		1,188		(585)		42		975
Net decrease in cash and cash equivalents		(24,544)		(79,625)		(91,509)		(132,945)
Cash and cash equivalents - beginning of period		44,773		124,382		111,738		177,702
Cash and cash equivalents - end of period		$	20,229	$	44,757	$	20,229	$	44,757

Supplemental cash flow information (note 20)

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


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


		Share Capital			Equity Reserves
	Notes	Number of shares	Amount		Contributed Surplus		Foreign Exchange		Retained Earnings		Total		Non-controlling interest		Total equity

Balance, December 31, 2022		92,182,633	$	148,055	$	11,185	$	(77,374)	$	456,726	$	538,592	$	3,573	$	542,165
Income for the period		—	—		—		—		56,255		56,255		997		57,252
Other comprehensive income for the period		—	—		—		26,394		—		26,394		188		26,582
Total comprehensive income for the period		—	—		—		26,394		56,255		82,649		1,185		83,834
Shares issued for:
Exercise of options		1,254,942	15,076		(4,479)		—		—		10,597		—		10,597


Share-based compensation	13 (e)	—	—		1,923		—		—		1,923		—		1,923

Dividends to non-controlling interest		—	—		—		—		—		—		(233)		(233)
Balance, September 30, 2023		93,437,575	$	163,131	$	8,629	$	(50,980)	$	512,981	$	633,761	$	4,525	$	638,286


Balance, December 31, 2023		102,747,558	$	271,336	$	8,497	$	(25,113)	$	549,530	$	804,250	$	5,081	$	809,331
Income (loss) for the period		—	—		—		—		(19,531)		(19,531)		669		(18,862)
Other comprehensive loss for the period		—	—		—		(85,160)		—		(85,160)		(721)		(85,881)
Total comprehensive loss for the period		—	—		—		(85,160)		(19,531)		(104,691)		(52)		(104,743)
Shares issued for:

Exercise of options		549,491	11,574		(3,249)		—		—		8,325		—		8,325


Share-based compensation	13 (e)	—	—		4,012		—		—		4,012		—		4,012
Dividends to non-controlling interest		—	—		—		—		—		—		(156)		(156)
Balance, September 30, 2024		103,297,049	$	282,910	$	9,260	$	(110,273)	$	529,999	$	711,896	$	4,873	$	716,769

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


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

1. Nature of Operations

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

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

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

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

2. Basis of Preparation

(a) Statement of Compliance

These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting and follow the same accounting policies and methods of application as the Company’s most recent annual consolidated financial statements for the year ended December 31, 2023.

These condensed consolidated interim financial statements do not include all of the information required for full consolidated annual financial statements and should be read in conjunction with the consolidated financial statements of the Company as at and for the year ended December 31, 2023, prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

These condensed consolidated interim financial statements were authorized for issue by the Board of Directors of the Company (the “Board”) on November 5, 2024.

(b) Use of Estimates and Judgments

In preparing these condensed consolidated interim financial statements, management has made judgments, estimates and assumptions that affect the application of the Company’s accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ. Significant judgments made by management in applying the Company’s accounting policies and key sources of estimation uncertainty were the same as those applied in the most recent annual audited consolidated financial statements for the year ended December 31, 2023, except for judgment on commencement of commercial production as described below:

Notes to Financial Statements | Page 5


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

Commencement of Commercial Production

Determining when a mine under construction is substantially complete and ready for its intended use requires significant judgement. The criteria the Company used to make that determination for the Tucumã Operation included, amongst other things:

•the ability of the mine to produce salable product (i.e. the ability to produce metal within specifications),

•throughput of the processing plant reach a predefined percentage of design capacity for a 30 day period,

•processing plan recoveries reaching a pre-defined percentage of expected recoveries.

After evaluating the above factors, the Company concluded that the Tucumã Operation had not achieved commercial production as of September 30, 2024, and therefore, is not yet ready for its intended use.

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

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

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

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

Notes to Financial Statements | Page 6


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

(d) Future Changes in Accounting Policies Not Yet Effective as of September 30, 2024

In April 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements ("IFRS 18") to replace IAS 1. IFRS 18 introduces two newly required subtotals on the face of the income statement, which includes operating profit and profit or loss before financing and income tax, and three new income statement classifications, which are operating, investing, and financing. In addition, IFRS 18 requires non-IFRS management performance measures that are subtotals of income and expenses to be disclosed on financial statement. IFRS 18 also provides additional guidance on principles of aggregation and disaggregation which apply to the primary financial statements and the notes. IFRS 18 will not affect the recognition and measurement of items in the financial statements, nor will it affect which items are classified in other comprehensive income and how these items are classified The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim financial statements. Retrospective application is required and early application is permitted. The Company is currently assessing the effect of this new standard on our financial statements.

3. Segment Disclosure

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

For the three and nine months ended September 30, 2024, the Company’s reporting segments include its three operating mines in Brazil, the Caraíba Operations, the Tucumã Operation, and the Xavantina Operations, and its corporate head office in Canada. Significant information relating to the Company's reportable segments is summarized in the tables below:

Notes to Financial Statements | Page 7


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


Three months ended September 30, 2024	Caraíba (Brazil)		Xavantina (Brazil)		Tucumã (Brazil)		Corporate and Other		Consolidated

Revenue	$	87,305	$	34,433	$	3,099	$	—	$	124,837

Cost of production	(40,149)		(6,220)		(737)		—		(47,106)
Depreciation and depletion	(16,610)		(4,512)		(49)		—		(21,171)
Sales expense	(2,234)		(465)		(152)		—		(2,851)
Cost of sales	(58,993)		(11,197)		(938)		—		(71,128)

Gross profit	28,312		23,236		2,161		—		53,709

Expenses
General and administrative	(6,357)		(1,637)		(915)		(3,719)		(12,628)
Share-based compensation	—		—		—		(4,859)		(4,859)
Write-down of exploration and evaluation asset	(467)		—		—		—		(467)
Finance income	430		212		—		139		781
Finance expenses	(2,944)		(871)		—		(224)		(4,039)
Foreign exchange gain (loss)	17,295		1		—		(50)		17,246
Other income (expenses)	1,288		(454)		(879)		—		(45)
Income (loss) before taxes	37,557		20,487		367		(8,713)		49,698
Current tax expense	(338)		(2,771)		—		(1,764)		(4,873)
Deferred tax (expense) recovery	(3,639)		181		—		—		(3,458)
Net income (loss)	$	33,580	$	17,897	$	367	$	(10,477)	$	41,367

Capital expenditures(1)	37,204		6,119		23,517		2,984		69,824

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

Notes to Financial Statements | Page 8


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


Three months ended September 30, 2023	Caraíba (Brazil)		Xavantina (Brazil)		Tucumã (Brazil)		Corporate and Other		Consolidated

Revenue	$	76,136	$	29,045	$	—	$	—	$	105,181

Cost of production	(39,346)		(6,322)		—		—		(45,668)
Depreciation and depletion	(15,574)		(5,341)		—		—		(20,915)
Sales expense	(2,236)		(887)		—		—		(3,123)
Cost of sales	(57,156)		(12,550)		—		—		(69,706)

Gross profit	18,980		16,495		—		—		35,475

Expenses
General and administrative	(9,125)		(1,451)		—		(3,826)		(14,402)
Share-based compensation	—		—		—		1,185		1,185
Finance income	1,156		141		—		1,679		2,976
Finance expenses	(4,069)		(1,223)		—		(2,725)		(8,017)
Foreign exchange (loss) gain	(13,974)		1		—		36		(13,937)

Other expenses	(757)		(502)		—		(17)		(1,276)
(Loss) income before taxes	(7,789)		13,461		—		(3,668)		2,004
Current tax expense	(405)		(2,323)		—		(589)		(3,317)
Deferred tax recovery	3,782		342		—		—		4,124
Net (loss) income	$	(4,412)	$	11,480	$	—	$	(4,257)	$	2,811

Capital expenditures(1)	48,971		7,584		63,334		1,683		121,572

Notes to Financial Statements | Page 9


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


Nine months ended September 30, 2024	Caraíba (Brazil)		Xavantina (Brazil)		Tucumã (Brazil)		Corporate and Other		Consolidated

Revenue	$	240,104	$	104,517	$	3,099	$	—	$	347,720

Cost of production	(124,321)		(21,055)		(737)		—		(146,113)
Depreciation and depletion	(50,007)		(15,816)		(49)		—		(65,872)
Sales expense	(5,906)		(1,499)		(152)		—		(7,557)
Cost of sales	(180,234)		(38,370)		(938)		—		(219,542)

Gross profit	59,870		66,147		2,161		—		128,178

Expenses
General and administrative	(19,647)		(4,800)		(915)		(10,590)		(35,952)
Share-based compensation	—		—		—		(17,479)		(17,479)
Write-down of exploration and evaluation asset	(467)		—		—		(10,745)		(11,212)
Finance income	2,050		565		—		995		3,610
Finance expenses	(9,755)		(2,749)		—		(734)		(13,238)
Foreign exchange (loss) gain	(72,166)		(100)		—		62		(72,204)
Other expenses	(775)		(286)		(879)		(414)		(2,354)
(Loss) income before taxes	(40,890)		58,777		367		(38,905)		(20,651)
Current tax expense	(343)		(7,433)		—		(3,303)		(11,079)
Deferred tax recovery (expense)	13,135		(267)		—		—		12,868
Net (loss) income	$	(28,098)	$	51,077	$	367	$	(42,208)	$	(18,862)

Capital expenditures(1)	113,638		16,659		113,286		4,767		248,350

Assets
Current	$	66,955	$	21,808	$	22,568	$	15,477	126,808
Non-current	865,291		89,236		421,307		9,880		1,385,714
Total Assets	$	932,246	$	111,044	$	443,875	$	25,357	$	1,512,522
Total Liabilities	$	167,099	$	85,658	$	29,226	$	513,770	795,753

During the nine months ended September 30, 2024, the Company had six significant customers (September 30, 2023 - six), including four customers (September 30, 2023 - four) at Caraíba and two customers (September 30, 2023 - two) at Xavantina.

Notes to Financial Statements | Page 10


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


Nine months ended September 30, 2023	Caraíba (Brazil)		Xavantina (Brazil)		Tucumã (Brazil)		Corporate and Other		Consolidated

Revenue	$	237,366	$	73,700	$	—	$	—	$	311,066

Cost of production	(113,397)		(18,087)		—		—		(131,484)
Depreciation and depletion	(44,191)		(12,786)		—		—		(56,977)
Sales expense	(6,399)		(1,215)		—		—		(7,614)
Cost of sales	(163,987)		(32,088)		—		—		(196,075)

Gross profit	73,379		41,612		—		—		114,991

Expenses
General and administrative	(24,051)		(4,371)		—		(11,847)		(40,269)
Share-based compensation	—		—		—		(8,741)		(8,741)
Finance income	4,700		492		—		5,284		10,476
Finance expenses	(5,974)		(3,418)		—		(11,146)		(20,538)
Foreign exchange gain	9,736		—		—		5		9,741

Other income (expenses)	793		504		—		(73)		1,224
Income (loss) before taxes	58,583		34,819		—		(26,518)		66,884
Current tax expense	(1,462)		(4,576)		—		(3,121)		(9,159)
Deferred tax (expense) recovery	(774)		301		—		—		(473)
Net income (loss)	$	56,347	$	30,544	$	—	$	(29,639)	$	57,252

Capital expenditures(1)	183,170		20,794		129,202		5,801		338,967

Assets
Current	$	93,851	$	22,341	$	892	$	57,029	174,113
Non-current	797,935		88,980		225,596		15,497		1,128,008
Total Assets	$	891,786	$	111,321	$	226,488	$	72,526	$	1,302,121
Total Liabilities	$	119,109	$	98,717	$	19,714	$	426,295	663,835

Notes to Financial Statements | Page 11


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

4. Inventories


	September 30, 2024		December 31, 2023
Supplies and consumables	$	28,168	$	24,270
Stockpiles	4,687		5,624
Work in progress	3,164		917
Finished goods	6,902		11,443
	$	42,921	$	42,254

5. Other Current Assets


	September 30, 2024		December 31, 2023
Advances to suppliers	$	4,304	$	306
Prepaid expenses and other	7,096		4,716
Derivatives (Note 19)	—		11,254
Note receivable (Note 19)	5,080		8,346
Advances to employees	1,286		944
Value added taxes recoverable	22,640		13,719

	$	40,406	$	39,285

Notes to Financial Statements | Page 12


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

6. Mineral Properties, Plant and Equipment


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







Balance, December 31, 2023	37,246		285,489		697,808		419,657		26,613		49,542		18,509		49,329		1,584,193
Additions(2)	3,884		37,392		55,982		123,784		3,214		19,070		—		13,642		256,968
Capitalized borrowing costs	—		—		—		26,129		—		—		—		—		26,129
Change in estimates	—		—		—		—		—		—		3,609		—		3,609
Disposals	—		(159)		—		(3)		(110)		—		—		(1,185)		(1,457)
Transfers	4,815		31,858		12,196		(486)		2,707		(48,860)		—		—		2,230
Foreign exchange	(4,479)		(34,424)		(79,811)		(45,350)		(2,995)		(4,375)		(2,197)		(5,805)		(179,436)
Balance, September 30, 2024	$	41,466	$	320,156	$	686,175	$	523,731	$	29,429	$	15,377	$	19,921	$	55,981	$	1,692,236

Accumulated depreciation:




Balance, December 31, 2023	(6,984)		(68,917)		(209,939)		—		(9,368)		—		(6,316)		(30,671)		(332,195)
Depreciation expense	(1,528)		(19,665)		(31,893)		—		(1,507)		—		(560)		(10,508)		(65,661)
Disposals	—		89		—		—		1		—		—		635		725
Foreign exchange	836		8,421		24,464		(26)		1,009		—		725		3,732		39,161
Balance, September 30, 2024	$	(7,676)	$	(80,072)	$	(217,368)	$	(26)	$	(9,865)	$	—	$	(6,151)	$	(36,812)	$	(357,970)

Net book value, December 31, 2023	$	30,262	$	216,572	$	487,869	$	419,657	$	17,245	$	49,542	$	12,193	$	18,658	$	1,251,998
Net book value, September 30, 2024	$	33,790	$	240,084	$	468,807	$	523,705	$	19,564	$	15,377	$	13,770	$	19,169	$	1,334,266

(1) Mineral properties include $74.3 million (2023 - $72.4 million) of costs which are not currently being depreciated.

(2) Additions to projects in progress was net of $11.0 million in value added taxes that were transferred to other receivables during the nine months ended September 30, 2024 as a result of the completion of a recoverability assessment.

Page 13


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

7. Exploration and Evaluation Assets

As at September 30, 2024, the Company had $18.6 million (2023 - $29.9 million) in exploration and evaluation assets, which include several property option agreements.

In June 2024, the Company terminated the Fides option agreement, resulting in a write-down of $10.7 million in exploration and evaluation assets for the nine months ended September 30, 2024.

In June 2024, the Company exercised the Edem option agreement to acquire a 399-hectare mineral concession in Mato Grosso State. This concession is located immediately east of and contiguous with the Xavantina Operations mining concession. Consequently, $2.3 million was reclassified from exploration and evaluation assets to mineral properties during the period.

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

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

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

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

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

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

As at September 30, 2024, exploration and evaluation assets include $2.9 million in expenditures associated with the Furnas Project.

8. Deposits and Other Non-current Assets


	September 30, 2024		December 31, 2023
Value added taxes recoverable	$	14,821	$	11,413
Note receivable (Note 19)	5,175		9,067
Deposits and others	8,329		8,472
	$	28,325	$	28,952

Notes to Financial Statements | Page 14


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

9. Accounts Payable and Accrued Liabilities


	September 30, 2024		December 31, 2023
Trade suppliers	$	66,729	$	74,877
Payroll and labour related liabilities	23,719		26,421
Value added tax and other tax payable	7,094		9,142
Cash-settled equity awards (Note 13(b) and (c))	15,229		8,796
Other accrued liabilities	1,139		1,468
	$	113,910	$	120,704

10. Loans and Borrowings


							Carrying value, including accrued interest
Description	Currency	Security	Maturity (Months)	Coupon rate	Principal to be repaid		September 30, 2024		December 31, 2023
Senior Notes	USD	Unsecured	64	6.50%	$	400,000	$	397,429	$	403,274
Senior credit facility	USD	Secured	27	SOFR plus 2.00% - 4.50%	70,000		69,963		—
Copper Prepayment Facility	USD	Secured	27	8.84%	50,000		51,375		—
Equipment finance loans	USD	Secured	3 - 31	5.00% - 8.35%	14,918		15,191		16,175
Equipment finance loans	EUR	Secured	17 - 21	5.25%	617		690		1,000
Equipment finance loans	BRL	Unsecured	1 - 19	nil% - 16.63%	2,588		2,694		3,409
Bank loan	BRL	Unsecured	26	CDI + 0.50%	1,562		1,568		2,375
Total					$	539,685	$	538,910	$	426,233

Current portion							$	39,383	$	20,381
Non-current portion							$	499,527	$	405,852

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

Notes to Financial Statements | Page 15


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


	Nine Months ended Sep. 30, 2024										Year ended December 31, 2023
	Senior Notes		Senior Credit Facility		Copper Prepayment Facility		Other		Consolidated		Consolidated
Balance, beginning of period	$	403,274	$	—	$	—	$	22,959	$	426,233	$	418,057
Proceeds from loans and borrowings			90,000		49,625		7,641		147,266		14,889
Principal payments	—		(20,000)		—		(10,216)		(30,216)		(7,786)
Interest payments	(26,000)		(2,246)		—		(1,130)		(29,376)		(27,461)
Interest costs, including interest capitalized	20,155		3,055		1,750		1,169		26,129		28,282
Deferred transaction costs			(846)						(846)		—

Foreign exchange	—		—		—		(280)		(280)		252
Balance, end of period	$	397,429	$	69,963	$	51,375	$	20,143	$	538,910	$	426,233

(a) Senior Notes

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

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

The Senior Notes are subject to the following early redemption options by the Company:

•On or after February 15, 2025, the Company has the option, in whole or in part, to redeem the Senior Notes at a price ranging from 103.25% to 100% of the principal amount together with accrued and unpaid interest, if any, to the date of redemption, with the rate decreasing based on the length of time the Senior Notes are outstanding;

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

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

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

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

Notes to Financial Statements | Page 16


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

(b) Senior Credit Facility

The Company has a Senior Revolving Credit Facility ("Senior Credit Facility") with a borrowing limit of $150.0 million which matures in December 2026. Amounts drawn on the Senior Credit Facility bear interest on a sliding scale at a rate of SOFR plus 2.00% to 4.50% depending on the Company’s consolidated leverage ratio. Commitment fees for any undrawn portion of the Senior Credit Facility are based on a sliding scale between 0.45% to 1.01%. As at September 30, 2024, the Senior Credit Facility bears an average interest rate of 8.72% on its drawn balance and a commitment fee of 0.79% on its undrawn balance.

During the nine months ended September 30, 2024, the Company drew down a total of $90.0 million from its Senior Credit Facility, which included $20.0 million in the three months ended September 30, 2024. During the nine months ended September 30, 2024, the Company repaid $20.0 million of the principal amount of the facility. As a result, the net drawdown on the Senior Credit Facility for the nine months ended September 30, 2024 was $70.0 million.

The Senior Credit Facility is secured by the shares of MCSA, NX Gold and Ero Gold. The Company is required to comply with certain financial covenants, which are required to be tested at each quarter end. These covenants include (a) a leverage ratio based on total indebtedness to rolling four quarters adjusted earnings before interest, taxes, depreciation and amortization ("Rolling EBITDA"); (b) a leverage ratio based on senior indebtedness to Rolling EBITDA; and (c) an interest coverage ratio based on Rolling EBITDA. The Senior Credit Facility provides for negative covenants customary for this type of facilities and permits additional equipment debt and finance leases of up to $50.0 million. As at September 30, 2024, the Company is in compliance with these financial covenants.

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

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

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

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

11. Deferred Revenue

In August 2021, the Company entered into a precious metals purchase agreement (the “NX Gold PMPA”) with RGLD Gold AG ("Royal Gold"), a wholly-owned subsidiary of Royal Gold, Inc., in relation to gold production from the Xavantina Operations. The Company received upfront cash consideration of $100.0 million for the purchase of 25% of an equivalent amount of gold to be produced from the Xavantina mine until 93,000 ounces of gold

Notes to Financial Statements | Page 17


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

have been delivered and thereafter decreasing to 10% of gold produced over the remaining life of the mine. The contract will be settled by the Company delivering gold to Royal Gold. Royal Gold will make ongoing payments equal to 20% of the then prevailing spot gold price for each ounce of gold delivered until 49,000 ounces of gold have been delivered and 40% of the prevailing spot gold price for each ounce of gold delivered thereafter. Additional advances may be made by Royal Gold based on the Company achieving certain milestones as set out in the NX Gold PMPA.

The movements in deferred revenue during the nine months ended September 30, 2024 are comprised of the following:


	September 30, 2024		December 31, 2023
Gold ounces delivered(1)	12,581		14,005


Balance, beginning of period	$	75,549	$	86,055
Advances	3,249		3,544
Accretion expense	1,918		3,032
Amortization of deferred revenue(2)	(18,063)		(17,082)
Balance, end of period	$	62,653	$	75,549

Current portion	$	17,011	$	17,159
Non-current portion	45,642		58,390

(1) During the nine months ended September 30, 2024, the Company delivered 12,581 ounces of gold (December 31, 2023 - 14,005 ounces) to Royal Gold for average consideration of $456 per ounce (December 31, 2023 - $386 per ounce). At September 30, 2024, a cumulative 41,841 ounces (December 31, 2023 - 29,260 ounces) of gold have been delivered under the NX Gold PMPA.

(2) Amortization of deferred revenue during the nine months ended September 30, 2024 is net of $1.5 million (December 31, 2023 - $2.5 million) related to change in estimate attributed to advances received and change in life-of-mine production estimates.

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

12. Other Non-current Liabilities


	September 30, 2024		December 31, 2023
Cash-settled equity awards (Note 13(b))	$	9,331	$	2,549
Withholding, value added tax, and other taxes payable	12,739		8,012
Provision	1,659		1,622
Derivatives (Note 19)	1,260		—
Other liabilities	4,362		5,975
	$	29,351	$	18,158

Notes to Financial Statements | Page 18


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

13. Share Capital

As at September 30, 2024, the Company’s authorized share capital consists of an unlimited number of common shares without par value. As at September 30, 2024, 103,297,049 common shares were outstanding (December 31, 2023 - 102,747,558).

(a) Options

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


	Nine Months Ended September 30,
	2024			2023
	Number of Stock Options	Weighted Average Exercise Price (CAD)		Number of Stock Options	Weighted Average Exercise Price (CAD)
Outstanding stock options, beginning of period	1,886,325	$	19.03	2,781,074	$	15.49
Issued	31,251	24.79		—	—
Exercised	(549,491)	20.57		(1,254,942)	11.37
Forfeited	(1,034)	18.69		(85,858)	18.59
Outstanding stock options, end of period	1,367,051	$	18.54	1,440,274	$	18.90

The weighted average share price on the date of exercise for options exercised during the nine months ended September 30, 2024 was CAD$29.45 (nine months ended September 30, 2023 - CAD$25.50).

As at September 30, 2024, the following stock options were outstanding:


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

$10.01 to $20.00 CAD	1,266,762	510,811	3.12
$20.01 to $25.35 CAD	100,289	69,038	1.87
$18.54 CAD ($13.73 USD)	1,367,051	579,849	3.03

Notes to Financial Statements | Page 19


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

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


	Nine Months Ended September 30,
	2024			2023
Expected term (years)	3.0			—
Forfeiture rate	—		%	—		%
Volatility	52		%	—		%
Dividend yield	—		%	—		%
Risk-free interest rate	3.12		%	—		%
Weighted-average fair value per option	$	8.79		$	—

(b) Performance Share Unit Plan

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

The continuity of PSUs issued and outstanding is as follows:


	Nine Months Ended September 30,
	2024	2023
Outstanding balance, beginning of period	967,921	881,788
Issued	23,306	—
Settled	(7,668)	—
Forfeited	(10,000)	(108,062)
Outstanding balance, end of period	973,559	773,726

These PSUs will vest three years from the date of grant by the Compensation Committee and the number of PSUs that will vest may range from 0% to 200% of the number granted, subject to the satisfaction of certain market and non-market performance conditions. Each vested PSU entitles the holder thereof to receive on or about the applicable date of vesting of such share unit (i) one common share; (ii) a cash amount equal to the fair market value of one common share as at the applicable date of vesting; or (iii) a combination of (i) and (ii), as determined by the Compensation Committee in its sole discretion. The Company has elected to settle its PSUs using a combination of cash and common shares in the past. As such, based on its history of past settlements, PSUs are classified as liabilities.

For PSUs with non-market performance conditions, the fair value of the share units granted was initially recognized at the fair value using the share price at the date of grant, and subsequently remeasured at fair value on each balance sheet date. For PSUs with market performance conditions, the fair value was determined using

Notes to Financial Statements | Page 20


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

a Geometric Brownian Motion model. As at September 30, 2024, the fair value of the PSU liability was $17.4 million (December 31, 2023 - $6.5 million) of which $8.1 million (December 31, 2023 - $3.9 million) was recognized in accounts payable and accrued liabilities and the remainder in other non-current liabilities.

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

The continuity of DSUs issued and outstanding is as follows:


	Nine months ended September 30,
	2024	2023
Outstanding balance, beginning of period	307,312	219,961
Issued	12,826	13,583


Outstanding balance, end of period	320,138	233,544

At September 30, 2024, DSU liabilities had a fair value of $7.1 million (December 31, 2023 - $4.9 million) which has been recognized in accounts payable and accrued liabilities.

(d) Restricted Share Unit Plan

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

During the nine months ended September 30, 2024, the Company granted 11,653 RSUs (nine months ended September 30, 2023 - 25,000) to employees of the Company at weighted average fair value of $19.35 per share (nine months ended September 30, 2023 - $22.08). The total fair value of these RSUs on the grant date was $0.2 million (nine months ended September 30, 2023 - $0.6 million).

The continuity of RSUs issued and outstanding is as follows:

Notes to Financial Statements | Page 21


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


	Nine months ended September 30,
	2024	2023
Outstanding balance, beginning of period	340,570	263,202
Issued	11,653	25,000

Forfeited	—	(30,392)
Outstanding balance, end of period	352,223	257,810

(e) Share-based compensation


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Stock options	$	674	$	142	$	2,033	$	736
Performance share unit plan	3,262		(1,106)		11,106		5,793
Deferred share unit plan	284		(488)		2,361		1,025
Restricted share unit plan	639		267		1,979		1,187
Share-based compensation(1)	$	4,859	$	(1,185)	$	17,479	$	8,741

(1) For the three and nine months ended September 30, 2024, the Company recorded $1.3 million and $4.0 million (three and nine months ended September 30, 2023 - $0.4 million and $1.9 million) of share-based compensation in contributed surplus, and the remaining share-based compensation was recorded in liabilities.

Notes to Financial Statements | Page 22


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

(f) Net Income (Loss) per Share


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Weighted average number of common shares outstanding	103,239,881		93,311,434		103,026,138		92,767,525
Dilutive effects of:
Stock options	381,723		440,024		—		618,605
Share units	352,223		257,810		—		257,810
Weighted average number of diluted common shares outstanding(1)	103,973,827		94,009,268		103,026,138		93,643,940

Net income (loss) attributable to owners of the Company	$	40,857	$	2,525	$	(19,531)	$	56,255
Basic net income (loss) per share	$	0.40	$	0.03	$	(0.19)	$	0.61
Diluted net income (loss) per share	$	0.39	$	0.03	$	(0.19)	$	0.60

(1) Weighted average number of diluted common shares outstanding for the three and nine months ended September 30, 2024 excluded 31,251 and 1,367,051 (three and nine months ended September 30, 2023 - nil and 50,000) stock options and nil and 352,223 share units (three and nine months ended September 30, 2023 - nil and nil ) that were anti-dilutive.

14. Revenue


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Copper
Sales within Brazil	$	—	$	—	$	—	$	24,303
Export sales	87,001		75,864		240,015		215,594
Adjustments on provisional sales(1)	3,403		272		3,188		(2,531)
	90,404		76,136		243,203		237,366
Gold
Sales	27,378		24,036		86,454		60,441
Amortization of deferred revenue(2)	7,055		5,009		18,063		13,259
	$	34,433	$	29,045	$	104,517	$	73,700
	$	124,837	$	105,181	$	347,720	$	311,066

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

(2) During the three and nine months ended September 30, 2024, the Company delivered 4,190 and 12,581 ounces of gold, respectively (three and nine months ended September 30, 2023 - 3,590 and 9,858 ounces of gold), under a precious metals purchase agreement with Royal Gold (note 11) for average cash consideration of $489 and $456 per ounce (three and nine months ended September 30, 2023 - $385 and $385).

Notes to Financial Statements | Page 23


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

15. Cost of Sales


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Materials	$	11,710	$	11,213	$	34,013	$	32,473
Salaries and benefits	15,670		16,128		47,135		44,363
Contracted services	13,805		9,040		31,730		24,852
Maintenance costs	7,969		8,400		23,511		22,451
Utilities	2,782		3,603		9,667		10,271
Other costs	308		57		776		843
Change in inventory (excluding depreciation and depletion)	(5,138)		(2,773)		(719)		(3,769)
Cost of production	47,106		45,668		146,113		131,484
Sales expense and others	2,851		3,123		7,557		7,614
Depreciation and depletion	21,772		22,997		64,006		61,154
Change in inventory (depreciation and depletion)	(601)		(2,082)		1,866		(4,177)
	$	71,128	$	69,706	$	219,542	$	196,075

16. General and Administrative Expenses


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Accounting and legal	$	463	$	553	$	1,525	$	1,536
Amortization and depreciation	384		384		1,273		1,067
Office and administration	2,461		2,304		6,992		6,470
Salaries and consulting fees	6,797		8,550		19,844		23,915
Incentive payments	1,541		1,647		4,209		4,418
Other	982		964		2,109		2,863
	$	12,628	$	14,402	$	35,952	$	40,269

Notes to Financial Statements | Page 24


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

17. Finance Expense


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Interest on loans and borrowings(1)	$	—	$	2,758	$	—	$	11,181
Accretion of deferred revenue	592		750		1,918		2,320
Accretion of provision for rehabilitation and closure costs	566		690		1,802		2,021
Interest on lease liabilities	463		312		1,360		903
Other finance expenses(2)	2,418		3,507		8,158		4,113
	$	4,039	$	8,017	$	13,238	$	20,538

(1) During the three and nine months ended September 30, 2024, the Company capitalized $9.6 million and $26.1 million, respectively (three and nine months ended September 30, 2023 -$4.4 million and $10.0 million) of borrowing costs to projects in progress.

(2) Other finance expenses during the three and nine months ended September 30, 2024 included $1.8 million and $6.3 million (three and nine months ended September 30, 2023 - $2.5 million and $1.7 million provision) of credit loss provision on certain accounts receivable (see Note 19).

18. Foreign Exchange Gain (Loss)

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


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Foreign exchange gain (loss) on USD denominated debt in Brazil	$	10,993	$	(9,979)	$	(56,710)	$	7,487
Realized foreign exchange (loss) gain on derivative contracts (note 19)	(3,428)		3,458		(2,300)		7,232
Unrealized foreign exchange gain (loss) on derivative contracts (note 19)	9,847		(7,560)		(15,565)		(2,309)
Foreign exchange (loss) gain on other financial assets and liabilities	(166)		144		2,371		(2,669)
	$	17,246	$	(13,937)	$	(72,204)	$	9,741

19. Financial Instruments

Fair value

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

Notes to Financial Statements | Page 25


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

As at September 30, 2024, derivatives were measured at fair value based on Level 2 inputs.

The carrying values of cash and cash equivalents, short-term investments, accounts receivable, deposits, and accounts payable and accrued liabilities approximate their fair values due to their short terms to maturity or the discount rate used approximates to the contractual interest rate. At September 30, 2024, the carrying value of loans and borrowings, including accrued interest, was $538.9 million while the fair value is approximately $539.8 million. At September 30, 2024, the carrying value of notes receivable, including accrued interest, was $10.3 million which approximates its fair value.

Credit risk


	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	20,229	$	111,738

Accounts receivable	20,139		5,710
Derivatives	—		11,254
Note receivable	10,255		17,413
Deposits and other assets	10,401		9,484
	$	61,024	$	155,599

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

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

Notes to Financial Statements | Page 26


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

2024 was $10.3 million (December 31, 2023 - $17.4 million), of which $5.1 million (December 31, 2023 - $8.3 million) was classified as current and $5.2 million (December 31, 2023 - $9.1 million) as non-current.

Liquidity risk

The table below shows the Company's maturity of non-derivative financial liabilities on September 30, 2024:


Non-derivative financial liabilities	Carrying value		Contractual cash flows		Up to 12 months		1 - 2 years		3 - 5 years		More than 5 years
Loans and borrowings (including interest)	$	538,910	$	705,854	$	70,136	$	170,718	$	465,000	$	—
Accounts payable and accrued liabilities	113,910		113,910		113,910		—		—		—
Other non-current liabilities	13,693		29,279		—		28,184		709		386
Leases	20,427		20,404		11,705		7,721		927		51
Total	$	686,940	$	869,447	$	195,751	$	206,623	$	466,636	$	437

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

Market risk

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

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

The Company's outstanding derivative instruments as of September 30, 2024 are as follows:

Contract Description

Notional Amount

Denomination

Weighted average floor

Weighted average cap / forward price

Maturities

Foreign exchange collar (i)

$315.0 million

USD/BRL

5.23

6.08

October 2024 - December 2025

Foreign exchange forward (i)

$12.0 million

USD/BRL

N/A

5.19

October 2024 - December 2024

Gold collar (iii)

30,000 ounces

$ / oz

$2,200

$3,425

January 2025 - December 2025

Notes to Financial Statements | Page 27


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

(i) Foreign exchange currency risk

The Company may use certain foreign exchange derivatives, including collars and forward contracts, to manage its foreign exchange risks. At September 30, 2024, the aggregate fair value of the Company's foreign exchange derivatives was a net liability of $4.1 million (December 31, 2023 - asset of $11.3 million) of which $1.0 million is included in other non-current liabilities and the remainder in current portion of derivatives liabilities. The fair values of foreign exchange contracts were determined based on option pricing models, forward foreign exchange rates, and information provided by the counter party.

In addition, during the three and nine months ended September 30, 2024, the Company recognized a realized loss of $3.4 million and of $2.3 million, respectively (realized gain of $3.5 million and $7.2 million for the three and nine months ended September 30, 2023, respectively), related to the settlement of foreign exchange derivatives.

(ii) Interest rate risk

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

(iii) Price risk

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

Notes to Financial Statements | Page 28


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

models, forward gold price, and information provided by counter party. At September 30, 2024, the Company does not have any outstanding copper collar contracts (December 31, 2023 - liability of $0.6 million).

At September 30, 2024, the Company had provisionally priced sales that are exposed to commodity price changes (note 14). Based on the Company’s net exposure at September 30, 2024, a 10% change in the price of copper would have changed pre-tax net income (loss) by $1.0 million.

20. Supplemental Cash Flow Information


	Three months ended September 30,				Nine months ended September 30,
Net change in non-cash working capital items:	2024		2023		2024		2023
Accounts receivable	$	(4,110)	$	(3,189)	$	(15,353)	$	904
Inventories	(8,261)		890		(7,536)		(4,910)
Other assets	(7,975)		(6,286)		(18,362)		(12,636)
Accounts payable and accrued liabilities	22,580		12,011		(888)		6,732


	$	2,234	$	3,426	$	(42,139)	$	(9,910)

Non-cash investing and financing activities:

Additions to property, plant and equipment by leases	5,808		1,132		$	13,642	$	10,007
Non-cash (decrease) increase in accounts payable in relation to capital expenditures	(9,712)		186		(2,670)		4,358
Change in mineral properties, plant and equipment from change in estimates for provision for rehabilitation and closure costs	3,609		(90)		3,609		(422)

21. Commitment

Notes to Financial Statements | Page 29


			TSX: ERO
			NYSE: ERO

November 5, 2024

Ero Copper Reports Third Quarter 2024 Operating and Financial Results

(all amounts in US dollars, unless otherwise noted)

Vancouver, British Columbia – Ero Copper Corp. (TSX: ERO, NYSE: ERO) (“Ero” or the “Company”) is pleased to announce its operating and financial results for the three and nine months ended September 30, 2024. Management will host a conference call tomorrow, Wednesday, November 6, 2024, at 11:30 a.m. eastern time to discuss the results. Dial-in details for the call can be found near the end of this press release.

HIGHLIGHTS

•Consolidated quarterly copper production also included contributions from the Caraíba Operations of 9,920 tonnes at C1 cash costs(*) of $1.63 per pound of copper produced.

•Gold production for the quarter was 13,485 ounces at C1 cash costs(*) and All-in Sustaining Costs ("AISC")(*) of $539 and $1,034, respectively, per ounce produced.

•Improved operating margins were supported by a significant decrease in unit operating costs at the Caraíba Operations and higher realized gold prices at the Xavantina Operations, resulting in:

◦Net income attributable to the owners of the Company of $40.9 million, or $0.39 per share on a diluted basis.

◦Adjusted net income attributable to the owners of the Company(*) of $27.6 million, or $0.27 per share on a diluted basis.

◦Adjusted EBITDA(*) of $62.2 million.

•Available liquidity at quarter-end was $125.2 million, including $20.2 million in cash and cash equivalents, $80.0 million of undrawn availability under the Company's senior secured revolving credit facility, and $25.0 million of undrawn availability under the copper prepayment facility.

(*) These are non-IFRS measures and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its Management’s Discussion and Analysis for the three and nine months ended September 30, 2024 and the Reconciliation of Non-IFRS Measures section at the end of this press release.



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


			TSX: ERO
			NYSE: ERO

•During the quarter, the Company opportunistically entered into zero-cost gold collar contracts on 2,500 ounces of gold per month from January 2025 to December 2025, representing just over 50% of projected 2025 gold production at the Xavantina Operations. These contracts set a floor price of $2,200 per ounce, while allowing for upside participation in gold price increases up to a cap of $3,425 per ounce, over 20% above the all-time high price reached in October 2024.

•Key 2024 guidance updates include:

◦The Company is updating consolidated copper production guidance to 43,000 to 48,000 tonnes in concentrate, reflecting an extension of Tucumã's ramp-up schedule due to power disruptions in Q3 and October 2024 and slower-than-expected underground development progress at Caraíba's Pilar Mine.

◦Due to the anticipated delay in achieving commercial production at the Tucumã Operation, the Company is narrowing 2024 C1 cash cost guidance to only include the Caraíba Operations. The Company is reaffirming full-year C1 cash cost guidance for the Caraíba Operations of $1.80 to $2.00 per pound of copper produced.

◦Full-year gold production guidance is being maintained at the increased range of 60,000 to 65,000. The Company is also reaffirming reduced full-year gold cost guidance of $450 to $550 per ounce of produced for C1 cash costs, and $900 to $1,000 per ounce for AISC.

◦The Company is maintaining full-year consolidated capital expenditure guidance of $303 to $348 million.

“The third quarter and year-to-date period presented both significant achievements to celebrate and new challenges to navigate,” said David Strang, Chief Executive Officer. “We have reached the inflection point we have been working towards since the publication of Tucumã's Optimized Feasibility Study in September 2021. With construction complete and ramp-up to commercial production underway, reaching this milestone in just over three years is a remarkable accomplishment.

"Alongside this achievement, came operational headwinds, including power-related challenges that have impacted our ramp-up schedule at Tucumã. At our Caraíba Operations, we made progress in accelerating underground development rates at the Pilar Mine, though the performance of a third-party development contractor has been below expectations. We view these challenges as transitional, and our team is actively working on returning to plan.

"Despite these setbacks, our financial results have been strengthened by improved operating margins driven by significantly lower unit costs at Caraíba and higher realized gold prices at Xavantina. We are optimistic about the path ahead, with 2025 on track to be our best year yet, and look forward to delivering strong value for our stakeholders."



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


			TSX: ERO
			NYSE: ERO

THIRD QUARTER REVIEW

The Caraíba Operations

•Quarterly copper production at the Caraíba Operation increased 11.9% quarter-on-quarter to 9,920 tonnes of copper in concentrate, with higher mined and processed copper grades offsetting lower mill throughput.

•Higher copper grades also contributed to a 24.5% decrease in C1 cash costs, which averaged $1.63 per pound of copper produced for the quarter. C1 cash costs and margins also benefited from improved concentrate treatment and refining charges, secured as of May 2024, as well as a more favorable USD to BRL exchange rate.

•Efforts to increase underground development rates at the Pilar Mine were impacted by slower-than-anticipated progress by a third-party development contractor during the quarter. Consequently, the Company expects lower mined and processed tonnage at the Caraíba Operations through year-end.

•To support accelerated development rates, the Company intends to engage an additional contractor in Q4 2024.

The Tucumã Operation

•The Tucumã Operation successfully produced first saleable concentrate in July 2024. Production for the quarter was 839 tonnes of copper in concentrate, with mill throughput totaling 110,778 tonnes and metallurgical recoveries averaging 75.7%.

•Mining operations continued ahead of schedule, contributing to a buildup of ore stockpiles that are expected to be processed in Q4 2024 and throughout 2025.

•The ramp-up of Tucumã's processing plant progressed well through July and the majority of August; however, as the plant moved toward continuous operations, the Company detected intermittent voltage oscillations within the third-party regional power grid. These oscillations limited the ability to run the mill at full capacity on a continuous basis.

•Subsequent to quarter-end, the Tucumã Operation experienced a temporary power disruption following a severe localized windstorm that impacted the regional power grid, including the main 230kV transmission line servicing the southwest region of the Carajás Mineral Province. Power was restored after approximately 10 days, allowing the Company to safely resume ramp-up activities on October 16, 2024.(1)

•To address ongoing intermittent voltage oscillations, the Company implemented a mill power management solution that enables continuous plant operations despite minor voltage fluctuations. Since this implementation, the plant has maintained continuous operations and is advancing toward full capacity.

(1) For further details on the power disruption and resumption of ramp-up activities, please refer the Company's press releases dated October 5, 2024 and October 16, 2024.



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


			TSX: ERO
			NYSE: ERO

The Xavantina Operations

•Quarterly gold production at the Xavantina Operations totaled 13,485 ounces with tonnes processed up 3.3% quarter-on-quarter, partially offsetting a planned decrease in mined and processed gold grades.

•Unit operating costs were in line with expectations for the quarter, averaging $539 per ounce for C1 cash costs and $1,034 per ounce for AISC.

•The Xavantina Operations are expected to deliver similar production levels and unit cost performance in Q4 2024 compared to Q3 2024.

OTHER SUBSEQUENT EVENTS

The Company continued to advance its growth pipeline with the announcement of an initial National Instrument 43-101 compliant mineral resource estimate for Furnas Copper-Gold Project (the "Project") on October 2, 2024. This initial mineral resource estimate, supported by over 90,000 meters of historic drilling, highlights the significant potential of this Project.

In October 2024, the Company also commenced the Phase 1 drill program under the definitive earn-in agreement(1) for the Project, after receiving drilling permits from the Pará State environmental agency in September 2024. This minimum 28,000-meter program, designed to support a preliminary economic assessment on the Project, is focused on infill drilling and extending high-grade zones within the broader deposit to depth. For more information on the Project's initial mineral resource estimate and the Phase 1 drill program, please refer to the Company's press release dated October 2, 2024.

(1) In July 2024, the Company signed a definitive earn-in agreement ("Agreement") with Salobo Metais S.A., a subsidiary of Vale Base Metals Limited, to earn a 60% interest in the Project, located in the Carajás Mineral Province in Pará State, Brazil. The terms of the Agreement align with the previously signed binding term sheet outlined in the Company's press release dated October 30, 2023.



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


			TSX: ERO
			NYSE: ERO

OPERATING HIGHLIGHTS


	2024 - Q3		2024 - Q2		2023 - Q3		2024 - YTD		2023 - YTD
Copper (Caraíba Operations)
Ore Processed (tonnes)	900,289		957,692		806,096		2,711,352		2,419,465
Grade (% Cu)	1.20		1.03		1.46		1.10		1.45
Cu Production (tonnes)	9,920		8,867		10,766		26,878		32,097
Cu Production (000 lbs)	21,871		19,548		23,734		59,257		70,761
Cu Sold in Concentrate (tonnes)	9,970		8,706		10,090		28,137		31,166
Cu Sold in Concentrate (000 lbs)	21,980		19,192		22,244		62,031		68,709
Cu C1 cash cost(1)(2)	$	1.63	$	2.16	$	1.92	$	2.01	$	1.83

Copper (Tucumã Operation)
Ore Processed (tonnes)	110,778		—		—		110,778		—
Grade (% Cu)	1.00		—		—		1.00		—
Cu Production (tonnes)	839		—		—		839		—
Cu Production (000 lbs)	1,850		—		—		1,850		—
Cu Sold in Concentrate (tonnes)	357		—		—		357		—
Cu Sold in Concentrate (000 lbs)	787		—		—		787		—

Gold (Xavantina Operations)
Ore Processed (tonnes)	41,761		40,446		31,446		120,041		101,586
Grade (g / tonne)	11.41		14.00		18.72		13.85		14.43
Au Production (oz)	13,485		16,555		17,579		48,274		42,355
Au C1 cash cost(1)	$	539	$	428	$	371	$	447	$	425
Au AISC(1)	$	1,034	$	842	$	844	$	879	$	943

(1) EBITDA, adjusted EBITDA, adjusted net income (loss) attributable to owners of the Company, adjusted net income (loss) per share attributable to owners of the Company, net (cash) debt, working capital, copper C1 cash cost, copper C1 cash cost including foreign exchange hedges, gold C1 cash cost and gold AISC are non-IFRS measures. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its Management’s Discussion and Analysis for the three and nine months ended September 30, 2024 and the Reconciliation of Non-IFRS Measures section at the end of this press release.

(2) Copper C1 cash cost including foreign exchange hedges was $1.72 in Q3 2024 (Q3 2023 - $1.77) and $2.04 in YTD 2024 (YTD 2024 - $1.73).



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


			TSX: ERO
			NYSE: ERO

FINANCIAL HIGHLIGHTS

($ in millions, except per share amounts)


	2024 - Q3		2024 - Q2		2023 - Q3		2024 - YTD		2023 - YTD
Revenues	$	124.8	$	117.1	$	105.2	$	347.7	$	311.1
Gross profit	53.7		43.3		35.5		128.2		115.0
EBITDA(1)	74.5		(36.2)		28.3		56.1		135.0
Adjusted EBITDA(1)	62.2		51.5		42.9		157.0		133.2
Cash flow from operations	52.7		14.7		41.9		84.6		113.7
Net income (loss)	41.4		(53.4)		2.8		(18.9)		57.3
Net income (loss) attributable to owners of the Company	40.9		(53.2)		2.5		(19.5)		56.3
Per share (basic)	0.40		(0.52)		0.03		(0.19)		0.61
Per share (diluted)	0.39		(0.52)		0.03		(0.19)		0.60
Adjusted net income attributable to owners of the Company(1)	27.6		18.6		17.3		63.0		62.0
Per share (basic)	0.27		0.18		0.19		0.61		0.67
Per share (diluted)	0.27		0.18		0.18		0.61		0.66

Cash, cash equivalents, and short-term investments	20.2		44.8		87.6		20.2		87.6
Working (deficit) capital(1)	(60.9)		(57.6)		32.8		(60.9)		32.8
Net debt(1)	518.7		482.0		331.8		518.7		331.8



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


			TSX: ERO
			NYSE: ERO

2024 GUIDANCE(*)

At the Xavantina Operations, the Company is reaffirming increased full-year gold production guidance of 60,000 to 65,000 ounces, with similar production levels and unit cost performance expected in Q4 2024 compared to Q3 2024. Consequently, the Company is reaffirming its reduced gold cost guidance ranges, including C1 cash cost guidance of $450 to $550 per ounce, and AISC guidance of $900 to $1,000 per ounce.

The Company is also maintaining consolidated 2024 capital expenditure guidance of $303 to $348 million.

The Company's cost guidance for 2024 assumes a foreign exchange rate of 5.00 BRL per USD, a gold price of $1,900 per ounce and a silver price of $23.00 per ounce for Q4 2024.


	Original Guidance	Updated Guidance
Consolidated Copper Production (tonnes)
Caraíba Operations	42,000 - 47,000	35,000 - 37,000
Tucumã Operation	17,000 - 25,000	8,000 - 11,000
Total	59,000 - 72,000	43,000 - 48,000

Caraíba Operations C1 Cash Cost(1) Guidance	$1.80 - $2.00	Unchanged

The Xavantina Operations
Au Production (ounces)	55,000 - 60,000	60,000 - 65,000
Gold C1 Cash Cost(1) Guidance	$550 - $650	$450 - $550
Gold AISC(1) Guidance	$1,050 - $1,150	$900 - $1,000

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

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



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


			TSX: ERO
			NYSE: ERO

CONFERENCE CALL DETAILS

The Company will hold a conference call on Wednesday, November 6, 2024 at 11:30 am Eastern time (8:30 am Pacific time) to discuss these results.


Date:			Wednesday, November 6, 2024
Time:			11:30 am Eastern time (8:30 am Pacific time)
Dial in:			Canada/USA Toll Free: 1-844-763-8274, International: +1-647-484-8814 Please dial in 5-10 minutes prior to the start of the call or pre-register using this link to bypass the live operator queue (https://dpregister.com/sreg/10193082/fd98e68590)
Webcast:			To access the webcast, click here (https://event.choruscall.com/mediaframe/webcast.html?webcastid=1q4Qy6dz)
Replay:			Canada/USA: 1-855-669-9658, International: +1-412-317-0088 For country-specific dial-in numbers, click here (https://services.choruscall.com/ccforms/replay.html)
Replay Passcode:			1437453

Reconciliation of Non-IFRS Measures

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

For additional details please refer to the Company’s discussion of non-IFRS and other performance measures in its Management’s Discussion and Analysis for the three and nine months ended September 30, 2024 which is available on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov.



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


			TSX: ERO
			NYSE: ERO

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

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


Reconciliation:	2024 - Q3		2024 - Q2		2023 - Q3		2024 - YTD		2023 - YTD
Cost of production	$	40,149	$	41,945	$	39,345	$	124,321	$	113,397
Add (less):
Transportation costs & other	1,283		1,283		1,614		3,818		4,686
Treatment, refining, and other	3,170		4,058		6,574		12,398		20,991
By-product credits	(6,584)		(3,431)		(3,022)		(12,455)		(9,536)
Incentive payments	(1,138)		(1,174)		(1,609)		(3,511)		(3,975)
Net change in inventory	(1,220)		(468)		2,835		(5,581)		2,973
Foreign exchange translation and other	3		21		(171)		17		(169)
C1 cash costs	35,663		42,234		45,566		119,007		128,367
(Gain) loss on foreign exchange hedges	1,965		46		(3,458)		1,735		(7,232)
C1 cash costs including foreign exchange hedges	$	37,628	$	42,280	$	42,108	$	120,742	$	121,135




Mining	$	26,529	$	27,881	$	27,258	$	79,666	$	76,262
Processing	7,069		7,927		8,362		22,173		22,559
Indirect	5,479		5,799		6,394		17,225		18,091
Production costs	39,077		41,607		42,014		119,064		116,912
By-product credits	(6,584)		(3,431)		(3,022)		(12,455)		(9,536)
Treatment, refining and other	3,170		4,058		6,574		12,398		20,991
C1 cash costs	35,663		42,234		45,566		119,007		128,367
(Gain) loss on foreign exchange hedges	1,965		46		(3,458)		1,735		(7,232)
C1 cash costs including foreign exchange hedges	$	37,628	$	42,280	$	42,108	$	120,742	$	121,135


Costs per pound
Total copper produced (lbs, 000)	21,871		19,548		23,734		59,257		70,761

Mining	$	1.22	$	1.42	$	1.15	$	1.34	$	1.08
Processing	$	0.32	$	0.41	$	0.35	$	0.38	$	0.32
Indirect	$	0.25	$	0.30	$	0.27	$	0.29	$	0.26
By-product credits	$	(0.30)	$	(0.18)	$	(0.13)	$	(0.21)	$	(0.13)
Treatment, refining and other	$	0.14	$	0.21	$	0.28	$	0.21	$	0.30
Copper C1 cash costs	$	1.63	$	2.16	$	1.92	$	2.01	$	1.83
(Gain) loss on foreign exchange hedges	$	0.09	$	—	$	(0.15)	$	0.03	$	(0.10)
Copper C1 cash costs including foreign exchange hedges	$	1.72	$	2.16	$	1.77	$	2.04	$	1.73



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


			TSX: ERO
			NYSE: ERO

Gold C1 cash cost and gold AISC

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


Reconciliation:	2024 - Q3		2024 - Q2		2023 - Q3		2024 - YTD		2023 - YTD
Cost of production	$	6,220	$	7,580	$	6,323	$	21,055	$	18,087
Add (less):
Incentive payments	(378)		(226)		(320)		(1,047)		(1,038)
Net change in inventory	1,378		(322)		213		1,320		797
By-product credits	(232)		(259)		(240)		(680)		(579)
Smelting and refining	79		97		101		266		240
Foreign exchange translation and other	203		215		453		650		510
C1 cash costs	$	7,270	$	7,085	$	6,530	$	21,564	$	18,017
Site general and administrative	1,321		1,350		1,304		4,024		3,874
Accretion of mine closure and rehabilitation provision	82		88		112		262		328
Sustaining capital expenditure	2,784		2,653		4,258		8,691		10,801
Sustaining lease payments	1,801		1,908		1,832		5,831		5,232
Royalties and production taxes	686		862		808		2,058		1,702
AISC	$	13,944	$	13,946	$	14,844	$	42,430	$	39,954



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


			TSX: ERO
			NYSE: ERO



Costs
Mining	$	3,852	$	3,705	$	3,140	$	11,377	$	8,724
Processing	2,419		2,277		2,165		6,955		6,118
Indirect	1,152		1,265		1,364		3,646		3,514
Production costs	7,423		7,247		6,669		21,978		18,356
Smelting and refining costs	79		97		101		266		240
By-product credits	(232)		(259)		(240)		(680)		(579)
C1 cash costs	$	7,270	$	7,085	$	6,530	$	21,564	$	18,017
Site general and administrative	1,321		1,350		1,304		4,024		3,874
Accretion of mine closure and rehabilitation provision	82		88		112		262		328
Sustaining capital expenditure	2,784		2,653		4,258		8,691		10,801
Sustaining leases	1,801		1,908		1,832		5,831		5,232
Royalties and production taxes	686		862		808		2,058		1,702
AISC	$	13,944	$	13,946	$	14,844	$	42,430	$	39,954

Costs per ounce
Total gold produced (ounces)	13,485		16,555		17,579		48,274		42,355

Mining	$	286	$	224	$	179	$	236	$	206
Processing	$	179	$	138	$	123	$	144	$	144
Indirect	$	85	$	76	$	78	$	76	$	83
Smelting and refining	$	6	$	6	$	6	$	6	$	6
By-product credits	$	(17)	$	(16)	$	(15)	$	(15)	$	(14)
Gold C1 cash cost	$	539	$	428	$	371	$	447	$	425
Gold AISC	$	1,034	$	842	$	844	$	879	$	943

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

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


Reconciliation:	2024 - Q3		2024 - Q2		2023 - Q3		2024 - YTD		2023 - YTD
Net Income (Loss)	$	41,367	$	(53,399)	$	2,811	$	(18,862)	$	57,252
Adjustments:
Finance expense	4,039		4,565		8,017		13,238		20,538
Finance income	(781)		(1,361)		(2,976)		(3,610)		(10,476)
Income tax expense (recovery)	8,331		(8,267)		(807)		(1,789)		9,632
Amortization and depreciation	21,555		22,294		21,299		67,145		58,044
EBITDA	$	74,511	$	(36,168)	$	28,344	$	56,122	$	134,990
Foreign exchange (gain) loss	(17,246)		70,454		13,937		72,204		(9,741)
Share based compensation	4,859		6,075		(1,185)		17,479		8,741
Write-down of exploration and evaluation asset	467		10,745		—		11,212		—
Unrealized (gain) loss on commodity derivatives	(360)		436		1,814		12		(840)


Adjusted EBITDA	$	62,231	$	51,542	$	42,910	$	157,029	$	133,150



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


			TSX: ERO
			NYSE: ERO

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


Reconciliation:	2024 - Q3		2024 - Q2		2023 - Q3		2024 - YTD		2023 - YTD
Net income (loss) as reported attributable to the owners of the Company	$	40,857	$	(53,247)	$	2,525	$	(19,531)	$	56,255
Adjustments:
Share based compensation	4,859		6,075		(1,185)		17,479		8,741
Unrealized foreign exchange (gain) loss on USD denominated balances in MCSA	(11,860)		48,517		9,481		47,914		(4,988)
Unrealized foreign exchange (gain) loss on foreign exchange derivative contracts	(9,807)		16,006		7,530		15,503		2,300
Write-down of exploration and evaluation asset	465		10,745		—		11,210		—
Unrealized (gain) loss on commodity derivatives	(367)		434		1,808		3		(836)


Tax effect on the above adjustments	3,431		(9,904)		(2,873)		(9,601)		540
Adjusted net income attributable to owners of the Company	$	27,578	$	18,626	$	17,286	$	62,977	$	62,012

Weighted average number of common shares
Basic	103,239,881		103,082,363		93,311,434		103,026,138		92,767,525
Diluted	103,973,827		103,961,615		94,009,268		103,742,304		93,643,940

Adjusted EPS
Basic	$	0.27	$	0.18	$	0.19	$	0.61	$	0.67
Diluted	$	0.27	$	0.18	$	0.18	$	0.61	$	0.66



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


			TSX: ERO
			NYSE: ERO

Net Debt (Cash)

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


	September 30, 2024		June 30, 2024		December 31, 2023		September 30, 2023
Current portion of loans and borrowings	$	39,383	$	39,889	$	20,381	$	11,764
Long-term portion of loans and borrowings	499,527		486,919		405,852		407,656
Less:
Cash and cash equivalents	(20,229)		(44,773)		(111,738)		(44,757)
Short-term investments	—		—		—		(42,843)

Net debt (cash)	$	518,681	$	482,035	$	314,495	$	331,820

Working Capital and Available Liquidity

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


	September 30, 2024		June 30, 2024		December 31, 2023		September 30, 2023
Current assets	$	126,808	$	124,554	$	199,487	$	174,113
Less: Current liabilities	(187,708)		(182,143)		(173,800)		(141,284)
Working (deficit) capital	$	(60,900)	$	(57,589)	$	25,687	$	32,829

Cash and cash equivalents	20,229		44,773		111,738		44,757
Short-term investments	—		—		—		42,843
Available undrawn revolving credit facilities	80,000		100,000		150,000		150,000
Available undrawn prepayment facilities(1)	$	25,000	$	25,000	$	—	$	—
Available liquidity	$	125,229	$	169,773	$	261,738	$	237,600



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


			TSX: ERO
			NYSE: ERO

ABOUT ERO COPPER CORP

FOR MORE INFORMATION, PLEASE CONTACT

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

(604) 335-7504

info@erocopper.com



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


			TSX: ERO
			NYSE: ERO

CAUTION REGARDING FORWARD LOOKING INFORMATION AND STATEMENTS

This press release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”). Forward-looking statements include statements that use forward-looking terminology such as “may”, “could”, “would”, “will”, “should”, “intend”, “target”, “plan”, “expect”, “budget”, “estimate”, “forecast”, “schedule”, “anticipate”, “believe”, “continue”, “potential”, “view” or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Forward-looking statements may include, but are not limited to, statements with respect to the Company's expected production, operating costs and capital expenditures at the Caraíba Operations, the Tucumã Operation and the Xavantina Operations; estimated timing for certain milestones, including resolution of power-related challenges and ramp-up of production levels at the Tucumã Operation; the Company's ability to engage an additional underground development contractor and accelerate development rates at the Pilar Mine; expectations related to foreign exchange rates as well as copper concentrate treatment and refining charges; and any other statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results, performance or achievements.

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

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

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

CAUTIONARY NOTES REGARDING MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES

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

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.