GMT Capital discloses 4.30% ERO Copper (ERO) stake in Schedule 13G/A

Rhea-AI Filing Summary

GMT Capital Corp. and Thomas E. Claugus report beneficial ownership of 4,472,154 shares of ERO Copper Corp. common stock, representing 4.30% of the class. This percentage is calculated using 103,890,254 shares outstanding as of November 4, 2025.

They report shared voting and dispositive power over all 4,472,154 shares and no sole voting or dispositive power. The shares are held through various managed funds and separate accounts advised by GMT Capital, with Claugus as the control person directing GMT Capital’s operations.

The filing indicates ownership of 5 percent or less of the class and certifies that the securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of ERO Copper.

Insights

Equity ownership and disclosure analyst

GMT Capital discloses a 4.30% passive stake in ERO Copper.

GMT Capital Corp. and Thomas E. Claugus report beneficial ownership of 4,472,154 ERO Copper common shares, or 4.30% of the class, based on 103,890,254 shares outstanding as of November 4, 2025.

They hold only shared voting and dispositive power through managed funds and accounts, with no sole authority. The certification states the position is held in the ordinary course of business and not to change or influence control, aligning this with a passive Schedule 13G filing.

The filing also notes ownership of 5 percent or less of the class, suggesting the stake sits below key regulatory thresholds. Future ownership levels will be reflected in subsequent beneficial ownership reports, but this document itself simply updates the disclosed passive position.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 7)

ERO Copper Corp.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

296006109

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 296006109

1

Names of Reporting Persons

GMT Capital Corp.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

GEORGIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,472,154.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,472,154.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,472,154.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.30 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Calculated based on 103,890,254 shares of common stock of the Issuer (the "Common Stock") outstanding as of November 4, 2025, as reported on the Management Discussion and Analysis filed on SEDAR+ on November 4, 2025.

SCHEDULE 13G

CUSIP No. 296006109

1

Names of Reporting Persons

Thomas E. Claugus

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,472,154.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,472,154.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,472,154.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.30 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: Calculated based on 103,890,254 shares of common stock of the Issuer (the "Common Stock") outstanding as of November 4, 2025, as reported on the Management Discussion and Analysis filed on SEDAR+ on November 4, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ERO Copper Corp.
(b)	Address of issuer's principal executive offices: The principal executive offices of the Issuer are located at 625 Howe Street, Suite 1050 Vancouver, British Columbia V6C 2T6, Canada
Item 2.
(a)	Name of person filing: i) GMT Capital Corp. ("GMT Capital") with respect to shares of Common Stock directly owned by each of Bay Resource Partners, L.P. ("Bay"), Bay II Resource Partners, L.P. ("Bay II"), Bay Resource Partners Offshore Master Fund, L.P. ("Bay Offshore") and certain sub-advisory and separate account clients advised by GMT Capital (together with Bay, Bay II and Bay Offshore, collectively, the "Managed Funds and Accounts"). ii) Thomas E. Claugus, the control person of GMT Capital, with respect to the shares of Common Stock directly owned by the Managed Funds and Accounts.
(b)	Address or principal business office or, if none, residence: The address of the business office of each of the Reporting Persons is 2859 Paces Ferry Road SE Suite 1710, Atlanta, GA 30339.
(c)	Citizenship: GMT Capital is a Georgia corporation. Mr. Claugus is a citizen of the United States.
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 296006109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Rows 5 through 11 of each Reporting Person's cover page.
(b)	Percent of class: See Rows 5 through 11 of each Reporting Person's cover page.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Rows 5 through 11 of each Reporting Person's cover page.
	(ii) Shared power to vote or to direct the vote: See Rows 5 through 11 of each Reporting Person's cover page.
	(iii) Sole power to dispose or to direct the disposition of: See Rows 5 through 11 of each Reporting Person's cover page.
	(iv) Shared power to dispose or to direct the disposition of: See Rows 5 through 11 of each Reporting Person's cover page.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Thomas E. Claugus is the President of GMT Capital and in that capacity directs the operations of GMT Capital, including the voting and disposition of shares held by the Managed Funds and Accounts.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

GMT Capital Corp.

Signature:	/s/ Omar Z. Idilby
Name/Title:	Omar Z. Idilby, General Counsel and CCO
Date:	02/13/2026

Thomas E. Claugus

Signature:	/s/ Thomas E. Claugus
Name/Title:	Thomas E. Claugus, Omar Z. Idilby, attorney in fact*
Date:	02/13/2026

Comments accompanying signature: * Omar Z. Idilby is signing on behalf of Thomas E. Claugus as attorney-in-fact pursuant to a power of attorney previously filed with the Securities and Exchange Commission, and hereby incorporated by reference herein. The power of attorney was filed as an attachment to a filing by GMT Capital Corp. on Schedule 13G for Hudbay Minerals Inc. on 2/12/24.

FAQ

What ownership stake in ERO Copper Corp. does GMT Capital report?

GMT Capital Corp. and Thomas E. Claugus report beneficial ownership of 4,472,154 shares of ERO Copper Corp. common stock, representing 4.30% of the outstanding shares, calculated using 103,890,254 shares outstanding as of November 4, 2025.

How much voting power does GMT Capital have in ERO Copper (ERO)?

GMT Capital and Thomas E. Claugus report 0 shares with sole voting power and 4,472,154 shares with shared voting power. They also have shared dispositive power over the same 4,472,154 shares, reflecting control exercised through managed funds and accounts.

Is GMT Capital’s ERO Copper (ERO) stake considered passive or activist?

The filing characterizes the stake as passive. It certifies the securities were acquired and are held in the ordinary course of business, and not for the purpose of changing or influencing control of ERO Copper, consistent with a Schedule 13G passive ownership filing.

Who ultimately controls GMT Capital’s ERO Copper holdings?

The filing identifies Thomas E. Claugus as the control person of GMT Capital. In that role, he directs GMT Capital’s operations, including voting and disposition decisions for ERO Copper shares held by the various managed funds and separate accounts.

Through which entities does GMT Capital hold ERO Copper (ERO) shares?

The ERO Copper shares are held by Bay Resource Partners, L.P., Bay II Resource Partners, L.P., Bay Resource Partners Offshore Master Fund, L.P., and certain sub-advisory and separate account clients, collectively described as the managed funds and accounts.

Does GMT Capital own more than 5% of ERO Copper’s common stock?

No. The filing explicitly notes ownership of 5 percent or less of ERO Copper’s common stock. GMT Capital and Thomas E. Claugus report beneficial ownership of 4.30% of the class, based on 103,890,254 shares outstanding as of November 4, 2025.