Ero Copper Q3 2026 net income rises to $118M

Ero completed the 45,000-meter Furnas Phase 3 drill program more than two years ahead of schedule; a pre-feasibility study is expected in 2027.

Available on EDGAR 11/02/2026 - 05:14 PM EST Accepted by SEC EDGAR 11/02/2026 - 05:14 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Ero Copper Corp. reported Q3 2026 financial and operating results, with revenue of $348.0 million versus $177.1 million in Q3 2025 and net income of $118.0 million versus $36.5 million. Cash flow from operations was $191.2 million, compared with $110.3 million a year earlier; adjusted EBITDA was $200.6 million versus $77.1 million. The company reported total gold production and recovery of 25,258 ounces, including 17,414 ounces recovered from historic concentrate stockpiles.

For 2026, consolidated copper production guidance remains 67,500 to 77,500 tonnes, and consolidated copper C1 cash cost guidance is $2.25 to $2.45 per pound produced. Xavantina is expected to produce 75,000 to 80,000 ounces of gold, including revised mined production guidance of 30,000 to 35,000 ounces and approximately 45,000 ounces recovered from historic stockpiles. The company repaid $70.0 million under its revolving credit facility during Q3, and available liquidity was $264.1 million at September 30, 2026.

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Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQ3 revenue was $348.0 million, versus $177.1 million in Q3 2025.
• Moderate pointQ3 revolving-credit repayments totaled $70.0 million. 2.3% of market cap

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.Xavantina mined-gold guidance was reduced to 30,000 to 35,000 ounces from 40,000 to 50,000.

Filing Explained

At September 30, $264.1 million of available liquidity included $150.0 million of undrawn credit, alongside $85.0 million of capital commitments expected over four years.

This Form 6-K furnishes Ero Copper’s Q3 results and interim financial statements for the three and nine months ended September 30, 2026.

At September 30, 2026, available liquidity was $264.1 million, including $114.1 million in cash and $150.0 million of undrawn revolving-credit capacity.

The company also reported $85.0 million in capital commitments, net of supplier advances, under contracts and purchase orders expected to be incurred over four years.

At Furnas, Ero’s earn-in agreement with Vale Base Metals is to acquire a 60% interest; Ero reports completing the 45,000-meter Phase 3 exploration component, while technical work continues toward a pre-feasibility study expected in 2027.

Key Figures

Revenue: $348.0 million Net income: $118.0 million Cash flow from operations: $191.2 million +4 more

7 metrics

Revenue $348.0 million Q3 2026; $177.1 million in Q3 2025

Net income $118.0 million Q3 2026; $36.5 million in Q3 2025

Cash flow from operations $191.2 million Q3 2026; $110.3 million in Q3 2025

Adjusted EBITDA $200.6 million Q3 2026; $77.1 million in Q3 2025

Copper production 18,345 tonnes Q3 2026, consolidated

Total gold 25,258 ounces Q3 2026, Xavantina Operations

Available liquidity $264.1 million At September 30, 2026

Key Terms

C1 cash cost, Gold AISC, available liquidity, earn-in agreement, +1 more

5 terms

C1 cash cost financial

"Copper C1 cash cost is a non-IFRS performance measure"

C1 cash cost is a per-unit measure of the direct cash outlay required to produce a commodity, covering day-to-day expenses like extraction, processing and on-site labor but typically excluding long-term investments such as major equipment replacement or development projects. Investors use it like a baker watching the cost of ingredients per loaf: it shows operating efficiency and helps compare producers’ short-term profitability and cash generation before bigger capital needs are considered.

Gold AISC financial

"Gold AISC is an extension of gold C1 cash cost"

available liquidity financial

"Available liquidity is calculated as the sum of cash and cash equivalents"

Available liquidity is the amount of cash and easily sold assets a company or market has on hand to meet short-term needs and execute trades without causing big price swings. Investors care because higher available liquidity means a company can pay bills, survive downturns, and lets buyers or sellers enter and exit positions quickly—think of it like the cash in your wallet that lets you cover an unexpected expense or jump on a good opportunity.

earn-in agreement technical

"through a definitive earn-in agreement with Vale Base Metals"

An earn-in agreement is a contract where one company gradually gains ownership in a project or business by meeting agreed milestones, usually through funding, completing work, or making payments. It matters to investors because it spreads risk and cost over time, like paying for a car in installments only if it runs as promised, and signals future ownership shifts and potential dilution or value creation for current shareholders.

Preliminary Economic Assessment technical

"Preliminary Economic Assessment ("PEA")"

A preliminary economic assessment is an initial analysis that estimates the potential profitability and feasibility of a project or resource, such as a new mineral deposit or development venture. It provides a rough idea of costs, benefits, and risks, helping investors decide whether to pursue more detailed studies. This early evaluation is important because it offers a snapshot of whether the project is worth further investment and development.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were ERO's Q3 2026 revenue and net income?

ERO reported Q3 2026 revenue of $348.0 million and net income of $118.0 million, compared with $177.1 million and $36.5 million, respectively, in Q3 2025. Cash flow from operations was $191.2 million, versus $110.3 million.

What is ERO's 2026 production guidance?

Consolidated copper production guidance remains 67,500 to 77,500 tonnes, with C1 cash costs of $2.25 to $2.45 per pound produced. Xavantina is expected to produce 75,000 to 80,000 ounces of gold, including mined production of 30,000 to 35,000 ounces and approximately 45,000 ounces recovered from historic stockpiles.

How much liquidity did ERO report at September 30, 2026?

ERO reported available liquidity of $264.1 million, consisting of $114.1 million in cash and cash equivalents and $150.0 million of undrawn availability under its Senior Revolving Credit Facility.

What is the status of ERO's Furnas Phase 3 drill program?

ERO completed the 45,000-meter Phase 3 drill program during Q3 2026, satisfying the exploration component of its earn-in agreement with Vale Base Metals more than two years ahead of schedule. A pre-feasibility study is expected to be published in 2027.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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 2026

Commission File Number 001-40459

ERO COPPER CORP.

(Translation of registrant's name into English)

733 Seymour Street, Suite 3100

Vancouver, British Columbia V6B 0S6

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 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. 333-289969).

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: EVP, General Counsel and Corporate Secretary
Date: November 2, 2026

Exhibit Index

Exhibit Number						Description of Document
99.1						Management’s Discussion and Analysis for the three and nine months ended September 30, 2026
99.2						Condensed Consolidated Interim Financial Statements for the three and nine months ended September 30, 2026 and 2025
99.3						Press Release dated November 2, 2026

MANAGEMENT’S DISCUSSION

AND ANALYSIS

FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2026

3100 – 733 Seymour Street, Vancouver, B.C., Canada V6B 0S6

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

TABLE OF CONTENTS
BUSINESS OVERVIEW			1
HIGHLIGHTS			2
REVIEW OF OPERATIONS
The Caraíba Operations			7
The Tucumã Operation			8
The Xavantina Operations			9
2026 GUIDANCE			11
REVIEW OF FINANCIAL RESULTS
Review of quarterly results			13
Review of annual results			15
Summary of quarterly results for most recent eight quarters			17
OTHER DISCLOSURES
Liquidity, Capital Resources, and Contractual Obligations			18
Management of Risks and Uncertainties			20
Other Financial Information			23
Accounting Policies, Judgments and Estimates			24
Capital Expenditures			25
Alternative Performance (NON-IFRS) Measures			26
Disclosure Controls and Procedures and Internal Control over Financial Reporting			38
Notes and Cautionary Statements			38

Ero Copper Corp. September 30, 2026 MD&A

MANAGEMENT’S DISCUSSION AND ANALYSIS

This Management’s Discussion and Analysis (“MD&A”) has been prepared as at November 2, 2026 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, 2026, 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 2026” and “Q3 2025” are to the three months ended September 30, 2026 and September 30, 2025, respectively, and all references to “YTD 2026” and “YTD 2025” are to the nine months ended September 30, 2026 and September 30, 2025, respectively. This MD&A should be read in conjunction with the Company’s December 31, 2025 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, 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 2, 2026, unless otherwise stated.

BUSINESS OVERVIEW

Ero is a Brazil-focused, growth-oriented mining company with a diversified portfolio of copper and gold assets, headquartered in Vancouver, B.C. The Company operates two copper mines – the Caraíba Operations in Bahia State and the Tucumã Operation in Pará State – as well as the Xavantina Operations, a producing gold mine in Mato Grosso State. In addition to its operating assets, Ero is advancing the Furnas Copper-Gold Project, located in the mineral-rich Carajás Province in Pará State, through a definitive earn-in agreement with Vale Base Metals to acquire a 60% interest in the project.

Ero’s operating philosophy is grounded in a commitment to safety, operational excellence, and the responsible production of minerals essential for a better tomorrow. The Company’s shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol “ERO.” Additional information, including technical reports on the Company’s operations and projects, is available on the Company’s website (www.ero.com), SEDAR+ (www.sedarplus.ca), and on EDGAR (www.sec.gov).

Ero Copper Corp. September 30, 2026 MD&A | Page 1

HIGHLIGHTS

Operating Highlights

						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Copper (Caraíba Operations)
Ore Processed (tonnes)						1,161,102						1,074,182						996,661						3,307,493						2,481,508
Grade (% Cu)						0.90						0.87						1.01						0.90						1.14
Cu Production (tonnes)						9,387						8,351						9,085						26,564						25,604
Cu Production (lbs)						20,694,259						18,410,934						20,029,832						58,563,914						56,447,924
Cu Sold in Concentrate (tonnes)						9,537						7,926						9,080						26,668						25,416
Cu Sold in Concentrate (lbs)						21,025,970						17,473,566						20,016,537						58,793,094						56,031,397
Cu C1 Cash Cost(1)						$	2.89					$	2.76					$	2.32					$	2.81					$	2.20
Copper (Tucumã Operation)
Ore Processed (tonnes)						814,137						715,415						575,041						2,093,269						1,288,054
Grade (% Cu)						1.30						1.44						1.51						1.44						1.74
Cu Production (tonnes)						8,958						8,964						7,579						26,383						18,997
Cu Production (lbs)						19,749,378						19,762,521						16,707,162						58,164,304						41,880,323
Cu Sold in Concentrate (tonnes)						8,638						8,581						6,622						25,970						17,758
Cu Sold in Concentrate (lbs)						19,043,817						18,918,156						14,597,738						57,254,133						39,148,894
Cu C1 Cash Cost(1)(2)						$	2.12					$	2.10					$	1.62					$	2.07					$	1.62
Total Copper
Cu Production (tonnes)						18,345						17,315						16,664						52,947						44,601
Cu Production (lbs)						40,443,637						38,173,455						36,736,994						116,728,218						98,328,247
Cu Sold in Concentrate (tonnes)						18,175						16,507						15,702						52,638						43,174
Cu Sold in Concentrate (lbs)						40,069,787						36,391,722						34,614,275						116,047,227						95,180,291
Realized Copper Price(1)						$	6.21					$	5.78					$	4.29					$	5.84					$	4.17
Cu C1 Cash Cost(1)(2)						$	2.51					$	2.42					$	2.00					$	2.43					$	2.07
Gold (Xavantina Operations)
Ore Processed (tonnes)						55,478						48,564						47,865						141,170						118,922
Grade (g / tonne)						4.90						6.20						8.15						5.55						7.46
Au Production (oz)						7,844						8,693						9,073						22,032						23,454
Historic Au Concentrate Recovered (oz)						17,414						11,860						—						31,386						—
Total Au (oz)						25,258						20,553						9,073						53,418						23,454
Au Sold in Doré (oz)						4,949						6,663						8,439						17,631						22,549
Au Sold in Concentrate (oz)(3)						20,008						10,353						—						34,672						—
Au Sold (oz)						24,957						17,016						8,439						52,303						22,549
Au Production C1 Cash Cost(1)						$	1,892					$	1,586					$	1,086					$	1,828					$	1,100
Au Production AISC(1)						$	3,607					$	2,881					$	2,425					$	3,528					$	2,307

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

(2)    The Company declared commercial production at the Tucumã Operation effective July 1, 2025. As such, copper C1 cash costs for Tucumã and consolidated copper operations reflect only Tucumã's costs from Q3 2025 onward.

(3)    Gold sold in concentrate includes gold ounces produced in flotation and the historic gold concentrate stockpiles.        

Ero Copper Corp. September 30, 2026 MD&A | Page 2

Financial Highlights

($ in millions, except per share amounts)

						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Revenues						$	348.0					$	284.3					$	177.1					$	895.5					$	465.7
Gross profit						169.6						121.4						57.4						396.9						180.2
EBITDA(1)						195.8						159.8						90.8						531.0						322.8
Adjusted EBITDA(1)						200.6						144.0						77.1						469.8						223.0
Cash flow from operations						191.2						137.9						110.3						421.9						266.0
Net income						118.0						90.7						36.5						318.0						188.2
Net income attributable to owners of the Company						116.2						89.5						36.0						314.6						186.8
- Per share (basic)						1.11						0.86						0.35						3.02						1.80
- Per share (diluted)						1.10						0.85						0.35						2.97						1.80
Adjusted net income attributable to owners of the Company(1)						129.3						87.4						27.9						289.1						111.9
- Per share (basic)						1.24						0.84						0.27						2.77						1.08
- Per share (diluted)						1.22						0.83						0.27						2.73						1.08
Cash, cash equivalents, and short-term investments						114.1						101.7						66.3						114.1						66.3
Working capital (deficit)(1)						89.4						87.7						(45.2)						89.4						(45.2)
Available liquidity(1)						264.1						181.7						111.3						264.1						111.3
Net debt(1)						353.5						452.7						545.5						353.5						545.5

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

Q3 2026 Highlights

Record financial results and accelerated deleveraging driven by solid operating performance and value unlocked through increased sales of gold recovered from historic concentrate stockpiles

•Consolidated copper production increased 6% quarter-on-quarter to 18,345 tonnes in concentrate, at C1 cash costs(1) of $2.51 per pound produced.

◦The Caraíba Operations produced 9,387 tonnes of copper in concentrate, an increase of 12% quarter-on-quarter, driven by increased plant throughput and head grades. C1 cash costs(1) were $2.89 per pound produced.

◦The Tucumã Operation delivered 8,958 tonnes of copper in concentrate, in line with the prior quarter, as higher plant throughput offset lower grades and recoveries. C1 cash costs(1) were $2.12 per pound produced.

•Gold from the Xavantina Operations increased 23% to 25,258 ounces, supported by higher ounces recovered from historic gold concentrate stockpiles.

◦Gold recovered from historic gold concentrate stockpiles increased by 47% quarter-on-quarter to a record 17,414 ounces, at C1 cash costs(1) and AISC(1) of $621 and $710 per ounce, respectively. The increase reflected drier seasonal conditions and the benefits of the mobile filter press and industrial dryer installed in Q2 2026.

Ero Copper Corp. September 30, 2026 MD&A | Page 3

◦Mined gold production totaled 7,844 ounces as higher mined and processed tonnage was offset by lower mined and processed grades during the period. Mine operations prioritized the development of higher-grade stopes to improve operational flexibility and support higher sustained mining rates and grades beginning in Q4. C1 cash costs(1) and AISC(1) for mined production were $1,892 and $3,607 per ounce, respectively.

•The Company’s foreign exchange hedge program generated realized gains of $10.4 million in Q3 2026 and $30.3 million year-to-date, offsetting the cash impact of the stronger BRL. These gains are recognized separately and are not reflected in the Company's reported unit operating costs. Allocating the year-to-date realized gains across the Company's operations on a pro rata basis would equate to estimated reductions of approximately $0.15 per pound on full-year consolidated copper C1 cash costs(1) and approximately $50 per ounce on Xavantina's full-year C1 cash costs(1) and AISC(1).

•Strong operating performance, higher copper and gold sales volumes, and favorable metal prices drove record results across several key financial metrics, including cash flow from operations, adjusted EBITDA(1) and net income.

◦Cash flow from operations was $191.2 million, an increase of 39% quarter-on-quarter.

◦Adjusted EBITDA(1) was $200.6 million, an increase of 39% quarter-on-quarter.

◦Net income attributable to the owners of the Company increased 30% quarter-on-quarter to $116.2 million, or $1.10 per diluted share.

◦Adjusted net income attributable to the owners of the Company(1) increased 48% quarter-on-quarter to $129.3 million, or $1.22 per diluted share.

•Available liquidity(1) increased by $82.3 million quarter-on-quarter to $264.1 million, reflecting strong cash generation and record quarterly debt reduction.

◦At quarter-end, available liquidity(1) comprised $114.1 million in cash and cash equivalents and $150.0 million of undrawn availability under the Company's senior secured revolving credit facility ("Senior Revolving Credit Facility").

◦During the quarter, the Company repaid $70.0 million under the Senior Revolving Credit Facility, bringing total repayments in 2026 to $105.0 million. As a result, total balance sheet debt decreased to $467.5 million, compared to $554.4 million at the end of Q2 2026 and $607.1 million at year-end 2025.

Reaffirming consolidated copper production and updating consolidated copper cost guidance as well as Xavantina production and cost guidance to reflect year-to-date performance and Q4 historic gold concentrate sales outlook

•Consolidated full-year copper production guidance remains unchanged at 67,500 to 77,500 tonnes, with Q4 expected to be the strongest production quarter of the year at both copper operations.

◦At the Caraíba Operations, Q4 2026 production is expected to benefit from higher mined and processed copper grades.

◦At the Tucumã Operation, higher throughput and improved metallurgical recoveries are expected to offset lower planned copper grades.

Ero Copper Corp. September 30, 2026 MD&A | Page 4

•Consolidated copper C1 cash cost(1) guidance has been updated to $2.25 to $2.45 per pound produced, reflecting the previously communicated impacts of a stronger BRL and inflationary pressures associated with the ongoing U.S.-Iran conflict. Allocating the year-to-date realized foreign exchange hedge gains across the Company's operations on a pro rata basis would translate to an estimated reduction of approximately $0.15 per pound on full-year consolidated copper C1 cash costs(1), equating to $2.10 to $2.30 per pound produced, in line with the Company's original 2026 guidance.

•Gold from the Xavantina Operations is expected to be 75,000 to 80,000 ounces in 2026.

◦Gold recovered from historic gold concentrates is expected to total approximately 45,000 ounces, including over 31,000 ounces recovered through the end of Q3 and approximately 15,000 ounces expected in Q4. The Q4 shipment outlook includes more than 6,000 ounces invoiced in October and approximately 9,000 ounces contained in concentrate at site undergoing drying prior to shipment.

◦Full-year mined gold production guidance has been revised to be 30,000 to 35,000 ounces, reflecting extended downtime associated with the installation of key ventilation and cooling infrastructure in H1 2026, as well as lower mined and processed grades in Q3. Production is expected to increase in Q4, supported by higher mining rates and grades following the acceleration of underground development during Q3.

◦Full-year C1 cash cost(1) and AISC(1) guidance for mined gold production has been updated to $1,650 to $1,800 and $3,300 to $3,600 per ounce, respectively. Allocating the year-to-date realized foreign exchange hedge gains across the Company's operations on a pro rata basis would translate to an estimated reduction of approximately $50 per ounce on Xavantina's full-year C1 cash costs(1) and AISC(1), equating to $1,600 to $1,750 and $3,250 to $3,550 per ounce, respectively.

•Full-year capital expenditure guidance remains unchanged at $285 to $330 million.

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

Ero Copper Corp. September 30, 2026 MD&A | Page 5

The Company continued to advance the Furnas Copper-Gold Project, completing the Phase 3 drill program in Q3 2026, more than two years ahead of schedule

•During Q3 2026, the Company completed the 45,000-meter Phase 3 drill program, satisfying the exploration component of the Furnas Project earn-in agreement with Vale Base Metals ("VBM"). To date, the Company has completed more than 100,000 meters of exploration drilling at Furnas with drilling requirements completed more than two years ahead of schedule. Assay results from Phase 2 and the first 7,000 meters of the Phase 3 program, published in Q2(1), continued to demonstrate high-grade continuity within the SE and NW zones and extension of mineralization both to depth and along strike adjacent to planned underground infrastructure as described in the Preliminary Economic Assessment ("PEA")(2).

•The Company continues to advance technical work streams including permitting, hydrogeological studies, ongoing environmental studies and confirmatory metallurgical testwork in support of a Pre-Feasibility Study ("PFS") expected to be published in 2027.

•The Furnas PEA(2), which was filed on SEDAR+ on March 30, 2026, outlines a large-scale, long-life operation with compelling economics, including an after-tax net present value (8%) of $2.0 billion and a 27.0% after-tax internal rate of return based on long-term copper, gold and silver prices of $4.60 per pound, $3,300 per ounce, and $40.00 per ounce, respectively.

The PEA(2) is preliminary in nature and includes inferred mineral resources, which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA(2) will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

(1)    For more information on the Phase 2 and 3 assay results, please see the Company's press release dated June 10, 2026.

(2)     For more information on the PEA, please see the Company's press release dated March 30, 2026.

Ero Copper Corp. September 30, 2026 MD&A | Page 6

REVIEW OF OPERATIONS

The Caraíba Operations

						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Ore mined (tonnes)						1,142,352						1,098,614						1,018,972						3,226,543						2,507,975
Ore processed (tonnes)						1,161,102						1,074,182						996,661						3,307,493						2,481,508
Grade (% Cu)						0.90						0.87						1.01						0.90						1.14
Recovery (%)						89.4						89.0						90.4						88.9						90.6
Cu Production (tonnes)						9,387						8,351						9,085						26,564						25,604
Cu Production (lbs)						20,694,259						18,410,934						20,029,832						58,563,914						56,447,924
Concentrate grade (% Cu)						33.9						33.1						33.1						33.1						32.5
Concentrate sales (tonnes)						28,174						23,993						27,541						80,829						78,528
Cu Sold in Concentrate (tonnes)						9,537						7,926						9,080						26,668						25,416
Cu Sold in Concentrate (lbs)						21,025,970						17,473,566						20,016,537						58,793,094						56,031,397
Copper C1 cash cost(1)						$	2.89					$	2.76					$	2.32					$	2.81					$	2.20

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

The Caraíba Operations produced 9,387 tonnes of copper in concentrate during the period, representing a quarter-on-quarter increase of 12%, driven by higher processed volumes and grades. Caraíba's C1 cash cost(1) was $2.89 per pound of copper produced for the quarter. Higher C1 cash costs(1) primarily reflected accelerated waste stripping at Surubim, which delayed access to the high-grade pit bottom, as well as higher diesel and maintenance costs. The continued strength of the BRL also increased the US-dollar equivalent of unit operating costs.

Copper production from the Caraíba Operations is expected to total between 35,000 to 40,000 tonnes in 2026, with Q4 expected to benefit from higher planned mined and processed grades. Full-year 2026 copper C1 cash cost(1) guidance has been updated to $2.55 to $2.75 (from $2.30 to $2.50) per pound produced to reflect the previously communicated impacts of a stronger Brazilian real on the Company's reported C1 cash costs(1) as well as inflationary pressures associated with the ongoing U.S.-Iran conflict.

The cash impact of the stronger BRL has been offset by year-to-date realized gains of $30.3 million from the Company's foreign exchange hedge program. Allocating the year-to-date realized foreign exchange hedge gains across the Company's operations on a pro rata basis would translate to an estimated reduction of approximately $0.20 per pound on the Caraíba's full-year C1 cash costs(1) equating to $2.35 to $2.55 per pound produced, generally in line with the Company's original 2026 guidance.

Ero Copper Corp. September 30, 2026 MD&A | Page 7

The Tucumã Operation

						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Ore mined (tonnes)						1,224,488						590,600						1,333,748						2,271,772						2,460,850
Ore processed (tonnes)						814,137						715,415						575,041						2,093,269						1,288,054
Grade (% Cu)						1.30						1.44						1.51						1.44						1.74
Recovery (%)						85.0						88.2						89.2						87.1						88.0
Cu Production (tonnes)						8,958						8,964						7,579						26,383						18,997
Cu Production (lbs)						19,749,378						19,762,521						16,707,162						58,164,304						41,880,323
Concentrate grade (% Cu)						28.8						28.4						29.9						28.7						30.1
Concentrate sales (tonnes)						29,780						30,861						24,077						91,159						59,824
Cu Sold in Concentrate (tonnes)						8,638						8,581						6,622						25,970						17,758
Cu Sold in Concentrate (lbs)						19,043,817						18,918,156						14,597,738						57,254,133						39,148,894
Copper C1 cash cost(1)(2)						$	2.12					$	2.10					$	1.62					$	2.07					$	1.62

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

(2)    The Company declared commercial production at the Tucumã Operation effective July 1, 2025. As such, 2025 copper C1 cash cost for the Tucumã Operation and consolidated copper operations reflect only Tucumã Operation's costs from Q3 2025 onward.

The Tucumã Operation produced 8,958 tonnes of copper in concentrate during the quarter at a C1 cash cost(1) of $2.12 per pound produced. Copper production was in line with the prior quarter, as higher plant throughput offset lower planned grades and recoveries. C1 cash costs(1) were also in line with the prior quarter, with initial OneEro cost savings offsetting the impact of inflationary pressures on input costs and the continued strength of the BRL.

Copper production at Tucumã is expected to total 32,500 to 37,500 tonnes for the full year, with production modestly weighted to the second half of the year. Q4 production is expected to benefit from higher plant throughput and recovery rates. Full-year C1 cash cost(1) guidance for Tucumã remains unchanged at $1.95 to $2.15 per pound produced.

The Company remains on schedule to install and commission modular tailings filters in Q4, providing additional capacity to Tucumã's tailings filtration circuit. The incremental filtration capacity and associated plant throughput benefits are expected to support future production plans and are not reflected in full-year 2026 operational guidance.

The cash impact of the stronger BRL has been offset by year-to-date realized gains of $30.3 million from the Company's foreign exchange hedge program. Allocating the year-to-date realized foreign exchange hedge gains across the Company's operations on a pro rata basis would translate to an estimated reduction of approximately $0.10 per pound on the Tucumã's full-year C1 cash costs(1) equating to $1.85 to $2.05 per pound produced.

Ero Copper Corp. September 30, 2026 MD&A | Page 8

The Xavantina Operations

						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Ore mined (tonnes)						56,527						49,484						50,268						138,831						121,325
Ore processed (tonnes)						55,478						48,564						47,865						141,170						118,922
Head grade (grams per tonne Au)						4.90						6.20						8.15						5.55						7.46
Recovery (%)						89.7						89.8						78.4						87.5						84.7
Gold production (oz)						7,844						8,693						9,073						22,032						23,454
- Doré produced						5,298						6,592						9,073						16,207						23,454
- Flotation concentrate produced						2,546						2,101						—						5,825						—
Historic gold concentrate recovered (oz)						17,414						11,860						—						31,386						—
Total gold (oz)						25,258						20,553						9,073						53,418						23,454
Silver ounces produced (oz)						3,375						3,953						6,418						9,890						14,826
Gold sold in doré (oz)						4,949						6,663						8,439						17,631						22,549
Gold sold in concentrate (oz)(2)						20,008						10,353						—						34,672						—
Gold sold (oz)						24,957						17,016						8,439						52,303						22,549
Silver sold (oz)						2,486						4,123						5,608						9,817						14,458
Realized gold price(1)						$	3,876					$	3,903					$	3,280					$	3,948					$	3,070
Gold Production C1 cash cost(1)						$	1,892					$	1,586					$	1,086					$	1,828					$	1,100
Gold Production AISC(1)						$	3,607					$	2,881					$	2,425					$	3,528					$	2,307
Historic gold concentrate C1 cash cost(1)						$	621					$	633					$	—					$	645					$	—
Historic gold concentrate AISC(1)						$	710					$	715					$	—					$	733					$	—

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

(2) Gold sold in concentrate includes gold ounces produced in flotation and the historic gold concentrate stockpiles.

Gold produced and recovered at the Xavantina Operations increased 23% quarter-on-quarter to 25,258 ounces, comprising 7,844 ounces of mined gold production and 17,414 ounces recovered from historic concentrate stockpiles. Mined gold production reflected higher mined and processed volumes, offset by lower grades. During the quarter, the operation accelerated underground development, including the development of higher-grade stopes, to improve operational flexibility and support higher sustained mining rates beginning in Q4. As a result, C1 cash costs(1) and AISC(1) were $1,892 and $3,607 per ounce of mined gold production, respectively.

Gold recovered from the historic concentrate stockpiles increased 47% quarter-on-quarter to 17,414 ounces, reflecting drier seasonal conditions and the benefit of additional drying infrastructure installed in late Q2. C1 cash costs(1) and AISC(1) were $621 and $710 per recovered ounce, respectively.

Gold sales increased 47% quarter-on-quarter to 24,957 ounces, comprised of 4,949 ounces in doré and 20,008 ounces in concentrate, including contributions from Xavantina's historic gold concentrates.

Ero Copper Corp. September 30, 2026 MD&A | Page 9

Gold from Xavantina is expected to total 75,000 to 80,000 ounces in 2026, including 30,000 to 35,000 ounces of mined production and approximately 45,000 ounces recovered from historic gold concentrate stockpiles. Mined gold production guidance has been revised to reflect extended downtime in H1 related to the installation of key ventilation and cooling infrastructure and lower mined and processed grades in Q3. Mined production is expected to increase in Q4, supported by higher mining rates and grades following the acceleration of underground development during Q3. As a result, C1 cash cost(1) and AISC(1) guidance has been updated to $1,650 to $1,800 per ounce and $3,300 to $3,600 per ounce, respectively.

The cash impact of the stronger BRL has been offset by year-to-date realized gains of $30.3 million from the Company's foreign exchange hedge program. Allocating the year-to-date realized foreign exchange hedge gains across the Company's operations on a pro rata basis would translate to an estimated reduction of approximately $50 per ounce on the Xavantina Operations' full-year C1 cash costs(1) and AISC(1) equating to $1,600 to $1,750 and $3,250 to $3,550 per ounce, respectively.

Gold recovered from historic concentrate stockpiles is expected to total approximately 45,000 ounces, including over 31,000 ounces recovered through the end of Q3 and approximately 15,000 ounces projected for Q4. The Q4 shipment outlook includes more than 6,000 ounces invoiced in October and approximately 9,000 ounces contained in concentrate at site undergoing drying prior to shipment.

Ero Copper Corp. September 30, 2026 MD&A | Page 10

2026 GUIDANCE

Consolidated copper production guidance remains unchanged at 67,500 to 77,500 tonnes, with Q4 expected to be the strongest production quarter of the year at both copper operations. At the Caraíba Operations, Q4 copper production is expected to benefit from higher mined and processed copper grades. At the Tucumã Operation, higher plant throughput and improved recoveries are expected to offset lower planned copper grades.

Full-year consolidated copper C1 cash cost(1) guidance has been updated to $2.25 to $2.45 per pound produced, reflecting the impact of continued strength in the BRL, inflationary pressures arising from the ongoing U.S.-Iran conflict, and delayed access to the higher-grade pit bottom of Surubim at the Caraíba Operations during the third quarter. Unit costs are expected to decline in Q4 at both of the copper operations driven by increased production.

The cash impact of the stronger BRL has been offset by year-to-date realized gains of $30.3 million from the Company's foreign exchange hedge program. Allocating the year-to-date realized foreign exchange hedge gains across the Company's operations on a pro rata basis would translate to an estimated reduction of approximately $0.15 per pound on full-year consolidated copper C1 cash costs(1), equating to $2.10 to $2.30 per pound produced, generally in line with the Company's original 2026 guidance.

Gold from Xavantina is expected to total 75,000 to 80,000 ounces in 2026, including 30,000 to 35,000 ounces of mined production and approximately 45,000 ounces recovered from historic gold concentrate stockpiles. Mined gold production guidance has been revised to reflect extended downtime in H1 related to the installation of key ventilation and cooling infrastructure and lower mined and processed grades in Q3. Mined production is expected to increase in Q4, supported by higher mining rates and grades following the acceleration of underground development during Q3. As a result, gold C1 cash cost(1) and AISC(1) guidance has been updated to $1,650 to $1,800 per ounce and $3,300 to $3,600 per ounce, respectively. Allocating the year-to-date realized foreign exchange hedge gains across the Company's operations on a pro rata basis would translate to an estimated reduction of approximately $50 per ounce on Xavantina's full-year C1 cash costs(1) and AISC(1) equating to $1,600 to $1,750 and $3,250 to $3,550 per ounce, respectively

Gold recovered from historic concentrate stockpiles is expected to total approximately 45,000 ounces, including over 31,000 ounces recovered through the end of Q3 and approximately 15,000 ounces projected for Q4. The Q4 shipment outlook includes more than 6,000 ounces invoiced in October and approximately 9,000 ounces contained in concentrate at site undergoing drying prior to shipment.

Total capital expenditure guidance is maintained in the range of $285 to $330 million.

Ero Copper Corp. September 30, 2026 MD&A | Page 11

2026 Production and Cost Guidance

																		Previous Guidance						Current Guidance						Current Guidance with YTD $30M FX Gain Applied(1)
Consolidated Copper Production (tonnes)
Caraíba Operations																		35,000 - 40,000						35,000 - 40,000						35,000 - 40,000
Tucumã Operation																		32,500 - 37,500						32,500 - 37,500						32,500 - 37,500
Total Copper																		67,500 - 77,500						67,500 - 77,500						67,500 - 77,500
Consolidated Copper C1 Cash Costs ($/lb)(2)
Caraíba Operations																		$2.30 - $2.50						$2.55 - $2.75						$2.35 - $2.55
Tucumã Operation																		$1.95 - $2.15						$1.95 - $2.15						$1.85 - $2.05
Consolidated Copper Operations																		$2.15 - $2.35						$2.25 - $2.45						$2.10 - $2.30
The Xavantina Operations (oz)
Mined Au Production																		40,000 - 50,000						30,000 - 35,000						30,000 - 35,000
Au Recovered from Historic Stockpiles																		—						Approx. 45,000						Approx. 45,000
Total Gold																		40,000 - 50,000						75,000 - 80,000						75,000 - 80,000
Mined Gold Production Costs ($/oz)
C1 Cash Cost(2)																		$1,100 - $1,350						$1,650 - $1,800						$1,600 - $1,750
AISC(2)																		$2,200 - $2,700						$3,300 - $3,600						$3,250 - $3,550

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

(1)    Assumes $30.3 million realized gains through the end of Q3 from the Company's foreign exchange hedge program, allocated to the operations for the purposes of calculating unit cash costs as follows: 55% ($16.7 million) to Caraíba, 30% ($9.1 million) to Tucumã, and 15% ($4.6 million) to Xavantina.

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

2026 Capital Expenditure Guidance

Figures presented in the table below are in USD millions.

												Current Guidance
Caraíba Operations												$170 - $185
Tucumã Operation												$35 - $45
Xavantina Operations												$50 - $60
Furnas Copper-Gold Project, Other Exploration & Corporate												$30 - $40
Total												$285 - $330

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

Ero Copper Corp. September 30, 2026 MD&A | Page 12

REVIEW OF FINANCIAL RESULTS

The following table provides a summary of the financial results of the Company for Q3 2026 and Q3 2025. Tabular amounts are in thousands of US dollars, except share and per share amounts.

									Three months ended September 30,
			Notes						2026						2025
Revenue			1						$	348,034					$	177,092
Cost of sales			2						(178,475)						(119,695)
Gross profit									169,559						57,397
Expenses
General and administrative									(16,818)						(12,580)
Share-based compensation									(7,458)						(6,742)
Operating Income									145,283						38,075
Finance income									825						1,208
Finance expense			3						(9,952)						(11,331)
Foreign exchange gain			4						5,077						22,055
Other income (expenses)									2,285						(720)
Income before income taxes									143,518						49,287
Income tax expense
Current									(25,905)						(8,086)
Deferred									341						(4,688)
			5						(25,564)						(12,774)
Net income for the period									$	117,954					$	36,513
Other comprehensive (loss) gain
Foreign currency translation (loss) gain			6						(1,689)						22,429
Comprehensive income									$	116,265					$	58,942
Net income per share attributable to owners of the Company
Basic									$	1.11					$	0.35
Diluted									$	1.10					$	0.35
Weighted average number of common shares outstanding
Basic									104,351,583						103,621,631
Diluted									105,977,099						104,044,755

Ero Copper Corp. September 30, 2026 MD&A | Page 13

Notes:

1.    Revenues from copper sales in Q3 2026 was $252.9 million (Q3 2025 - $149.7 million) on sale of 40.1 million lbs of copper (Q3 2025 - 34.6 million lbs). The increase in copper revenues was primarily attributed to a 45% higher average realized price and an 16% increase in copper sold against the comparative period.

Revenues from gold sales in Q3 2026 was $95.1 million (Q3 2025 - $27.4 million) on sale of 4,949 ounces of gold in doré (Q3 2025 - 8,439 ounces) and 20,008 ounces of gold in concentrate (Q3 2025 - nil ounces) at an average realized price of $3,876 per ounce (Q3 2025 - $3,280 per ounce). The increase in gold revenues was primarily driven by 196% higher sales volumes, attributed to the sale of gold concentrates which began in Q4 2025, and 18% higher realized gold prices.

2.    Cost of sales for Q3 2026 from copper sales was $148.6 million (Q3 2025 - $104.3 million), primarily consisting of $37.1 million (Q3 2025 - $25.9 million) in depreciation and depletion, $34.6 million (Q3 2025 - $23.1 million) in contracted services, $23.9 million (Q3 2025 - $18.0 million) in materials and consumables, $22.8 million (Q3 2025 - $19.5 million) in salaries and benefits, $15.7 million (Q3 2025 - $12.4 million) in maintenance costs, $12.4 million (Q3 2025 - $8.7 million) in sales expenses, $6.8 million (Q3 2025 - $4.6 million) in utilities, and $0.9 million (Q3 2025 - $0.9 million) in other costs and a decrease of $5.5 million (Q3 2025 - $9.8 million decrease) due to changes in inventories. The increase in cost of sales in Q3 2026 compared to Q3 2025 was attributed to a $25.4 million increase at the Tucumã Operation reflecting a 30% increase in sales volume since achieving commercial production in Q3 2025, as well as a $18.9 million increase at the Caraíba Operations reflecting higher mining and processing costs due to increased ore processed to offset lower head grades, as well as higher unplanned waste costs at Surubim and increased road fleet maintenance costs incurred during the quarter.

Cost of sales for Q3 2026 from gold sales was $29.9 million (Q3 2025 - $15.4 million). Cost of sales includes production costs primarily consisting of $7.7 million (Q3 2025 - $0.3 million) in sales expenses, $5.7 million (Q3 2025 - $2.0 million) in contracted services, $5.5 million (Q3 2025 - $5.1 million) in depreciation and depletion, $5.3 million (Q3 2025 - $4.1 million) in salaries and benefits, $3.7 million (Q3 2025 - $2.3 million) in materials and consumables, $1.9 million (Q3 2025 - $1.3 million) in maintenance costs, $1.1 million (Q3 2025 - $0.8 million) in utilities, and $0.1 million (Q3 2025 - $0.2 million) in other costs, partially offset by $1.2 million decrease (Q3 2025 - $0.6 million decrease) due to changes in inventories. The increase in cost of sales as compared to Q3 2025 primarily reflects increased sales volume relating to gold concentrates, as well as higher mining costs as the operation transitioned to mechanized mining.

3.    Finance expense for Q3 2026 was $10.0 million (Q3 2025 - $11.3 million) and was primarily comprised of interest on loans and borrowings of $3.6 million (Q3 2025 - $6.7 million), other finance expense of $3.1 million (Q3 2025 - $1.0 million), accretion of deferred revenue of $1.9 million (Q3 2025 - $2.0 million), accretion of provision for rehabilitation and closure costs of $0.8 million (Q3 2025 - $0.9 million), and lease interest of $0.6 million (Q3 2025 - $0.7 million). During the quarter, $5.4 million (Q3 2025 - $4.6 million) in borrowing costs were capitalized to projects in progress primarily related to the Deepening Project.

4.    Foreign exchange gain for Q3 2026 was $5.1 million (Q3 2025 - $22.1 million gain). This amount is primarily comprised of $10.4 million (Q3 2025 - $2.0 million gain) of realized foreign exchange gain on derivative contracts, partially offset by $3.1 million (Q3 2025 - $4.0 million gain) of unrealized foreign exchange loss on derivative contracts, other foreign exchange losses of $1.7 million (Q3 2025 - $1.0 million losses), and $0.6 million (Q3 2025 - $17.0 million gain) in foreign exchange loss on USD denominated debt at MCSA for which the functional currency is the BRL.

5.    In Q3 2026, the Company recognized $25.6 million in income tax expense (Q3 2025 $12.8 million expense). The increase in income tax expense was primarily a result of an increase in income before taxes as compared to the same quarter of the prior year.

6.    The foreign currency translation loss was a result of a fluctuation of the BRL against the USD during Q3 2026, which weakened marginally from approximately 5.177 BRL per US dollar at the beginning of Q3 2026 to approximately 5.181 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, 2026 MD&A | Page 14

The following table provides a summary of the financial results of the Company for YTD 2026 and 2025. Tabular amounts are in thousands of US dollars, except share and per share amounts.

									Nine months ended September 30,
			Notes						2026						2025
Revenue			1						$	895,517					$	465,690
Cost of sales			2						(498,625)						(285,485)
Gross profit									396,892						180,205
Expenses
General and administrative									(40,411)						(35,515)
Share-based compensation									(11,161)						(15,671)
Operating Income									345,320						129,019
Finance income									3,389						3,176
Finance expense			3						(33,694)						(22,030)
Foreign exchange gain			4						69,577						119,095
Other expenses			5						(3,808)						(495)
Income before income taxes									380,784						228,765
Income tax expense
Current									(50,877)						(21,109)
Deferred									(11,893)						(19,488)
			6						(62,770)						(40,597)
Net income for the period									$	318,014					$	188,168
Other comprehensive gain
Foreign currency translation gain			7						57,908						106,051
Comprehensive income									$	375,922					$	294,219
Net income per share attributable to owners of the Company
Basic									$	3.02					$	1.80
Diluted									$	2.97					$	1.80
Weighted average number of common shares outstanding
Basic									104,299,083						103,589,664
Diluted									105,903,492						103,941,295

Ero Copper Corp. September 30, 2026 MD&A | Page 15

Notes:

1.    Revenues from copper sales in YTD 2026 amounted to $693.0 million (YTD 2025 - $397.3 million), reflecting the sale of 116.0 million lbs of copper compared to 95.2 million lbs in YTD 2025. The increase in revenues was primarily attributable to ramp-up of production from the Tucumã Operations, which had $328.8 million in revenue compared to $155.0 million in the prior year, as well as realizing approximately 40% higher copper prices at both operations compared to the prior year.

Revenues from gold sales in YTD 2026 was $202.5 million (YTD 2025 - $68.4 million), reflecting the sale of 17,631 ounces of gold in doré (YTD 2025 - 22,549 ounces) and 34,672 ounces of gold in concentrate (YTD 2025 - nil ounces) at an average realized price of $3,948 per ounce (YTD 2025 - $3,070 per ounce). The increase in gold revenues was driven by 132% higher sales volumes, primarily attributed to the sale of gold concentrate, and 29% higher realized gold prices.

2.    Cost of sales for YTD 2026 from copper sales was $420.1 million (YTD 2025 - $245.5 million). Cost of sales includes production costs which primarily consist of $102.0 million (YTD 2025 - $60.0 million) in depreciation and depletion, $91.1 million (YTD 2025 - $42.5 million) in contracted services, $68.7 million (YTD 2025 - $52.5 million) in salaries and benefits, $62.2 million (YTD 2025 - $39.4 million) in materials and consumables, $47.6 million (YTD 2025 - $33.6 million) in maintenance costs, $36.1 million (YTD 2025 - $16.1 million) in sales expenses, and $18.2 million (YTD 2025 - $11.7 million) in utilities and a decrease of $8.4 million (YTD 2025 - $12.8 million decrease) due to changes in inventories. The increase in cost of sales was primarily attributable to a $108.0 million increase in cost of sales at the Tucumã Operation as sales were 46% higher than the comparable period, as well as a $66.6 million increase at the Caraíba Operations reflecting a 9% stronger Brazilian Reals against the U.S. Dollar, a 5% increase in sales volume, and higher mining and processing cost due to an increase in ore mined and processed to offset lower head grade.

Cost of sales for YTD 2026 from gold sales was $78.6 million (YTD 2025 - $40.0 million). Cost of sales includes production costs which primarily consist of $16.7 million (YTD 2025 - $14.1 million) in depreciation and depletion, $15.0 million (YTD 2025 - $10.0 million) in salaries and benefits, $14.7 million (YTD 2025 - $0.8 million) in sales expenses, $13.4 million (YTD 2025 - $6.2 million) in contracted services, $9.8 million (YTD 2025 - $5.7 million) in materials and consumables, $5.0 million (YTD 2025 - $2.8 million) in maintenance costs, $3.3 million (YTD 2025 - $1.9 million) in utilities, and nil (YTD 2025 - $2.0 million decrease) due to changes in inventories. The increase in cost of sales reflects higher mining costs as the operation transitioned to mechanized mining, as well as costs related to gold concentrate sales.

3.    Finance expense for YTD 2026 was $33.7 million (YTD 2025 - $22.0 million) and was primarily comprised of interest on loans and borrowings of $13.7 million (YTD 2025 - $6.7 million), other finance expense of $10.0 million (YTD 2025 - $6.1 million) mainly related to expected credit loss provision on a note receivable, accretion of deferred revenue of $5.7 million (YTD 2025 - $4.7 million), accretion of provision for rehabilitation and closure costs of $2.4 million (YTD 2025 - $2.6 million), and lease interest of $1.9 million (YTD 2025 - $1.9 million). During YTD 2026, $15.4 million (YTD 2025 - $27.0 million) in interest was capitalized to projects in progress. The increase in finance expense was primarily attributable to a decrease in capitalized borrowing costs upon the Tucumã Operation achieving commercial production effective July 1, 2025.

4.    Foreign exchange gain for YTD 2026 was $69.6 million (YTD 2025 - $119.1 million gain). This amount was primarily comprised of a foreign exchange gain of $39.8 million (YTD 2025 - $95.1 million gain) on USD denominated debt in MCSA, for which the functional currency is the BRL, a realized foreign exchange gain on derivative contracts of $30.3 million amount (YTD 2025 - nil gain), and a foreign exchange gain on unrealized derivative contracts of $8.1 million (YTD 2025 - $27.4 million gain), partially offset by other foreign exchange losses of $8.7 million (YTD 2025 - $3.5 million losses). The fluctuation in foreign exchange gains/losses were primarily a result of increased volatility of the USD/BRL foreign exchange rates, where the BRL strengthened 6.2% against the USD during YTD 2026.

5.    In YTD 2026, the Company recognized $3.8 million in other expense (YTD 2025 - $0.5 million expense), comprised primarily of $10.9 million in realized losses on gold derivatives and $2.5 million in unrealized losses on copper derivatives, partially offset by the recovery of $5.7 million in out-of-period PIS/COFINS tax credits and $5.3 million in unrealized gains on gold derivatives. Other expense was not significant in the comparative period.

6.    In YTD 2026, the Company recognized a $62.8 million income tax expense (YTD 2025 - $40.6 million expense). The increase over the comparative period was primarily a result of an increase in net income before income taxes in the current period.

Ero Copper Corp. September 30, 2026 MD&A | Page 16

7.    The foreign currency translation gain is a result of fluctuations of the BRL against the USD during YTD 2026, which strengthened from approximately 5.50 BRL per US dollar at the beginning of 2026 to approximately 5.18 BRL per US dollar by the end of the period, 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)
						2026						2026						2026						2025						2025						2025						2025						2024
Revenue						$	348.0					$	284.3					$	263.2					$	320.2					$	177.1					$	163.5					$	125.1					$	122.5
Cost of sales						$	(178.5)					$	(162.9)					$	(157.3)					$	(155.7)					$	(119.7)					$	(96.2)					$	(69.6)					$	(70.2)
Gross profit						$	169.6					$	121.4					$	105.9					$	164.4					$	57.4					$	67.3					$	55.5					$	52.4
Net income (loss) for period						$	118.0					$	90.7					$	109.3					$	78.7					$	36.5					$	71.0					$	80.6					$	(48.9)
Income (loss) per share attributable to owners of the Company
- Basic						$	1.11					$	0.86					$	1.04					$	0.74					$	0.35					$	0.68					$	0.77					$	(0.47)
- Diluted						$	1.10					$	0.85					$	1.04					$	0.74					$	0.35					$	0.68					$	0.77					$	(0.47)
Weighted average number of common shares outstanding
- Basic						104,351,583						104,282,548						104,262,136						103,961,272						103,621,631						103,582,082						103,564,654						103,345,064
- Diluted						105,977,099						105,876,946						105,023,869						104,693,751						104,044,755						103,905,561						103,904,737						103,345,064

Notes:

1.During Q3 2026, the Company recognized net income of $118.0 million compared to net income of $90.7 million in the preceding quarter. The increase in net income compared to the prior quarter was primarily attributable to a $48.1 million increase in gross profit, partially offset by a $6.2 million increase in income tax expense, a $6.4 million increase in shared-based compensation, and a $5.8 million decrease in foreign exchange gains.

2.During Q2 2026, the Company recognized net income of $90.7 million compared to net income of $109.3 million in the preceding quarter. The decrease in net income compared to the prior quarter was primarily attributable to a $42.8 million decrease in foreign exchange gains ($10.8 million gain compared to $53.7 million gain in the prior quarter), a $1.4 million increase in income tax expense, a $1.6 million increase in finance expense, partially offset by a $15.5 million increase in gross profit and a $11.4 million increase in other income.

3.During Q1 2026, the Company recognized net income of $109.3 million compared to net income of $78.7 million in the preceding quarter. The increase in net income compared to the prior quarter was primarily attributable to a $77.0 million increase in foreign exchange gains ($53.7 million gain compared to $23.3 million loss in the prior quarter), a $6.3 million decrease in share-based compensation, a $5.6 million decrease in income tax expense, partially offset by a $58.5 million decrease in gross profit and a $1.8 million increase in other expenses.

Ero Copper Corp. September 30, 2026 MD&A | Page 17

4.During Q4 2025, the Company recognized net income of $78.7 million compared to net income of $36.5 million in the preceding quarter. The increase in net income compared to the prior quarter was primarily attributable to a $107.0 million higher gross profit, partially offset by $45.4 million lower foreign exchange gain ($23.3 million loss compared to $22.1 million gain in the prior quarter), $10.7 million increase in income tax expense, $6.2 million increase in other expenses, and $2.2 million increase in share-based compensation from mark-to-market revaluation of share-based compensation liability.

5.During Q3 2025, the Company recognized net income of $36.5 million compared to net income of $71.0 million in the preceding quarter. The decrease in net income compared to the prior quarter was primarily attributable to a $16.5 million lower foreign exchange gain, $9.9 million lower gross profit and $5.4 million higher finance expense from the cessation of capitalization of borrowing costs at the Tucumã Operation following the declaration of commercial production on July 1, 2025.

6.During Q2 2025, the Company recognized net income of $71.0 million compared to net income of $80.6 million in the preceding quarter. The decrease in net income was primarily attributable to a lower foreign exchange gain of $38.6 million in the current quarter compared to $58.4 million in the preceding quarter, partially offset by a higher gross profit of $67.3 million in the current quarter compared to $55.5 million in the preceding quarter.

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

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

LIQUIDITY, CAPITAL RESOURCES, AND CONTRACTUAL OBLIGATIONS

Liquidity

As at September 30, 2026, the Company had cash and cash equivalents of $114.1 million and available liquidity of $264.1 million. Cash and cash equivalents were primarily comprised of cash held with reputable financial institutions and are invested in highly liquid short-term investments with maturities of three months or less. The funds are not exposed to liquidity risk and there are no restrictions on the ability of the Company to use these funds to meet its obligations.

Cash and cash equivalents increased by $8.6 million from December 31, 2025. The Company’s cash flows from operating, investing, and financing activities for the nine months ended September 30, 2026, are summarized as follows:

•Cash from operating activities of $421.9 million, primarily consists of:

◦$469.8 million of adjusted EBITDA (see Non-IFRS Measures); and

◦$14.2 million of derivative contract settlements;

net of:

◦$27.6 million of net change in non-cash working capital items; and

◦$21.2 million in income tax payments

◦$16.1 million of amortization of non-cash deferred revenues

Ero Copper Corp. September 30, 2026 MD&A | Page 18

Offset by:

•Cash used in investing activities of $220.0 million, including:

◦$203.1 million of additions to mineral property, plant and equipment; and

◦$19.2 million of additions to exploration and evaluation assets;

net of:

◦$2.3 million in interest received.

•Cash used in financing activities of $192.3 million, primarily consists of:

◦$138.0 million of principal repayments on loans and borrowings;

◦$36.7 million of interest paid on loans and borrowings; and

◦$16.4 million of lease payments;

net of:

◦$6.1 million of new loans and borrowings; and

◦$2.9 million of proceeds from exercise of stock options.

As at September 30, 2026, the Company had working capital of $89.4 million.

Capital Resources

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

At September 30, 2026, the Company had available liquidity of $264.1 million, including $114.1 million in cash and cash equivalents and $150.0 million of undrawn availability under its Senior Revolving Credit Facility.

The Company has a Senior Revolving Credit Facility which has a borrowing limit of $200 million and matures in December 2028. The applicable interest margin is based on sliding scales of SOFR plus 2.00% to 4.25%, and commitment fee ranges from 0.45% to 0.96%, based on the Company's net leverage ratio, with lower leverage ratios resulting in lower pricing.

Ero Copper Corp. September 30, 2026 MD&A | Page 19

In relation to its loans and borrowings, the Company is required to comply with certain financial covenants. As of the date of the condensed consolidated interim financial statements, the Company is in compliance with these covenants. The loan agreements also contain covenants that could restrict the ability of the Company and its subsidiaries, including MCSA, Ero Gold, NX Gold, and Ero Brasil Participacoes Ltda. 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.

Contractual Obligations and Commitments

The Company has a precious metals purchase agreement (the "Xavantina Gold Stream") 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 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, 2026 and December 31, 2025:

			September 30, 2026						December 31, 2025
Cash and cash equivalents			114,053						$	105,442
Trade receivables			31,616						41,061
Derivatives			16,079						4,701
Note receivable			13,534						13,403
Deposits and other assets			715						3,577
			$	175,997					$	168,184

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

Ero Copper Corp. September 30, 2026 MD&A | Page 20

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

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

At September 30, 2026, PMA continued to be in default of the agreement and the gross amount of accounts and note receivable from PMA was $27.0 million (December 31, 2025 - $24.4 million). Accordingly, the note receivable is considered credit impaired, and the Company recorded a credit loss provision and present value discount of $17.3 million (December 31, 2025 - $14.9 million). The carrying value of the PMA note receivable at September 30, 2026 was $9.7 million (December 31, 2025 - $9.5 million), entirely included in deposits and other non-current assets. During the three and nine months ended September 30, 2026, the Company has recognized nil and $1.5 million of credit loss provision (nil and $0.2 million for the three and nine months ended September 30, 2025).

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 its 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, 2026:

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)						$	467,514					$	567,737					$	44,188					$	110,549					$	413,000					$	—
Accounts payable and accrued liabilities						176,241						176,241						176,241						—						—						—
Other non-current liabilities						10,117						10,116						—						8,911						816						389
Leases						20,715						22,873						14,387						6,431						1,144						912
Total						$	674,587					$	776,967					$	234,816					$	125,891					$	414,960					$	1,301

As at September 30, 2026, the Company has capital commitments, which are net of advances to suppliers, of $85.0 million through contracts and purchase orders which are expected to be incurred over a four-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.

Ero Copper Corp. September 30, 2026 MD&A | Page 21

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

Foreign exchange currency risk

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

The Company's exposure to foreign exchange currency risk at September 30, 2026 relates to $18.5 million (December 31, 2025 – $46.6 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, 2026 on $608.3 million of intercompany loan balances (December 31, 2025 - $604.6 million) which have contractual repayment terms. Strengthening (weakening) in the Brazilian Real against the US dollar at September 30, 2026 by 10% and 20%, would have decreased (increased) pre-tax net income by $62.5 million and $124.9 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, 2026 is summarized as follows:

Notional Amount

Denomination

Weighted average floor

Weighted average cap / forward price

Maturities

$390.0 million

USD/BRL

5.33

6.27

October 2026 - December 2027

The aggregate fair value of the Company's foreign exchange derivatives was a net asset of $16.1 million (December 31, 2025 - net asset of $4.4 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 an unrealized loss of $3.1 million and gain of $8.1 million for the three and nine months ended September 30, 2026, respectively (a gain of $4.0 million and of $27.4 million for the three and nine months ended September 30, 2025, respectively), and have been recognized in foreign exchange gain.

In addition, during the three and nine months ended September 30, 2026, the Company recognized a realized gain of $10.4 million and $30.3 million, respectively (realized gain of $2.0 million and nil for the three and nine months ended September 30, 2025 respectively), related to the settlement of foreign currency forward collar contracts.

Ero Copper Corp. September 30, 2026 MD&A | Page 22

Interest rate risk

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

The Company is principally exposed to interest rate risk through its Senior Revolving Credit Facility and Brazilian Real denominated bank loans. Based on the Company’s net exposure at September 30, 2026, 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.

As of September 30, 2026, the Company had no outstanding gold contracts (December 31, 2025 - liability of $6.8 million).

During the three and nine months ended September 30, 2026, the Company recognized an unrealized loss of $2.5 million and gain of $2.8 million (unrealized loss of $1.6 million and loss of $3.1 million for the three and nine months ended September 30, 2025), respectively, in relation to its commodity derivatives in other income or loss.

During the three and nine months ended September 30, 2026, the Company recognized a realized loss of nil million and $10.9 million (realized loss of $0.6 million and $0.6 million for three and nine months ended September 30, 2025), respectively, in relation to its commodity derivatives in other income or loss.

At September 30, 2026, the Company had provisionally priced sales at period end that are exposed to commodity price changes. Based on the Company’s net exposure at September 30, 2026, a 10% change in the price of copper and gold would have changed pre-tax net income (loss) by $9.4 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, 2026, the Company had no material off-balance sheet arrangements.

Outstanding Share Data

As of November 2, 2026, the Company had 104,419,206 common shares issued and outstanding.

Ero Copper Corp. September 30, 2026 MD&A | Page 23

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, 2025. Judgments 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 income taxes. Critical accounting estimates represent estimates that are uncertain and for which changes in those estimates could materially impact the consolidated financial statements. Key sources of estimation uncertainty, including those the Company believes to be critical accounting estimates, include derivative instruments, deferred revenue, carrying amounts of mineral properties, provision for mine closure and reclamation costs, expected credit losses and realization of value-added tax receivable. Certain of these estimates are dependent on mineral reserves and resource information. Changes in mineral reserves and resources could impact depreciation and depletion rates, asset carrying amounts and the timing of mine closure and reclamation costs. The Company determines its mineral reserves and resources based on information compiled by competent individuals. Information regarding mineral reserves and resources is used in the calculation of depreciation, depletion and determination, when applicable, of the recoverable amount of CGUs, and for forecasting the timing of reclamation and closure cost expenditures. There are numerous uncertainties inherent in the determination of mineral reserves, and assumptions that are valid at the time of determination may change significantly when new information becomes available. Changes in the methodology, forecasted prices of commodities, exchange rates, production costs or recovery rates may change the economic status of mineral reserves and may, ultimately, result in changes in the mineral reserves.

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

Ero Copper Corp. September 30, 2026 MD&A | Page 24

CAPITAL EXPENDITURES

The following table presents capital expenditures at the Company’s operations on an accrual basis.

						2026 - Q3			2026 - Q2						2026 - Q1			2026 - YTD
Caraíba Operations
Growth						$	13,442		$	18,119					$	11,142		$	42,703
Sustaining						32,524			28,109						24,804			85,437
Exploration						2,698			2,921						1,683			7,302
Deposit on Projects						2,630			13						621			3,264
Total, Caraíba Operations						$	51,294		$	49,162					$	38,250		$	138,706
Tucumã Operation
Growth						6,742			—						—			6,742
Sustaining						7,296			8,537						5,180			21,013
Exploration						105			307						155			567
Deposit on Projects						2,024			1,540						485			4,049
Total, Tucumã Operation						$	16,167		$	10,384					$	5,820		$	32,371
Xavantina Operations
Growth						8,995			2,267						917			12,179
Sustaining						2,347			11,620						8,123			22,090
Exploration						2,236			2,200						1,405			5,841
Deposit on Projects						(7,549)			4,796						3,392			639
Total, Xavantina Operations						$	6,029		$	20,883					$	13,837		$	40,749
Corporate and Other
Growth						—			—						29			29
Sustaining						—			3,213						866			4,079
Exploration						8,861			6,358						5,474			20,693
Deposit on Projects						(69)			76						17			24
Total, Corporate and Other						$	8,792		$	9,647					$	6,386		$	24,825
Consolidated
Growth						29,179			20,386						12,088			61,653
Sustaining						42,167			51,479						38,973			132,619
Exploration						13,900			11,786						8,717			34,403
Deposit on Projects						(2,964)			6,425						4,515			7,976
Total, Consolidated Capital Expenditures						$	82,282		$	90,076					$	64,293		$	236,651

Ero Copper Corp. September 30, 2026 MD&A | Page 25

						2026 - Q3			2026 - Q2						2026 - Q1			2026 - YTD
Total, Consolidated Capital Expenditures						$	82,282		$	90,076					$	64,293		$	236,651
Add (less):
Additions to exploration and evaluation assets						(9,626)			(6,742)						(5,682)			(22,050)
Additions to right-of-use assets						7,795			1,764						1,599			11,158
Capitalized depreciation						409			179						224			812
Total, additions per Mineral Properties, Plant and Equipment note						$	80,860		$	85,277					$	60,434		$	226,571

ALTERNATIVE PERFORMANCE (NON-IFRS) MEASURES

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

Copper C1 cash cost is a non-IFRS performance measure used by the Company to manage and evaluate the performance of its copper mining operations.

Copper C1 cash cost is calculated as C1 cash costs divided by total pounds of copper produced during the period. C1 cash costs comprise the total cost of production, including expenses related to transportation, and treatment and refining charges. These costs are net of by-product credits and incentive payments.

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

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

Ero Copper Corp. September 30, 2026 MD&A | Page 26

The Caraíba Operations

Reconciliation:						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Cost of production						$	65,552					$	59,098					$	50,261					$	187,002					$	132,870
Add (less):
Transportation costs & other						4,079						2,895						1,731						9,870						4,845
Treatment, refining, and other						610						(5,225)						2,508						(2,451)						7,258
By-product credits						(8,726)						(8,045)						(6,693)						(26,848)						(17,597)
Incentive payments						(1,607)						(1,700)						(1,425)						(4,841)						(4,171)
Net change in inventory						(71)						3,647						199						2,093						1,247
Foreign exchange and other						(60)						106						(46)						(41)						(177)
C1 cash costs						$	59,777					$	50,776					$	46,535					$	164,784					$	124,275

						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Costs
Mining						$	46,594					$	42,510					$	33,943					$	131,515					$	91,181
Processing						9,098						9,986						8,222						28,186						21,123
Indirect						8,122						8,655						6,824						24,512						17,465
Production costs						63,814						61,151						48,989						184,213						129,769
By-product credits						(8,726)						(8,045)						(6,693)						(26,848)						(17,597)
Treatment, refining and other						4,689						(2,330)						4,239						7,419						12,103
C1 cash costs						$	59,777					$	50,776					$	46,535					$	164,784					$	124,275

						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Costs per pound
Total copper produced (lbs, 000)						20,694						18,411						20,030						58,564						56,448
Mining						$	2.25					$	2.31					$	1.69					$	2.25					$	1.62
Processing						$	0.44					$	0.54					$	0.41					$	0.48					$	0.37
Indirect						$	0.39					$	0.47					$	0.34					$	0.42					$	0.31
By-product credits						$	(0.42)					$	(0.44)					$	(0.33)					$	(0.46)					$	(0.31)
Treatment, refining and other						$	0.23					$	(0.12)					$	0.21					$	0.12					$	0.21
Copper C1 cash costs						$	2.89					$	2.76					$	2.32					$	2.81					$	2.20

Ero Copper Corp. September 30, 2026 MD&A | Page 27

The Tucumã Operation(1)

Reconciliation:						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Cost of production						$	33,646					$	31,632					$	18,308					$	95,016					$	35,504
Add (less):
Transportation costs & other						8,191						9,393						4,880						23,975						4,880
Treatment, refining, and other						163						378						1,486						3,012						1,486
By-product credits						(566)						(425)						—						(1,692)						—
Incentive payments						(552)						(480)						(401)						(1,578)						(401)
Net change in inventory						981						1,021						2,783						1,446						2,783
Pre-commercial cost of production						—						—						—						—						(17,196)
Foreign exchange and other						(6)						4						—						(6)						—
C1 cash costs						$	41,857					$	41,523					$	27,056					$	120,173					$	27,056

						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Costs
Mining						$	10,943					$	8,963					$	4,552					$	26,444					$	4,552
Processing						18,649						18,566						12,455						55,191						12,455
Indirect						4,477						4,648						3,698						13,243						3,698
Production costs						34,069						32,177						20,705						94,878						20,705
By-product credits						(566)						(425)						—						(1,692)						—
Treatment, refining and other						8,354						9,771						6,351						26,987						6,351
C1 cash costs						$	41,857					$	41,523					$	27,056					$	120,173					$	27,056

						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Costs per pound
Total copper produced (lbs, 000)						19,749						19,763						16,707						58,164						16,707
Mining						$	0.55					$	0.45					$	0.27					$	0.45					$	0.27
Processing						$	0.94					$	0.94					$	0.75					$	0.95					$	0.75
Indirect						$	0.23					$	0.24					$	0.22					$	0.23					$	0.22
By-product credits						$	(0.03)					$	(0.02)					$	—					$	(0.03)					$	—
Treatment, refining and other						$	0.43					$	0.49					$	0.38					$	0.47					$	0.38
Copper C1 cash costs						$	2.12					$	2.10					$	1.62					$	2.07					$	1.62

(1)    The Company declared commercial production at the Tucumã Operation effective July 1, 2025. Tucumã Operation reflects costs from Q3 2025 onward only.

Ero Copper Corp. September 30, 2026 MD&A | Page 28

Total Copper Operations(1)

Reconciliation:						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Cost of production						$	99,198					$	90,730					$	68,569					$	282,018					$	168,374
Add (less):
Transportation costs & other						12,270						12,288						6,611						33,845						9,725
Treatment, refining, and other						773						(4,847)						3,994						561						8,744
By-product credits						(9,292)						(8,470)						(6,693)						(28,540)						(17,597)
Incentive payments						(2,159)						(2,180)						(1,826)						(6,419)						(4,572)
Net change in inventory						910						4,668						2,982						3,539						4,030
Pre-commercial cost of production						—						—						—						—						(17,196)
Foreign exchange and other						(66)						110						(46)						(47)						(177)
C1 cash costs						$	101,634					$	92,299					$	73,591					$	284,957					$	151,331

						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Costs
Mining						$	57,537					$	51,473					$	38,495					$	157,959					$	95,733
Processing						27,747						28,552						20,677						83,377						33,578
Indirect						12,599						13,303						10,522						37,755						21,163
Production costs						97,883						93,328						69,694						279,091						150,474
By-product credits						(9,292)						(8,470)						(6,693)						(28,540)						(17,597)
Treatment, refining and other						13,043						7,441						10,590						34,406						18,454
C1 cash costs						$	101,634					$	92,299					$	73,591					$	284,957					$	151,331

						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Costs per pound
Total copper produced (lbs, 000)						40,444						38,173						36,737						116,728						73,155
Mining						$	1.42					$	1.35					$	1.05					$	1.35					$	1.31
Processing						$	0.69					$	0.75					$	0.56					$	0.71					$	0.46
Indirect						$	0.31					$	0.35					$	0.29					$	0.32					$	0.29
By-product credits						$	(0.23)					$	(0.22)					$	(0.18)					$	(0.24)					$	(0.24)
Treatment, refining and other						$	0.32					$	0.19					$	0.28					$	0.29					$	0.25
Copper C1 cash costs						$	2.51					$	2.42					$	2.00					$	2.43					$	2.07

(1)     Total Copper Operations include Caraíba and Tucumã. C1 cash costs for periods prior to Q3 2025 exclude the Tucumã Operation, which achieved commercial production effective July 1, 2025

Ero Copper Corp. September 30, 2026 MD&A | Page 29

Realized Copper Price

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

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

Reconciliation:						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Copper revenue(1)						$	252,914					$	219,422					$	149,720					$	693,040					$	397,282
less: by-product credits						(9,292)						(8,470)						(6,140)						(28,540)						(17,597)
Net copper revenue						243,622						210,952						143,580						664,500						379,685
add: treatment, refining and other						773						(4,847)						2,335						561						9,658
add: royalty taxes						4,429						4,112						2,684						12,819						7,376
Gross copper revenue						248,824						210,217						148,599						677,880						396,719
Total copper sold in concentrate (lbs, 000)						40,070						36,392						34,614						116,047						95,180
Realized copper price						$	6.21					$	5.78					$	4.29					$	5.84					$	4.17

(1) Copper revenue includes provisional price and volume adjustments

Gold C1 Cash Cost and Gold AISC

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

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

Gold Production C1 Cash Cost and AISC

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

Ero Copper Corp. September 30, 2026 MD&A | Page 30

Reconciliation:						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Cost of production						$	16,684					$	16,618					$	10,032					$	47,179					$	25,018
less: Gold concentrate re-handling costs						(3,793)						(3,682)						—						(9,116)						—
Cost of mine production						$	12,891					$	12,936					$	10,032					$	38,063					$	25,018
Add (less):
Incentive payments						(482)						(427)						(364)						(1,229)						(842)
Net change in inventory						996						357						191						546						1,593
By-product credits						(146)						(284)						(208)						(619)						(478)
Smelting, refining and selling expenses						1,587						1,167						217						3,523						540
Foreign exchange and other						(8)						40						(12)						(6)						(41)
Gold production C1 cash costs						$	14,838					$	13,789					$	9,856					$	40,278					$	25,790
Site general and administrative						1,860						1,647						1,602						4,916						3,954
Accretion of mine closure and rehabilitation provision						149						152						151						446						437
Sustaining capital expenditure						8,046						5,867						7,307						22,049						15,651
Sustaining lease payments						2,958						3,077						2,524						8,657						6,858
Royalties and production taxes						436						516						566						1,386						1,415
Gold production AISC						$	28,287					$	25,048					$	22,006					$	77,732					$	54,105

						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Costs
Mining						$	7,156					$	6,894					$	4,871					$	19,870					$	13,183
Processing						3,515						3,414						2,787						9,869						7,465
Indirect						2,726						2,598						2,189						7,635						5,080
Production costs						13,397						12,906						9,847						37,374						25,728
Treatment, refining and other						1,587						1,167						217						3,523						540
By-product credits						(146)						(284)						(208)						(619)						(478)
Gold production C1 cash costs						$	14,838					$	13,789					$	9,856					$	40,278					$	25,790
Site general and administrative						1,860						1,647						1,602						4,916						3,954
Accretion of mine closure and rehabilitation provision						149						152						151						446						437
Sustaining capital expenditure						8,046						5,867						7,307						22,049						15,651
Sustaining lease payments						2,958						3,077						2,524						8,657						6,858
Royalties and production taxes						436						516						566						1,386						1,415
Gold production AISC						$	28,287					$	25,048					$	22,006					$	77,732					$	54,105

Ero Copper Corp. September 30, 2026 MD&A | Page 31

						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Costs per ounce
Total gold produced (ounces)						7,844						8,693						9,073						22,032						23,454
Mining						$	912					$	793					$	537					$	902					$	562
Processing						$	448					$	393					$	307					$	448					$	318
Indirect						$	349					$	299					$	241					$	346					$	216
Treatment, refining and other						$	202					$	134					$	24					$	160					$	23
By-product credits						$	(19)					$	(33)					$	(23)					$	(28)					$	(19)
Gold production C1 cash cost						$	1,892					$	1,586					$	1,086					$	1,828					$	1,100
Gold production AISC						$	3,607					$	2,881					$	2,425					$	3,528					$	2,307

Historic Gold Concentrate C1 Cash Cost and AISC

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

Reconciliation:						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Cost of production						$	16,684					$	16,618					$	10,032					$	47,179					$	25,018
less: Cost of mine production						(12,891)						(12,936)						(10,032)						(38,063)						(25,018)
Gold concentrate re-handling costs						$	3,793					$	3,682					$	—					$	9,116					$	—
Add (less):
Net change in inventory						207						(11)						—						(132)						—
By-product credits						(1,374)						(974)						—						(2,482)						—
Smelting, refining and selling expenses						8,184						4,811						—						13,749						—
Historic gold concentrate C1 cash costs						$	10,810					$	7,508					$	—					$	20,251					$	—
Royalties and production taxes						1,556						967						—						2,769						—
Historic gold concentrate AISC						$	12,366					$	8,475					$	—					$	23,020					$	—

Costs
Gold concentrate re-handling costs						4,000						3,671						—						8,984						—
Smelting and refining costs						8,184						4,811						—						13,749						—
By-product credits						(1,374)						(974)						—						(2,482)						—
Historic gold concentrate C1 cash costs						$	10,810					$	7,508					$	—					$	20,251					$	—
Royalties and production taxes						1,556						967						—						2,769						—
Historic gold concentrate AISC						$	12,366					$	8,475					$	—					$	23,020					$	—

Ero Copper Corp. September 30, 2026 MD&A | Page 32

						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Costs per ounce
Historic gold concentrate recovered (ounces)						17,414						11,860						—						31,386						—
Gold concentrate re-handling costs						$	230					$	310					$	—					$	286					$	—
Smelting, refining and selling costs						$	470					$	406					$	—					$	438					$	—
By-product credits						$	(79)					$	(82)					$	—					$	(79)					$	—
Historic gold concentrate C1 cash costs						$	621					$	633					$	—					$	645					$	—
Royalties and production taxes						89						82						—						88						—
Historic gold concentrate AISC						$	710					$	715					$	—					$	733					$	—

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.

Ero Copper Corp. September 30, 2026 MD&A | Page 33

(in '000s except for ounces and price per ounce)						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Xavantina revenue						$	95,120					$	64,891					$	27,372					$	202,477					$	68,408
less: by-product credits						(2,462)						(284)						(208)						(2,935)						(478)
Gold revenue, net						$	92,658					$	64,607					$	27,164					$	199,542					$	67,930
add: smelting, refining, and other charges						4,084						1,799						520						6,937						1,303
Gold revenue, gross						$	96,742					$	66,406					$	27,684					$	206,479					$	69,233
Spot (cash)						$	78,971					$	57,945					$	22,342					$	167,543					$	56,228
Stream (cash)						$	10,521					$	4,908					$	2,375					$	22,804					$	4,385
Stream (amortization of deferred revenue)						$	7,250					$	3,553					$	2,967					$	16,132					$	8,620
Total gold ounces sold						24,957						17,016						8,439						52,303						22,549
Spot						18,596						14,231						6,439						39,143						17,300
Stream						6,361						2,785						2,000						13,160						5,249
Realized gold price (per ounce)						$	3,876					$	3,903					$	3,280					$	3,948					$	3,070
Spot (cash)						$	4,247					$	4,072					$	3,470					$	4,280					$	3,250
Stream (cash)						$	1,654					$	1,762					$	1,188					$	1,733					$	835
Stream (amortization of deferred revenue)						$	1,140					$	1,276					$	1,484					$	1,226					$	1,642

Ero Copper Corp. September 30, 2026 MD&A | Page 34

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.

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

Reconciliation:						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Net Income						$	117,954					$	90,749					$	36,513					$	318,014					$	188,168
Adjustments:
Finance expense						9,952						12,678						11,331						33,694						22,030
Finance income						(825)						(1,443)						(1,208)						(3,389)						(3,176)
Income tax expense						25,564						19,321						12,774						62,770						40,597
Amortization and depreciation						43,117						38,514						31,369						119,950						75,204
EBITDA						$	195,762					$	159,819					$	90,779					$	531,039					$	322,823
Foreign exchange gain						(5,077)						(10,845)						(22,055)						(69,577)						(119,095)
Share based compensation						7,458						1,063						6,742						11,161						15,671
Unrealized loss (gain) on commodity derivatives						2,462						(6,014)						1,627						(2,801)						3,093
Others						—						—						—						—						458
Adjusted EBITDA						$	200,605					$	144,023					$	77,093					$	469,822					$	222,950

Ero Copper Corp. September 30, 2026 MD&A | Page 35

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.

Reconciliation:						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Net income as reported attributable to the owners of the Company						$	116,237					$	89,543					$	35,978					$	314,551					$	186,753
Adjustments:
Share based compensation						7,458						1,063						6,742						11,161						15,671
Unrealized foreign exchange loss (gain) on USD denominated balances in MCSA						1,063						(3,267)						(15,057)						(32,464)						(82,889)
Unrealized foreign exchange loss (gain) on foreign exchange derivative contracts						3,042						5,363						(3,964)						(8,059)						(27,309)
Unrealized loss (gain) on commodity derivatives						2,452						(5,870)						1,574						(2,685)						3,020
Others						—						—						—						—						458
Tax effect on the above adjustments						(1,000)						575						2,661						6,589						16,221
Adjusted net income attributable to owners of the Company						$	129,252					$	87,407					$	27,934					$	289,093					$	111,925
Weighted average number of common shares
Basic						104,351,583						104,282,548						103,621,631						104,299,083						103,589,664
Diluted						105,977,099						105,876,946						104,044,755						105,903,492						103,941,295
Adjusted EPS
Basic						$	1.24					$	0.84					$	0.27					$	2.77					$	1.08
Diluted						$	1.22					$	0.83					$	0.27					$	2.73					$	1.08

Ero Copper Corp. September 30, 2026 MD&A | Page 36

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, 2026						June 30, 2026						December 31, 2025						September 30, 2025
Current portion of loans and borrowings						$	17,966					$	34,578					$	55,711					$	50,590
Long-term portion of loans and borrowings						449,548						519,856						551,403						561,146
Less:
Cash and cash equivalents						(114,053)						(101,742)						(105,442)						(66,257)
Net debt (cash)						$	353,461					$	452,692					$	501,672					$	545,479

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, 2026						June 30, 2026						December 31, 2025						September 30, 2025
Current assets						$	325,162					$	324,000					$	276,212					$	207,413
Less: Current liabilities						(235,774)						(236,345)						(260,718)						(252,579)
Working capital (deficit)						$	89,388					$	87,655					$	15,494					$	(45,166)
Cash and cash equivalents						114,053						101,742						105,442						66,257
Available undrawn revolving credit facilities						150,000						80,000						45,000						45,000
Available liquidity						$	264,053					$	181,742					$	150,442					$	111,257

Ero Copper Corp. September 30, 2026 MD&A | Page 37

DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROL OVER FINANCIAL REPORTING

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

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

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

There were no changes in the Company’s DC&P and ICFR that materially affected, or are reasonably likely to materially affect, ICFR during the three and nine months ended September 30, 2026.

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 "Technical Report on the Xavantina Operations, Mato Grosso, Brazil", dated December 19, 2025 with an effective date of June 30, 2025, prepared by Branca Horta de Almeida Abrantes, MAIG, Hugo Ribeiro de Andrade Filho, FAusIMM (CP), Leonardo de Moraes Soares, MAIG, Paulo Roberto Bergmann Moreira, FAusIMM and Porfirio Cabaleiro Rodriguez, FAIG, all of GE21. Each a "qualified person" and "independent" of the Company within the meanings of NI 43-101.

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

Ero Copper Corp. September 30, 2026 MD&A | Page 38

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

The report prepared in accordance with NI 43-101 and entitled "Preliminary Economic Assessment for the Furnas Project, Para State, Brazil", dated March 30, 2026 with an effective date of February 23, 2026, prepared by João Estevão Jr., MAIG of SDPM Mining Consulting ("SDPM"), Enrique Alfonso Rubio Esquivel, Registered Member (No. 255) (Chilean Mining Commission), Luis Bernal Venegas, Registered Member (No. 415) (Chilean Mining Commission), and Ricardo Martín Miranda Díaz, Registered Member (No. 145) (Chilean Mining Commission), all of Redco Mining Consultants ("Redco"), and Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), FAusIMM (No. 329148) Reserve and Resource Manager of the Company (the “Furnas Project Technical Report”). Each of João Estevão Jr., MAIG, Enrique Alfonso Rubio Esquivel, Registered Member (No. 255) (Chilean Mining Commission), Luis Bernal Venegas, Registered Member (No. 415) Chilean Mining Commission), Ricardo Martín Miranda Díaz, Registered Member (No. 145) (Chilean Mining Commission) and Cid Gonçalves Monteiro Filho, RM SME, FAusIMM, MAIG, is a “qualified person” of the Company within the meaning of NI 43-101. Each of Joao Estevao Jr., MAIG, Enrique Alfonso Rubio Esquivel, Registered Member (No. 255) (Chilean Mining Commission), Luis Bernal Venegas, Registered Member (No. 415) Chilean Mining Commission), Ricardo Martín Miranda Díaz, Registered Member (No. 145) (Chilean Mining Commission) is “independent” of the Company within the meaning of NI 43-101. Cid Gonçalves Monteiro Filho, RM SME, FAusIMM, MAIG, being the Resource and Reserve Manager of the Company, is not “independent” of the Company 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, the Tucumã Project Technical Report, and the Furnas Project Technical Report, each of which is available for review on the Company's website at www.ero.com and under the Company’s profile on SEDAR+ at www.sedarplus.ca, and EDGAR at www.sec.gov.

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

Cautionary Note Regarding Forward-Looking Statements

This MD&A contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”). Forward-

Ero Copper Corp. September 30, 2026 MD&A | Page 39

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, including the expected timing and weighting of production, plant throughput, mined and processed copper or gold grades, recoveries and unit costs; 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, the Tucumã Project Technical Report and the Furnas Project Technical Report; the estimation of mineral reserves and mineral resources; estimated completion dates for certain milestones, including completion of the Pilar Mine’s new external shaft at the Caraíba Operations; the ability of the Company to maintain improved performance at the Caraíba mill and realize the expected benefits associated with the Pilar Mine’s new external shaft; the expected timing of delivery, installation and commissioning of additional modular tailings filters at the Tucumã Operation and the anticipated impact of such filters on tailings filtration capacity, plant throughput and future production; the expected benefits of the ventilation and cooling infrastructure installed at the Xavantina Operations, including increased mining rates, mill throughput and processed gold grades; expectations regarding gold concentrate sales from the Xavantina Operations, including the expected timing and volume of sales and the anticipated benefits of drier seasonal conditions and the mobile filter press and industrial dryer commissioned on site; expectations regarding the impact of inflationary pressures, geopolitical conflicts and fluctuations in the Brazilian real on the Company’s operating costs, capital expenditures and financial results; expectations of cost savings related to the OneEro Program; expectations regarding foreign exchange derivative contracts, including expected gains thereon and the exchange rate assumptions underlying such expectations; the Company’s capital allocation priorities, including continued deleveraging of the balance sheet; the Company’s ability to advance work programs under the Furnas earn-in agreement, including exploration, drilling, permitting, engineering, geotechnical, hydrogeological, environmental and metallurgical programs; the expected completion of planned exploration activities at the Furnas Copper-Gold Project; the timing and completion of a pre-feasibility study for the Furnas Copper-Gold Project, currently expected to be published in 2027; the potential to extend known mineralization, upgrade mineral resources to higher-confidence categories or mineral reserves, enhance project economics or increase the potential production profile at the Furnas Copper-Gold Project; the discovery of additional mineralization and the potential impact of exploration results on future production rates at the Company’s mines or processing facilities; the Company’s expectations associated with historic gold concentrate stockpiles at the Xavantina Operations, including operating costs, payability, grades, sales volumes and the timing of sales; 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.

Ero Copper Corp. September 30, 2026 MD&A | Page 40

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

The Company’s forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management on the date the statements are made, many of which may be difficult to predict and beyond the Company’s control. In connection with the forward-looking statements contained in this MD&A and in the AIF, the Company has made certain assumptions about, among other things: favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production, development and exploration of the Company’s properties and assets; future prices of copper, gold and other metal prices; the timing and results of exploration and drilling programs; the accuracy of any mineral reserve and mineral resource estimates; the geology of the Caraíba Operations, the Xavantina Operations, the Tucumã Operation and the Furnas Copper-Gold Project being as described in the respective technical report for each property; production costs; the accuracy of budgeted exploration, development and construction costs and expenditures; the price of other commodities such as fuel; future currency exchange rates, interest rates and tariff rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; work force continuing to remain healthy in the face of prevailing epidemics, pandemics or other health risks, political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; availability of equipment; positive relations with local groups and the Company’s ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of the Company’s current loan arrangements. Although the Company believes that the assumptions inherent in forward-looking statements are reasonable as of the date of this 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. 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 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

Ero Copper Corp. September 30, 2026 MD&A | Page 41

NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) — CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Standards”). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (the “SEC”), and reserve and resource information included herein may not be comparable to similar information disclosed by U.S. companies.

ADDITIONAL INFORMATION

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

Ero Copper Corp. September 30, 2026 MD&A | Page 42

CONDENSED CONSOLIDATED INTERIM

FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2026 AND 2025

Ero Copper Corp.

Table of Contents

CONSOLIDATED FINANCIAL STATEMENTS
Condensed Consolidated Statements of Financial Position			1
Condensed Consolidated Statements of Operations and Comprehensive Income			2
Condensed Consolidated Statements of Cash Flow			3
Condensed Consolidated Statements of Changes in Shareholders' Equity			4
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
General
Note 1. Nature of Operations			5
Note 2. Basis of Preparation			5
Note 3. Segment Disclosure			7
Statements of Financial Position
Note 4. Inventories			11
Note 5. Other Current Assets			11
Note 6. Mineral Properties, Plant and Equipment			12
Note 7. Exploration and Evaluation Assets			13
Note 8. Deposits and Other Non-current Assets			13
Note 9. Accounts Payable and Accrued Liabilities			14
Note 10. Loans and Borrowings			14
Note 11. Deferred Revenue			16
Note 12. Other Non-current Liabilities			17
Note 13. Share Capital			18
Statements of Earnings
Note 14. Revenue			21
Note 15. Cost of Sales			22
Note 16. General and Administrative Expenses			22
Note 17. Finance Expense			23
Note 18. Foreign Exchange Gain			23
Other Items
Note 19. Financial Instruments			23
Note 20. Supplemental Cash Flow Information			26
Note 21. Commitment			26

Ero Copper Corp.

Condensed Consolidated Statements of Financial Position

(Unaudited, Amounts in thousands of US Dollars)

			Notes						September 30, 2026						December 31, 2025
ASSETS
Current
Cash and cash equivalents									$	114,053					$	105,442
Trade receivables									31,616						41,061
Inventories			4						142,221						107,111
Other current assets			5						37,272						22,598
									325,162						276,212
Non-Current
Mineral properties, plant and equipment			6						1,783,729						1,574,054
Exploration and evaluation assets			7						57,801						33,869
Deferred income tax assets									1,801						3,047
Deposits and other non-current assets			8						36,035						36,696
									1,879,366						1,647,666
Total Assets									$	2,204,528					$	1,923,878
LIABILITIES
Current
Accounts payable and accrued liabilities			9						$	177,699					$	154,124
Current portion of loans and borrowings			10						17,966						55,711
Current portion of deferred revenue			11						12,046						12,800
Income taxes payable									12,063						14,675
Current portion of derivatives			19						2,444						7,125
Current portion of lease liabilities									13,556						16,283
									235,774						260,718
Non-Current
Loans and borrowings			10						449,548						551,403
Deferred revenue			11						83,293						92,950
Provision for rehabilitation and closure costs									25,694						21,978
Deferred income tax liabilities									22,560						10,729
Lease liabilities									7,159						8,950
Other non-current liabilities			12						41,072						39,288
									629,326						725,298
Total Liabilities									865,100						986,016
SHAREHOLDERS’ EQUITY
Share capital			13						302,784						298,490
Equity reserves									(29,042)						(107,735)
Retained earnings									1,059,329						744,778
Equity attributable to owners of the Company									1,333,071						935,533
Non-controlling interests									6,357						2,329
									1,339,428						937,862
Total Liabilities and Equity									$	2,204,528					$	1,923,878

Commitments (Notes 7, 11 and 21)

APPROVED ON BEHALF OF THE BOARD:

"Makko DeFilippo"

, President, CEO and Director

"Jill Angevine"

, Director

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

Ero Copper Corp.

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited, Amounts in thousands of US Dollars, except share and per share amounts)

									Three months ended September 30,												Nine months ended September 30,
			Notes						2026						2025						2026						2025
Revenue			14						$	348,034					$	177,092					$	895,517					$	465,690
Cost of sales			15						(178,475)						(119,695)						(498,625)						(285,485)
Gross profit									169,559						57,397						396,892						180,205
Expenses
General and administrative			16						(16,818)						(12,580)						(40,411)						(35,515)
Share-based compensation			13 (e)						(7,458)						(6,742)						(11,161)						(15,671)
Operating Income									145,283						38,075						345,320						129,019
Finance income									825						1,208						3,389						3,176
Finance expense			17						(9,952)						(11,331)						(33,694)						(22,030)
Foreign exchange gain			18						5,077						22,055						69,577						119,095
Other income (expenses)									2,285						(720)						(3,808)						(495)
Income before income taxes									143,518						49,287						380,784						228,765
Current income tax expense									(25,905)						(8,086)						(50,877)						(21,109)
Deferred income tax recovery (expense)									341						(4,688)						(11,893)						(19,488)
Income tax expense									(25,564)						(12,774)						(62,770)						(40,597)
Net income for the period									$	117,954					$	36,513					$	318,014					$	188,168
Other comprehensive (loss) gain
Foreign currency translation (loss) gain									(1,689)						22,429						57,908						106,051
Comprehensive income									$	116,265					$	58,942					$	375,922					$	294,219
Net income attributable to:
Owners of the Company									116,237						35,978						314,551						186,753
Non-controlling interests									1,717						535						3,463						1,415
									$	117,954					$	36,513					$	318,014					$	188,168
Comprehensive income attributable to:
Owners of the Company									114,557						58,205						371,894						291,802
Non-controlling interests									1,708						737						4,028						2,417
									$	116,265					$	58,942					$	375,922					$	294,219
Net income per share attributable to owners of the Company
Basic			13 (f)						$	1.11					$	0.35					$	3.02					$	1.80
Diluted			13 (f)						$	1.10					$	0.35					$	2.97					$	1.80
Weighted average number of common shares outstanding
Basic			13 (f)						104,351,583						103,621,631						104,299,083						103,589,664
Diluted			13 (f)						105,977,099						104,044,755						105,903,492						103,941,295

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						2026						2025						2026						2025
Cash Flows from Operating Activities
Net income for the period									$	117,954					$	36,513					$	318,014					$	188,168
Adjustments for:
Amortization and depreciation									43,117						31,369						119,950						75,204
Income tax expense									25,564						12,774						62,770						40,597
Amortization of deferred revenue			14						(7,250)						(2,967)						(16,132)						(8,620)
Share-based compensation			13 (e)						7,458						6,742						11,161						15,671
Finance income									(825)						(1,208)						(3,389)						(3,176)
Finance expenses			17						9,952						11,331						33,694						22,030
Foreign exchange gain									(7,056)						(16,156)						(70,019)						(112,264)
Other									(3,414)						2,161						2,860						4,598
Changes in non-cash working capital items			20						3,261						30,828						(27,556)						(1,447)
									188,761						111,387						431,353						220,761
Advances from customers			11						—						—						—						50,000
Derivative contract settlements									10,522						1,451						14,220						(548)
Provision settlements									(1,011)						(1,376)						(2,567)						(2,576)
Income taxes paid									(7,039)						(1,149)						(21,154)						(1,628)
									191,233						110,313						421,852						266,009
Cash Flows used in Investing Activities
Additions to mineral properties, plant and equipment									(66,775)						(69,880)						(203,080)						(192,400)
Additions to exploration and evaluation assets									(8,645)						(6,748)						(19,186)						(15,046)
Interest received									568						790						2,258						2,072
									(74,852)						(75,838)						(220,008)						(205,374)
Cash Flows used in Financing Activities
Lease liability payments									(5,866)						(4,530)						(16,407)						(13,051)
New loans and borrowings, net of transaction costs			10						—						2,138						6,064						57,404
Loans and borrowings repaid			10						(80,357)						(11,676)						(138,019)						(43,300)
Interest paid on loans and borrowings			10						(15,520)						(17,368)						(36,705)						(38,727)
Other finance expenses paid									(3,744)						(1,758)						(10,103)						(6,588)
Proceeds from exercise of stock options									1,409						2,389						2,871						2,873
									(104,078)						(30,805)						(192,299)						(41,389)
Effect of exchange rate changes on cash and cash equivalents									8						(5,716)						(934)						(3,391)
Net increase (decrease) in cash and cash equivalents									12,311						(2,046)						8,611						15,855
Cash and cash equivalents - beginning of period									101,742						68,303						105,442						50,402
Cash and cash equivalents - end of period									$	114,053					$	66,257					$	114,053					$	66,257

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, 2024									103,555,211						$	286,548					$	8,181					$	(188,653)					$	481,055					$	587,131					$	3,943					$	591,074
Income for the period									—						—						—						—						186,753						186,753						1,415						188,168
Other comprehensive income for the period									—						—						—						105,049						—						105,049						1,002						106,051
Total comprehensive income for the period									—						—						—						105,049						186,753						291,802						2,417						294,219
Shares issued for:
Exercise of options									225,508						4,190						(1,317)						—						—						2,873						—						2,873
Settlement of restricted share units									7,113						145						(255)						—						—						(110)						—						(110)
Settlement of performance share units									5,812						78						—						—						—						78						—						78
Share-based compensation			13 (e)						—						—						3,365						—						—						3,365						—						3,365
Balance, September 30, 2025									103,793,644						$	290,961					$	9,974					$	(83,604)					$	667,808					$	885,139					$	6,360					$	891,499
Balance, December 31, 2025									104,192,288						$	298,490					$	7,335					$	(115,070)					$	744,778					$	935,533					$	2,329					$	937,862
Income for the period									—						—						—						—						314,551						314,551						3,463						318,014
Other comprehensive income for the period									—						—						—						57,343						—						57,343						565						57,908
Total comprehensive income for the period									—						—						—						57,343						314,551						371,894						4,028						375,922
Shares issued for:
Exercise of options									212,588						4,126						(1,255)						—						—						2,871						—						2,871
Settlement of restricted share units									8,901						168						(278)						—						—						(110)						—						(110)
Share-based compensation			13 (e)						—						—						6,067						—						—						6,067						—						6,067
Reclassification of liability classified performance share units to equity			13 (b)						—						—						16,816						—						—						16,816						—						16,816
Balance, September 30, 2026									104,413,777						$	302,784					$	28,685					$	(57,727)					$	1,059,329					$	1,333,071					$	6,357					$	1,339,428

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 3100, 733 Seymour Street, Vancouver, British Columbia, Canada, V6B 0S6. 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 Participações Ltda ("Ero Brasil"). 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 dore and concentrate 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, 2025.

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, 2025, 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 2, 2026.

(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, 2025.

    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)

(c) New Accounting Policies, Standards and Interpretations

On January 1, 2026, the Company adopted the amendments to the classification and measurement requirements for financial instrument in IFRS 9 Financial Instruments ("IFRS 9"), which was published in May 2024 by IASB. The amendments clarify that a financial asset is derecognized on the date on which the contractual rights to the cash flows expire or the asset is transferred. A financial liability is derecognized on the settlement date, which is the date on which the liability is extinguished. The amendments to IFRS 9 introduced an election that permits the Company, when settling a financial liability or part of a financial liability in cash using an electronic payment system, to deem the financial liability, or part of it, to be discharged before the settlement date if the Company has initiated a payment instruction that resulted in: (a) the Company having no practical ability to withdraw, stop or cancel the payment instruction; (b) the Company having no practical ability to access the cash to be used for settlement as a result of the payment instruction; and (c) the settlement risk associated with the electronic payment system being insignificant. The amendments clarify that unless the above election applies, a financial liability is derecognized on the settlement date, which is the date on which the liability is extinguished because the obligation specified in the contract is discharged or cancelled or expires. The adoption of the amendments did not have a material impact on the Company's condensed consolidated interim financial statements.

(d)    Future Changes in Accounting Policies Not Yet Effective as of September 30, 2026

In April 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements ("IFRS 18") to replace IAS 1. IFRS 18 sets out requirements for the presentation of information in the primary financial statements and disclosure of information in the notes to the financial statement, and does not impact the recognition or measurement of items in the financial statements as set out under other IFRS standards. The standard is effective for reporting periods beginning on or after January 1, 2027. Retrospective application is required and early application is permitted.

The Company is currently assessing the effect of this new standard on the financial statements. Based on the preliminary assessment, below is a list of possible impacts:

•In the Statements of Operations and Comprehensive Income, items of income and expenses, including foreign exchange gains and losses, and gains and losses on derivatives, will be classified into four categories, being operating, investing, financing, income taxes. Two new required subtotals will be introduced, which includes operating profit and profit or loss before financing and income tax. The amount of net income will be unaffected.

•In the Statements of Cash Flow, operating income will replace net income to be the starting point for determining cash flows from operating activities.

•In the financial statement note disclosures, the Company is required to disclose management-defined performance measures ("MPM"). An MPM is defined as a subtotal of income and expenses, that is not specifically required to be presented or disclosed by IFRS, that the Company uses in public communications outside of financial statement to communicate to users of financial statements management's view of an aspect of the financial performance of the Company as a whole. Based on preliminary assessment, the Company has identified three MPMS, including earnings before interest, income taxes and depreciation, and amortization ("EBITDA"), adjusted EBITDA, and adjusted net income attributable to owners of the Company. The Company is continuing to evaluate whether certain other measures it uses to communicate financial performance meet the definition of an MPM under IFRS 18.

    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)

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.

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

Three months ended September 30, 2026						Caraíba (Brazil)						Tucumã (Brazil)						Xavantina (Brazil)						Corporate and Other						Consolidated
Revenue						$	133,763					$	119,151					$	95,120					$	—					$	348,034
Cost of production						(65,552)						(33,646)						(16,684)						—						(115,882)
Depreciation and depletion						(23,506)						(13,548)						(5,466)						—						(42,520)
Sales expense						(4,292)						(8,058)						(7,723)						—						(20,073)
Cost of sales						(93,350)						(55,252)						(29,873)						—						(178,475)
Gross profit						40,413						63,899						65,247						—						169,559
Expenses
General and administrative						(5,685)						(2,247)						(2,098)						(6,788)						(16,818)
Share-based compensation						—						—						—						(7,458)						(7,458)
Operating income (loss)						$	34,728					$	61,652					$	63,149					$	(14,246)					$	145,283
Capital expenditures(1)						51,294						16,167						6,029						8,792						82,282

    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, 2025						Caraíba (Brazil)						Tucumã (Brazil)						Xavantina (Brazil)						Corporate and Other						Consolidated
Revenue						$	90,598					$	59,122					$	27,372					$	—					$	177,092
Cost of production						(50,261)						(18,308)						(10,032)						—						(78,601)
Depreciation and depletion						(20,233)						(5,663)						(5,061)						—						(30,957)
Sales expense						(2,858)						(5,869)						(340)						—						(9,067)
Other expense						(1,070)						—						—						—						(1,070)
Cost of sales						(74,422)						(29,840)						(15,433)						—						(119,695)
Gross profit						16,176						29,282						11,939						—						57,397
Expenses
General and administrative						(5,268)						(2,615)						(1,806)						(2,891)						(12,580)
Share-based compensation						—						—						—						(6,742)						(6,742)
Operating income (loss)						$	10,908					$	26,667					$	10,133					$	(9,633)					$	38,075
Capital expenditures(1)						48,355						6,124						8,572						6,692						69,743

(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.

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

    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)

Nine months ended September 30, 2026						Caraíba (Brazil)						Tucumã (Brazil)						Xavantina (Brazil)						Corporate and Other						Consolidated
Revenue						$	364,262					$	328,778					$	202,477					$	—					$	895,517
Cost of production						(187,002)						(95,016)						(47,179)						—						(329,197)
Depreciation and depletion						(63,548)						(38,429)						(16,662)						—						(118,639)
Sales expense						(10,202)						(25,872)						(14,715)						—						(50,789)
Cost of sales						(260,752)						(159,317)						(78,556)						—						(498,625)
Gross profit						103,510						169,461						123,921						—						396,892
Expenses
General and administrative						(15,435)						(6,728)						(5,468)						(12,780)						(40,411)
Share-based compensation						—						—						—						(11,161)						(11,161)
Operating income (loss)						$	88,075					$	162,733					$	118,453					$	(23,941)					$	345,320
Capital expenditures(1)						138,706						32,371						40,749						24,825						236,651
Assets
Current						$	101,031					$	148,858					$	67,958					$	7,315					325,162
Non-current						1,165,589						498,302						153,289						62,186						1,879,366
Total Assets						$	1,266,620					$	647,160					$	221,247					$	69,501					$	2,204,528
Total Liabilities						$	140,579					$	48,267					$	166,477					$	509,777					$	865,100

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

During the nine months ended September 30, 2026, the Company had eight significant customers (September 30, 2025 - six), including five copper customers (September 30, 2025 - four) and three gold customers (September 30, 2025 - two).

    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, 2025						Caraíba (Brazil)						Tucumã (Brazil)						Xavantina (Brazil)						Corporate and Other						Consolidated
Revenue						$	242,272					$	155,010					$	68,408					$	—					$	465,690
Cost of production						(132,870)						(35,508)						(25,018)						—						(193,396)
Depreciation and depletion						(54,222)						(5,738)						(14,129)						—						(74,089)
Sales expense						(5,985)						(10,099)						(846)						—						(16,930)
Other expense						(1,070)						—						—						—						(1,070)
Cost of sales						(194,147)						(51,345)						(39,993)						—						(285,485)
Gross profit						48,125						103,665						28,415						—						180,205
Expenses
General and administrative						(14,689)						(7,149)						(4,923)						(8,754)						(35,515)
Share-based compensation						—						—						—						(15,671)						(15,671)
Operating income (loss)						$	33,436					$	96,516					$	23,492					$	(24,425)					$	129,019
Capital expenditures(1)						130,749						39,675						19,152						14,852						204,428
Assets
Current						$	95,066					$	54,306					$	44,594					$	13,447					207,413
Non-current						1,018,755						504,066						116,543						29,544						1,668,908
Total Assets						$	1,113,821					$	558,372					$	161,137					$	42,991					$	1,876,321
Total Liabilities						$	175,139					$	37,494					$	163,846					$	608,343					984,822

(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.

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

    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)

4.    Inventories

			September 30, 2026						December 31, 2025
Supplies and consumables			$	76,355					$	54,504
Stockpiles			41,512						33,925
Work in progress			5,913						5,197
Finished goods			18,441						13,485
			$	142,221					$	107,111

5.    Other Current Assets

			September 30, 2026						December 31, 2025
Advances to suppliers			$	4,222					$	3,643
Prepaid expenses and other			9,732						6,250
Derivatives (Note 19)			16,068						4,701
Value added taxes recoverable			7,250						8,004
			$	37,272					$	22,598

    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)

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, 2025			94,382						496,976						1,012,282						338,705						34,956						2,773						19,071						76,505						2,075,650
Additions			870						24,600						92,509						83,834						1,017						12,583						—						11,158						226,571
Capitalized borrowing costs			—						—						—						15,444						—						—						—						—						15,444
Disposals			—						(3,458)						—						—						(1,052)						(6)						—						(1,912)						(6,428)
Transfers			8,309						11,470						33,619						(47,417)						532						(4,601)						—						(1,912)						—
Foreign exchange			5,808						30,689						61,293						16,370						2,058						118						1,185						4,633						122,154
Balance, September 30, 2026			$	109,369					$	560,277					$	1,199,703					$	406,936					$	37,511					$	10,867					$	20,256					$	88,472					$	2,433,391
Accumulated depreciation:
Balance, December 31, 2025			(13,112)						(121,910)						(293,864)						—						(12,579)						—						(7,461)						(52,670)						(501,596)
Depreciation expense			(6,136)						(40,717)						(57,581)						—						(2,380)						—						(910)						(14,783)						(122,507)
Disposals			—						2,419						—						—						1,045						—						—						1,448						4,912
Transfers			—						(865)						—						—						—						—						—						865						—
Foreign exchange			(774)						(7,320)						(18,088)						—						(693)						—						(458)						(3,138)						(30,471)
Balance, September 30, 2026			$	(20,022)					$	(168,393)					$	(369,533)					$	—					$	(14,607)					$	—					$	(8,829)					$	(68,278)					$	(649,662)
Net book value, December 31, 2025			$	81,270					$	375,066					$	718,418					$	338,705					$	22,377					$	2,773					$	11,610					$	23,835					$	1,574,054
Net book value, September 30, 2026			$	89,347					$	391,884					$	830,170					$	406,936					$	22,904					$	10,867					$	11,427					$	20,194					$	1,783,729

(1)    Mineral properties as at September 30, 2026 include $80.9 million (December 31, 2025 - $64.7 million) of costs on expansion of near-mine resource potential which are not currently being depreciated.

     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)

7.    Exploration and Evaluation Assets

As at September 30, 2026, the Company had $57.8 million (December 31, 2025 - $33.9 million) in exploration and evaluation assets, which include several property option agreements.

In July 2024, the Company signed a definitive earn-in agreement (the "Agreement") with Salobo Metais S.A, a subsidiary of Vale Base Metals ("VBM"), for the Furnas Copper-Gold 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 (completed) and produce a scoping study within 18 months of signing the Agreement (completed)

•Phase 2: Ero to conduct an additional minimum of 17,000 meters of exploration drilling (completed) 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 (completed), 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, 2026, exploration and evaluation assets include $44.6 million (December 31, 2025 - $24.1 million) in expenditures associated with the Furnas Project.

8.     Deposits and Other Non-current Assets

			September 30, 2026						December 31, 2025
Value added taxes recoverable			$	21,953					$	21,015
Note receivable (Note 19)			13,464						12,998
Deposits and others			618						2,683
			$	36,035					$	36,696

    Notes to Financial Statements | Page 13

Ero Copper Corp.

Notes to Condensed Consolidated Interim Financial Statements

(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)

9.    Accounts Payable and Accrued Liabilities

			September 30, 2026						December 31, 2025
Trade suppliers			$	119,954					$	92,283
Payroll and labour related liabilities			29,042						25,688
Value added tax, royalty and other taxes payable			12,654						10,692
Cash-settled equity awards (Note 13(b) and (d))			13,436						20,615
Provision for rehabilitation and closure costs			1,458						3,768
Other accrued liabilities			1,155						1,078
			$	177,699					$	154,124

.

10.    Loans and Borrowings

																																				Carrying value, including accrued interest
Description						Currency						Security						Maturity (Months)						Coupon rate						Principal to be repaid						September 30, 2026						December 31, 2025
Senior Notes						USD						Unsecured						40						6.50%						$	400,000					$	399,341					$	405,092
Senior Revolving Credit Facility						USD						Secured						27						SOFR + 2.00% to 4.25%						50,000						49,538						154,706
Copper Prepayment Facility						USD						Secured						3						8.66%						9,127						10,086						39,087
Equipment finance loans						USD						Secured						4 - 33						6.90% - 8.35%						6,280						6,312						7,319
Equipment finance loans						EUR						Secured						27 - 32						7.70%						2,105						2,110						168
Equipment finance loans						BRL						Unsecured						0						16.63%						—						—						84
Bank loan						BRL						Unsecured						2						CDI + 0.50%						126						127						658
Total																														$	467,638					$	467,514					$	607,114
Current portion																																				$	17,966					$	55,711
Non-current portion																																				$	449,548					$	551,403

    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)

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

			Nine months ended September 30, 2026																		Year ended December 31, 2025
			Senior Notes			Senior Revolving Credit Facility			Copper Prepayment Facility			Other			Consolidated						Consolidated
Balance, beginning of period			$	405,092		$	154,706		$	39,087		$	8,229		$	607,114					$	602,189
Proceeds from loans and borrowings						—			—			6,064			6,064						57,404
Principal payments			—			(105,000)			(27,381)			(5,638)			(138,019)						(54,740)
Interest payments			(26,000)			(6,846)			(3,317)			(542)			(36,705)						(42,736)
Interest costs, including interest capitalized			20,249			6,678			1,697			474			29,098						44,487
Foreign exchange			—			—			—			(38)			(38)						510
Balance, end of period			$	399,341		$	49,538		$	10,086		$	8,549		$	467,514					$	607,114

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

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

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

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

(b)    Senior Revolving Credit Facility

The Company has a senior revolving credit facility (the "Senior Revolving Credit Facility") which has a borrowing limit of $200 million and matures in December 2028. The applicable interest margin is based on sliding scales of SOFR plus 2.00% to 4.25%, and commitment fee ranges from 0.45% to 0.96%, based on the Company's net leverage ratio, with lower leverage ratios resulting in lower pricing.

As at September 30, 2026, the Senior Revolving Credit Facility bears a weighted average interest rate of 6.09% on its drawn balance and a commitment fee of 0.51% on its undrawn balance.

    Notes to Financial Statements | Page 15

Ero Copper Corp.

Notes to Condensed Consolidated Interim Financial Statements

(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)

The Senior Revolving Credit Facility is secured by the shares of MCSA, NX Gold, Ero Gold, Ero Brasil, Ero Brasil Participações II Ltda., and Ero Holdings Corp. 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 net leverage ratio based on net indebtedness to rolling four quarters adjusted earnings before interest, taxes, depreciation and amortization ("Rolling EBITDA"); (b) a net leverage ratio based on net senior indebtedness to Rolling EBITDA; and (c) an interest coverage ratio based on Rolling EBITDA. The Senior Revolving Credit Facility provides for negative covenants customary for this type of facility and permits additional equipment debt and finance leases of up to $50.0 million. As at September 30, 2026, the Company is in compliance with these financial covenants.

(c)    Copper Prepayment Facility

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

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

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

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

The facility is secured by the shares of MCSA, NX Gold, Ero Gold, Ero Brasil, Ero Brasil Participações II Ltda., and Ero Holdings Corp.

11. Deferred Revenue

The Company entered into a precious metals purchase agreement (the “Xavantina Gold Stream”) with RGLD Gold AG ("Royal Gold"), a wholly-owned subsidiary of Royal Gold, Inc., in relation to gold production from the Xavantina Operations. The Company received upfront cash consideration of $150.0 million for the purchase of 25% of an equivalent amount of gold to be produced from the Xavantina mine until 160,000 ounces of gold have been delivered and thereafter decreasing to 10% of gold produced over the remaining life of the mine in exchange for cash payments equal to 40% of the prevailing spot gold price.

The movements in the Xavantina Gold Stream deferred revenue during the nine months ended September 30, 2026 and the year ended December 31, 2025 are comprised of the following:

    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)

			September 30, 2026						December 31, 2025
Gold ounces delivered in the period(1)			12,880						9,692
Balance, beginning of period			$	105,750					$	62,989
Advances			—						50,000
Accretion expense			5,721						6,764
Amortization of deferred revenue			(16,132)						(14,003)
Balance, end of period			$	95,339					$	105,750
Current portion			$	12,046					$	12,800
Non-current portion			83,293						92,950

(1)        During the nine months ended September 30, 2026, the Company delivered 12,880 payable ounces of gold (year ended December 31, 2025 - 9,692 ounces) to Royal Gold for average consideration of $1,770 per ounce (December 31, 2025 - $1,213 per ounce). At September 30, 2026, a cumulative 67,749 ounces (December 31, 2025 - 54,869 ounces) of gold have been delivered under the Xavantina Gold Stream.

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

12. Other Non-current Liabilities

			September 30, 2026						December 31, 2025
Withholding, value added tax, and other taxes payable			$	27,467					$	22,286
Provision			3,397						1,856
Dividends payable to non-controlling interest			5,842						5,503
Other liabilities			4,366						4,173
Cash-settled equity awards (Note 13(b))			—						5,470
			$	41,072					$	39,288

    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)

13.     Share Capital

As at September 30, 2026, the Company’s authorized share capital consists of an unlimited number of common

shares without par value.

(a)     Options

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

			Nine Months Ended September 30,
			2026												2025
			Number of Stock Options						Weighted Average Exercise Price (CAD)						Number of Stock Options						Weighted Average Exercise Price (CAD)
Outstanding stock options, beginning of period			1,340,563						$	22.41					1,734,607						$	19.07
Issued			—						—						13,038						18.10
Exercised			(212,588)						18.71						(225,508)						18.50
Forfeited			(10,763)						19.80						(83,371)						19.92
Outstanding stock options, end of period			1,117,212						$	23.14					1,438,766						$	19.10

The weighted average share price on the date of exercise for options exercised during the nine months ended September 30, 2026 was CAD$47.74 (nine months ended September 30, 2025 - CAD$24.06).

As at September 30, 2026, 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						470,362						331,669						1.82
$20.01 to $30.00 CAD						369,106						108,593						3.17
$30.01 to $34.58 CAD						277,744						19,464						4.19
$23.14 CAD ($16.31 USD)						1,117,212						459,726						2.86

(b)     Performance Share Units

Pursuant to the Share Unit Plan, the Compensation Committee may grant performance share units ("PSUs") to employees, consultants, directors and officers ("Eligible Persons") of the Company or its subsidiaries. These PSUs will vest three years from the date of grant 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. Prior to June 29, 2026, each vested PSU entitled 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

    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)

by the Compensation Committee in its sole discretion. Based on the Company's history of settling PSUs using a combination of cash and common shares, PSUs were classified as liabilities.

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

On June 29, 2026, upon shareholder approval of the Amended and Restated Share Unit Plan at the Company's annual general and special meeting, the Compensation Committee's option to settle vested units using cash was eliminated. As a result, each vested unit is redeemable solely in common shares of the Company. Consequently, PSUs were reclassified from cash-settled to equity-settled instruments. Accordingly, the Company derecognized $19.6 million of PSU liabilities, recognized $16.8 million in contributed surplus, representing the fair value of issued PSUs at the modification date, and recorded a reduction in share-based compensation expense of $2.8 million. Post-modification, the fair value of PSUs will not be remeasured.

The continuity of PSUs issued and outstanding is as follows:

			Nine Months Ended September 30,
			2026						2025
Outstanding balance, beginning of period			879,703						1,014,505
Issued			—						10,734
Settled			—						(12,500)
Forfeited			(16,322)						(52,829)
Outstanding balance, end of period			863,381						959,910

(c) Restricted Share Units

Pursuant to the Share Unit Plan, the Compensation Committee may grant restricted share units ("RSUs") to Eligible Persons of the Company or its subsidiaries. The fair value of RSUs is determined on the date of grant using the market price of the Company’s shares. Prior to June 29, 2026, each vested RSU entitled 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. Based on the Company's history of settling RSUs with common shares, RSUs were classified as equity-settled instruments.

On June 29, 2026, upon shareholder approval of the Amended and Restated Share Unit Plan at the Company's annual general and special meeting, the Compensation Committee's option to settle vested units using cash was eliminated. As a result, each vested unit is redeemable solely in common shares of the Company. There is no change to the accounting treatment of RSUs.

    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 continuity of RSUs issued and outstanding is as follows:

			Nine months ended September 30,
			2026						2025
Outstanding balance, beginning of period			270,886						328,180
Issued			—						5,366
Settled			(14,005)						(12,217)
Forfeited			(4,028)						(13,314)
Outstanding balance, end of period			252,853						308,015

(d) Deferred Share Units

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,
			2026						2025
Outstanding balance, beginning of period			356,799						325,111
Issued			7,707						13,904
Settled			—						(12,882)
Outstanding balance, end of period			364,506						326,133

At September 30, 2026, DSU liabilities had a fair value of $13.4 million (December 31, 2025 - $10.1 million) which has been recognized in accounts payable and accrued liabilities.

(e) Share-based compensation

			Three months ended September 30,												Nine months ended September 30,
			2026						2025						2026						2025
Stock options			$	598					$	592					$	1,753					$	1,677
Performance share units			2,460						4,324						3,914						10,047
Restricted share units			633						579						1,833						1,649
Deferred share units			3,767						1,247						3,661						2,298
Share-based compensation(1)			$	7,458					$	6,742					$	11,161					$	15,671

(1)    For the three and nine months ended September 30, 2026, the Company recorded $3.7 million and $6.1 million (three and nine months ended September 30, 2025 - $1.2 million and $3.4 million) of share-based compensation in contributed surplus, and the remaining share-based compensation was recorded in liabilities.

    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)

(f)     Net Income per Share

			Three months ended September 30,												Nine months ended September 30,
			2026						2025						2026						2025
Weighted average number of common shares outstanding			104,351,583						103,621,631						104,299,083						103,589,664
Dilutive effects of:
Stock options			509,282						115,109						488,175						43,616
Share units			1,116,234						308,015						1,116,234						308,015
Weighted average number of diluted common shares outstanding(1)			105,977,099						104,044,755						105,903,492						103,941,295
Net income attributable to owners of the Company			$	116,237					$	35,978					$	314,551					$	186,753
Basic net income per share			$	1.11					$	0.35					$	3.02					$	1.80
Diluted net income per share			$	1.10					$	0.35					$	2.97					$	1.80

(1)    Weighted average number of diluted common shares outstanding for the three and nine months ended September 30, 2026 excluded 23,596 and 255,443 (three and nine months ended September 30, 2025 - 464,486 and 839,668) stock options.

14. Revenue

			Three months ended September 30,												Nine months ended September 30,
			2026						2025						2026						2025
Copper
Concentrate sales			249,589						144,204						$	690,976					$	394,812
Adjustments on provisional sales(1)			3,325						5,516						2,064						2,470
			252,914						149,720						693,040						397,282
Gold
Dore Sales			18,048						24,405						66,239						59,788
Concentrate sales			69,773						—						120,128						—
Adjustments on provisional sales(1)			49						—						(22)						—
Amortization of deferred revenue(2)			7,250						2,967						16,132						8,620
			$	95,120					$	27,372					$	202,477					$	68,408
			$	348,034					$	177,092					$	895,517					$	465,690

(1)    Adjustments on provisional sales include pricing adjustments on the Company's concentrate sales, which are provisionally priced to the Company's international customers and are settled with a final sales price between zero to four months (September 30, 2025 - zero to six month) after shipment takes place and, therefore, are exposed to commodity price changes.

(2)    During the three and nine months ended September 30, 2026, the Company delivered 6,207 and 12,880 ounces of gold, respectively (three and nine months ended September 30, 2025 - 2,000 and 5,249 ounces of gold), under a precious metals purchase agreement with Royal Gold (note 11) for average cash consideration of $1,695 and $1,770 per ounce (three and nine months ended September 30, 2025 - $1,188 and $835).

    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)

15.     Cost of Sales

			Three months ended September 30,												Nine months ended September 30,
			2026						2025						2026						2025
Materials			$	27,672					$	20,286					$	72,069					$	45,094
Salaries and benefits			28,137						23,548						83,746						62,477
Contracted services			40,285						25,114						104,434						48,661
Maintenance costs			17,664						13,639						52,571						36,430
Utilities			7,858						5,352						21,543						13,607
Other costs			996						1,043						3,239						1,931
Change in inventory (excluding depreciation and depletion)			(6,730)						(10,381)						(8,405)						(14,804)
Cost of production			115,882						78,601						329,197						193,396
Sales expense			20,073						9,067						50,789						16,930
Other expense			—						1,070						—						1,070
Depreciation and depletion			45,328						42,743						120,384						86,802
Change in inventory (depreciation and depletion)			(2,808)						(11,786)						(1,745)						(12,713)
			$	178,475					$	119,695					$	498,625					$	285,485

16.     General and Administrative Expenses

			Three months ended September 30,												Nine months ended September 30,
			2026						2025						2026						2025
Accounting and legal			$	569					$	570					$	1,557					$	1,427
Amortization and depreciation			597						412						1,311						1,115
Office and administration			3,039						2,203						7,468						6,853
Salaries and consulting fees			10,287						7,488						23,428						20,698
Incentive payments			1,346						1,011						4,008						3,087
Other			980						896						2,639						2,335
			$	16,818					$	12,580					$	40,411					$	35,515

    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)

17.    Finance Expense

			Three months ended September 30,												Nine months ended September 30,
			2026						2025						2026						2025
Interest on loans and borrowings(2)			$	3,553					$	6,665					$	13,654					$	6,665
Accretion of deferred revenue			1,863						1,998						$	5,721					$	4,723
Accretion of provision for rehabilitation and closure costs			792						901						2,372						2,608
Interest on lease liabilities			603						722						1,899						1,916
Other finance expenses(1)			3,141						1,045						10,048						6,118
			$	9,952					$	11,331					$	33,694					$	22,030

(1)    Other finance expenses during the three and nine months ended September 30, 2026 included nil and $1.8 million, respectively (three and nine months ended September 30, 2025 - nil and $1.4 million) of credit loss on certain accounts receivable.

(2)    During the three and nine months ended September 30, 2026, the Company capitalized $5.4 million and $15.4 million, respectively (three and nine months ended September 30, 2025 -$4.6 million and $27.0 million) of borrowing costs to projects in progress.

18.    Foreign Exchange Gain

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

			Three months ended September 30,												Nine months ended September 30,
			2026						2025						2026						2025
Foreign exchange gain (loss) on USD denominated debt in Brazil			$	(573)					$	16,994					$	39,797					$	95,104
Realized foreign exchange gain (loss) on derivative contracts (note 19)			10,410						2,046						30,340						47
Unrealized foreign exchange gain (loss) on derivative contracts (note 19)			(3,055)						3,980						8,091						27,419
Foreign exchange (loss) gain on other financial assets and liabilities			(1,705)						(965)						(8,651)						(3,475)
			$	5,077					$	22,055					$	69,577					$	119,095

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 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)

As at September 30, 2026, derivatives were measured at fair value based on Level 2 inputs.

The carrying values of cash and cash equivalents, accounts receivable, deposits, and accounts payable and accrued liabilities approximate their fair values due to their short terms to maturity or the discount rate used approximates to the contractual interest rate. At September 30, 2026, the carrying value of loans and borrowings, including accrued interest, was $467.5 million while the fair value is approximately $464.2 million. At September 30, 2026, the carrying value of notes receivable, including accrued interest, was $13.5 million which approximates its fair value.

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, 2026 are as follows:

Contract Description

Notional Amount

Denomination

Weighted average floor

Weighted average cap / forward price

Maturities

Foreign exchange collar (i)

$390.0 million

USD/BRL

5.33

6.27

October 2026 - December 2027

Copper forward (ii)

2,894 tonnes

$ / lb

N/A

6.17

November 2026

(i) Foreign exchange currency risk

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

The Company's exposure to foreign exchange currency risk at September 30, 2026 relates to $18.5 million (December 31, 2025 – $46.6 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, 2026 on $608.3 million of intercompany loan balances (December 31, 2025 - $604.6 million) which have contractual repayment terms. Strengthening (weakening) in the Brazilian Real against the US dollar at September 30, 2026 by 10% and 20%, would have decreased (increased) pre-tax net income by $62.5 million and $124.9 million, respectively. This analysis is based on the foreign currency exchange variation rate that the Company considered to be reasonably possible at the end of the period and excluding the impact of the derivatives below. The analysis assumes that all other variables, especially interest rates, are held constant.

The Company may use certain foreign exchange derivatives, including collars and forward contracts, to manage its foreign exchange risks. At September 30, 2026, the aggregate fair value of the Company's foreign exchange derivatives was a net asset of $16.1 million (December 31, 2025 - net asset of $4.4 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 an unrealized loss of $3.1 million and gain of $8.1 million for the three and nine months ended September 30, 2026, respectively (a gain of $4.0 million and of

    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)

$27.4 million for the three and nine months ended September 30, 2025, respectively), and have been recognized in foreign exchange gain.

In addition, during the three and nine months ended September 30, 2026, the Company recognized a realized gain of $10.4 million and $30.3 million, respectively (realized gain of $2.0 million and nil for the three and nine months ended September 30, 2025 respectively), related to the settlement of foreign currency forward collar contracts.

(ii) Price risk

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

At September 30, 2026, the Company has derivative contracts on 2,894 tonnes of copper to hedge its accounts receivables exposure over the quotation period. The copper derivative contracts establish a forward price of $6.17 per pound of copper. As of September 30, 2026, the fair value of these contracts was a net liability of $2.4 million (December 31, 2025 - nil). The fair value of copper forward contract was determined based on option pricing models, forward copper price and information provided by the counter party.

As of September 30, 2026, the Company has no outstanding gold collar contracts (December 31, 2025 - liability of $6.8 million).

During the three and nine months ended September 30, 2026, the Company recognized an unrealized loss of $2.5 million and gain of $2.8 million (unrealized loss of $1.6 million and loss of $3.1 million for the three and nine months ended September 30, 2025), respectively, in relation to its commodity derivatives in other income or loss.

During the three and nine months ended September 30, 2026, the Company recognized a realized loss of nil and $10.9 million (realized loss of $0.6 million and $0.6 million for three and nine months ended September 30, 2025), respectively, in relation to its commodity derivatives in other income or loss.

At September 30, 2026, the Company had provisionally priced sales at period end that are exposed to commodity price changes (note 14). Based on the Company’s net exposure at September 30, 2026, a 10% change in the price of copper and gold would have changed pre-tax net income (loss) by $9.4 million.

    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)

20. Supplemental Cash Flow Information

			Three months ended September 30,												Nine months ended September 30,
Net change in non-cash working capital items:			2026						2025						2026						2025
Accounts receivable			$	22,780					$	1,597					$	9,484					$	7,446
Inventories			(9,691)						(14,508)						(27,026)						(28,538)
Value added tax and other assets			(13,991)						(3,220)						(21,633)						(6,758)
Accounts payable and accrued liabilities			4,163						46,959						11,619						26,403
			$	3,261					$	30,828					$	(27,556)					$	(1,447)
Non-cash investing and financing activities:
Additions to property, plant and equipment by leases			7,795						6,137						$	11,158					$	20,093
Non-cash increase (decrease) in accounts payable in relation to additions of property, plant and equipment and exploration and evaluation assets			6,862						(6,885)						14,385						(3,018)
Non-cash operating activities:
Settlement of income taxes payable via VAT recoverable			(16,087)						(5,092)						$	(27,674)					$	(12,174)

21.    Commitment

As at September 30, 2026, the Company has capital commitments, which are net of advances to suppliers, of $85.0 million through contracts and purchase orders which are expected to be incurred over a four-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.

    Notes to Financial Statements | Page 26

			TSX: ERO
			NYSE: ERO

November 2, 2026

Ero Copper Reports Record Third Quarter 2026 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, 2026. Management will host a conference call tomorrow, Tuesday, November 3, 2026, at 10:30 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 totaled 18,345 tonnes in concentrate, up 6% sequentially, at C1 cash costs(1) of $2.51 per pound produced.

•Gold from the Xavantina Operations totaled 25,258 ounces, up 23% from the previous quarter on increased ounces recovered from historic gold concentrate stockpiles.

◦Gold recovered from historic concentrate stockpiles increased 47% to a record of 17,414 ounces at C1 cash costs(1) and AISC(1) of $621 and $710 per ounce, respectively.

◦Mined gold production totaled 7,844 ounces at C1 cash costs(1) and AISC(1) of $1,892 and $3,607 per ounce, respectively.

•Record financial metrics, including cash flow from operations, adjusted EBITDA(1) and net income, supported by strong operating performance, higher copper and gold sales volumes, and favorable metal prices.

◦Cash flow from operations was $191.2 million, up 39% quarter-on-quarter.

◦Adjusted EBITDA(1) was $200.6 million, also up 39% quarter-on-quarter.

◦Net income attributable to the owners of the Company was $116.2 million, or $1.10 per diluted share, representing a 30% quarter-on-quarter increase.

◦Adjusted net income attributable to the owners of the Company(1) increased 48% quarter-on-quarter to $129.3 million, or $1.22 per diluted share.

•Reduced net debt(1) by approximately $100 million during the quarter and nearly $200 million since the beginning of 2025 to $353.5 million. Accelerated deleveraging was supported by the Company's strong cash flow generation, with approximately 97% of every dollar of cash available for deleveraging(2) applied toward debt reduction year-to-date. The Company's net debt leverage ratio improved to 0.5x at quarter-end from 1.2x at December 31, 2025.(3)

1			Ero
			733 Seymour Street | Suite 3100 | Vancouver | BC | V6B 0S6 | Canada

TSX: ERO

NYSE: ERO

•Available liquidity(1) increased by $82.3 million quarter-on-quarter to $264.1 million, including $114.1 million in cash and cash equivalents and $150.0 million of undrawn availability under the Company's senior secured revolving credit facility.

•The Company’s foreign exchange hedge program generated realized gains of $10.4 million in Q3 and $30.3 million year-to-date, offsetting the cash impact of the stronger BRL. These gains are recognized separately and are not reflected in the Company's reported unit operating costs. Allocating the year-to-date realized gains across the Company's operations on a pro rata basis would equate to estimated reductions of approximately $0.15 per pound on full-year consolidated copper C1 cash costs(1) and approximately $50 per ounce on Xavantina's full-year C1 cash costs(1) and AISC(1).

•Reaffirming consolidated copper production and updating consolidated copper cost guidance as well as Xavantina production and cost guidance to reflect year-to-date performance and Q4 historic gold concentrate sales outlook.

◦Consolidated copper production guidance remains unchanged at 67,500 to 77,500 tonnes, with Q4 expected to be the strongest production quarter of the year at both copper operations.

◦Consolidated copper C1 cash cost(1) guidance has been updated to $2.25 to $2.45 per pound produced, reflecting inflationary pressures associated with the ongoing U.S.-Iran conflict and a stronger BRL. Allocating year-to-date realized foreign exchange hedge gains across the Company's operations on a pro rata basis would reduce full-year C1 cash costs(1) by approximately $0.15 per pound to $2.10 to $2.30 per pound, in line with the Company's original 2026 guidance.

◦Total gold from Xavantina is expected to be 75,000 to 80,000 ounces, comprising approximately 45,000 ounces recovered from historic concentrate stockpiles and 30,000 to 35,000 ounces of mined production. Q4 mined production is expected to benefit from higher mining rates and grades following the acceleration of underground development during Q3.

◦Xavantina C1 cash cost(1) and AISC(1) guidance for mined gold production has been updated to $1,650 to $1,800 per ounce and $3,300 to $3,600 per ounce, respectively. Allocating year-to-date realized foreign exchange hedge gains across the Company's operations on a pro rata basis would reduce these ranges by approximately $50 per ounce to $1,600 to $1,750 and $3,250 to $3,550 per ounce, respectively.

◦Capital expenditure guidance remains unchanged at $285 to $330 million.

•The Company continued to advance the Furnas Copper-Gold Project ("Furnas" or the "Project"), completing the Phase 3 drill program in Q3 2026, more than two years ahead of schedule.

◦Completion of the 45,000-meter Phase 3 drill program satisfies the exploration component of the Furnas earn-in agreement with Vale Base Metals.

2			Ero
			733 Seymour Street | Suite 3100 | Vancouver | BC | V6B 0S6 | Canada

TSX: ERO

NYSE: ERO

◦The Company continues to advance key technical workstreams, including permitting, hydrogeological studies, environmental studies, and confirmatory metallurgical testwork in support of a Pre-Feasibility Study expected to be published in 2027.

"Ero delivered record financial results in Q3. Significant free cash flow generation enabled us to accelerate our pace of deleveraging - one of the core commitments we have made to our shareholders. Results were supported by continued growth in copper and gold sales volumes, cost savings from our OneEro initiative, and our foreign exchange hedge strategy designed to protect cash operating margins," said Makko DeFilippo, President & Chief Executive Officer.

“Our operating performance continued to strengthen during the quarter as optimization initiatives launched in 2025 and advanced further in 2026 translated into sustainable improvements across the business. Caraíba and Tucumã delivered sequential throughput gains of 8% and 14%, respectively, and our operations remain on track to deliver record consolidated copper production in 2026. At Tucumã, the tailings filtration expansion remains on track for completion by year-end. At Xavantina, increased recovery of gold from historic concentrate stockpiles supported higher quarterly gold sales, while mine operations achieved record underground development, which we expect will translate to higher sustained mining rates and additional flexibility in the coming quarters.

"We are pleased with the progress across our operations, our continued commitment to deleveraging and the significant progress we have made throughout our growth initiatives this year, including the completion of all drilling requirements at Furnas more than 2 years ahead of schedule."

(1)    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, 2026 and the Reconciliation of Non-IFRS Measures section at the end of this press release.

(2)    Cash available for deleveraging, on a year-to-date basis, represents cash flow from operations of $421.9 million, less capital expenditures of $222.3 million ($203.1 million for additions to mineral properties, plant and equipment and $19.2 million for additions to exploration and evaluation assets) and interest, lease, and finance payments of $63.2 million ($36.7 million for interest paid on loans and borrowings, $16.4 million for lease liability payments and $10.1 million for other finance expenses paid). Of the resulting $136.4 million of cash available for deleveraging, $132.0 million was applied to debt principal repayments, equivalent to approximately $0.97 of every $1.00 available.

(3)    The Company's net debt leverage ratio as of September 30, 2026 was 0.5x, based on net debt of $353.5 million and trailing 12-month adjusted EBITDA of $656.6 million. By comparison, the ratio as of December 31, 2025 was 1.2x, based on net debt of $501.7 million and trailing 12-month adjusted EBITDA of $409.7 million.

3			Ero
			733 Seymour Street | Suite 3100 | Vancouver | BC | V6B 0S6 | Canada

TSX: ERO

NYSE: ERO

THIRD QUARTER REVIEW

The Caraíba Operations

•The Caraíba Operations produced 9,387 tonnes of copper in concentrate during the period at C1 cash costs(1) of $2.89 per pound produced.

•Production increased by approximately 12% quarter-on-quarter driven by higher plant throughput with modestly higher processed grades and recoveries. C1 cash costs(1) were impacted by higher waste stripping costs at Surubim, increased diesel and maintenance costs, and the continued strength of the BRL.

The Tucumã Operation

•The Tucumã Operation produced 8,958 tonnes of copper in concentrate during the quarter at C1 cash costs(1) of $2.12 per pound produced.

•Production was in line with the prior quarter, as improved plant throughput offset lower grades and recoveries. C1 cash costs(1) were also in line with the prior period, with initial OneEro cost savings offsetting the impact of inflationary pressures on input costs and the continued strength of the BRL.

•The Company remains on schedule to install and commission modular tailings filters in Q4, providing additional capacity to Tucumã's tailings filtration circuit. The incremental filtration capacity and associated plant throughput benefits are expected to support future production plans and have not been reflected in 2026 operational guidance.

The Xavantina Operations

•Gold produced and recovered at the Xavantina Operations increased 23% quarter-on-quarter to 25,258 ounces, supported by increased ounces recovered from historic gold concentrate stockpiles.

◦Gold recovered from historic concentrate stockpiles increased 47% quarter-on-quarter to 17,414 ounces at C1 cash costs(1) and AISC(1) of $621 and $710 per ounce, respectively. Operations benefited from drier seasonal conditions and additional drying infrastructure installed in late Q2.

◦Mine production was 7,844 ounces at C1 cash costs(1) and AISC(1) of $1,892 and $3,607 per ounce, respectively. Higher throughput was offset by lower processed grades, as mine operations focused on accelerating underground development during the quarter, limiting access to higher-grade stopes.

•Gold sales also increased approximately 47% quarter-on-quarter to 24,957 ounces, comprising 4,949 ounces of gold doré and 20,008 ounces of gold in concentrate, including contributions from Xavantina's historic gold concentrates.

(1)    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, 2026 and the Reconciliation of Non-IFRS Measures section at the end of this press release.

4			Ero
			733 Seymour Street | Suite 3100 | Vancouver | BC | V6B 0S6 | Canada

TSX: ERO

NYSE: ERO

OPERATING HIGHLIGHTS

						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Copper (Caraíba Operations)
Ore Mined (tonnes)						1,142,352						1,098,614						1,018,972						3,226,543						2,507,975
Ore Processed (tonnes)						1,161,102						1,074,182						996,661						3,307,493						2,481,508
Grade (% Cu)						0.90						0.87						1.01						0.90						1.14
Recovery (%)						89.4						89.0						90.4						88.9						90.6
Cu Production (tonnes)						9,387						8,351						9,085						26,564						25,604
Cu Production (000 lbs)						20,694						18,411						20,030						58,564						56,448
Cu Sold in Concentrate (tonnes)						9,537						7,926						9,080						26,668						25,416
Cu Sold in Concentrate (000 lbs)						21,026						17,474						20,017						58,793						56,031
Cu C1 cash cost(1)						$	2.89					$	2.76					$	2.32					$	2.81					$	2.20
Copper (Tucumã Operation)
Ore Mined (tonnes)						1,224,488						590,600						1,333,748						2,271,772						2,460,850
Ore Processed (tonnes)						814,137						715,415						575,041						2,093,269						1,288,054
Grade (% Cu)						1.30						1.44						1.51						1.44						1.74
Recovery (%)						85.0						88.2						89.2						87.1						88.0
Cu Production (tonnes)						8,958						8,964						7,579						26,383						18,997
Cu Production (000 lbs)						19,749						19,763						16,707						58,164						41,880
Cu Sold in Concentrate (tonnes)						8,638						8,581						6,622						25,970						17,758
Cu Sold in Concentrate (000 lbs)						19,044						18,918						14,598						57,254						39,149
Cu C1 cash cost(1)(2)						$	2.12					$	2.10					$	1.62					$	2.07					$	1.62
Gold (Xavantina Operations)
Ore Mined (tonnes)						56,527						49,484						50,268						138,831						121,325
Ore Processed (tonnes)						55,478						48,564						47,865						141,170						118,922
Grade (g / tonne)						4.90						6.20						8.15						5.55						7.46
Recovery (%)						89.7						89.8						78.4						87.5						84.7
Au Production (oz)						7,844						8,693						9,073						22,032						23,454
Historic Au Concentrate Recovered (oz)						17,414						11,860						—						31,386						—
Au Sold in Doré (oz)						4,949						6,663						8,439						17,631						22,549
Au Sold in Concentrate (oz)(3)						20,008						10,353						—						34,672						—
Au Production C1 cash cost(1)						$	1,892					$	1,586					$	1,086					$	1,828					$	1,100
Au Production AISC(1)						$	3,607					$	2,881					$	2,425					$	3,528					$	2,307
Historic Au Concentrate C1 cash cost(1)						$	621					$	633					—						$	645					—
Historic Au Concentrate AISC(1)						$	710					$	715					—						$	733					—

(1)    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, 2026 and the Reconciliation of Non-IFRS Measures section at the end of this press release.

(2)    The Company declared commercial production at the Tucumã Operation effective July 1, 2025. As such, copper C1 cash costs for the Tucumã Operation reflect costs from Q3 2025 onward only.

(3)    Gold sold in concentrate includes gold ounces produced in flotation and the historic gold concentrate stockpile.

5			Ero
			733 Seymour Street | Suite 3100 | Vancouver | BC | V6B 0S6 | Canada

TSX: ERO

NYSE: ERO

FINANCIAL HIGHLIGHTS

($ in millions, except per share amounts)

						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Revenues						$	348.0					$	284.3					$	177.1					$	895.5					$	465.7
Gross profit						169.6						121.4						57.4						396.9						180.2
EBITDA(1)						195.8						159.8						90.8						531.0						322.8
Adjusted EBITDA(1)						200.6						144.0						77.1						469.8						223.0
Cash flow from operations						191.2						137.9						110.3						421.9						266.0
Net income						118.0						90.7						36.5						318.0						188.2
Net income attributable to owners of the Company						116.2						89.5						36.0						314.6						186.8
Per share (basic)						1.11						0.86						0.35						3.02						1.80
Per share (diluted)						1.10						0.85						0.35						2.97						1.80
Adjusted net income attributable to owners of the Company(1)						129.3						87.4						27.9						289.1						111.9
Per share (basic)						1.24						0.84						0.27						2.77						1.08
Per share (diluted)						1.22						0.83						0.27						2.73						1.08
Cash, cash equivalents, and short-term investments						114.1						101.7						66.3						114.1						66.3
Working capital (deficit)(1)						89.4						87.7						(45.2)						89.4						(45.2)
Available liquidity(1)						264.1						181.7						111.3						264.1						111.3
Net debt(1)						353.5						452.7						545.5						353.5						545.5

(1)    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, 2026 and the Reconciliation of Non-IFRS Measures section at the end of this press release.

6			Ero
			733 Seymour Street | Suite 3100 | Vancouver | BC | V6B 0S6 | Canada

TSX: ERO

NYSE: ERO

2026 GUIDANCE

Consolidated copper production guidance remains unchanged at 67,500 to 77,500 tonnes, with Q4 expected to be the strongest production quarter of the year at both copper operations. At the Caraíba Operations, Q4 copper production is expected to benefit from higher mined and processed copper grades. At the Tucumã Operation, higher plant throughput and improved recoveries are expected to offset lower planned copper grades.

Full-year consolidated copper C1 cash cost(1) guidance has been updated to $2.25 to $2.45 per pound produced, reflecting the impact of continued strength in the BRL, inflationary pressures arising from the ongoing U.S.-Iran conflict, and delayed access to the higher-grade pit bottom of Surubim at the Caraíba Operations during the third quarter. Unit costs are expected to decline in Q4 at both of the copper operations driven by increased production.

The cash impact of the stronger BRL has been offset by year-to-date realized gains of $30.3 million from the Company's foreign exchange hedge program. Allocating the year-to-date realized foreign exchange hedge gains across the Company's operations on a pro rata basis would translate to an estimated reduction of approximately $0.15 per pound on full-year consolidated copper C1 cash costs(1), equating to $2.10 to $2.30 per pound produced, generally in line with the Company's original 2026 guidance.

Gold from Xavantina is expected to total 75,000 to 80,000 ounces in 2026, including 30,000 to 35,000 ounces of mined production and approximately 45,000 ounces recovered from historic gold concentrate stockpiles. Mined gold production guidance has been revised to reflect extended downtime in H1 related to the installation of key ventilation and cooling infrastructure and lower mined and processed grades in Q3. Mined production is expected to increase in Q4, supported by higher mining rates and grades following the acceleration of underground development during Q3. As a result, gold C1 cash cost(1) and AISC(1) guidance has been updated to $1,650 to $1,800 per ounce and $3,300 to $3,600 per ounce, respectively. Allocating the year-to-date realized foreign exchange hedge gains across the Company's operations on a pro rata basis would translate to an estimated reduction of approximately $50 per ounce on Xavantina's full-year C1 cash costs(1) and AISC(1) equating to $1,600 to $1,750 and $3,250 to $3,550 per ounce, respectively.

Gold recovered from historic concentrate stockpiles is expected to total approximately 45,000 ounces, including over 31,000 ounces recovered through the end of Q3 and approximately 15,000 ounces projected for Q4. The Q4 shipment outlook includes more than 6,000 ounces invoiced in October and approximately 9,000 ounces contained in concentrate at site undergoing drying prior to shipment.

Total capital expenditure guidance is maintained in the range of $285 to $330 million.

7			Ero
			733 Seymour Street | Suite 3100 | Vancouver | BC | V6B 0S6 | Canada

TSX: ERO

NYSE: ERO

2026 Production and Cost Guidance

																		Previous Guidance						Current Guidance						Current Guidance with YTD $30M FX Gain Applied(1)
Consolidated Copper Production (tonnes)
Caraíba Operations																		35,000 - 40,000						35,000 - 40,000						35,000 - 40,000
Tucumã Operation																		32,500 - 37,500						32,500 - 37,500						32,500 - 37,500
Total Copper																		67,500 - 77,500						67,500 - 77,500						67,500 - 77,500
Consolidated Copper C1 Cash Costs ($/lb)(2)
Caraíba Operations																		$2.30 - $2.50						$2.55 - $2.75						$2.35 - $2.55
Tucumã Operation																		$1.95 - $2.15						$1.95 - $2.15						$1.85 - $2.05
Consolidated Copper Operations																		$2.15 - $2.35						$2.25 - $2.45						$2.10 - $2.30
The Xavantina Operations (oz)
Mined Au Production																		40,000 - 50,000						30,000 - 35,000						30,000 - 35,000
Au Recovered from Historic Stockpiles																		—						Approx. 45,000						Approx. 45,000
Total Gold																		40,000 - 50,000						75,000 - 80,000						75,000 - 80,000
Mined Gold Production Costs ($/oz)
C1 Cash Cost(2)																		$1,100 - $1,350						$1,650 - $1,800						$1,600 - $1,750
AISC(2)																		$2,200 - $2,700						$3,300 - $3,600						$3,250 - $3,550

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

(1)    Assumes $30.3 million realized gains through the end of Q3 from the Company's foreign exchange hedge program, allocated to the operations for the purposes of calculating C1 cash costs as follows: 55% ($16.7 million) to Caraíba, 30% ($9.1 million) to Tucumã, and 15% ($4.6 million) to Xavantina, amounts may not sum due to rounding.

(2)    Please refer to the section titled "Reconciliation of Non-IFRS Measures" within this Press Release.

2026 Capital Expenditure Guidance

Figures presented in the table below are in USD millions.

												Current Guidance
Caraíba Operations												$170 - $185
Tucumã Operation												$35 - $45
Xavantina Operations												$50 - $60
Furnas Copper-Gold Project, Other Exploration & Corporate												$30 - $40
Total												$285 - $330

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 AIF and Management of Risks and Uncertainties in the MD&A for complete risk factors.

8			Ero
			733 Seymour Street | Suite 3100 | Vancouver | BC | V6B 0S6 | Canada

TSX: ERO

NYSE: ERO

CONFERENCE CALL DETAILS

The Company will hold a conference call on Tuesday, November 3, 2026 at 10:30 a.m. Eastern Time to discuss these results. A results presentation will be available for download via the webcast link and in the Presentations section of the Company's website on the day of the conference call.

Date:			Tuesday, November 3, 2026
Time:			10:30 a.m. Eastern Time
Dial in:			Canada/USA Toll Free: 1-833-752-3380 International: +1-647-846-2821 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/10212017/104e507c7ef)
Webcast:			To access the webcast, click here. (https://event.choruscall.com/mediaframe/webcast.html?webcastid=aGktY9cu)
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:			1109122

9			Ero
			733 Seymour Street | Suite 3100 | Vancouver | BC | V6B 0S6 | Canada

TSX: ERO

NYSE: ERO

Reconciliation of Non-IFRS Measures

Financial results of the Company are presented in accordance with IFRS. The Company utilizes certain alternative performance (non-IFRS) measures to monitor its performance, including copper C1 cash cost, 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, 2026 which is available on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov.

10			Ero
			733 Seymour Street | Suite 3100 | Vancouver | BC | V6B 0S6 | Canada

TSX: ERO

NYSE: ERO

Copper C1 cash cost

The following table provides a reconciliation of copper C1 cash cost to cost of production, its most directly comparable IFRS measure. Amounts in US$ thousands, except per-pound amounts and where otherwise indicated.

The Caraíba Operations

Reconciliation:						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Cost of production						$	65,552					$	59,098					$	50,261					$	187,002					$	132,870
Add (less):
Transportation costs & other						4,079						2,895						1,731						9,870						4,845
Treatment, refining, and other						610						(5,225)						2,508						(2,451)						7,258
By-product credits						(8,726)						(8,045)						(6,693)						(26,848)						(17,597)
Incentive payments						(1,607)						(1,700)						(1,425)						(4,841)						(4,171)
Net change in inventory						(71)						3,647						199						2,093						1,247
Foreign exchange and other						(60)						106						(46)						(41)						(177)
C1 cash costs						$	59,777					$	50,776					$	46,535					$	164,784					$	124,275

Mining						$	46,594					$	42,510					$	33,943					$	131,515					$	91,181
Processing						9,098						9,986						8,222						28,186						21,123
Indirect						8,122						8,655						6,824						24,512						17,465
Production costs						63,814						61,151						48,989						184,213						129,769
By-product credits						(8,726)						(8,045)						(6,693)						(26,848)						(17,597)
Treatment, refining and other						4,689						(2,330)						4,239						7,419						12,103
C1 cash costs						$	59,777					$	50,776					$	46,535					$	164,784					$	124,275

						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Costs per pound
Total copper produced (lbs, 000)						20,694						18,411						20,030						58,564						56,448
Mining						$	2.25					$	2.31					$	1.69					$	2.25					$	1.62
Processing						$	0.44					$	0.54					$	0.41					$	0.48					$	0.37
Indirect						$	0.39					$	0.47					$	0.34					$	0.42					$	0.31
By-product credits						$	(0.42)					$	(0.44)					$	(0.33)					$	(0.46)					$	(0.31)
Treatment, refining and other						$	0.23					$	(0.12)					$	0.21					$	0.12					$	0.21
Copper C1 cash costs						$	2.89					$	2.76					$	2.32					$	2.81					$	2.20

11			Ero
			733 Seymour Street | Suite 3100 | Vancouver | BC | V6B 0S6 | Canada

TSX: ERO

NYSE: ERO

The Tucumã Operation

Reconciliation:						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Cost of production						$	33,646					$	31,632					$	18,308					$	95,016					$	35,504
Add (less):
Transportation costs & other						8,191						9,393						4,880						23,975						4,880
Treatment, refining, and other						163						378						1,486						3,012						1,486
By-product credits						(566)						(425)						—						(1,692)						—
Incentive payments						(552)						(480)						(401)						(1,578)						(401)
Net change in inventory						981						1,021						2,783						1,446						2,783
Pre-commercial cost of production						—						—						—						—						(17,196)
Foreign exchange and other						(6)						4						—						(6)						—
C1 cash costs						$	41,857					$	41,523					$	27,056					$	120,173					$	27,056

Mining						$	10,943					$	8,963					$	4,552					$	26,444					$	4,552
Processing						18,649						18,566						12,455						55,191						12,455
Indirect						4,477						4,648						3,698						13,243						3,698
Production costs						34,069						32,177						20,705						94,878						20,705
By-product credits						(566)						(425)						—						(1,692)						—
Treatment, refining and other						8,354						9,771						6,351						26,987						6,351
C1 cash costs						$	41,857					$	41,523					$	27,056					$	120,173					$	27,056

						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Costs per pound
Total copper produced (lbs, 000)						19,749						19,763						16,707						58,164						16,707
Mining						$	0.55					$	0.45					$	0.27					$	0.45					$	0.27
Processing						$	0.94					$	0.94					$	0.75					$	0.95					$	0.75
Indirect						$	0.23					$	0.24					$	0.22					$	0.23					$	0.22
By-product credits						$	(0.03)					$	(0.02)					$	—					$	(0.03)					$	—
Treatment, refining and other						$	0.43					$	0.49					$	0.38					$	0.47					$	0.38
Copper C1 cash costs						$	2.12					$	2.10					$	1.62					$	2.07					$	1.62

12			Ero
			733 Seymour Street | Suite 3100 | Vancouver | BC | V6B 0S6 | Canada

TSX: ERO

NYSE: ERO

Gold Production 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. Amounts in US$ thousands, except per-ounce amounts or where otherwise indicated.

Reconciliation:						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Cost of production						$	16,684					$	16,618					$	10,032					$	47,179					$	25,018
Less: Gold concentrate re-handling costs						(3,793)						(3,682)						—						(9,116)						—
Cost of mine production						$	12,891					$	12,936					$	10,032					$	38,063					$	25,018
Add (less):
Incentive payments						(482)						(427)						(364)						(1,229)						(842)
Net change in inventory						996						357						191						546						1,593
By-product credits						(146)						(284)						(208)						(619)						(478)
Smelting, refining and selling expenses						1,587						1,167						217						3,523						540
Foreign exchange and other						(8)						40						(12)						(6)						(41)
Gold production C1 cash costs						$	14,838					$	13,789					$	9,856					$	40,278					$	25,790
Site general and administrative						1,860						1,647						1,602						4,916						3,954
Accretion of mine closure and rehabilitation provision						149						152						151						446						437
Sustaining capital expenditure						8,046						5,867						7,307						22,049						15,651
Sustaining lease payments						2,958						3,077						2,524						8,657						6,858
Royalties and production taxes						436						516						566						1,386						1,415
Gold production AISC						$	28,287					$	25,048					$	22,006					$	77,732					$	54,105

13			Ero
			733 Seymour Street | Suite 3100 | Vancouver | BC | V6B 0S6 | Canada

TSX: ERO

NYSE: ERO

						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Costs
Mining						$	7,156					$	6,894					$	4,871					$	19,870					$	13,183
Processing						3,515						3,414						2,787						9,869						7,465
Indirect						2,726						2,598						2,189						7,635						5,080
Production costs						13,397						12,906						9,847						37,374						25,728
Treatment, refining and other						1,587						1,167						217						3,523						540
By-product credits						(146)						(284)						(208)						(619)						(478)
Gold production C1 cash costs						$	14,838					$	13,789					$	9,856					$	40,278					$	25,790
Site general and administrative						1,860						1,647						1,602						4,916						3,954
Accretion of mine closure and rehabilitation provision						149						152						151						446						437
Sustaining capital expenditure						8,046						5,867						7,307						22,049						15,651
Sustaining lease payments						2,958						3,077						2,524						8,657						6,858
Royalties and production taxes						436						516						566						1,386						1,415
Gold production AISC						$	28,287					$	25,048					$	22,006					$	77,732					$	54,105
Costs per ounce
Total gold produced (ounces)						7,844						8,693						9,073						22,032						23,454
Mining						$	912					$	793					$	537					$	902					$	562
Processing						$	448					$	393					$	307					$	448					$	318
Indirect						$	349					$	299					$	241					$	346					$	216
Treatment, refining and other						$	202					$	134					$	24					$	160					$	23
By-product credits						$	(19)					$	(33)					$	(23)					$	(28)					$	(19)
Gold production C1 cash cost						$	1,892					$	1,586					$	1,086					$	1,828					$	1,100
Gold production AISC						$	3,607					$	2,881					$	2,425					$	3,528					$	2,307

14			Ero
			733 Seymour Street | Suite 3100 | Vancouver | BC | V6B 0S6 | Canada

TSX: ERO

NYSE: ERO

Historic Gold Concentrate C1 cash cost and gold AISC

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

Reconciliation:						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Cost of production						$	16,684					$	16,618					$	10,032					$	47,179					$	25,018
less: Cost of mine production						(12,891)						(12,936)						(10,032)						(38,063)						(25,018)
Gold concentrate re-handling costs						$	3,793					$	3,682					$	—					$	9,116					$	—
Add (less):
Net change in inventory						207						(11)						—						(132)						—
By-product credits						(1,374)						(974)						—						(2,482)						—
Smelting, refining and selling expenses						8,184						4,811						—						13,749						—
Historic gold concentrate C1 cash costs						$	10,810					$	7,508					$	—					$	20,251					$	—
Royalties and production taxes						1,556						967						—						2,769						—
Historic gold concentrate AISC						$	12,366					$	8,475					$	—					$	23,020					$	—

						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Costs
Gold concentrate re-handling costs						4,000						3,671						—						8,984						—
Smelting, refining and selling costs						8,184						4,811						—						13,749						—
By-product credits						(1,374)						(974)						—						(2,482)						—
Historic gold concentrate C1 cash costs						$	10,810					$	7,508					$	—					$	20,251					$	—
Royalties and production taxes						1,556						967						—						2,769						—
Historic gold concentrate AISC						$	12,366					$	8,475					$	—					$	23,020					$	—
Costs per ounce
Historic gold concentrate recovered (ounces)						17,414						11,860						—						31,386						—
Gold concentrate re-handling costs						$	230					$	310					$	—					$	286					$	—
Smelting, refining and selling costs						$	470					$	406					$	—					$	438					$	—
By-product credits						$	(79)					$	(82)					$	—					$	(79)					$	—
Historic gold concentrate C1 cash costs						$	621					$	633					$	—					$	645					$	—
Historic gold concentrate AISC						$	710					$	715					$	—					$	733					$	—

15			Ero
			733 Seymour Street | Suite 3100 | Vancouver | BC | V6B 0S6 | Canada

TSX: ERO

NYSE: ERO

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

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

Reconciliation:						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Net Income						$	117,954					$	90,749					$	36,513					$	318,014					$	188,168
Adjustments:
Finance expense						9,952						12,678						11,331						33,694						22,030
Finance income						(825)						(1,443)						(1,208)						(3,389)						(3,176)
Income tax expense						25,564						19,321						12,774						62,770						40,597
Amortization and depreciation						43,117						38,514						31,369						119,950						75,204
EBITDA						$	195,762					$	159,819					$	90,779					$	531,039					$	322,823
Foreign exchange gain						(5,077)						(10,845)						(22,055)						(69,577)						(119,095)
Share-based compensation						7,458						1,063						6,742						11,161						15,671
Unrealized loss (gain) on commodity derivatives						2,462						(6,014)						1,627						(2,801)						3,093
Others						—						—						—						—						458
Adjusted EBITDA						$	200,605					$	144,023					$	77,093					$	469,822					$	222,950

16			Ero
			733 Seymour Street | Suite 3100 | Vancouver | BC | V6B 0S6 | Canada

TSX: ERO

NYSE: ERO

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

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

Reconciliation:						2026 - Q3						2026 - Q2						2025 - Q3						2026 - YTD						2025 - YTD
Net income as reported attributable to the owners of the Company						$	116,237					$	89,543					$	35,978					$	314,551					$	186,753
Adjustments:
Share-based compensation						7,458						1,063						6,742						11,161						15,671
Unrealized foreign exchange loss (gain) on USD denominated balances in MCSA						1,063						(3,267)						(15,057)						(32,464)						(82,889)
Unrealized foreign exchange loss (gain) on foreign exchange derivative contracts						3,042						5,363						(3,964)						(8,059)						(27,309)
Unrealized loss (gain) on commodity derivatives						2,452						(5,870)						1,574						(2,685)						3,020
Others						—						—						—						—						458
Tax effect on the above adjustments						(1,000)						575						2,661						6,589						16,221
Adjusted net income attributable to owners of the Company						$	129,252					$	87,407					$	27,934					$	289,093					$	111,925
Weighted average number of common shares
Basic						104,351,583						104,282,548						103,621,631						104,299,083						103,589,664
Diluted						105,977,099						105,876,946						104,044,755						105,903,492						103,941,295
Adjusted EPS
Basic						$	1.24					$	0.84					$	0.27					$	2.77					$	1.08
Diluted						$	1.22					$	0.83					$	0.27					$	2.73					$	1.08

17			Ero
			733 Seymour Street | Suite 3100 | Vancouver | BC | V6B 0S6 | 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, 2026						June 30, 2026						December 31, 2025						September 30, 2025
Current portion of loans and borrowings						$	17,966					$	34,578					$	55,711					$	50,590
Long-term portion of loans and borrowings						449,548						519,856						551,403						561,146
Less:
Cash and cash equivalents						(114,053)						(101,742)						(105,442)						(66,257)
Net debt (cash)						$	353,461					$	452,692					$	501,672					$	545,479

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, 2026						June 30, 2026						December 31, 2025						September 30, 2025
Current assets						$	325,162					$	324,000					$	276,212					$	207,413
Less: Current liabilities						(235,774)						(236,345)						(260,718)						(252,579)
Working capital (deficit)						$	89,388					$	87,655					$	15,494					$	(45,166)
Cash and cash equivalents						114,053						101,742						105,442						66,257
Available undrawn revolving credit facilities						150,000						80,000						45,000						45,000
Available liquidity						$	264,053					$	181,742					$	150,442					$	111,257

18			Ero
			733 Seymour Street | Suite 3100 | Vancouver | BC | V6B 0S6 | Canada

TSX: ERO

NYSE: ERO

ABOUT ERO

Ero is a Brazil-focused, growth-oriented mining company with a diversified portfolio of copper and gold assets. Headquartered in Vancouver, B.C., the Company operates two copper mines – the Caraíba Operations in Bahia State and the Tucumã Operation in Pará State – as well as the Xavantina Operations, a producing gold mine in Mato Grosso State. In addition to its operating assets, Ero is advancing the Furnas Copper-Gold Project, located in the mineral-rich Carajás Province in Pará State, through a definitive earn-in agreement with Vale Base Metals to acquire a 60% interest in the project.

Ero’s operating philosophy is grounded in a commitment to safety, operational excellence, and the responsible production of minerals essential for a better tomorrow. The Company’s shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol “ERO.” Additional information, including technical reports on the Company’s operations and projects, is available on the Company’s website (www.ero.com), SEDAR+ (www.sedarplus.ca), and on EDGAR (www.sec.gov).

FOR MORE INFORMATION, PLEASE CONTACT

Farooq Hamed, VP, Investor Relations

info@ero.com

19			Ero
			733 Seymour Street | Suite 3100 | Vancouver | BC | V6B 0S6 | 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, including the expected timing and weighting of production, plant throughput, mined and processed copper or gold grades, recoveries and unit costs; 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, the Tucumã Project Technical Report and the Furnas Project Technical Report; the estimation of mineral reserves and mineral resources; estimated completion dates for certain milestones, including completion of the Pilar Mine’s new external shaft at the Caraíba Operations; the ability of the Company to maintain improved performance at the Caraíba mill and realize the expected benefits associated with the Pilar Mine’s new external shaft; the expected timing of delivery, installation and commissioning of additional modular tailings filters at the Tucumã Operation and the anticipated impact of such filters on tailings filtration capacity, plant throughput and future production; the expected benefits of the ventilation and cooling infrastructure installed at the Xavantina Operations, including increased mining rates, mill throughput and processed gold grades; expectations regarding gold concentrate sales from the Xavantina Operations, including the expected timing and volume of sales and the anticipated benefits of drier seasonal conditions and the mobile filter press and industrial dryer commissioned on site; the anticipated benefits of the new powerline and processing plant optimization initiatives at the Xavantina Operations; expectations regarding the impact of inflationary pressures, geopolitical conflicts and fluctuations in the Brazilian real on the Company’s operating costs, capital expenditures and financial results; expectations of cost savings related to the OneEro Program; expectations regarding foreign exchange derivative contracts, including expected gains thereon and the exchange rate assumptions underlying such expectations; the Company’s capital allocation priorities, including continued deleveraging of the balance sheet; the Company’s ability to advance work programs under the Furnas earn-in agreement, including exploration, drilling, permitting, engineering, geotechnical, hydrogeological, environmental and metallurgical programs; the expected completion of planned exploration activities at the Furnas Copper-Gold Project; the timing and completion of a pre-feasibility study for the Furnas Copper-Gold Project, currently expected to be published in 2027; the potential to extend known mineralization, upgrade mineral resources to higher-confidence categories or mineral reserves, enhance project economics or increase the potential production profile at the Furnas Copper-Gold Project; the discovery of additional mineralization and the potential impact of exploration results on future production rates at the Company’s mines or processing facilities; the Company’s expectations associated with historic gold concentrate stockpiles at the Xavantina Operations, including operating costs, payability, grades, sales volumes and the timing of sales; 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 most recent Annual Information Form (“AIF”) under the heading “Risk Factors”. The risks discussed in this press release and in the AIF are not exhaustive of the factors that may affect any of the Company’s forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results, actions, events, conditions, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, actions, events, conditions, performance or achievements to differ from those anticipated, estimated or intended.

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

The Company’s forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management on the date the statements are made, many of which may be difficult to predict and beyond the Company’s control. In connection with the forward-looking statements contained in this press release and in the AIF, the Company has made certain assumptions about, among other things: favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production, development and exploration of the Company’s properties and assets; future prices of copper, gold and other metals; the timing and results of exploration and drilling programs; the accuracy of any mineral reserve and mineral resource estimates; the geology of the Caraíba Operations, the Xavantina Operations, the Tucumã Operation and the Furnas Copper-Gold Project being as described in the respective technical report for each property; production costs; the accuracy of budgeted exploration, development and construction costs and expenditures; the price of other commodities such as fuel; future currency exchange rates, interest rates and tariff rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; workforce 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.

20			Ero
			733 Seymour Street | Suite 3100 | Vancouver | BC | V6B 0S6 | Canada

Filing Exhibits & Attachments

3 documents

Press Releases

• EX-99.1 EX-99.1 1.6 MB
• EX-99.2 EX-99.2 1.1 MB
• EX-99.3 EX-99.3 961.7 KB