Ero Copper SEC Filings

ERO Copper Corp. filed its Annual Report on Form 40-F for the fiscal year ended December 31, 2025. The filing states there were 104,192,288 common shares outstanding as of December 31, 2025 and incorporates the AIF, MD&A and audited consolidated financial statements by reference. Management concluded that disclosure controls and procedures were effective and reported no changes materially affecting internal control over financial reporting. The independent registered public accounting firm for the year was KPMG LLP. Exhibits and certifications are listed in the exhibit index.

Ero Copper Corp. filed a NI 43-101 Technical Report and Preliminary Economic Assessment for its Furnas copper-gold project in Brazil, supporting earlier February 2026 disclosures. The study outlines an earn-in structure where Ero can acquire a 60% interest from Vale Base Metals by funding exploration, studies and future construction.

The PEA contemplates combined open-pit and underground mining over an initial 24-year mine life, with open pits delivering about 74.1 million tonnes of mill feed and an overall strip ratio of 3.2. Testwork supports average recoveries of 90.3% for copper, 74.6% for gold and 71% for silver, using a conventional flotation flowsheet to produce saleable concentrates.

Ero Copper Corp. filed a Form 6-K outlining three major agreements that reshape its Brazilian gold portfolio and partnerships. An additional precious metals purchase agreement with RGLD Gold AG expands the existing stream over NX Gold S.A.’s mining properties, becoming effective once specified conditions are met. Detailed tenement schedules list numerous Brazilian exploration permits, mining applications and one mining concession covering thousands of hectares, highlighting the scale of the NX Gold area.

A Third Amending Agreement to Ero Copper’s syndicated credit facility revises the definition of the NX Gold Mine to include twenty exploration licenses, a right to request a mining permit and two mining permit applications within a new “Stream AOI 2025,” and adds a corresponding map as a new schedule. The amendment confirms existing security remains in force and requires majority lender consent and an aligned change to the NX Gold stream intercreditor agreement.

An extensive Earn-in Agreement with Vale’s Salobo Metais S.A. gives Ero an exclusive option to earn a 60% ownership interest in the Furnas Property through phased exploration expenditures, technical studies (including Scoping Study, PFS and DFS) and a final investment decision process. Ero is operator during the earn-in, subject to a joint Technical Committee, environmental baseline work, ESG and anti-corruption standards, and Brazilian regulatory approvals, with detailed provisions for JV formation, put/call options and transfers if approvals are denied.

Ero Copper Corp. filed a Form 6-K featuring its 2025 Modern Slavery Act Report, outlining how it manages risks of forced labour, child labour, and related abuses across its Brazil-focused copper and gold operations and supply chain.

The company reports zero identified modern slavery incidents in 2025 and describes a zero-tolerance policy embedded in its Code of Business Conduct, Global Human Rights Policy, Supplier Code of Conduct, Health and Safety Policy, and Corporate Social Responsibility Policy. Governance rests with the executive committee, specialized legal, procurement and HR teams, with board-level oversight through the Environmental, Health, Safety and Sustainability Committee.

Ero highlights risk-based due diligence using third-party screening tools, supplier checks against Brazil’s “Dirty List,” and an Integrated Due Diligence Procedure to assess and, where necessary, mitigate or end relationships with higher-risk suppliers. In 2025 it introduced unannounced on-site inspections for certain suppliers and contractors, continued modern slavery training, and operated anonymous grievance hotlines in Brazil.

The report states that continuous improvement will continue in 2026, with plans to expand inspection coverage, strengthen data management and oversight, and further standardize due diligence and monitoring across operations and suppliers. The Board approved the report, and the CEO formally attested to its accuracy under Canada’s Fighting Against Forced Labour and Child Labour in Supply Chains Act.

Ero Copper delivered a standout 2025, with record copper production of 64,307 tonnes from its Caraíba and Tucumã operations and total gold output from Xavantina of 52,290 ounces including concentrate shipments. Stronger volumes and higher metal prices drove revenue to $785.8 million and cash flow from operations to $395.1 million, up 172% year-on-year. Adjusted EBITDA nearly doubled to $409.7 million and net income swung to $266.9 million from a prior-year loss, with net debt/adjusted EBITDA improving to 1.2x. Tucumã reached commercial production on July 1, 2025 and posted low C1 cash costs of $1.69 per pound in its first commercial period, while Caraíba and Xavantina completed key debottlenecking and mechanization initiatives. The company ended the year with $150.4 million of liquidity and outlined 2026 guidance targeting up to 77,500 tonnes of copper and 50,000 ounces of gold, alongside $275–$320 million of planned capital spending and a positive preliminary economic assessment for the Furnas copper-gold project.

Ero Copper reported a strong 2025, with record copper output and a sharp swing back to profitability. Total copper production reached 64,307 tonnes, up from 40,600 tonnes in 2024, supported by ramp-up at Tucumã and record throughput at the Caraíba Operations. Gold production from Xavantina was 37,291 ounces, with an additional 14,999 ounces shipped in concentrate, bringing total gold from the operation to 52,290 ounces.

Revenue grew to $785.8M versus $470.3M in 2024, while net income rose to $266.9M from a loss of $67.8M. Adjusted EBITDA reached $409.7M, and operating cash flow was $395.1M, helping lift year-end cash to $105.4M and available liquidity to $150.4M, with net debt at $501.7M.

For 2026, Ero guides consolidated copper production of 67,500–77,500 tonnes and gold production of 40,000–50,000 ounces, with copper C1 cash costs targeted at $2.15–$2.35 per lb and gold AISC of $2,000–$2,500 per oz. The company plans $275–$320M of capital expenditures across Caraíba, Tucumã, Xavantina and the Furnas Copper-Gold Project, where a preliminary economic assessment outlines a large-scale, 24‑year mine life with an after-tax NPV (8%) of $2.0B and 27.0% IRR.

Ero Copper filed a Form 6-K to share the inaugural Preliminary Economic Assessment for its Furnas Copper-Gold Project in Brazil, outlining a large-scale, long-life operation. The study envisions a 24-year initial mine life with a centralized 13.5 Mtpa plant fed by selective open pits and two underground mines in the Southeast and Northwest zones.

Over the first 15 years, the PEA targets average annual production of about 108,000 tonnes of copper equivalent, including 70,000 tonnes of copper, 111,000 ounces of gold and 532,000 ounces of silver. Life-of-mine output totals over 1.2 million tonnes of copper, roughly 2.0 million ounces of gold and 9.0 million ounces of silver.

At long-term prices of $4.60/lb copper, $3,300/oz gold and $40.00/oz silver, the Project shows an after-tax NPV (8%) of $2.04 billion, a 27.0% after-tax IRR and a 3.1-year payback, with life-of-mine C1 cash costs around $0.30 per pound of copper produced and initial capital of $1.28 billion. At higher metal price assumptions of $6.10/lb copper and $5,550/oz gold, after-tax NPV (8%) increases to $4.7 billion and IRR to about 44.0%.

The PEA is preliminary and based on mineral resources, not reserves, and includes inferred resources that do not have demonstrated economic viability. Furnas is being advanced under an earn-in agreement with Vale Base Metals, under which Ero can earn a 60% interest by completing staged drilling and engineering milestones leading up to feasibility-level studies.

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.

Ero Copper reported record 2025 production and a stronger balance sheet while outlining growth plans through 2028. Consolidated copper output reached 64,307 tonnes, with Q4 copper production of 19,706 tonnes and Q4 gold production of 13,837 ounces. Gold concentrate sales from Xavantina added a further 14,999 ounces in Q4.

Full-year gold, including concentrate sales, totaled 52,290 ounces. These results helped lift year-end liquidity to about $150 million, including $105 million in cash and $45 million of undrawn credit. For 2026, Ero guides consolidated copper production to 67,500–77,500 tonnes and Xavantina gold production to 40,000–50,000 ounces, with concentrate sales expected through mid-2027.

By 2028, consolidated copper production is projected to rise to 80,000–90,000 tonnes, supported by the Caraíba shaft project and higher throughput at Tucumã. 2026 capital spending is planned at $275–$320 million, including roughly $80 million for the new Pilar shaft and $30–$40 million to advance the Furnas Copper-Gold Project and other exploration.