GMT Capital Consolidates 7.47M ERO Shares; Passive Holding Disclosed

Rhea-AI Filing Summary

This Schedule 13G/A reports that GMT Capital Corp. and Thomas E. Claugus beneficially own 7,467,055 shares of Ero Copper Corp. common stock, representing 7.21% of the outstanding class based on 103,572,066 shares. The disclosed position is held through managed funds and certain sub-advisory and separate account clients consolidated as the Managed Funds and Accounts.

The filing identifies GMT Capital as the reporting investment adviser (type IA) and Mr. Claugus as the control person (type HC). The reporting pages show 0 sole voting or dispositive power and 7,467,055 shared voting and dispositive power. Item 10 certifies the securities were acquired and are held in the ordinary course of business and not to effect a change of control.

Positive

• 7,467,055 shares disclosed representing 7.21% of the outstanding class based on 103,572,066 shares
• Holdings consolidated across Managed Funds and Accounts, improving transparency of aggregate ownership
• Filing includes Item 10 certification that the position is held in the ordinary course and not to effect a change of control
• Reporting persons identified as GMT Capital (type IA) and Thomas E. Claugus (type HC), clarifying responsibility for the position

Negative

• None.

Insights

Financial Analyst

TL;DR: GMT Capital discloses a material 7.21% passive stake (7.47M shares) in ERO, increasing ownership concentration but claiming no intent to seek control.

The filing consolidates holdings across Managed Funds and Accounts to report 7,467,055 shares, equivalent to 7.21% of the company on the stated share base. Because the statement is filed on Schedule 13G and includes an Item 10 certification that the position is held in the ordinary course and not to change control, this suggests a passive, non-activist posture. For investors, the disclosure is material as it increases identifiable ownership concentration and clarifies voting/dispositive arrangements, but it does not, on its face, signal an active takeover attempt.

Corporate Governance Expert

TL;DR: Disclosure groups managed-fund holdings under GMT Capital with shared voting/dispositive power and an explicit attorney-in-fact signature; the filing signals passive intent.

The schedule identifies GMT Capital (type IA) and Thomas E. Claugus (type HC) as reporting persons, shows all power as shared rather than sole, and documents that Omar Z. Idilby signed as General Counsel and as attorney-in-fact for Mr. Claugus under a previously filed power of attorney. This provides clear chain-of-control and legal authorization for the filing. The schedule is procedurally complete and materially significant because it crosses the 5% reporting threshold, but it documents passive ownership rather than governance action.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

ERO Copper Corp.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

296006109

(CUSIP Number)

06/30/2025

(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 7,467,055.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,467,055.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,467,055.00

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)

7.21 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Calculated based on 103,572,066 shares of common stock of the Issuer (the "Common Stock") outstanding as of May 5, 2025, as reported in the Management Discussion and Analysis, filed on SEDAR+ on May 5, 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 7,467,055.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,467,055.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,467,055.00

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)

7.21 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: Calculated based on 103,572,066 shares of common stock of the Issuer (the "Common Stock") outstanding as of May 5, 2025, as reported in the Management Discussion and Analysis, filed on SEDAR+ on May 5, 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.
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:	08/14/2025

Thomas E. Claugus

Signature:	/s/ Thomas E. Claugus
Name/Title:	Thomas E. Claugus, Omar Z. Idilby, attorney in fact*
Date:	08/14/2025

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

How many ERO shares does GMT Capital report owning?

GMT Capital and Thomas E. Claugus report beneficial ownership of 7,467,055 shares of ERO common stock, equal to 7.21% of the class based on 103,572,066 shares outstanding.

Who filed the Schedule 13G for ERO (symbol ERO)?

The filing was made by GMT Capital Corp. on behalf of Managed Funds and Accounts and by Thomas E. Claugus as the control person for those holdings.

Is the disclosed 7.21% stake intended to influence control of ERO?

No. Item 10 of the filing certifies the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control of the issuer.

What voting and dispositive power is reported for the position?

The filing reports 0 sole voting power and 0 sole dispositive power, with 7,467,055 shared voting power and 7,467,055 shared dispositive power.

Did someone sign the filing on behalf of Thomas E. Claugus?

Yes. Omar Z. Idilby signed as General Counsel and CCO for GMT Capital and as attorney-in-fact for Thomas E. Claugus pursuant to a previously filed power of attorney.