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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

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

under the Securities Exchange Act of 1934

For the month of November 2023

Commission File Number 001-40459

ERO COPPER CORP.

(Translation of registrant's name into English)

625 Howe Street, Suite 1050

Vancouver, British Columbia V6C 2T6

Canada

(Address of principal executive office)

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

Form 20-F ☐ Form 40-F ☒

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

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

Signatures

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


	Ero Copper Corp.

	By:	/s/ Deepk Hundal
		Name: Deepk Hundal
		Title: SVP, General Counsel and Corporate Secretary
Date: November 2, 2023

Exhibit Index


Exhibit Number						Description of Document

99.1						Management’s Discussion and Analysis for the three and nine months ended September 30, 2023
99.2						Condensed Consolidated Interim Financial Statements for the three and nine months ended September 30, 2023
99.3						Press Release dated November 2, 2023
99.4						Consent of Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), MAusIMM (No. 3219148)

MANAGEMENT’S DISCUSSION

AND ANALYSIS

FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2023

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

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


TABLE OF CONTENTS

BUSINESS OVERVIEW			1
HIGHLIGHTS			2
REVIEW OF OPERATIONS
The Caraíba Operations			6
The Xavantina Operations			7
2023 GUIDANCE			8
REVIEW OF FINANCIAL RESULTS
Review of quarterly results			10
Review of year to date results			12
Summary of quarterly results for most recent eight quarters			14
OTHER DISCLOSURES
Liquidity, Capital Resources, and Contractual Obligations			15
Management of Risks and Uncertainties			17
Other Financial Information			20
Accounting Policies, Judgments and Estimates			20
Capital Expenditures			21
Alternative Performance (NON-IFRS) Measures			22
Disclosure Controls and Procedures and Internal Control over Financial Reporting			29
Notes and Cautionary Statements			30

Ero Copper Corp. September 30, 2023 MD&A

MANAGEMENT’S DISCUSSION AND ANALYSIS

This Management’s Discussion and Analysis (“MD&A”) has been prepared as at November 2, 2023 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, 2023, and related notes thereto, which are prepared in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting as permitted by the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (the “IASB”). All references in this MD&A to “Q3 2023” and “Q3 2022” are to the three months ended September 30, 2023 and September 30, 2022, respectively, and all references to “YTD 2023” and “YTD 2022” are to the nine months ended September 30, 2023 and September 30, 2022, respectively. As well, this MD&A should be read in conjunction with the Company’s December 31, 2022 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 C1 cash cost of copper produced (per lb), realized copper price (per lb), C1 cash cost of gold produced (per ounce), all-in sustaining cost (“AISC”) of gold produced (per ounce), realized gold price (per ounce), 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, 2023, unless otherwise stated.

BUSINESS OVERVIEW

Ero is a high-margin, high-growth, low carbon-intensity copper producer with operations in Brazil and corporate headquarters in Vancouver, B.C. The Company's primary asset is a 99.6% interest in the Brazilian copper mining company, Mineração Caraíba S.A. ("MCSA"), held indirectly through its wholly-owned subsidiary, Ero Brasil Participaçoes Ltda., is the 100% owner of the Company's Caraíba Operations (formerly known as the MCSA Mining Complex), which are located in the Curaçá Valley, Bahia State, Brazil, and the Tucumã Project (formerly known as Boa Esperança), an IOCG-type copper project located in Pará, Brazil. The Company also owns 97.6% of NX Gold S.A. ("NX Gold") which owns the Xavantina Operations (formerly known as the NX Gold Mine), comprised of an operating gold and silver mine located in Mato Grosso, Brazil. Additional information on the Company and its operations, including technical reports on the Caraíba Operations, Xavantina Operations and Tucumã Project, can be found on the Company's website (www.erocopper.com), on SEDAR (www.sedarplus.ca), and on EDGAR (www.sec.gov). The Company’s shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol “ERO”.

Ero Copper Corp. September 30, 2023 MD&A | Page 1

HIGHLIGHTS


	2023 - Q3		2023 - Q2		2022 - Q3		2023 - YTD		2022 - YTD
Operating Information

Copper (Caraíba Operations)
Ore Processed (tonnes)	806,096		840,821		720,725		2,419,465		2,118,380
Grade (% Cu)	1.46		1.55		1.68		1.45		1.73
Cu Production (tonnes)	10,766		12,004		11,189		32,097		33,707
Cu Production (lbs)	23,734,026		26,463,779		24,668,985		70,761,357		74,311,647
Cu Sold in Concentrate (tonnes)	10,090		11,612		10,522		31,166		33,515
Cu Sold in Concentrate (lbs)	22,243,586		25,599,840		23,197,347		68,708,912		73,888,346


C1 Cash Cost of Cu Produced (per lb)(1)	$	1.82	$	1.52	$	1.46	$	1.67	$	1.34

Gold (Xavantina Operations)
Ore Processed (tonnes)	31,446		34,377		42,747		101,586		150,028
Au Production (oz)	17,579		12,333		10,965		42,355		30,883


C1 Cash Cost of Au Produced (per oz)(1)	$	371	$	492	$	537	$	425	$	604
AISC of Au produced (per oz)(1)	$	844	$	1,081	$	1,135	$	943	$	1,135

Financial information ($ in millions, except per share amounts)
Revenues	$	105.2	$	104.9	$	85.9	$	311.1	$	309.7
Gross profit	35.5		39.4		22.8		115.0		134.5
EBITDA(1)	28.3		58.6		24.9		135.0		154.7
Adjusted EBITDA(1)	42.9		45.8		29.1		133.2		145.1
Cash flow from operations	41.9		55.5		43.0		113.7		109.4
Net income	2.8		29.9		4.0		57.3		80.6
Net income attributable to owners of the Company	2.5		29.6		3.7		56.3		79.7
- Per share (basic)	0.03		0.32		0.04		0.61		0.88
- Per share (diluted)	0.03		0.32		0.04		0.60		0.87
Adjusted net income attributable to owners of the Company(1)	17.3		22.3		4.0		62.0		61.3
- Per share (basic)	0.19		0.24		0.04		0.67		0.68
- Per share (diluted)	0.18		0.24		0.04		0.66		0.67

Cash, cash equivalents and short-term investments	87.6		180.4		359.8		87.6		359.8
Working capital(1)	32.8		140.7		343.2		32.8		343.2
Available liquidity(1)	237.6		330.4		434.8		237.6		434.8
Net debt (cash)(1)	331.8		246.5		51.5		331.8		51.5

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

Ero Copper Corp. September 30, 2023 MD&A | Page 2

Q3 2023 Highlights

Solid Q3 2023 financial results driven by record quarterly gold production from ongoing execution of the Company's NX60 initiative

•The Caraíba Operations produced 10,766 tonnes of copper in concentrate during the quarter at C1 cash costs(1) of $1.82 per pound of copper produced

◦Lower mill throughput volumes during the quarter, as well as lower mined and processed copper grades due to mine sequencing, resulted in a decrease in copper production and contributed to higher C1 cash costs(1) quarter-on-quarter

◦Unit operating costs for the period also reflect the impact of a stronger Brazilian Real ("BRL") relative to the U.S. dollar ("USD")

•The Xavantina Operations delivered record quarterly gold production of 17,579 ounces at C1 cash costs(1) and AISC(1) of $371 and $844, respectively, per ounce of gold produced

◦Initial production from the new Matinha vein contributed to a quarter-on-quarter increase of over 40% in both processed gold grades and gold production

◦Higher-than-anticipated gold grades also drove record-low unit operating costs during the quarter

•Financial results reflected record gold production and operating margins at the Xavantina Operations, which partially offset lower copper production and the impact of a stronger BRL relative to the USD

◦Net earnings of $2.8 million

◦Adjusted net income attributable to owners of the Company(1) of $17.3 million ($0.18 per share on a diluted basis)

◦Adjusted EBITDA(1) of $42.9 million

•The Company continued to demonstrate strong execution of its strategic growth initiatives during the quarter. Notably, the Company advanced its NX60 initiative at the Xavantina Operations with the commencement of production from the new Matinha vein, the Tucumã Project reached over 70% physical completion, and construction of the new external shaft at the Caraíba Operations' Pilar Mine continued to progress on schedule. Capital expenditures during the period of $121.4 million were partially funded by cash flows from operations of $41.9 million

•Available liquidity at quarter-end was $237.6 million, including cash and cash equivalents of $44.8 million, short-term investments of $42.8 million, and $150.0 million of undrawn availability under the Company's senior secured revolving credit facility

Opportunistic Expansion of Foreign Exchange Hedge Program

•Immediately prior to quarter-end and continuing into Q4 2023, the Company opportunistically expanded its foreign exchange hedge program. As of the end of October 2023, the total notional value of the Company's foreign exchange derivative position, which included both zero-cost collars and forward contracts, was approximately $437 million. These hedges, which cover a significant portion of projected operating costs and capital expenditures through the end of 2024, have a weighted average floor and ceiling of 5.04 and 5.43 BRL per USD, respectively. Of the $437 million hedge program, $145 million is designated for major project capital expenditures with a weighted average floor and ceiling of 5.10 and 5.23 BRL per USD, respectively.

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

Ero Copper Corp. September 30, 2023 MD&A | Page 3

Reaffirming full-year copper production guidance and providing updates to other 2023 guidance ranges to reflect YTD performance, including record operating results at the Xavantina Operations

•The Company is reaffirming its 2023 copper production guidance of 44,000 to 47,000 tonnes. The Company's full-year copper C1 cash cost guidance range, based on the originally assumed foreign exchange rate of 5.30 BRL per USD, is $1.40 to $1.60 per pound of copper produced. Given the continued strength of the BRL against the USD, the Company is now also providing an updated range of $1.50 to $1.70 per pound of copper produced should the exchange rate remain at current levels of approximately 5.00 BRL per USD for the remainder of Q4 2023

•The Company is increasing its 2023 gold production guidance to 55,000 to 59,000 ounces (originally 50,000 to 53,000 ounces) due to record YTD gold grades and production at the Xavantina Operations. As a result, the Company is reducing its gold C1 cash cost guidance to $375 to $475 (originally $475 to $575) per ounce of gold produced and lowering its AISC guidance range to $900 to $1,000 (from $1,000 to $1,100) per ounce of gold produced

•The Company is updating its 2023 capital expenditure guidance ranges to reflect actual YTD foreign exchange rates and an assumed Q4 2023 exchange rate of 5.00 BRL per USD. Adjusted capital expenditure guidance for the Tucumã Project also reflects an acceleration of approximately $15-$20 million in capital spend from Q1 2024 into Q4 2023 given the strong physical progress made during Q2 and Q3 of 2023

Strong execution of strategic growth initiatives

•The Company made significant progress on the construction of its Tucumã Project, which reached over 70% physical completion at quarter-end, up from approximately 45% at the end of Q2 2023. The first phase of plant commissioning is expected to commence by year-end 2023. First production remains on track to begin in H2 2024

◦Significant advancement in mine pre-stripping, with first sulphide ore on track to be reached in early November

◦All earthworks are now completed, including the water storage reservoir, site drainage and run-of-mine stockpiles

◦Over 15,000 cubic meters of concrete have been poured (over 65% complete), concluding all major foundation requirements

◦Steel structure pre-assembly and erection are tracking ahead of schedule with approximately 1,000 tonnes of steel already in place

◦Key pieces of processing equipment are on site with installations either concluded or ongoing, including the primary crusher, ball mill, secondary and tertiary crushers, vibrating screen decks and flotation cells

◦Main electrical substation installed on site with construction of power line tracking ahead of schedule; tie-in to national power grid scheduled for Q4 2023

◦Total project capital estimate remains unchanged at approximately $305 million

•At the Caraíba Operations, the Company is focused on advancing its Pilar 3.0 initiative, designed to support sustained annual ore production levels of 3.0 million tonnes. The components of Pilar 3.0 include (i) Project Honeypot, an engineering initiative focused on recovering higher-grade material in the upper levels of the Pilar Mine, (ii) an expansion of the Caraíba mill from 3.0 to 4.2 million tonnes of annual throughput capacity, and (iii) construction of a new external shaft to enable the creation of a two-mine system at the Pilar Mine

◦Construction of the new external shaft remains on schedule. Headframe erection, stage winder installation and several key underground infrastructure installations were

Ero Copper Corp. September 30, 2023 MD&A | Page 4

completed during the quarter. Main shaft sinking remains on track to commence prior to year-end. Planned capital expenditures under contract or in the final stages of negotiation remain at approximately 80% with current estimates within 5% of budget

◦At the Caraíba mill, installation of the new ball mill, Jameson cell and associated electrical installations were nearly completed during the period. The mill expansion project remains on schedule for physical completion prior to year-end

Opportunity to expand long-term growth pipeline through an earn-in agreement with Vale Base Metals for a 60% interest in the Furnas copper project

•Subsequent to quarter-end, the Company entered into a binding term sheet ("Term Sheet") with Salobo Metais S.A, part of the Vale Base Metals ("VBM") business to advance its Furnas copper project (the "Project") located in the Carajás Mineral Province in Pará State, Brazil. The Term Sheet contemplates the Company earning a 60% interest in the Project upon completion of several exploration, engineering and development milestones over a period of five years from the execution of a definitive earn-in agreement. In exchange for its 60% interest, the Company will solely fund a phased exploration and engineering work program during the earn-in period and grant VBM up to an 11.0% free carry on future Project construction capital expenditures

•Furnas is an IOCG project located approximately 50 kilometers southeast of VBM's Salobo operations and approximately 190 kilometers northeast of Ero's Tucumã Project. Covering an area of approximately 2,400 hectares, the Project sits within fifteen kilometers of extensive regional infrastructure, including paved roads, an industrial-scale cement plant, a power substation and VBM's railroad loadout facility

•For more information on the Project and Term Sheet, please see the Company's press release dated October 30, 2023

Ero Copper Corp. September 30, 2023 MD&A | Page 5

REVIEW OF OPERATIONS

The Caraíba Operations


Copper	2023 - Q3		2023 - Q2		2022 - Q3		2023 - YTD		2022 - YTD
Ore processed (tonnes)	806,096		840,821		720,725		2,419,465		2,118,380
Grade (% Cu)	1.46		1.55		1.68		1.45		1.73
Recovery (%)	91.6		92.0		92.2		91.5		91.8

Cu Production (tonnes)	10,766		12,004		11,189		32,097		33,707
Cu Production (lbs)	23,734,026		26,463,779		24,668,985		70,761,357		74,311,647

Concentrate grade (% Cu)	33.9		33.8		33.6		33.9		33.2
Concentrate sales (tonnes)	30,751		35,845		32,143		96,670		103,268
Cu Sold in concentrate (tonnes)	10,090		11,612		10,522		31,166		33,515
Cu Sold in concentrate (lbs)	22,243,586		25,599,840		23,197,347		68,708,912		73,888,346

Realized copper price (per lb)	$	3.47	$	3.30	$	2.72	$	3.47	$	3.34
C1 cash cost of copper produced (per lb)	$	1.82	$	1.52	$	1.46	$	1.67	$	1.34

The Caraíba Operations delivered solid quarterly copper production of 10,766 tonnes in concentrate, bringing YTD 2023 copper production to 32,097 tonnes in concentrate. Lower mill throughput volumes during the quarter, as well as lower mined and processed copper grades due to stope sequencing, resulted in a decrease in copper production of approximately 10% quarter-on-quarter and contributed to higher C1 cash costs for the period of $1.82 per pound of copper produced. Unit operating costs for the period also reflect the impact of a stronger BRL relative to the USD, resulting in weighted average YTD 2023 C1 cash costs of $1.67 per pound of copper produced.

Mined ore production in Q3 2023 included:

•Pilar: 456,444 tonnes grading 1.48% copper (vs. 491,632 tonnes at 1.61% copper in Q2 2023)

•Vermelhos: 222,102 tonnes grading 1.88% copper (vs. 226,229 tonnes at 1.76% copper in Q2 2023)

•Surubim: 115,556 tonnes at 0.71% copper (vs. 183,288 tonnes at 0.79% copper in Q2 2023)

Contributions from the three mines resulted in total ore mined during the period of 794,102 tonnes grading 1.48% copper (vs. 901,149 tonnes grading 1.48% copper in Q2 2023). During Q3 2023, 806,096 tonnes of ore grading 1.46% copper were processed, resulting in production of 10,766 tonnes of copper after average metallurgical recoveries of 91.6%.

The Caraíba Operations are expected to produce 44,000 to 47,000 tonnes of copper in concentrate in 2023. Copper production is expected to be strongest in the last quarter of the year due to higher anticipated mined and processed copper grades.

The Company's full-year copper C1 cash cost guidance range is $1.40 to $1.60 per pound of copper produced, based on an exchange rate of 5.30 BRL per USD. Given the continued strength of the BRL against the USD, the Company is now also providing an updated range of $1.50 to $1.70 per pound of

Ero Copper Corp. September 30, 2023 MD&A | Page 6

copper produced should the exchange rate remain at current levels of approximately 5.00 BRL per USD for the remainder of Q4 2023.

Exploration activities during Q3 2023 at the Caraíba Operations continued to focus on advancing the Company's full-year exploration objectives of (i) delineating extensions of nickel mineralization identified within the Umburana system, (ii) drill testing regional nickel and copper targets in the Vermelhos district, and (iii) extending high-grade mineralization within the upper levels of the Pilar Mine and at the Vermelhos Mine.

The Xavantina Operations


Gold	2023 - Q3		2023 - Q2		2022 - Q3		2023 - YTD		2022 - YTD
Ore mined (tonnes)	31,277		34,525		42,747		101,565		150,028
Ore processed (tonnes)	31,446		34,377		42,747		101,586		150,028
Head grade (grams per tonne Au)	18.72		13.20		8.55		14.43		6.93
Recovery (%)	92.9		84.6		93.3		89.9		92.4

Gold ounces produced (oz)	17,579		12,333		10,965		42,355		30,883
Silver ounces produced (oz)	10,994		8,579		7,487		27,767		20,835

Gold sold (oz)	15,457		10,916		12,907		39,470		31,368
Silver sold (oz)	10,296		7,319		8,246		26,037		20,753

Realized gold price (per oz)(1)	$	1,902	$	1,945	$	1,739	$	1,889	$	1,827
C1 cash cost of gold produced (per oz)	$	371	$	492	$	537	$	425	$	604
AISC of gold produced (per oz)	$	844	$	1,081	$	1,135	$	943	$	1,135

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

The Xavantina Operations delivered record quarterly gold production of 17,579 ounces, bringing YTD 2023 gold production to 42,355 ounces. Initial production from the new Matinha vein contributed to a quarter-on-quarter increase of over 40% to both processed gold grades and gold production. On a year-to-date basis, processed gold grades and gold production were up approximately 108% and 37%, respectively, compared to the same period a year ago.

Q3 2023 C1 cash costs and AISC decreased to $371 and $844, respectively, per ounce of gold produced, bringing YTD 2023 C1 cash costs and AISC to $425 and $943, respectively, per ounce of gold produced.

Due to the Xavantina Operations' strong year-to-date operating performance, the Company is increasing its 2023 gold production guidance range to 55,000 to 59,000 ounces (originally 50,000 to 53,000 ounces). The Company is also reducing its full-year C1 cash cost guidance for the Xavantina Operations to $375 to $475 (originally $475 to $575) per ounce of gold produced and lowering its AISC guidance range to $900 to $1,000 (from $1,000 to $1,100) per ounce of gold produced.

Ero Copper Corp. September 30, 2023 MD&A | Page 7

Exploration activities at the Xavantina Operations during the quarter focused on testing the down plunge extension of the Santo Antônio vein at depth as well as drill testing the ENE-strike extension of the Xavantina vein system and other regional parallel vein systems.

2023 Guidance

The Company is reaffirming its full-year copper production guidance and updating its other 2023 guidance ranges to reflect YTD performance, including record operating results at the Xavantina Operations.

The Company's full-year copper C1 cash cost guidance range, based on the originally assumed foreign exchange rate of 5.30 BRL per USD, remains $1.40 to $1.60 per pound of copper produced. Given the continued strength of the BRL against the USD, the Company is now also providing an updated range of $1.50 to $1.70 per pound of copper produced should the exchange rate remain at current levels of approximately 5.00 BRL per USD for the remainder of Q4 2023.

With respect to its 2023 capital expenditure guidance, the Company is also providing ranges based on the original exchange rate assumption of 5.30 BRL per USD as well as a current exchange rate of 5.00 BRL per USD. At the Tucumã Project, the Company has elected to accelerate select workstreams originally slated for Q1 2024 to Q4 2023 due to the strong momentum carried forward from Q2 and Q3 2023. As a result, the adjusted 2023 capital expenditure guidance for the Tucumã Project includes an estimated increase of approximately $15-$20 million due to the expected shift in timing of associated payments.

2023 Production and Cost Guidance

The Company's updated cost guidance for 2023 reflects actual YTD cost performance and exchange rates, and assumes a Q4 2023 foreign exchange rate of 5.00 BRL per USD, a gold price of $1,725 per ounce and a silver price of $20.00 per ounce.


	Previous Guidance @ 5.30 FX Rate	Previous Guidance @ 5.00 FX Rate	Updated Guidance '@ 5.00 FX Rate
The Caraíba Operations
Copper Production (tonnes)	44,000 - 47,000	Unchanged	Unchanged
C1 Cash Cost Guidance (US$/lb)(1)	$1.40 - $1.60	$1.50 - $1.70	Unchanged

The Xavantina Operations
Au Production (ounces)	50,000 - 53,000	Unchanged	55,000 - 59,000
C1 Cash Cost Guidance (US$/oz)(1)	$475 - $575	$500 - $600	$375 - $475
All-in Sustaining Cost Guidance (US$/oz)(1)	$1,000 - $1,100	$1,050 - $1,150	$900 - $1,000

Note: Guidance is based on certain estimates and assumptions, including but not limited to, mineral reserve estimates, grade and continuity of interpreted geological formations and metallurgical performance. Please refer to the Company’s Annual Information Form for the year ended December 31, 2022 (the "AIF") and Management of Risks and Uncertainties in this MD&A for complete risk factors.

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

Ero Copper Corp. September 30, 2023 MD&A | Page 8

2023 Capital Expenditure Guidance

The Company's updated capital expenditure guidance, presented in millions of USD, reflects actual YTD exchange rates and an assumed Q4 2023 exchange rate of 5.00 BRL per USD.


	Previous Guidance @ 5.30 FX Rate	Previous Guidance @ 5.00 FX Rate	Updated Guidance Including Forecast Capital Changes
Caraíba Operations
Growth	$90 - $105	$95 - $110	Unchanged
Sustaining	$70 - $80	$75 - $85	Unchanged
Exploration	$22 - $27	$23 - $29	Unchanged
Total, Caraíba Operations	$182 - $212	$193 - $224	Unchanged

Tucumã Project
Growth	$150 - $165	$160 - $175	$175 - $190
Sustaining	$0	$0	Unchanged
Exploration	$0 - $1	$0 - $1	Unchanged
Total, Tucumã Project	$150 - $166	$160 - $176	$175 - $191

Xavantina Operations
Growth	$4 - $5	$4 - $5	Unchanged
Sustaining	$12 - $14	$13 - $15	Unchanged
Exploration	$6 - $7	$6 - $7	$7 - $8
Total, Xavantina Operations	$22 - $26	$23 - $27	$24 - $28

Other Exploration Projects	$3 - $5	$3 - $5	$5 - $7

Company Total
Growth	$244 - $275	$259 - $290	$274 - $305
Sustaining	$82 - $94	$88 - $100	$88 - $100
Exploration	$31 - $40	$32 - $42	$35 - $45
Total, Company	$357 - $409	$379 - $432	$397 - $450

Ero Copper Corp. September 30, 2023 MD&A | Page 9

REVIEW OF FINANCIAL RESULTS

The following table provides a summary of the financial results of the Company for Q3 2023 and Q3 2022. Tabular amounts are in thousands of US dollars, except share and per share amounts.


		Three months ended September 30,
	Notes	2023		2022

Revenue	1	$	105,181	$	85,911
Cost of sales	2	(69,706)		(63,101)
Gross profit		35,475		22,810
Expenses
General and administrative	3	(14,402)		(11,726)
Share-based compensation		1,185		(4,151)
Income before the undernoted		22,258		6,933
Finance income		2,976		2,997
Finance expense	4	(8,017)		(7,283)
Foreign exchange loss	5	(13,937)		(65)


Other (expenses) income		(1,276)		3,304
Income before income taxes		2,004		5,886
Income tax recovery (expense)
Current		(3,317)		(1,727)
Deferred		4,124		(160)
	6	807		(1,887)
Net income for the period		$	2,811	$	3,999

Other comprehensive loss
Foreign currency translation loss	7	(29,046)		(20,063)
Comprehensive loss		$	(26,235)	$	(16,064)









Net loss per share attributable to owners of the Company
Basic		$	0.03	$	0.04
Diluted		$	0.03	$	0.04
Weighted average number of common shares outstanding
Basic		93,311,434		90,845,229
Diluted		94,009,268		91,797,437

Ero Copper Corp. September 30, 2023 MD&A | Page 10

Notes:

1. Revenues from copper sales in Q3 2023 was $76.1 million (Q3 2022 - $63.7 million) on sale of 22.2 million lbs of copper (Q3 2022 - 23.2 million lbs). The increase in revenues was primarily attributed to higher copper prices, partially offset by less copper sold. Revenue in Q3 2022 was also lower due to $4.4 million in provisional price adjustments.

Revenues from gold sales in Q3 2023 was $29.0 million (Q3 2022 - $22.2 million) on sale of 15,457 ounces of gold (Q3 2022 - 12,907 ounces) at an average realized price of $1,902 per ounce (Q3 2022 - $1,739 per ounce). The increase in revenues was attributable to both higher realized gold price and an increase in sales volume, as production and head grades increased significantly compared to the same quarter of the prior year.

2. Cost of sales for Q3 2023 from copper sales was $57.2 million (Q3 2022 - $52.3 million) which primarily comprised of $15.6 million (Q3 2022 - $11.3 million) in depreciation and depletion, $13.8 million (Q3 2022 - $10.9 million) in salaries and benefits, $9.6 million (Q3 2022 - $9.5 million) in materials and consumables, $7.8 million (Q3 2022 - $6.3 million) in maintenance costs, $7.4 million (Q3 2022 - $6.1 million) in contracted services, $3.0 million (Q3 2022 - $2.7 million) in utilities, and $2.2 million (Q3 2022 - $1.9 million) in sales expenses. The increase in cost of sales in Q3 2023 as compared to Q3 2022 was primarily attributable to a 12% increase in tonnes milled, resulting in higher depreciation and depletion and labour costs compared to the same quarter of the prior year.

Cost of sales for Q3 2023 from gold sales was $12.6 million (Q3 2022 - $10.8 million) which primarily comprised of $5.3 million (Q3 2022 - $3.3 million) in depreciation and depletion, $2.3 million (Q3 2022 - $2.0 million) in salaries and benefits, $1.7 million (Q3 2022 - $1.6 million) in contracted services, $1.6 million (Q3 2022 - $1.4 million) in materials and consumables, $0.6 million (Q3 2022 - $0.6 million) in utilities, and $0.6 million (Q3 2022 - $0.4 million) in maintenance costs. The increase in cost of sales in Q3 2023 as compared to Q3 2022 is primarily attributable to a 20% increase in gold ounces sold, as well as higher depreciation and depletion attributed to an increase in production as well as depreciable asset base.

3. General and administrative expenses for Q3 2023 was primarily comprised of $8.6 million (Q3 2022 - $5.5 million) in salaries and consulting fees, $2.3 million (Q3 2022 - $2.1 million) in office and administration expenses, $1.6 million (Q3 2022 - $1.5 million) in incentive payments, $1.0 million (Q3 2022 - $1.9 million) in other costs, and $0.6 million (Q3 2022 - $0.6 million) in accounting and legal costs. The increase in general and administrative expenses was mainly attributed to an increase in salaries and consulting fees to support overall growth in operations, as well as consulting fees incurred on various operational excellence initiatives that are currently underway.

4. Finance expense for Q3 2023 was $8.0 million (Q3 2022 - $7.3 million) and is primarily comprised of interest on loans and borrowings of $2.8 million (Q3 2022 - $5.2 million), accretion of deferred revenue of $0.8 million (Q3 2022 - $0.8 million), accretion of asset retirement obligations of $0.7 million (Q3 2022 - $0.5 million), lease interest of $0.3 million (Q3 2022 - $0.2 million), and other finance expense of $3.5 million (Q3 2022 - $0.5 million). In addition, $4.4 million (Q3 2022 - $2.0 million) in interest was capitalized to projects in progress. The overall increase in finance expense was attributable to a credit loss provision recognized on accounts and note receivable, partially offset by higher interest capitalized as a result of higher capital expenditures on construction projects as compared to the same quarter in the prior year.

5. Foreign exchange loss for Q3 2023 was $13.9 million (Q3 2022 - $0.1 million loss). This amount is primarily comprised of foreign exchange loss on USD denominated debt of $10.0 million (Q3 2022 - $1.9 million loss) in MCSA for which the functional currency is the BRL, and unrealized foreign exchange loss on derivative contracts of $7.6 million (Q3 2022 - $6.8 million gain), partially offset by realized foreign exchange gain on derivative contracts of $3.5 million (Q3 2022 - $5.0 million loss) and other foreign exchange gains of $0.1 million (Q3 2022 - $0.1 million gains). The foreign exchange loss on unrealized derivative contracts are a result of mark-to-market adjustments at period end.

6. In Q3 2023, the Company recognized $0.8 million in income tax recovery (Q3 2022 - tax expense of $1.9 million). The decrease in tax expense was primarily a result of a decrease in income before taxes as compared to the same quarter of the prior year and permanent tax deductions recognized, as well as the recognition of deferred tax recoveries during the quarter.

7. The foreign currency translation loss is a result of a weakening of the BRL against the USD during Q3 2023, which weakened from approximately 4.82 BRL per US dollar at the beginning of Q3 2023 to approximately 5.01 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, 2023 MD&A | Page 11

The following table provides a summary of the financial results of the Company for YTD 2023 and 2022. Tabular amounts are in thousands of US dollars, except share and per share amounts.


		Nine months ended September 30,
	Notes	2023		2022

Revenue	1	$	311,066	$	309,725
Cost of sales	2	(196,075)		(175,264)
Gross profit		114,991		134,461
Expenses
General and administrative	3	(40,269)		(35,410)
Share-based compensation		(8,741)		(3,808)
Income before the undernoted		65,981		95,243
Finance income		10,476		5,254
Finance expense	4	(20,538)		(20,933)
Foreign exchange gain	5	9,741		15,341


Other income		1,224		1,466
Income before income taxes		66,884		96,371
Income tax expense
Current		(9,159)		(7,897)
Deferred		(473)		(7,879)
	6	(9,632)		(15,776)
Net income for the period		$	57,252	$	80,595

Other comprehensive gain
Foreign currency translation gain	7	26,582		6,499
Comprehensive income		$	83,834	$	87,094









Net income per share attributable to owners of the Company
Basic		$	0.61	$	0.88
Diluted		$	0.60	$	0.87
Weighted average number of common shares outstanding
Basic		92,767,525		90,543,185
Diluted		93,643,940		91,950,181

Ero Copper Corp. September 30, 2023 MD&A | Page 12

Notes:

1. Revenues from copper sales in YTD 2023 was $237.4 million (YTD 2022 - $253.1 million), which included the sale of 68.7 million lbs of copper compared to 73.9 million lbs of copper for YTD 2022. The decrease in revenues was primarily attributed to lower copper sold. Revenue in the prior year also included $6.0 million of copper concentrates acquired from one of the Company's customers to settle accounts receivables in arrears and sold to a different customer.

Revenues from gold sales in YTD 2023 was $73.7 million (YTD 2022 - $56.6 million), which included the sale of 39,470 ounces of gold at a realized price of $1,889 per ounce, compared to 31,368 ounces of gold sold at a realized price of $1,827 per ounce in for YTD 2022. The increase in revenues was primarily attributable to higher sales volume and gold prices compared to the prior year.

2. Cost of sales for YTD 2023 from copper sales was $164.0 million (YTD 2022 - $146.8 million) which primarily consisted of $44.2 million (YTD 2022 - $34.3 million) in depreciation and depletion, $37.7 million (YTD 2022 - $30.7 million) in salaries and benefits, $27.9 million (YTD 2022 - $26.2 million) in materials and consumables, $20.4 million (YTD 2022 - $18.3 million) in contracted services, $21.0 million (YTD 2022 - $17.6 million) in maintenance costs, $8.6 million (YTD 2022 - $8.1 million) in utilities, and $6.4 million (YTD 2022 - $6.3 million) in sales expenses. The increase in cost of sales was primarily attributed to a 14% increase in tonnes milled, resulting in higher depletion, depreciation and amortization, as well as an increase in labour and materials costs.

Cost of sales for YTD 2023 from gold sales was $32.1 million (YTD 2022- $28.5 million) which primarily comprised of $12.8 million (YTD 2022 - $8.1 million) in depreciation and depletion, $6.6 million (YTD 2022 - $6.3 million) in salaries and benefits, $4.5 million (YTD 2022 - $4.8 million) in contracted services, $4.5 million (YTD 2022 - $4.7 million) in materials and consumables, $1.7 million (YTD 2022 - $1.9 million) in utilities, and $1.4 million (YTD 2022 - $1.7 million) in maintenance costs. The increase in cost of sales was primarily attributed to higher depreciation and depletion as a result of an increase in production and depreciable asset base..

3. General and administrative expenses for YTD 2023 was primarily comprised of $23.9 million (YTD 2022 - $18.0 million) with respect to salaries and consulting fees, $6.5 million (YTD 2022 - $6.8 million) in office and administrative expenses, $4.4 million (YTD 2022 - $4.9 million) in incentive payments, $2.9 million (YTD 2022 - $3.7 million) in other general and administrative expenses, and $1.5 million (YTD 2022 - $1.7 million) in accounting and legal fees. The increase in general and administrative expenses in YTD 2023 was primarily attributable to increases in salaries, consulting fees and administrative activities to support overall growth in operations, as well as consulting fees incurred on various operational excellence initiatives that are currently underway.

4. Finance expense for YTD 2023 was $20.5 million (YTD 2022 - $20.9 million) and was primarily comprised of interest on loans at the corporate head office of $11.2 million (YTD 2022 - $15.2 million), accretion of deferred revenue of $2.3 million (YTD 2022 - $2.6 million), accretion of the asset retirement obligations of $2.0 million (YTD 2022 - $1.7 million), lease interest of $0.9 million (YTD 2022 - $0.5 million), and other finance expense of $4.1 million (YTD 2022 - $1.0 million). In addition, $10.0 million (YTD 2022 - $4.3 million) in interest was capitalized to projects in progress. The overall decrease in finance expense was primarily attributable to higher interest capitalized as a result of higher capital expenditures on various projects as compared to the prior year, offset by increases in other finance expense related to modification loss on restructuring of PMA's accounts and note receivable, as well as increase in interest on loans and borrowings.

5. Foreign exchange gain for YTD 2023 was $9.7 million (YTD 2022 - $15.3 million gain). This amount was primarily comprised of a foreign exchange gain on USD denominated debt of $7.5 million (YTD 2022 - $2.9 million gain) in MCSA for which the functional currency is the BRL, and realized foreign exchange gain on derivative contracts of $7.2 million (YTD 2022 - $12.6 million loss), partially offset by a foreign exchange loss on unrealized derivative contracts of $2.3 million (YTD 2022 - $30.1 million gain) and other foreign exchange losses of $2.7 million (YTD 2022 - $5.0 million losses). The fluctuation in foreign exchange gains/losses were primarily a result of increased volatility of the USD/BRL foreign exchange rates. During YTD 2023, the BRL strengthened 4.2% against the USD. The foreign exchange gains/losses on unrealized derivative contracts are a result of mark-to-market calculations at period end and may not represent the amount that will ultimately be realized, which will depend on future changes to the USD/BRL foreign exchange rates.

6. In YTD 2023, the Company recognized a $9.6 million income tax expense (YTD 2022 - income tax expense of $15.8 million), The decrease was primarily as a result of a decrease in income before income taxes, partially offset by an increase in withholding tax on intercompany interest and dividends.

Ero Copper Corp. September 30, 2023 MD&A | Page 13

7. The foreign currency translation income is a result of the strengthening of the BRL against the USD during YTD 2023 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)
	2023		2023		2023		2022		2022		2022		2022		2021
Revenue	$	105.2	$	104.9	$	101.0	$	116.7	$	85.9	$	114.9	$	108.9	$	134.9
Cost of sales	$	(69.7)	$	(65.5)	$	(60.8)	$	(64.0)	$	(63.1)	$	(64.3)	$	(47.9)	$	(50.5)
Gross profit	$	35.5	$	39.4	$	40.1	$	52.7	$	22.8	$	50.7	$	61.0	$	84.4
Net income for period	$	2.8	$	29.9	$	24.5	$	22.5	$	4.0	$	24.1	$	52.5	$	60.2
Income per share attributable to the owners of the Company
- Basic	$	0.03	$	0.32	$	0.26	$	0.24	$	0.04	$	0.26	$	0.58	$	0.67
- Diluted	$	0.03	$	0.32	$	0.26	$	0.24	$	0.04	$	0.26	$	0.57	$	0.65
Weighted average number of common shares outstanding
- Basic	93,311,434		92,685,916		92,294,045		91,522,358		90,845,229		90,539,647		90,238,008		89,637,768
- Diluted	94,009,268		93,643,447		93,218,281		92,551,916		91,797,437		91,850,321		92,050,104		91,727,452

Notes:

1.During Q3 2023, the Company recognized net income of $2.8 million compared to $29.9 million in the preceding quarter. The decrease was primarily attributable to foreign exchange losses of $13.9 million compared to foreign exchange gain of $15.1 million in the preceding quarter. The change in foreign exchange gain or loss was primarily driven by volatility of the Brazilian Real against the US Dollar during the respective periods.

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

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

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

5.During Q3 2022, the Company recognized net income of $4.0 million compared to $24.1 million in the preceding quarter. The decrease was primarily attributable to a $27.9 million decrease in gross profit as a result of 12% lower

Ero Copper Corp. September 30, 2023 MD&A | Page 14

production, reduced copper and gold realized prices, and provisional pricing adjustments on copper concentrate sold in the prior quarter.

6.During Q2 2022, the Company recognized net income of $24.1 million compared to $52.5 million in the preceding quarter. The decrease was primarily attributable to volatility in foreign exchange gains or losses driven by the strengthening of the BRL against the USD in the quarter, which resulted in $3.3 million of foreign exchange losses compared to $18.7 million of foreign exchange gains in the preceding quarter and a $10.3 million decrease in gross profit as a result of reduced copper and gold realized prices and overall inflationary pressure on cost of sales. The increase in copper produced and sold was mostly offset by a provisional pricing adjustment.

7.During Q1 2022, the Company recognized net income of $52.5 million compared to $60.2 million in the preceding quarter. The decrease was primarily attributable to a $23.4 million decrease in gross profit as a result of reduced copper and gold sales volume, and overall inflationary pressure on cost of sales. Production and throughput for the quarter was adversely impacted by employee absenteeism due to COVID-19 and the seasonal influenza virus. The decrease in gross profit was partially offset by foreign exchange gains driven by the strengthening of the BRL against the USD in the quarter, which resulted in $18.7 million of foreign exchange gains compared to $4.4 million of foreign exchange losses in the preceding quarter.

8.During Q4 2021, the Company recognized net income of $60.2 million compared to $26.4 million in the preceding quarter. The increase was primarily attributable to a $16.4 million increase in gross profit as a result of increased copper sales volume, as well as a $15.2 million decrease in foreign exchange losses as the BRL depreciation against the USD was relatively less than the preceding quarter.

LIQUIDITY, CAPITAL RESOURCES, AND CONTRACTUAL OBLIGATIONS

Liquidity

As at September 30, 2023, the Company held cash and cash equivalents of $44.8 million which 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. In addition, the Company held short-term investments of $42.8 million with reputable financial institutions with maturities greater than three months and less than one year. 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 have decreased by $132.9 million since December 31, 2022. The Company’s cash flows from operating, investing, and financing activities during 2023 are summarized as follows:

•Cash used in investing activities of $226.0 million, including:

◦$323.3 million of additions to mineral property, plant and equipment;

◦$11.3 million of additions to exploration and evaluation assets; and

◦$40.0 million of short-term investment purchases;

net of:

◦$148.6 million in proceeds from short-term investments and interest received;

•Cash used in financing activities of $21.6 million, primarily consists of:

◦$26.9 million of interest paid on loans and borrowings;

◦$8.2 million of lease payments; and

◦$5.7 million of principal repayments on loans and borrowings;

net of:

◦$12.8 million of new loans and borrowings, net of transaction costs; and

Ero Copper Corp. September 30, 2023 MD&A | Page 15

◦$10.6 million of proceeds from exercise of stock options.

Partially offset by:

•Cash from operating activities of $113.7 million, primarily consists of:

◦$135.0 million of EBITDA (see Non-IFRS Measures);

◦$5.4 million of derivative contract settlements; and

◦$2.4 million of additional advances from the NX Gold Precious Metal Purchase Agreement;

◦net of:

◦$9.9 million of net change in non-cash working capital items;

◦$11.2 million of unrealized foreign exchange gains;

◦$2.8 million of income taxes paid; and

◦$2.3 million of provisional settlements.

As at September 30, 2023, the Company had working capital of $32.8 million and available liquidity of $237.6 million.

Capital Resources

The Company’s primary sources of capital are comprised of cash from operations, cash and cash equivalents on hand and short-term investments. 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 cash flow from existing operations, management believes that the Company has sufficient working capital and financial resources to maintain its planned operations and activities for the foreseeable future.

At September 30, 2023, the Company had available liquidity of $237.6 million, including $44.8 million in cash and cash equivalents, $42.8 million in short-term investments and $150.0 million of undrawn availability under its senior secured revolving credit facility.

In January 2023, the senior credit facility was amended to increase its limit from $75.0 million to $150.0 million with maturity extended from March 2025 to December 2026 ("Amended Senior Credit Facility"). The Amended Senior Credit Facility bears interest on a sliding scale of SOFR plus an applicable margin of 2.00% to 4.00% depending on the Company's consolidated leverage ratio. Commitment fees for the undrawn portion of the Amended Senior Credit Facility is also based on a sliding scale ranging from 0.45% to 0.90%.

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

Ero Copper Corp. September 30, 2023 MD&A | Page 16

Contractual Obligations and Commitments

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

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

MANAGEMENT OF RISKS AND UNCERTAINTIES

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

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company’s receivables from customers. The carrying amount of the financial assets below represents the maximum credit risk exposure as at September 30, 2023 and December 31, 2022:


	September 30, 2023		December 31, 2022
Cash and cash equivalents	$	44,757	$	177,702
Short-term investments	42,843		139,700
Accounts receivable	10,698		10,289
Derivatives	2,949		—
Note receivable	18,600		20,630
Deposits and other assets	7,306		3,985
	$	127,153	$	352,306

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

The Company’s exposure to credit risk associated with accounts receivable is influenced mainly by the individual characteristics of each customer. On November 30, 2022, one of the Company's customers in Brazil, Paranapanema S/A ("PMA"), filed for bankruptcy protection due to working capital difficulties after an operational incident in June which resulted in one of their plants being shutdown for 38 days. In August 2023, PMA's judicial recovery plan was approved by the creditors who agreed the amounts owed to the Company, pursuant to a note receivable arrangement, are not subjected to the judicial recovery process. The Company agreed to modify the terms of the note receivable agreement to extend payment terms to 24 monthly installments beginning in March 2024. The loan bears an annual interest rate equivalent to Brazil's CDI rate of approx. 13% and is secured by certain assets of PMA. At

Ero Copper Corp. September 30, 2023 MD&A | Page 17

September 30, 2023, the gross carrying amount of accounts and note receivable has been reduced by a credit loss provision of $3.4 million (December 31, 2022 - $3.3 million).

Liquidity risk

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

The table below shows the Company's maturity of non-derivative financial liabilities on September 30, 2023:


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)	$	419,420	$	594,257	$	35,797	$	34,843	$	84,617	$	439,000
Accounts payable and accrued liabilities	101,510		101,510		101,510		—		—		—
Other non-current liabilities	8,985		23,666		—		10,938		12,016		712
Leases	12,651		12,630		7,953		2,936		1,630		111
Total	$	542,566	$	732,063	$	145,260	$	48,717	$	98,263	$	439,823

As at September 30, 2023, the Company has made commitments for capital expenditures through contracts and purchase orders amounting to $169.3 million, which are expected to be incurred over a six-year period. In the normal course of operations, the Company may also enter into long-term contracts which can be cancelled with certain agreed customary notice periods without material penalties.

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

Ero Copper Corp. September 30, 2023 MD&A | Page 18

million) which have contractual repayment terms. Strengthening (weakening) in the Brazilian Real against the US dollar at September 30, 2023 by 10% and 20%, would have increased (decreased) pre-tax net income by $30.3 million and $60.5 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, 2023, the Company entered into foreign exchange derivatives for notional amounts of $369.0 million, including $309.0 million notional amount of zero-cost collars with an average floor rate of 4.99 BRL to US Dollar and an average cap rate of 5.52 BRL to US Dollar, and $60.0 million notional amount of forward contracts with average fixed rate of 5.15 BRL to USD Dollar.

The aggregate fair value of the Company's foreign exchange derivatives was a net asset of $1.2 million (December 31, 2022 - asset of $3.2 million), of which $2.6 million is included in other current assets, $0.3 million is included in current liabilities, and $0.9 million is included in other non-current liabilities in the statement of financial position. 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.

Subsequent to September 30, 2023, the Company entered into additional foreign exchange derivatives for notional amounts of $67.5 million with an average floor rate of 5.05 BRL to US Dollar and an average cap rate of 5.35 BRL to US Dollar.

The change in fair value of foreign exchange collar contracts was a loss of $7.5 million and a loss of $2.3 million for the three and nine months ended September 30, 2023 (a gain of $6.8 million and a gain of $30.1 million for the three and nine months ended September 30, 2022), respectively, which have been recognized in foreign exchange (loss) gain.

In addition, during the three and nine months ended September 30, 2023, the Company recognized a realized gain of $3.5 million and $7.2 million (realized loss of $5.0 million and $12.6 million for the three and nine months ended September 30, 2022), respectively, related to the settlement of foreign currency forward collar contracts.

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 Brazilian Real denominated bank loans of $2.5 million. Based on the Company’s net exposure at September 30, 2023, 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.

Ero Copper Corp. September 30, 2023 MD&A | Page 19

At September 30, 2023, the Company has provisionally priced sales that are exposed to commodity price changes. Based on the Company’s net exposure at September 30, 2023, a 10% change in the price of copper would have changed $3.9 million.

At September 30, 2023, the Company has entered into copper derivative contracts at zero-cost on 3,000 tonnes of copper per month from October 2023 to December 2023, representing approximately 75% of estimated production volumes over the period. As of September 30, 2023, the fair value of these contracts was a net asset of $0.4 million (December 31, 2022 - liability of $0.6 million). The fair value of copper collar contracts was determined based on option pricing models, forward copper price and information provided by the counter party.

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, 2023, the Company had no material off-balance sheet arrangements.

Outstanding Share Data

As of November 2, 2023, the Company had 93,437,575 common shares issued and outstanding.

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 significant accounting policies and accounting estimates are contained in the Company’s consolidated financial statements for the year ended December 31, 2022. Certain of these policies, such as derivative instruments, deferred revenue, depreciation of property, plant and equipment and mining interests, provision for rehabilitation and closure costs, and income tax estimates including tax uncertainties involve critical accounting estimates. Certain of these estimates are dependent on mineral reserves and resource estimates and require management of the Company to make subjective or complex judgments about matters that are inherently uncertain, and because of the likelihood that materially different amounts could be reported under different conditions or using different assumptions. Actual results may differ from these estimates.

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, 2023 MD&A | Page 20

Capital Expenditures

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



	2023 - Q3		2023 - Q2		2023 - Q1		2023 - YTD
Caraíba Operations
Growth	$	42,632	$	35,450	$	24,702	$	102,784
Sustaining	19,277		28,788		20,862		68,927
Exploration	7,959		8,580		5,196		21,735
Deposit on Projects	(20,897)		6,962		3,659		(10,276)
Total, Caraíba Operations	$	48,971	$	79,780	$	54,419	$	183,170

Tucumã Project
Growth	53,837		23,870		11,782		89,489

Exploration	89		48		638		775
Deposit on Projects	9,408		15,430		14,100		38,938
Total, Tucumã Project	$	63,334	$	39,348	$	26,520	$	129,202

Xavantina Operations
Growth	461		1,490		987		2,938
Sustaining	4,339		3,366		3,013		10,718
Exploration	2,784		2,449		1,905		7,138

Total, Xavantina Operations	$	7,584	$	7,305	$	5,905	$	20,794

Corporate and Other

Sustaining	160		222		178		560
Exploration	1,599		1,800		1,837		5,236
Deposit on Projects	(76)		81		—		5
Total, Corporate and Other	$	1,683	$	2,103	$	2,015	$	5,801

Consolidated
Growth	96,930		60,810		37,471		$	195,211
Sustaining	23,776		32,376		24,053		80,205
Exploration	12,431		12,877		9,576		34,884
Deposit on Projects	(11,565)		22,473		17,759		28,667
Total, Consolidated	$	121,572	$	128,536	$	88,859	$	338,967

Ero Copper Corp. September 30, 2023 MD&A | Page 21

ALTERNATIVE PERFORMANCE (NON-IFRS) MEASURES

The Company utilizes certain alternative performance (non-IFRS) measures to monitor its performance, including C1 cash cost of copper produced (per lb), realized copper price (per lb), C1 cash cost of gold produced (per ounce), AISC of gold produced (per ounce), realized gold price (per ounce), 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.

C1 Cash Cost of Copper Produced (per lb)

C1 cash cost of copper produced (per lb) is a non-IFRS performance measure used by the Company to manage and evaluate the operating performance of its copper mining segment and is calculated as C1 cash costs divided by total pounds of copper produced during the period. C1 cash costs includes total cost of production, transportation, treatment and refining charges, and certain tax credits relating to sales invoiced to the Company's Brazilian customer on sales, net of by-product credits and incentive payments. C1 cash cost of copper produced per pound is widely reported in the mining industry as benchmarks for performance but does not have a standardized meaning and is disclosed in supplement to IFRS measures.

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


Reconciliation:	2023 - Q3		2023 - Q2		2022 - Q3		2023 - YTD		2022 - YTD
Cost of production	$	39,345	$	37,767	$	39,047	$	113,397	$	106,225
Add (less):
Transportation costs & other	1,614		1,733		2,209		4,686		6,657
Treatment, refining, and other	4,122		4,248		4,198		10,897		10,137
By-product credits	(3,022)		(3,704)		(4,929)		(9,536)		(16,179)
Incentive payments	(1,609)		(1,129)		(902)		(3,975)		(2,822)
Net change in inventory	2,835		1,323		(3,849)		2,973		(5,179)
Foreign exchange translation and other	(171)		(13)		212		(169)		420
C1 cash costs	$	43,114	$	40,225	$	35,986	$	118,273	$	99,259

Ero Copper Corp. September 30, 2023 MD&A | Page 22


	2023 - Q3		2023 - Q2		2022 - Q3		2023 - YTD		2022 - YTD
Costs
Mining	$	27,258	$	25,794	$	23,594	$	76,262	$	67,653
Processing	8,362		7,643		7,687		22,559		22,122
Indirect	6,394		6,244		5,436		18,091		15,526
Production costs	42,014		39,681		36,717		116,912		105,301
By-product credits	(3,022)		(3,704)		(4,929)		(9,536)		(16,179)
Treatment, refining and other	4,122		4,248		4,198		10,897		10,137
C1 cash costs	$	43,114	$	40,225	$	35,986	$	118,273	$	99,259

Costs per pound
Payable copper produced (lb, 000)	23,734		26,464		24,669		70,761		74,312

Mining	$	1.15	$	0.97	$	0.96	$	1.08	$	0.91
Processing	$	0.35	$	0.29	$	0.31	$	0.32	$	0.30
Indirect	$	0.27	$	0.24	$	0.22	$	0.26	$	0.21
By-product credits	$	(0.13)	$	(0.14)	$	(0.20)	$	(0.13)	$	(0.22)
Treatment, refining and other	$	0.18	$	0.16	$	0.17	$	0.14	$	0.14
C1 cash costs of copper produced (per lb)	$	1.82	$	1.52	$	1.46	$	1.67	$	1.34

Realized Copper Price (per lb)

Realized Copper Price (per lb) is a non-IFRS ratio that is calculated as gross copper revenue divided by pounds of copper sold during the period. Management believes measuring Realized Copper Price (per lb) enables investors to better understand performance based on the realized copper sales in each reporting period. The following table provides a calculation of Realized Copper Price (per lb) and a reconciliation to copper segment .


Reconciliation:	2023 - Q3		2023 - Q2		2022 - Q3		2023 - YTD		2022 - YTD
Copper revenue ($000s)	$	76,136	$	83,929	$	63,739	$	237,366	$	253,089
less: by-product credits	(3,022)		(3,704)		(4,929)		(9,536)		(16,179)
Net copper revenue	73,114		80,225		58,810		227,830		236,910
add: treatment, refining and other	4,122		4,248		4,198		10,897		10,137
Gross copper revenue	77,236		84,473		63,008		238,727		247,047
Cu Sold in concentrate (lbs)	22,244		25,600		23,197		68,709		73,888
Realized copper price (per lb)	$	3.47	$	3.30	$	2.72	$	3.47	$	3.34

Ero Copper Corp. September 30, 2023 MD&A | Page 23

C1 Cash Cost of Gold produced (per ounce) and AISC of Gold produced (per ounce)

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

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

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


Reconciliation:	2023 - Q3		2023 - Q2		2022 - Q3		2023 - YTD		2022 - YTD
Cost of production	$	6,323	$	5,657	$	7,317	$	18,087	$	19,934
Add (less):
Incentive payments	(320)		(311)		(177)		(1,038)		(950)
Net change in inventory	213		936		(1,031)		797		(377)
By-product credits	(240)		(163)		(145)		(579)		(414)
Smelting and refining	101		63		69		240		173
Foreign exchange translation and other	453		(119)		(149)		510		280
C1 cash costs	$	6,530	$	6,063	$	5,884	$	18,017	$	18,646
Site general and administrative	1,304		1,338		1,011		3,874		2,452
Accretion of mine closure and rehabilitation provision	112		111		106		328		330
Sustaining capital expenditure	4,258		3,530		4,105		10,801		10,091
Sustaining lease payments	1,832		1,740		1,036		5,232		2,752
Royalties and production taxes	808		556		298		1,702		779
AISC	$	14,844	$	13,338	$	12,440	$	39,954	$	35,050

Ero Copper Corp. September 30, 2023 MD&A | Page 24


	2023 - Q3		2023 - Q2		2022 - Q3		2023 - YTD		2022 - YTD
Costs
Mining	$	3,140	$	3,017	$	3,071	$	8,724	$	10,218
Processing	2,165		2,048		1,867		6,118		5,850
Indirect	1,364		1,098		1,022		3,514		2,819
Production costs	6,669		6,163		5,960		18,356		18,887
Smelting and refining costs	101		63		69		240		173
By-product credits	(240)		(163)		(145)		(579)		(414)
C1 cash costs	$	6,530	$	6,063	$	5,884	$	18,017	$	18,646
Site general and administrative	1,304		1,338		1,011		3,874		2,452
Accretion of mine closure and rehabilitation provision	112		111		106		328		330
Sustaining capital expenditure	4,258		3,530		4,105		10,801		10,091
Sustaining leases	1,832		1,740		1,036		5,232		2,752
Royalties and production taxes	808		556		298		1,702		779
AISC	$	14,844	$	13,338	$	12,440	$	39,954	$	35,050

Costs per ounce
Payable gold produced (ounces)	17,579		12,333		10,965		42,355		30,883

Mining	$	179	$	245	$	280	$	206	$	331
Processing	$	123	$	166	$	170	$	144	$	189
Indirect	$	78	$	89	$	93	$	83	$	91
Smelting and refining	$	6	$	5	$	6	$	6	$	6
By-product credits	$	(15)	$	(13)	$	(12)	$	(14)	$	(13)
C1 cash costs of gold produced (per ounce)	$	371	$	492	$	537	$	425	$	604
AISC of gold produced (per ounce)	$	844	$	1,081	$	1,135	$	943	$	1,135

Ero Copper Corp. September 30, 2023 MD&A | Page 25

Realized Gold Price (per ounce)

Realized Gold Price (per ounce) 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 (per ounce) 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 (per ounce) and a reconciliation to gold segment revenues, its most directly comparable IFRS measure.


(in '000s except for ounces and price per ounce)	2023 - Q3		2023 - Q2		2022 - Q3		2023 - YTD		2022 - YTD
NX Gold revenue	$	29,046	$	21,000	$	22,172	$	73,701	$	56,636
less: by-product credits	(240)		(163)		(145)		(579)		(414)
Gold revenue, net	$	28,806	$	20,837	$	22,027	$	73,122	$	56,222
add: smelting, refining, and other charges	588		396		416		1,452		1,078

Gold revenue, gross	$	29,394	$	21,233	$	22,443	$	74,574	$	57,300
- spot (cash)	$	23,002	$	15,840	$	16,572	$	57,519	$	43,025
- stream (cash)	$	1,383	$	1,182	$	1,169	$	3,796	$	2,836
- stream (amortization of deferred revenue)	$	5,009	$	4,211	$	4,702	$	13,259	$	11,439

Total gold ounces sold	15,457		10,916		12,907		39,470		31,368
- spot	11,867		7,958		9,532		29,612		23,548
- stream	3,590		2,958		3,375		9,858		7,820

Realized gold price (per ounce)	$	1,902	$	1,945	$	1,739	$	1,889	$	1,827
- spot	$	1,938	$	1,990	$	1,739	$	1,942	$	1,827
- stream (cash + amortization of deferred revenue)	$	1,781	$	1,823	$	1,740	$	1,730	$	1,825
- cash (spot cash + stream cash)	$	1,578	$	1,559	$	1,375	$	1,553	$	1,462

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

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

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

Ero Copper Corp. September 30, 2023 MD&A | Page 26


Reconciliation:	2023 - Q3		2023 - Q2		2022 - Q3		2023 - YTD		2022 - YTD
Net Income	$	2,811	$	29,941	$	3,999	$	57,252	$	80,595
Adjustments:
Finance expense	8,017		5,995		7,283		20,538		20,933
Finance income	(2,976)		(3,362)		(2,997)		(10,476)		(5,254)
Income tax (recovery) expense	(807)		5,773		1,887		9,632		15,776
Amortization and depreciation	21,299		20,239		14,743		58,044		42,608
EBITDA(1)	$	28,344	$	58,586	$	24,915	$	134,990	$	154,658
Foreign exchange loss (gain)	13,937		(15,057)		65		(9,741)		(15,341)
Share based compensation	(1,185)		4,909		4,151		8,741		3,808
Unrealized loss (gain) on copper derivative contracts	1,814		(2,654)		—		(840)		—
Incremental COVID-19 costs	—		—		—		—		1,956

Adjusted EBITDA(1)	$	42,910	$	45,784	$	29,131	$	133,150	$	145,081

(1) Effective in 2023 Q3, EBITDA and Adjusted EBITDA have been updated to incorporate the adjustment of finance income. EBITDA and Adjusted EBITDA for comparative periods have been updated accordingly.

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

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

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

Ero Copper Corp. September 30, 2023 MD&A | Page 27


Reconciliation:	2023 - Q3		2023 - Q2		2022 - Q3		2023 - YTD		2022 - YTD
Net income as reported attributable to the owners of the Company	$	2,525	$	29,576	$	3,745	$	56,255	$	79,672
Adjustments:
Share based compensation	(1,185)		4,909		4,151		8,741		3,808
Unrealized foreign exchange loss (gain) on USD denominated balances in MCSA	9,481		(9,716)		2,106		(4,988)		1,807
Unrealized foreign exchange loss (gain) on foreign exchange derivative contracts	7,530		(2,078)		(6,733)		2,300		(29,943)
Unrealized loss (gain) on copper derivative contracts	1,808		(2,644)		—		(836)		—
Incremental COVID-19 costs	—		—		—		—		1,944


Tax effect on the above adjustments	(2,873)		2,205		706		540		3,995
Adjusted net income attributable to owners of the Company	$	17,286	$	22,252	$	3,975	$	62,012	$	61,283

Weighted average number of common shares
Basic	93,311,434		92,685,916		90,845,229		92,767,525		90,543,185
Diluted	94,009,268		93,643,447		91,797,437		93,643,940		91,950,181

Adjusted EPS
Basic	$	0.19	$	0.24	$	0.04	$	0.67	$	0.68
Diluted	$	0.18	$	0.24	$	0.04	$	0.66	$	0.67

Net (Cash) Debt

Net (cash) debt is a performance measure used by the Company to assess its financial position and ability to pay down its debt. Net (cash) 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, 2023		June 30, 2023		December 31, 2022		September 30, 2022
Current portion of loans and borrowings	$	11,764	$	17,105	$	15,703	$	9,049
Long-term portion of loans and borrowings	407,656		409,818		402,354		402,275
Less:
Cash and cash equivalents	(44,757)		(124,382)		(177,702)		(210,244)
Short-term investments	(42,843)		(56,011)		(139,700)		(149,554)

Net debt (cash)	$	331,820	$	246,530	$	100,655	$	51,526

Ero Copper Corp. September 30, 2023 MD&A | Page 28

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, 2023		June 30, 2023		December 31, 2022		September 30, 2022
Current assets	$	174,113	$	280,783	$	392,427	$	444,188
Less: Current liabilities	(141,284)		(140,090)		(129,121)		(100,943)
Working capital	$	32,829	$	140,693	$	263,306	$	343,245

Cash and cash equivalents	44,757		124,382		177,702		210,244
Short-term investments	42,843		56,011		139,700		149,554
Available undrawn revolving credit facilities(1)	150,000		150,000		75,000		75,000
Available liquidity	$	237,600	$	330,393	$	392,402	$	434,798

(1) In January 2023, the Company amended its senior credit facility to increase its limit from $75.0 million to $150.0 million and extended the maturity from March 2025 to December 2026.

Disclosure Controls and Procedures and Internal Control over Financial Reporting

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

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

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

Ero Copper Corp. September 30, 2023 MD&A | Page 29

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, 2023.

NOTE REGARDING SCIENTIFIC AND TECHNICAL INFORMATION

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

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

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

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

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

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

Ero Copper Corp. September 30, 2023 MD&A | Page 30

Cautionary Note Regarding Forward-Looking Statements

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

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

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

Ero Copper Corp. September 30, 2023 MD&A | Page 31

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

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

Cautionary Notes Regarding Mineral Resource and Reserve Estimates

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

Ero Copper Corp. September 30, 2023 MD&A | Page 32

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.

ADDITIONAL INFORMATION

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

Ero Copper Corp. September 30, 2023 MD&A | Page 33

CONDENSED CONSOLIDATED INTERIM

FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2023 AND 2022


Ero Copper Corp.
Table of Contents


CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidated Statements of Financial Position			1
Condensed Consolidated Statements of Operations and Comprehensive (Loss) 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			6

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			13
Note 10. Loans and Borrowings			14
Note 11. Deferred Revenue			15

Note 12. Other Non-current Liabilities			16
Note 13. Share Capital			17

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 (Loss) Gain			23


Other Items

Note 19. Financial Instruments			23

Note 20. Supplemental Cash Flow Information			27
Note 21. Subsequent Events			27


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


	Notes	September 30, 2023		December 31, 2022
ASSETS
Current
Cash and cash equivalents		$	44,757	$	177,702
Short-term investments		42,843		139,700
Accounts receivable		10,698		10,289
Inventories	4	41,341		30,955
Other current assets	5	34,474		33,781
		174,113		392,427
Non-Current
Mineral properties, plant and equipment	6	1,070,667		755,274
Exploration and evaluation assets	7	27,607		15,686
Deferred income tax assets		1,037		—
Deposits and other non-current assets	8	28,697		24,689
		1,128,008		795,649
Total Assets		$	1,302,121	$	1,188,076

LIABILITIES
Current
Accounts payable and accrued liabilities	9	$	101,510	$	84,603
Current portion of loans and borrowings	10	11,764		15,703
Current portion of deferred revenue	11	17,578		16,580
Income taxes payable		1,989		5,435
Current portion of derivatives	19	422		577
Current portion of lease liabilities		8,021		6,223
		141,284		129,121
Non-Current
Loans and borrowings	10	407,656		402,354
Deferred revenue	11	59,977		69,476
Provision for rehabilitation and closure costs		22,157		22,172
Deferred income tax liabilities		8,456		6,229
Lease liabilities		4,630		4,740
Other non-current liabilities	12	19,675		11,819
		522,551		516,790
Total Liabilities		663,835		645,911

SHAREHOLDERS’ EQUITY
Share capital	13	163,131		148,055
Equity reserves		(42,351)		(66,189)
Retained earnings		512,981		456,726
Equity attributable to owners of the Company		633,761		538,592
Non-controlling interests		4,525		3,573
		638,286		542,165
Total Liabilities and Equity		$	1,302,121	$	1,188,076

Commitments (Notes 7 and 11); Subsequent Events (Notes 19 and 21)

APPROVED ON BEHALF OF THE BOARD:

"David Strang"

, CEO and Director

"Jill Angevine"

, Director

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


Ero Copper Corp.
Condensed Consolidated Statements of Operations and Comprehensive (Loss) 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	2023		2022		2023		2022

Revenue	14	$	105,181	$	85,911	$	311,066	$	309,725
Cost of sales	15	(69,706)		(63,101)		(196,075)		(175,264)
Gross profit		35,475		22,810		114,991		134,461

Expenses
General and administrative	16	(14,402)		(11,726)		(40,269)		(35,410)
Share-based compensation	13 (e)	1,185		(4,151)		(8,741)		(3,808)
Income before the undernoted		22,258		6,933		65,981		95,243
Finance income		2,976		2,997		10,476		5,254
Finance expense	17	(8,017)		(7,283)		(20,538)		(20,933)
Foreign exchange (loss) gain	18	(13,937)		(65)		9,741		15,341

Other (expenses) income		(1,276)		3,304		1,224		1,466
Income before income taxes		2,004		5,886		66,884		96,371


Current income tax expense		(3,317)		(1,727)		(9,159)		(7,897)
Deferred income tax expense		4,124		(160)		(473)		(7,879)
Income tax recovery (expense)		807		(1,887)		(9,632)		(15,776)
Net income for the period		$	2,811	$	3,999	$	57,252	$	80,595

Other comprehensive (loss) gain
Foreign currency translation (loss) gain		(29,046)		(20,063)		26,582		6,499
Comprehensive (loss) income		$	(26,235)	$	(16,064)	$	83,834	$	87,094

Net income attributable to:
Owners of the Company		2,525		3,745		56,255		79,672
Non-controlling interests		286		254		997		923
		$	2,811	$	3,999	$	57,252	$	80,595

Comprehensive (loss) income attributable to:
Owners of the Company		(26,300)		(16,188)		82,649		86,134
Non-controlling interests		65		124		1,185		960
		$	(26,235)	$	(16,064)	$	83,834	$	87,094

Net income per share attributable to owners of the Company
Basic	13 (f)	$	0.03	$	0.04	$	0.61	$	0.88
Diluted	13 (f)	$	0.03	$	0.04	$	0.60	$	0.87

Weighted average number of common shares outstanding
Basic	13 (f)	93,311,434		90,845,229		92,767,525		90,543,185
Diluted	13 (f)	94,009,268		91,797,437		93,643,940		91,950,181

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	2023		2022		2023		2022
Cash Flows from Operating Activities
Net income for the period		$	2,811	$	3,999	$	57,252	$	80,595
Adjustments for:
Amortization and depreciation		21,299		14,743		58,044		42,608
Income tax (recovery) expense		(807)		1,887		9,632		15,776
Amortization of deferred revenue	14	(5,009)		(4,702)		(13,259)		(11,439)

Share-based compensation	13 (e)	(1,185)		4,151		8,741		3,808
Finance income		(2,976)		(2,997)		(10,476)		(5,254)
Finance expenses	17	8,017		7,283		20,538		20,933
Foreign exchange loss (gain)		13,237		90		(11,242)		(18,181)
Other		1,694		(2,950)		1,605		(1,768)
Changes in non-cash working capital items	20	3,426		27,028		(9,910)		(3,042)






		40,507		48,532		110,925		124,036
Advance from NX Gold PMPA	11	—		—		2,439		3,207
Derivative contract settlements		3,458		(4,994)		5,447		(12,576)
Provision settlements		(886)		(546)		(2,343)		(1,569)
Income taxes paid		(1,221)		—		(2,766)		(3,691)
		41,858		42,992		113,702		109,407

Cash Flows used in Investing Activities
Additions to mineral properties, plant and equipment		(119,134)		(92,830)		(323,347)		(196,166)
Additions to exploration and evaluation assets		(2,254)		(2,506)		(11,263)		(12,615)
Proceeds from short-term investments and interest received		16,472		2,438		148,563		4,106
Purchase of short-term investments		—		(51,216)		(40,000)		(152,358)
		(104,916)		(144,114)		(226,047)		(357,033)

Cash Flows used in Financing Activities

Lease liability payments		(2,707)		(1,596)		(8,226)		(4,986)
New loans and borrowings, net of finance costs		952		738		12,760		400,307
Loans and borrowings repaid		(1,873)		(1,742)		(5,665)		(54,180)
Interest paid on loans and borrowings		(13,409)		(14,471)		(26,943)		(15,106)
Other finance expenses paid		(1,266)		(774)		(4,098)		(2,160)
Proceeds from exercise of stock options		2,321		1,952		10,597		3,363
		(15,982)		(15,893)		(21,575)		327,238

Effect of exchange rate changes on cash and cash equivalents		(585)		(2,033)		975		503
Net (decrease) increase in cash and cash equivalents		(79,625)		(119,048)		(132,945)		80,115
Cash and cash equivalents - beginning of period		124,382		329,292		177,702		130,129
Cash and cash equivalents - end of period		$	44,757	$	210,244	$	44,757	$	210,244

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, 2021		90,204,378	$	133,072	$	12,173	$	(107,083)	$	354,895	$	393,057	$	2,433	$	395,490
Income for the period		—	—		—		—		79,672		79,672		923		80,595
Other comprehensive income for the period		—	—		—		6,462		—		6,462		37		6,499
Total comprehensive income for the period		—	—		—		6,462		79,672		86,134		960		87,094
Shares issued for:
Exercise of options		803,357	4,900		(1,537)		—		—		3,363		—		3,363


Share-based compensation	13 (e)	—	—		2,529		—		—		2,529		—		2,529

Dividends to non-controlling interest		—	—		—		—		—		—		(125)		(125)
Balance, September 30, 2022		91,007,735	$	137,972	$	13,165	$	(100,621)	$	434,567	$	485,083	$	3,268	$	488,351


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


Share-based compensation	13 (e)	—	—		1,923		—		—		1,923		—		1,923
Dividends to non-controlling interest		—	—		—		—		—		—		(233)		(233)
Balance, September 30, 2023		93,437,575	$	163,131	$	8,629	$	(50,980)	$	512,981	$	633,761	$	4,525	$	638,286

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


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

1. Nature of Operations

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

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

MCSA is a Brazilian copper company which holds a 100% interest in the Caraíba Operations (formerly known as the MCSA Mining Complex) and the Tucumã Project (formerly known as the Boa Esperança Project). MCSA’s predominant activity is the production and sale of copper concentrate from the Caraíba Operations, located in Bahia, Brazil, with gold and silver produced and sold as by-products. The Tucumã Project is located within the municipality of Tucumã in the southeastern part of the state of Pará, Brazil. In February 2022, the Board of Directors of the Company approved the construction of the Tucumã Project.

NX Gold is a Brazilian gold mining company which holds a 100% interest in the Xavantina Operations (formerly known as the NX Gold Mine) and is focused on the production and sale of gold as its main product and silver as its by-product. The Xavantina Operations are located approximately 18 kilometers west of the town of Nova Xavantina, in southeastern Mato Grosso State, 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, 2022.

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, 2022, 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, 2023.

(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, 2022.

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)

Deferred Tax related to Assets and Liabilities Arising from a Single Transaction

On January 1, 2023, the Company adopted the amendment to IAS 12, Income Taxes in relation to Deferred Tax related to Assets and Liabilities Arising from a Single Transaction. The amendments narrowed the scope of the recognition exemption in IAS 12, relating to the recognition of deferred tax assets and liabilities, so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences such as leases and reclamation and closure cost provisions. The adoption of this amendment did not have an impact on the Company's consolidated financial statements.

(d) Future Changes in Accounting Policies Not Yet Effective as of September 30, 2023

The following amendment to accounting standards has been issued but not yet adopted in the financial statements:

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

•In October 2022, the IASB issued amendment Non-current Liabilities with Covenants to IAS 1 to clarify that covenants of loan arrangements which the Company must comply with only after the reporting date would not affect classification of a liability as current or non-current at the reporting date. The amendment also introduces additional disclosure requirements related to such covenants to include: (i) the nature of the covenants and the date by which the Company must comply with the covenants; (ii) whether the Company would comply with the covenants based on its circumstances at the reporting date; and (iii) whether and how the Company expects to comply with the covenant by the date on which they are contractually required to be tested.

Both of these amendments are effective January 1, 2024 with early adoption permitted. The Company has not yet determined the effect of adoption of this amendment on its consolidated financial statements.

3. Segment Disclosure

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

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)

For the three and nine months ended September 30, 2023, the Company’s reporting segments include its two operating mines in Brazil, the Caraíba Operations and the Xavantina Operations, its development project, the Tucumã Project in Brazil, 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, 2023	Caraíba (Brazil)		Xavantina (Brazil)		Tucumã (Brazil)		Corporate and Other		Consolidated

Revenue	$	76,135	$	29,046	$	—	$	—	$	105,181

Cost of production	(39,345)		(6,323)		—		—		(45,668)
Depreciation and depletion	(15,574)		(5,341)		—		—		(20,915)
Sales expense	(2,236)		(887)		—		—		(3,123)
Cost of sales	(57,155)		(12,551)		—		—		(69,706)

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

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

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

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

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

Notes to Financial Statements | Page 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, 2022	Caraíba (Brazil)		Xavantina (Brazil)		Tucumã (Brazil)		Corporate and Other		Consolidated

Revenue	$	63,739	$	22,172	$	—	$	—	$	85,911

Cost of production	(39,047)		(7,317)		—		—		(46,364)
Depreciation and depletion	(11,341)		(3,337)		—		—		(14,678)
Sales expense	(1,894)		(165)		—		—		(2,059)
Cost of sales	(52,282)		(10,819)		—		—		(63,101)

Gross profit	11,457		11,353		—		—		22,810

Expenses
General and administrative	(6,913)		(751)		—		(4,062)		(11,726)
Share-based compensation	—		—		—		(4,151)		(4,151)
Finance income	854		471		—		1,672		2,997
Finance expenses	(1,127)		(1,065)		—		(5,091)		(7,283)
Foreign exchange (loss) gain	(34)		4		—		(35)		(65)

Other income (expenses)	3,362		(41)		—		(17)		3,304
Income (loss) before taxes	7,599		9,971		—		(11,684)		5,886
Current tax expense	(400)		(853)		—		(474)		(1,727)
Deferred tax (expense) recovery	(223)		63		—		—		(160)
Net income (loss)	$	6,976	$	9,181	$	—	$	(12,158)	$	3,999

Capital expenditures	66,666		8,158		12,045		2,152		89,021

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, 2023	Caraíba (Brazil)		Xavantina (Brazil)		Tucumã (Brazil)		Corporate and Other		Consolidated

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

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

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

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

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

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

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

During the nine months ended September 30, 2023, Caraíba earned revenues from four customers (September 30, 2022 - four) while Xavantina earned revenues from two customers (September 30, 2022 - 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, 2022	Caraíba (Brazil)		Xavantina (Brazil)		Tucumã (Brazil)		Corporate and Other		Consolidated

Revenue	$	253,089	$	56,636	$	—	$	—	$	309,725

Cost of production	(106,225)		(19,934)		—		—		(126,159)
Depreciation and depletion	(34,269)		(8,113)		—		—		(42,382)
Sales expenses	(6,320)		(403)		—		—		(6,723)
Cost of sales	(146,814)		(28,450)		—		—		(175,264)

Gross profit	106,275		28,186		—		—		134,461

Expenses
General and administrative	(19,878)		(2,852)		—		(12,680)		(35,410)
Share-based compensation	—		—		—		(3,808)		(3,808)
Finance income	1,283		1,199		—		2,772		5,254
Finance expenses	(4,247)		(3,155)		—		(13,531)		(20,933)
Foreign exchange gain (loss)	15,258		233		—		(150)		15,341

Other income (expenses)	1,631		(148)		—		(17)		1,466
Income (loss) before taxes	100,322		23,463		—		(27,414)		96,371
Current tax expense	(3,801)		(1,945)		—		(2,151)		(7,897)
Deferred tax (expense) recovery	(7,885)		6		—		—		(7,879)
Net income (loss)	$	88,636	$	21,524	$	—	$	(29,565)	$	80,595

Capital expenditures	151,219		22,206		26,066		4,934		204,425

Assets
Current	$	118,621	$	40,395	$	233	$	284,939	444,188
Non-current	533,749		62,302		59,126		4,722		659,899
Total Assets	$	652,370	$	102,697	$	59,359	$	289,661	$	1,104,087
Total Liabilities	$	86,403	$	102,364	$	4,618	$	422,350	615,735

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, 2023		December 31, 2022
Supplies and consumables	$	26,500	$	23,043
Stockpiles	3,744		2,125
Work in progress	950		1,234
Finished goods	10,147		4,553
	$	41,341	$	30,955

5. Other Current Assets


	September 30, 2023		December 31, 2022
Advances to suppliers	$	1,084	$	715
Prepaid expenses and other	7,916		6,673
Derivatives (Note 19)	2,949		3,237
Note receivable (Note 19)	5,804		10,243
Advances to employees	1,293		667
Value added taxes recoverable	15,428		12,246

	$	34,474	$	33,781

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, 2022	22,038		194,455		553,687		111,821		19,262		39,274		14,188		28,449		983,174
Additions	2,665		34,417		71,527		127,907		2,442		89,378		—		10,007		338,343
Capitalized borrowing costs	—		—		—		10,003		—		—		—		—		10,003
Change in estimates	—		—		—		—		—		—		(422)		—		(422)
Disposals	—		(411)		(744)		—		(57)		(56)		—		(1,751)		(3,019)
Transfers	1,899		6,861		933		49,024		1,997		(60,714)		—		—		—
Foreign exchange	920		8,115		22,955		3,646		745		1,639		592		1,138		39,750
Balance, September 30, 2023	$	27,522	$	243,437	$	648,358	$	302,401	$	24,389	$	69,521	$	14,358	$	37,843	$	1,367,829

Accumulated depreciation:




Balance, December 31, 2022	(5,047)		(42,310)		(150,559)		—		(6,990)		—		(5,227)		(17,767)		(227,900)
Depreciation expense	(1,077)		(17,634)		(33,682)		—		(1,354)		—		(487)		(8,618)		(62,852)
Disposals	—		281		—		—		52		—		—		1,325		1,658
Foreign exchange	(211)		(1,766)		(4,874)		—		(269)		—		(218)		(730)		(8,068)
Balance, September 30, 2023	$	(6,335)	$	(61,429)	$	(189,115)	$	—	$	(8,561)	$	—	$	(5,932)	$	(25,790)	$	(297,162)

Net book value, December 31, 2022	$	16,991	$	152,145	$	403,128	$	111,821	$	12,272	$	39,274	$	8,961	$	10,682	$	755,274
Net book value, September 30, 2023	$	21,187	$	182,008	$	459,243	$	302,401	$	15,828	$	69,521	$	8,426	$	12,053	$	1,070,667

(1) Mineral properties include $70.7 million (2022 - $69.4 million) of costs which are not currently being depreciated.

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

In 2022, the Company paid $3.1 million in relation to two property option agreements. In order for the Company to acquire 100% of these properties, the Company will be required to complete certain drill programs, including a minimum of $7.2 million in exploration costs before the end of 2023 and, depending on results of these exploration programs, further option payments to complete the acquisitions is required. As at September 30, 2023, the Company has expended a cumulative of $10.2 million in exploration costs related to these projects. In the event that the Company exercises its option to acquire 100% interest in these properties, the optioners are expected to retain net smelter royalties of up to 1.5%.

8. Deposits and Other Non-current Assets


	September 30, 2023		December 31, 2022
Value added taxes recoverable	$	9,274	$	10,317
Note receivable (Note 19)	12,796		10,387
Deposits and others	6,627		3,985
	$	28,697	$	24,689

9. Accounts Payable and Accrued Liabilities


	September 30, 2023		December 31, 2022
Trade suppliers	$	55,265	$	47,868
Payroll and labour related liabilities	26,226		21,008
Value added tax and other tax payable	9,377		8,040
Cash-settled equity awards (Note 13(b) and (c))	9,773		6,684
Other accrued liabilities	869		1,003
	$	101,510	$	84,603

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)

10. Loans and Borrowings


							Carrying value, including accrued interest
Description	Currency	Security	Maturity (Months)	Coupon rate	Principal to be repaid		September 30, 2023		December 31, 2022
Senior Notes	USD	Unsecured	76	6.50%	$	400,000	$	396,565	$	402,453

Equipment finance loans	USD	Secured	15 - 43	5.00% - 8.12%	17,142		17,331		10,322
Equipment finance loans	EURO	Secured	29 - 33	5.25%	1,056		1,058		1,372
Equipment finance loans	BRL R$	Unsecured	17 - 32	nil% - 16.63%	1,857		1,971		947
Bank loan	BRL R$	Unsecured	38	CDI + 0.50%	2,482		2,495		2,963



Total					$	422,537	$	419,420	$	418,057

Current portion							$	11,764	$	15,703
Non-current portion							$	407,656	$	402,354

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


	Nine months ended September 30, 2023		Year ended December 31, 2022
Balance, beginning of period	$	418,057	$	59,250
Proceeds from issuance of Senior Notes, net	—		392,006
Proceeds from new equipment finance loans	12,760		9,489

Principal and interest payments	(32,608)		(71,033)
Interest costs, including interest capitalized	21,184		26,666
Loss on debt modification	—		1,351
Foreign exchange	27		328
Balance, end of period	$	419,420	$	418,057

(a) Senior Notes

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

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

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

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

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)

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

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

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

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

(b) Senior Credit Facility

In January 2023, the Company amended its senior credit facility ("Amended Senior Credit Facility") to increase its limit from $75.0 million to $150.0 million and extended the maturity from March 2025 to December 2026. Amounts drawn on the Amended Senior Credit Facility bear interest on a sliding scale at a rate of SOFR plus 2.00% to 4.00% depending on the Company’s consolidated leverage ratio. Commitment fees for any undrawn portion of the Amended Senior Credit Facility are based on a sliding scale between 0.45% to 0.90%.

The Amended Senior Credit Facility is secured by the shares of MCSA, NX Gold and Ero Gold. The Company is required to comply with certain financial covenants. As September 30, 2023, the Amended Senior Credit Facility remains undrawn and the Company is in compliance with the financial covenants therein.

11. Deferred Revenue

In August 2021, the Company entered into a precious metals purchase agreement (the “NX Gold PMPA”) with RGLD Gold AG ("Royal Gold"), a wholly-owned subsidiary of Royal Gold, Inc., in relation to gold production from the Xavantina Operations. The Company received upfront cash consideration of $100.0 million for the purchase of 25% of an equivalent amount of gold to be produced from the Xavantina mine until 93,000 ounces of gold have been delivered and thereafter decreasing to 10% of gold produced over the remaining life of the mine. The contract will be settled by the Company delivering gold to Royal Gold. Royal Gold will make ongoing payments equal to 20% of the then prevailing spot gold price for each ounce of gold delivered until 49,000 ounces of gold have been delivered and 40% of the prevailing spot gold price for each ounce of gold delivered thereafter. Additional advances may be made by Royal Gold based on the Company achieving certain milestones as set out in the NX Gold PMPA.

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 movements in deferred revenue during the nine months ended September 30, 2023 are comprised of the following:


	September 30, 2023		December 31, 2022
Gold ounces delivered(1)	9,858		10,082


Balance, beginning of period	$	86,055	$	94,222
Advances received	2,439		3,207
Accretion expense	2,320		3,407
Amortization of deferred revenue(3)	(13,259)		(14,781)
Balance, end of period	$	77,555	$	86,055

Current portion	$	17,578	$	16,580
Non-current portion	59,977		69,476

(1) During the nine months ended September 30, 2023, the Company delivered 9,858 ounces of gold (December 31, 2022 - 10,082 ounces) to Royal Gold for average consideration of $385 per ounce (December 31, 2022 - $359 per ounce). At September 30, 2023, a cumulative 25,113 ounces (December 31, 2022 - 15,255 ounces) of gold have been delivered under the PMPA.

(2) Amortization of deferred revenue during the nine months ended September 30, 2023 is net of $0.7 million (December 31, 2022 - $0.3 million) for change in estimate in relation to additional advances received and the related change in life-of-mine production ounces .

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

12. Other Non-current Liabilities


	September 30, 2023		December 31, 2022
Cash-settled equity awards (Note 13(b))	$	5,961	$	2,256
Value added tax and other taxes payable	888		1,352
Withholding and taxes payable	6,086		3,902
Provision for legal and tax matters	1,932		1,578
Derivatives (Note 19)	892		—
Other liabilities	3,916		2,731
	$	19,675	$	11,819

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)

13. Share Capital

As at September 30, 2023, the Company’s authorized share capital consists of an unlimited number of common shares without par value. As at September 30, 2023, 93,437,575 common shares were outstanding.

(a) Options

During the nine months ended September 30, 2023, the Company did not grant any options to employees of the Company (nine months ended September 30, 2022 - 41,562 options granted at weighted average exercise price of $13.74 CAD per share with a term to expiry of five years and a grant date fair value of $0.2 million).

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


	Nine Months Ended September 30,
	2023			2022
	Number of Stock Options	Weighted Average Exercise Price (CAD)		Number of Stock Options	Weighted Average Exercise Price (CAD)
Outstanding stock options, beginning of period	2,781,074	$	15.49	4,202,389	$	11.36
Issued	—	—		41,562	13.74
Exercised	(1,254,942)	11.37		(803,357)	5.23
Cancelled	(85,858)	18.59		(58,005)	19.59
Outstanding stock options, end of period	1,440,274	$	18.90	3,382,589	$	12.70

The weighted average share price on the date of exercise for options exercised during the nine months ended September 30, 2023 was $18.98 (nine months ended September 30, 2022 - $12.16).

As at September 30, 2023, 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
$9.76 to $10.00 CAD	78,257	78,257	0.25
$10.01 to $20.00 CAD	881,913	321,341	3.31
$20.01 to $24.45 CAD	480,104	461,490	1.35
$18.90 CAD ($13.98 USD)	1,440,274	861,088	2.49

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

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)


	Nine Months Ended September 30,
	2022
Expected term (years)	3.0
Forfeiture rate	—		%
Volatility	52		%
Dividend yield	—		%
Risk-free interest rate	2.02		%
Weighted-average fair value per option	$	5.16

(b) Performance Share Unit Plan

The Company has a performance share unit ("PSU") plan pursuant to which the Compensation Committee may grant PSUs to any director, officer, employee, or consultant of the Company or its subsidiaries. Each PSU entitles the holder thereof to receive one common share, or its equivalent cash value, on the redemption date selected by the Compensation Committee.

The continuity of PSUs issued and outstanding is as follows:


	Nine Months Ended September 30,
	2023	2022
Outstanding balance, beginning of period	881,788	793,043
Issued	—	23,911

Cancelled	(108,062)	(43,039)
Outstanding balance, end of period	773,726	773,915

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. As at September 30, 2023, the fair value of the PSU liability was $11.7 million (December 31, 2022 - $5.9 million) of which $5.8 million was recognized in accounts payable and accrued liabilities and the remainder in other non-current liabilities.

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

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)

The continuity of DSUs issued and outstanding is as follows:


	Nine months ended September 30,
	2023	2022
Outstanding balance, beginning of period	219,961	131,085
Issued	13,583	27,036


Outstanding balance, end of period	233,544	158,121

At September 30, 2023, DSU liabilities had a fair value of $4.0 million (December 31, 2022 - $3.0 million) which has been recognized in accounts payable and accrued liabilities.

(d) Restricted Share Unit Plan

The Company has a restricted share unit ("RSU") plan pursuant to which the Compensation Committee may grant share units to any officer, employee, or consultant of the Company or its subsidiaries. The fair value of these restricted share units is determined on the date of grant using the market price of the Company’s shares. Each RSU entitles the holder thereof to receive one common share, or its equivalent cash value, on the redemption date selected by the Compensation Committee.

During the nine months ended September 30, 2023, the Company granted 25,000 RSUs to employees of the Company (nine months ended September 30, 2022 - 16,737 RSUs granted at weighted average fair value of $12.91 per share for a total fair value of $0.2 million).

The continuity of RSUs issued and outstanding is as follows:


	Nine months ended September 30,
	2023	2022
Outstanding balance, beginning of period	263,202	171,106
Issued	25,000	16,737

Cancelled	(30,392)	(8,429)
Outstanding balance, end of period	257,810	179,414

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)

(e) Share-based compensation


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Stock options	$	142	$	545	$	736	$	1,373
Performance share unit plan	(1,106)		2,591		5,793		1,434
Deferred share unit plan	(488)		625		1,025		(155)
Restricted share unit plan	267		390		1,187		1,156
Share-based compensation(1)	$	(1,185)	$	4,151	$	8,741	$	3,808

(1) For the three and nine months ended September 30, 2023, the Company recorded $0.4 million and $1.9 million (three and nine months ended September 30, 2022 - $0.9 million and $2.5 million), respectively, of share-based compensation in contributed surplus, and the remaining share-based compensation was recorded in liabilities.

(f) Net Income per Share


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Weighted average number of common shares outstanding	93,311,434		90,845,229		92,767,525		90,543,185
Dilutive effects of:
Stock options	440,024		772,794		618,605		1,227,582
Share units	257,810		179,414		257,810		179,414
Weighted average number of diluted common shares outstanding(1)	94,009,268		91,797,437		93,643,940		91,950,181

Net income attributable to owners of the Company	$	2,525	$	3,745	$	56,255	$	79,672
Basic net income per share	$	0.03	$	0.04	$	0.61	$	0.88
Diluted net income per share	$	0.03	$	0.04	$	0.60	$	0.87

(1) Weighted average number of diluted common shares outstanding for the three and nine months ended September 30, 2023 excluded nil and 50,000 (three and nine months ended September 30, 2022 - 1,240,283 and 1,240,283) stock options, respectively, that were anti-dilutive.

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)

14. Revenue


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Copper
Sales within Brazil	$	—	$	(1,150)	$	24,303	$	49,026
Export sales	75,864		69,328		215,594		221,325
Adjustments on provisional sales(1)	272		(4,439)		(2,531)		(17,262)
	76,136		63,739		237,366		253,089
Gold
Sales	24,036		17,470		60,441		45,197
Amortization of deferred revenue(2)	5,009		4,702		13,259		11,439
	$	29,045	$	22,172	$	73,700	$	56,636
	$	105,181	$	85,911	$	311,066	$	309,725

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

(2) During the three and nine months ended September 30, 2023, the Company delivered 3,590 and 9,858 ounces of gold, respectively (three and nine months ended September 30, 2022 - 3,375 and 7,820 ounces of gold), under a precious metals purchase agreement with Royal Gold (note 11) for average cash consideration of $385 and $385 per ounce (three and nine months ended September 30, 2022 - $347 and $363).

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,
	2023		2022		2023		2022
Materials	$	11,213	$	10,844	$	32,473	$	30,926
Salaries and benefits	16,128		12,883		44,363		37,023
Contracted services	9,040		7,725		24,852		23,080
Maintenance costs	8,400		6,666		22,451		19,270
Utilities	3,603		3,331		10,271		9,922
Other costs	57		336		843		781
Change in inventory (excluding depreciation and depletion)	(2,773)		4,579		(3,769)		5,157
Cost of production	45,668		46,364		131,484		126,159
Sales expense	3,123		2,059		7,614		6,723
Depreciation and depletion	22,997		15,413		61,154		43,235
Change in inventory (depreciation and depletion)	(2,082)		(735)		(4,177)		(853)
	$	69,706	$	63,101	$	196,075	$	175,264

16. General and Administrative Expenses


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Accounting and legal	$	553	$	581	$	1,536	$	1,723
Amortization and depreciation	384		65		1,067		226
Office and administration	2,304		2,092		6,470		6,818
Salaries and consulting fees	8,550		5,528		23,915		18,035
Incentive payments	1,647		1,516		4,418		4,929
Other	964		1,944		2,863		3,679
	$	14,402	$	11,726	$	40,269	$	35,410

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,
	2023		2022		2023		2022
Interest on loans and borrowings(1)	$	2,758	$	5,239	$	11,181	$	15,192
Accretion of deferred revenue	750		848		2,320		2,593
Accretion of provision for rehabilitation and closure costs	690		539		2,021		1,654
Interest on lease liabilities	312		158		903		473
Other finance expenses	3,507		499		4,113		1,021
	$	8,017	$	7,283	$	20,538	$	20,933

(1) During the three and nine months ended September 30, 2023, the Company capitalized $4.4 million and $10.0 million, respectively (three and nine months ended September 30, 2022 -$2.0 million and $4.3 million) of borrowing costs to projects in progress.

18. Foreign Exchange (Loss) 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 Reals (BRL$), which is their functional currency.


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Foreign exchange (loss) gain on USD denominated debt in Brazil	$	(9,979)	$	(1,937)	$	7,487	$	2,884
Realized foreign exchange gain (loss) on derivative contracts (note 19)	3,458		(4,994)		7,232		(12,576)
Unrealized foreign exchange (loss) gain on derivative contracts (note 19)	(7,560)		6,760		(2,309)		30,063
Foreign exchange gain (loss) on other financial assets and liabilities	144		106		(2,669)		(5,030)
	$	(13,937)	$	(65)	$	9,741	$	15,341

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.

As at September 30, 2023, derivatives were measured at fair value based on Level 2 inputs.

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)

The carrying values of cash and cash equivalents, short-term investments, accounts receivable, deposits, and accounts payable and accrued liabilities approximate their fair values due to their short terms to maturity or market rates of interest used to discount amounts. At September 30, 2023, the carrying value of loans and borrowings, including accrued interest, was $419.4 million while the fair value is approximately $367.0 million. At September 30, 2023, the carrying value of notes receivable, including accrued interest, was $18.6 million which approximates its fair value.

Credit risk


	September 30, 2023		December 31, 2022
Cash and cash equivalents	$	44,757	$	177,702
Short-term investments	42,843		139,700
Accounts receivable	10,698		10,289
Derivatives	2,949		—
Note receivable	18,600		20,630
Deposits and other assets	7,306		3,985
	$	127,153	$	352,306

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

The amortized cost of the note receivable, net of the expected credit loss, at September 30, 2023 was $18.6 million (December 31, 2022 - $20.6 million), of which $5.8 million (December 31, 2022 - $10.2 million) was classified as current and $12.8 million (December 31, 2022 - $10.4 million) as non-current.

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)

Liquidity risk

The table below shows the Company's maturity of non-derivative financial liabilities on September 30, 2023:


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)	$	419,420	$	594,257	$	35,797	$	34,843	$	84,617	$	439,000
Accounts payable and accrued liabilities	101,510		101,510		101,510		—		—		—
Other non-current liabilities	8,985		23,666		—		10,938		12,016		712
Leases	12,651		12,630		7,953		2,936		1,630		111
Total	$	542,566	$	732,063	$	145,260	$	48,717	$	98,263	$	439,823

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, 2023 are as follows:

Contract Description

Notional Amount

Denomination

Weighted average floor

Weighted average cap / forward price

Maturities

Foreign exchange collar (i)

$309.0 million

USD/BRL

4.99

5.52

October 2023 - December 2024

Foreign exchange forward (i)

$60.0 million

USD/BRL

N/A

5.15

January 2024 - December 2024

Copper collar (iii)

9,000 tonnes

$ / lb

$3.50

$4.76

October 2023 - December 2023

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)

(i) Foreign exchange currency risk

The Company's exposure to foreign exchange currency risk at September 30, 2023 relates to $18.4 million (December 31, 2022 – $11.7 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, 2023 on $285.4 million of intercompany loan balances (December 31, 2022 - $148.2 million) which have contractual repayment terms. Strengthening (weakening) in the Brazilian Real against the US dollar at September 30, 2023 by 10% and 20%, would have increased (decreased) pre-tax net income by $30.3 million and $60.5 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, 2023, the aggregate fair value of the Company's foreign exchange derivatives was a net asset of $1.2 million (December 31, 2022 - asset of $3.2 million), of which $2.6 million is included in other current assets, $0.3 million is included in current liabilities, and $0.9 million is included in other non-current liabilities in the statement of financial position. 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.

(ii) Interest rate risk

(iii) Price risk

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

Notes to Financial Statements | Page 26


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

At September 30, 2023, the Company has provisionally priced sales that are exposed to commodity price changes (note 14). Based on the Company’s net exposure at September 30, 2023, a 10% change in the price of copper would have changed pre-tax net income by $3.9 million.

20. Supplemental Cash Flow Information


	Three months ended September 30,				Nine months ended September 30,
Net change in non-cash working capital items:	2023		2022		2023		2022
Accounts receivable	$	(3,189)	$	16,317	$	904	$	5,185
Inventories	890		(1,190)		(4,910)		(3,195)
Other assets	(6,286)		(5,374)		(12,636)		(9,945)
Accounts payable and accrued liabilities	12,011		17,275		6,732		4,913


	$	3,426	$	27,028	$	(9,910)	$	(3,042)

Non-cash investing and financing activities:

Additions to property, plant and equipment by leases	1,132		1,815		$	10,007	$	4,882
Non-cash increase (decrease) in accounts payable in relation to capital expenditures	186		(5,753)		4,358		(3,395)
Change in mineral properties, plant and equipment from change in estimates for provision for rehabilitation and closure costs	(90)		—		(422)		—

21. Subsequent Events

In October 2023, the Company entered into a binding term sheet ("Term Sheet") with Salobo Metais S.A, part of the Vale Base Metals ("VBM") business to advance its Furnas copper project ("Furnas" or the "Project") located in the Carajás Mineral Province in Pará State, Brazil. The Term Sheet contemplates the Company earning a 60% interest in the Project upon completion of several exploration, engineering and development milestones over a period of five years from the execution of a definitive earn-in agreement. In exchange for its 60% interest, the Company will solely fund a phased exploration and engineering work program during the earn-in period and grant VBM up to an 11.0% free carry on future Project construction capital expenditures.

Notes to Financial Statements | Page 27


			TSX: ERO
			NYSE: ERO

November 2, 2023

Ero Copper Reports Third Quarter 2023 Operating and Financial Results

(all amounts in US dollars, unless otherwise noted)

Vancouver, British Columbia – Ero Copper Corp. (TSX: ERO, NYSE: ERO) (“Ero” or the “Company”) is pleased to announce its operating and financial results for the three and nine months ended September 30, 2023. Management will host a conference call tomorrow, Friday, November 3, 2023, at 8:30 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

•Copper production of 10,766 tonnes at C1 cash costs(*) of $1.82 per pound of copper produced

•Gold production of 17,579 ounces at C1 cash costs(*) and All-in Sustaining Costs ("AISC")(*) of $371 and $844, respectively, per ounce of gold produced

•Record gold production and operating margins at the Xavantina Operations partially offset lower copper production at the Caraíba Operations as well as the impact of a stronger Brazilian Real ("BRL") relative to the U.S. dollar ("USD")

◦Net income attributable to the owners of the Company of $2.5 million ($0.03 per share on a diluted basis)

◦Adjusted net income attributable to the owners of the Company(*) of $17.3 million ($0.18 per share on a diluted basis)

◦Adjusted EBITDA(*) of $42.9 million

•Reaffirming full-year copper production guidance and providing updates to other 2023 guidance ranges to reflect YTD performance, including record operating results at the Xavantina Operations

•Important milestones achieved in the execution of strategic growth initiatives during the quarter

◦Construction of the Tucumã Project reached over 70% physical completion as of quarter-end. Total project capital estimate remains unchanged at approximately $305 million

◦At the Caraíba Operations, construction of the Pilar Mine's new external shaft continued to progress on schedule. Planned capital expenditures under contract or in the final stages of negotiation remain at approximately 80% with current estimates within 5% of budget



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


			TSX: ERO
			NYSE: ERO

◦Production from the new Matinha vein commenced at the Xavantina Operations, contributing to a quarter-on-quarter increase of over 40% to both processed gold grades and gold production as well as record-low unit operating costs

•Available liquidity at quarter-end of $237.6 million included cash and cash equivalents of $44.8 million, short-term investments of $42.8 million, and $150.0 million of undrawn availability under the Company's senior secured revolving credit facility

•Immediately prior to quarter-end and continuing into Q4 2023, the Company opportunistically expanded its foreign exchange hedge program

◦Of the $437 million foreign exchange derivative position as of October 2023, $145 million is designated for major project capital expenditures with a weighted average floor and ceiling of 5.10 and 5.23 BRL per USD, respectively

•Subsequent to quarter-end, the Company entered into a binding term sheet ("Term Sheet") with Vale Base Metals ("VBM") to earn a 60% interest in the Furnas copper project (the "Project") upon completion of several exploration, engineering and development milestones over a period of five years from the execution of a definitive earn-in agreement

◦Offers opportunity to expand long-term growth pipeline within the Carajás Mineral Province, home to the Company's Tucumã Project in Para State, Brazil

◦Partnership expected to leverage the Company and VBM's collective strengths while advancing Brazil's position as a leader in the global energy transition

◦For more information on the Project and Term Sheet, please see the Company's press release dated October 30, 2023

*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, 2023 and the Reconciliation of Non-IFRS Measures section at the end of this press release.



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


			TSX: ERO
			NYSE: ERO

“2023 continues to be a pivotal year for Ero Copper as our near-term growth projects reach critical milestones and we continue to define and broaden our long-term growth pipeline,” said David Strang, Chief Executive Officer. “This strategic execution was evident at the Xavantina Operations, where we successfully initiated production from the Matinha vein during the quarter, resulting in record gold production and operating margins. We also made substantial progress at our Tucumã Project, as announced earlier this month, and advanced our Pilar 3.0 initiative at the Caraíba Operations, where we are nearing completion of the mill expansion project and preparing to commence main sinking of the new external shaft."

"In parallel, we continue to advance on our medium- and longer-term growth pipeline through ongoing regional copper and nickel exploration programs at the Caraíba Operations and, more recently, the execution of a binding term sheet to earn a 60% in VBM's Furnas copper project."

"Despite these important strategic advancements as well as solid operating performance at our Caraíba Operations during the quarter, our financial results were impacted by broader economic conditions that drove weaker metal prices and a stronger BRL against the U.S. dollar. In response, and in addition to the protection provided by the copper price hedges we established earlier this year, we elected to opportunistically expand our foreign exchange rate hedge program to cover a significant portion of projected operating costs and capital expenditures through the end of 2024."

"While we continue to navigate near-term economic and market uncertainty, we remain optimistic about the long-term demand outlook for copper and are committed to the execution of our strategy as we position Ero Copper to create sustainable, long-term value for all stakeholders."



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


			TSX: ERO
			NYSE: ERO

THIRD QUARTER REVIEW

•Mining & Milling Operations

◦The Caraíba Operations processed 806,096 tonnes of ore grading 1.46% copper, producing 10,766 tonnes of copper in concentrate during the quarter after metallurgical recoveries of 91.6%

–Lower mill throughput volumes, as well as lower mined and processed copper grades due to mine sequencing, resulted in decreased copper production quarter-on-quarter

◦The Xavantina Operations processed 31,446 tonnes of ore grading 18.72 grams per tonne, producing 17,579 ounces of gold production after metallurgical recoveries of 92.9%

–Initial production from the new Matinha vein contributed to a quarter-on-quarter increase of over 40% in both processed gold grades and gold production

•Organic Growth Projects

◦The Company made significant progress on the construction of its Tucumã Project, which reached over 70% physical completion at quarter-end, up from approximately 45% at the end of Q2 2023. The first phase of plant commissioning is expected to commence by year-end 2023. First production remains on track to begin in H2 2024

–Significant advancement in mine pre-stripping, with first sulphide ore on track to be reached in early November

–All earthworks are now completed, including the water storage reservoir, site drainage and run-of-mine stockpiles

–Over 15,000 cubic meters of concrete have been poured (over 65% complete), concluding all major foundation requirements

–Steel structure pre-assembly and erection are tracking ahead of schedule with approximately 1,000 tonnes of steel already in place

–Key pieces of processing equipment are on site with installations either concluded or ongoing, including the primary crusher, ball mill, secondary and tertiary crushers, vibrating screen decks and flotation cells

–Main electrical substation installed on site with construction of power line tracking ahead of schedule; tie-in to national power grid scheduled for Q4 2023

–Project capital estimate remains unchanged at approximately $305 million

–For additional information on the Tucumã Project, including recent images of construction progress, please see the Company's press release dated October 19, 2023



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


			TSX: ERO
			NYSE: ERO

◦At the Caraíba Operations, the Company is focused on advancing its Pilar 3.0 initiative, designed to support sustained annual ore production levels of 3.0 million tonnes. The components of Pilar 3.0 include (i) Project Honeypot, an engineering initiative focused on recovering higher-grade material in the upper levels of the Pilar Mine, (ii) an expansion of the Caraíba mill from 3.0 to 4.2 million tonnes of annual throughput capacity, and (iii) construction of a new external shaft to enable the creation of a two-mine system at the Pilar Mine

–Construction of the new external shaft remains on schedule. Headframe erection, stage winder installation and several key underground infrastructure installations were completed during the quarter. Main shaft sinking remains on track to commence prior to year-end. Planned capital expenditures under contract or in the final stages of negotiation remain at approximately 80% with current estimates within 5% of budget

–At the Caraíba mill, installation of the new ball mill, Jameson cell and associated electrical installations were nearly completed during the period. The mill expansion project remains on schedule for physical completion prior to year-end

–Greenfield exploration of regional nickel targets continued during the quarter; the identification of new copper targets within the Vermelhos district warrants further investigation during the coming year

◦Please see recent images from construction on the Caraíba Operations' new external shaft below



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


			TSX: ERO
			NYSE: ERO

Figure 1: October 2023 aerial view of the Caraíba Operations shaft project, including (A) the permanent rock and personnel winders, (B) the completed shaft headframe, (C) the stage winder foundation, and (D) engineering and administrative buildings.



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


			TSX: ERO
			NYSE: ERO

Figure 2: Progress on erection of the permanent rock and personnel winder building (October 2023).



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


			TSX: ERO
			NYSE: ERO

Figure 3: Progress on erection of the stage winder building (October 2023).



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


			TSX: ERO
			NYSE: ERO

OPERATING AND FINANCIAL HIGHLIGHTS


	3 months ended Sep. 30, 2023		3 months ended June 30, 2023		3 months ended Sep. 30, 2022		9 months ended Sep. 30, 2023		9 months ended Sep. 30, 2022
Operating Highlights
Copper (Caraíba Operations)
Ore Processed (tonnes)	806,096		840,821		720,725		2,419,465		2,118,380
Grade (% Cu)	1.46		1.55		1.68		1.45		1.73
Cu Production (tonnes)	10,766		12,004		11,189		32,097		33,707
Cu Production (000 lbs)	23,734		26,464		24,669		70,761		74,312
Cu Sold in Concentrate (tonnes)	10,090		11,612		10,522		31,166		33,515
Cu Sold in Concentrate (000 lbs)	22,244		25,600		23,197		68,709		73,888
C1 cash cost of Cu produced (per lb)(1)	$	1.82	$	1.52	$	1.46	$	1.67	$	1.34
Gold (Xavantina Operations)
Ore Processed (tonnes)	31,446		34,377		42,747		101,586		150,028
Au Production (oz)	17,579		12,333		10,965		42,355		30,883
C1 cash cost of Au Produced (per oz)(1)	$	371	$	492	$	537	$	425	$	604
AISC of Au produced (per oz)(1)	$	844	$	1,081	$	1,135	$	943	$	1,135

Financial Highlights ($ in millions, except per share amounts)
Revenues	$	105.2	$	104.9	$	85.9	$	311.1	$	309.7
Gross profit	35.5		39.4		22.8		115.0		134.5
EBITDA(1)	28.3		58.6		24.9		135.0		154.7
Adjusted EBITDA(1)	42.9		45.8		29.1		133.2		145.1
Cash flow from operations	41.9		55.5		43.0		113.7		109.4
Net income	2.8		29.9		4.0		57.3		80.6
Net income attributable to owners of the Company	2.5		29.6		3.7		56.3		79.7
Per share (basic)	0.03		0.32		0.04		0.61		0.88
Per share (diluted)	0.03		0.32		0.04		0.60		0.87
Adjusted net income attributable to owners of the Company(1)	17.3		22.3		4.0		62.0		61.3
Per share (basic)	0.19		0.24		0.04		0.67		0.68
Per share (diluted)	0.18		0.24		0.04		0.66		0.67
Cash, cash equivalents, and short-term investments	87.6		180.4		359.8		87.6		359.8
Working capital(1)	32.8		140.7		343.2		32.8		343.2
Net (cash) debt(1)	331.8		246.5		51.5		331.8		51.5

(1) EBITDA, Adjusted EBITDA, Adjusted net income (loss) attributable to owners of the Company, Adjusted net income (loss) per share attributable to owners of the Company, Net (Cash) Debt, Working Capital, C1 cash cost of copper produced (per lb), C1 cash cost of gold produced (per ounce) and AISC of gold produced (per ounce) are non-IFRS measures. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its Management’s Discussion and Analysis for the three and nine months ended September 30, 2023 and the Reconciliation of Non-IFRS Measures section at the end of this press release.



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


			TSX: ERO
			NYSE: ERO

2023 PRODUCTION AND COST GUIDANCE(*)

The Company is reaffirming its 2023 copper production guidance for the Caraíba Operations of 44,000 to 47,000 tonnes of copper in concentrate. Copper production is expected to be strongest in the last quarter of the year due to higher anticipated mined and processed copper grades.

The Company's full-year copper C1 cash cost guidance range, based on the originally assumed foreign exchange rate of 5.30 BRL per USD, remains $1.40 and $1.60 per pound of copper produced. Given the continued strength of the BRL against the USD, the Company is now also providing an updated range of $1.50 to $1.70 per pound of copper produced should the exchange rate remain at current levels of approximately 5.00 BRL per USD for the remainder of Q4 2023.

Due to the Xavantina Operations' strong year-to-date operating performance, the Company is increasing its 2023 gold production guidance range to 55,000 to 59,000 ounces (originally 50,000 to 53,000 ounces). The Company is also reducing its full-year C1 cash cost guidance for the Xavantina Operations to $375 to $475 (originally $475 and $575) per ounce of gold produced and lowering its AISC guidance range to $900 to $1,000 (from $1,000 to $1,100) per ounce of gold produced.


	Previous Guidance '@ 5.30 FX Rate	Previous Guidance '@ 5.00 FX Rate	Updated Guidance '@ 5.00 FX Rate
Caraíba Operations
Copper Production (tonnes)	44,000 - 47,000	Unchanged	Unchanged
C1 Cash Cost (US$/lb)(1)	$1.40 - $1.60	$1.50 - $1.70	Unchanged

Xavantina Operations
Gold Production (ounces)	50,000 - 53,000	Unchanged	55,000 - 59,000
C1 Cash Cost (US$/oz)(1)	$475 - $575	$500 - $600	$375 - $475
All-in Sustaining Cost (AISC) (US$/oz)(1)	$1,000 - $1,100	$1,050 - $1,150	$900 - $1,000

(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. See the Reconciliation of Non-IFRS Measures section at the end of this press release for additional information.



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


			TSX: ERO
			NYSE: ERO

2023 CAPITAL EXPENDITURE GUIDANCE(*)

The Company's updated capital expenditure guidance, presented in millions of USD, reflects actual YTD exchange rates and an assumed Q4 2023 exchange rate of 5.00 BRL per USD.


	Previous Guidance '@ 5.30 FX Rate	Previous Guidance '@ 5.00 FX Rate	Updated Guidance Including Forecast Capital Changes
Caraíba Operations
Growth	$90 - $105	$95 - $110	Unchanged
Sustaining	$70 - $80	$75 - $85	Unchanged
Exploration	$22 - $27	$23 - $29	Unchanged
Total, Caraíba Operations	$182 - $212	$193 - $224	Unchanged

Tucumã Project
Growth	$150 - $165	$160 - $175	$175 - $190

Exploration	$0 - $1	$0 - $1	Unchanged
Total, Tucumã Project	$150 - $166	$160 - $176	$175 - $191

Xavantina Operations
Growth	$4 - $5	$4 - $5	Unchanged
Sustaining	$12 - $14	$13 - $15	Unchanged
Exploration	$6 - $7	$6 - $7	$7 - $8
Total, Xavantina Operations	$22 - $26	$23 - $27	$24 - $28

Other Exploration Projects	$3 - $5	$3 - $5	$5 - $7

Company Total
Growth	$244 - $275	$259 - $290	$274 - $305
Sustaining	$82 - $94	$88 - $100	$88 - $100
Exploration	$31 - $40	$32 - $42	$35 - $45
Total, Company	$357 - $409	$379 - $432	$397 - $450

(*) 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 SEDAR and EDGAR filings, including the recent Annual Information Form for the year ended December 31, 2022 and dated March 7, 2023 (the "AIF"), for complete risk factors.



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


			TSX: ERO
			NYSE: ERO

CONFERENCE CALL DETAILS

The Company will hold a conference call on Friday, November 3, 2023 at 8:30 am Eastern time (5:30 am Pacific time) to discuss these results.


Date:			Friday, November 3, 2023
Time:			8:30 am Eastern time (5:30 am Pacific time)
Dial in:			North America: 1-800-319-4610, International: +1-604-638-5340 please dial in 5-10 minutes prior and ask to join the call
Replay:			North America: 1-800-319-6413, International: +1-604-638-9010
Replay Passcode:			0471

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 C1 cash cost of copper produced (per lb), C1 cash cost of gold produced (per ounce), AISC of gold produced (per ounce), 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, 2023 which is available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.



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


			TSX: ERO
			NYSE: ERO

C1 cash cost of copper produced (per lb)

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


Reconciliation:	2023 - Q3		2023 - Q2		2022 - Q3		2023 - YTD		2022 - YTD
Cost of production	$	39,345	$	37,767	$	39,047	$	113,397	$	106,225
Add (less):
Transportation costs & other	1,614		1,733		2,209		4,686		6,657
Treatment, refining, and other	4,122		4,248		4,198		10,897		10,137
By-product credits	(3,022)		(3,704)		(4,929)		(9,536)		(16,179)
Incentive payments	(1,609)		(1,129)		(902)		(3,975)		(2,822)
Net change in inventory	2,835		1,323		(3,849)		2,973		(5,179)
Foreign exchange translation and other	(171)		(13)		212		(169)		420
C1 cash costs	$	43,114	$	40,225	$	35,986	$	118,273	$	99,259




Mining	$	27,258	$	25,794	$	23,594	$	76,262	$	67,653
Processing	8,362		7,643		7,687		22,559		22,122
Indirect	6,394		6,244		5,436		18,091		15,526
Production costs	42,014		39,681		36,717		116,912		105,301
By-product credits	(3,022)		(3,704)		(4,929)		(9,536)		(16,179)
Treatment, refining and other	4,122		4,248		4,198		10,897		10,137
C1 cash costs	$	43,114	$	40,225	$	35,986	$	118,273	$	99,259


Payable copper produced (lb, 000)	23,734		26,464		24,669		70,761		74,312

Mining	$	1.15	$	0.97	$	0.96	$	1.08	$	0.91
Processing	$	0.35	$	0.29	$	0.31	$	0.32	$	0.30
Indirect	$	0.27	$	0.24	$	0.22	$	0.26	$	0.21
By-product credits	$	(0.13)	$	(0.14)	$	(0.20)	$	(0.13)	$	(0.22)
Treatment, refining and other	$	0.18	$	0.16	$	0.17	$	0.14	$	0.14
C1 cash costs of copper produced (per lb)	$	1.82	$	1.52	$	1.46	$	1.67	$	1.34



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


			TSX: ERO
			NYSE: ERO

C1 cash cost of gold produced and All-in Sustaining Cost of gold produced (per ounce)

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


Reconciliation:	2023 - Q3		2023 - Q2		2022 - Q3		2023 - YTD		2022 - YTD
Cost of production	$	6,323	$	5,657	$	7,317	$	18,087	$	19,934
Add (less):
Incentive payments	(320)		(311)		(177)		(1,038)		(950)
Net change in inventory	213		936		(1,031)		797		(377)
By-product credits	(240)		(163)		(145)		(579)		(414)
Smelting and refining costs	101		63		69		240		173
Foreign exchange translation and other	453		(119)		(149)		510		280
C1 cash costs	$	6,530	$	6,063	$	5,884	$	18,017	$	18,646
Site general and administrative	1,304		1,338		1,011		3,874		2,452
Accretion of mine closure and rehabilitation provision	112		111		106		328		330
Sustaining capital expenditure	4,258		3,530		4,105		10,801		10,091
Sustaining leases	1,832		1,740		1,036		5,232		2,752
Royalties and production taxes	808		556		298		1,702		779
AISC	$	14,844	$	13,338	$	12,440	$	39,954	$	35,050



Costs
Mining	$	3,140	$	3,017	$	3,071	$	8,724	$	10,218
Processing	2,165		2,048		1,867		6,118		5,850
Indirect	1,364		1,098		1,022		3,514		2,819
Production costs	6,669		6,163		5,960		18,356		18,887
Smelting and refining costs	101		63		69		240		173
By-product credits	(240)		(163)		(145)		(579)		(414)
C1 cash costs	$	6,530	$	6,063	$	5,884	$	18,017	$	18,646
Site general and administrative	1,304		1,338		1,011		3,874		2,452
Accretion of mine closure and rehabilitation provision	112		111		106		328		330
Sustaining capital expenditure	4,258		3,530		4,105		10,801		10,091
Sustaining leases	1,832		1,740		1,036		5,232		2,752
Royalties and production taxes	808		556		298		1,702		779
AISC	$	14,844	$	13,338	$	12,440	$	39,954	$	35,050

Costs per ounce
Payable gold produced (ounces)	17,579		12,333		10,965		42,355		30,883

Mining	$	179	$	245	$	280	$	206	$	331
Processing	$	123	$	166	$	170	$	144	$	189
Indirect	$	78	$	89	$	93	$	83	$	91
Smelting and refining	$	6	$	5	$	6	$	6	$	6
By-product credits	$	(15)	$	(13)	$	(12)	$	(14)	$	(13)
C1 cash costs of gold produced (per ounce)	$	371	$	492	$	537	$	425	$	604
AISC of gold produced (per ounce)	$	844	$	1,081	$	1,135	$	943	$	1,135



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


Reconciliation:	2023 - Q3		2023 - Q2		2022 - Q3		2023 - YTD		2022 - YTD
Net Income	$	2,811	$	29,941	$	3,999	$	57,252	$	80,595
Adjustments:
Finance expense	8,017		5,995		7,283		20,538		20,933
Finance income	(2,976)		(3,362)		(2,997)		(10,476)		(5,254)
Income tax (recovery) expense	(807)		5,773		1,887		9,632		15,776
Amortization and depreciation	21,299		20,239		14,743		58,044		42,608
EBITDA	$	28,344	$	58,586	$	24,915	$	134,990	$	154,658
Foreign exchange loss (gain)	13,937		(15,057)		65		(9,741)		(15,341)
Share based compensation	(1,185)		4,909		4,151		8,741		3,808
Unrealized loss (gain) on copper derivative contracts	1,814		(2,654)		—		(840)		—
Incremental COVID-19 costs	—		—		—		—		1,956

Adjusted EBITDA	$	42,910	$	45,784	$	29,131	$	133,150	$	145,081

Note: In 2023 Q3, EBITDA has been updated to incorporate the adjustment of finance income. EBITDA and Adjusted EBITDA for comparative periods have been updated accordingly.



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


			TSX: ERO
			NYSE: ERO

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


Reconciliation:	2023 - Q3		2023 - Q2		2022 - Q3		2023 - YTD		2022 - YTD
Net income as reported attributable to the owners of the Company	$	2,525	$	29,576	$	3,745	$	56,255	$	79,672
Adjustments:
Share based compensation	(1,185)		4,909		4,151		8,741		3,808
Unrealized foreign exchange loss (gain) on USD denominated balances in MCSA	9,481		(9,716)		2,106		(4,988)		1,807
Unrealized foreign exchange loss (gain) on foreign exchange derivative contracts	7,530		(2,078)		(6,733)		2,300		(29,943)
Unrealized loss (gain) on interest rate derivative contracts	1,808		(2,644)		—		(836)		—
Incremental COVID-19 costs	—		—		—		—		1,944

Tax effect on the above adjustments	(2,873)		2,205		706		540		3,995
Adjusted net income attributable to owners of the Company	$	17,286	$	22,252	$	3,975	$	62,012	$	61,283

Weighted average number of common shares
Basic	93,311,434		92,685,916		90,845,229		92,767,525		90,543,185
Diluted	94,009,268		93,643,447		91,797,437		93,643,940		91,950,181

Adjusted EPS
Basic	$	0.19	$	0.24	$	0.04	$	0.67	$	0.68
Diluted	$	0.18	$	0.24	$	0.04	$	0.66	$	0.67



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


			TSX: ERO
			NYSE: ERO

Net (Cash) Debt

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, 2023		June 30, 2023		December 31, 2022		September 30, 2022
Current portion of loans and borrowings	$	11,764	$	17,105	$	15,703	$	9,049
Long-term portion of loans and borrowings	407,656		409,818		402,354		402,275
Less:
Cash and cash equivalents	(44,757)		(124,382)		(177,702)		(210,244)
Short-term investments	(42,843)		(56,011)		(139,700)		(149,554)

Net (cash) debt	$	331,820	$	246,530	$	100,655	$	51,526

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, 2023		June 30, 2023		December 31, 2022		September 30, 2022
Current assets	$	174,113	$	280,783	$	392,427	$	444,188
Less: Current liabilities	(141,284)		(140,090)		(129,121)		(100,943)
Working capital	$	32,829	$	140,693	$	263,306	$	343,245

Cash and cash equivalents	44,757		124,382		177,702		210,244
Short-term investments	42,843		56,011		139,700		149,554
Available undrawn revolving credit facilities	150,000		150,000		75,000		75,000
Available liquidity	$	237,600	$	330,393	$	392,402	$	434,798



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


			TSX: ERO
			NYSE: ERO

ABOUT ERO COPPER CORP

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

FOR MORE INFORMATION, PLEASE CONTACT

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

(604) 335-7504

info@erocopper.com



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


			TSX: ERO
			NYSE: ERO

CAUTION REGARDING FORWARD LOOKING INFORMATION AND STATEMENTS

This press release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”). Forward-looking statements include statements that use forward-looking terminology such as “may”, “could”, “would”, “will”, “should”, “intend”, “target”, “plan”, “expect”, “budget”, “estimate”, “forecast”, “schedule”, “anticipate”, “believe”, “continue”, “potential”, “view” or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Forward-looking statements may include, but are not limited to, statements with respect to the Company's expected production, operating costs and capital expenditures at the Caraíba Operations, the Tucumã Project and the Xavantina Operations; the ability of the Company to execute on its growth initiatives according to the timeline and budget currently envisioned, including its ability to enter into a definitive earn-in agreement with VBM; estimated completion dates for certain milestones, including construction of the Tucumã Project, and completion of the projects that comprise the Pilar 3.0 initiative, including the Caraíba mill expansion and construction of the new external shaft to create a two-mine system at the Pilar Mine; the estimated timing of construction activities comprising the Company's key growth initiatives, including the commencement of main shaft sinking at the Caraíba Operations' new external shaft; 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 AIF under the heading “Risk Factors”. The risks discussed in this press release and in the AIF are not exhaustive of the factors that may affect any of the Company’s forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results, actions, events, conditions, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, actions, events, conditions, performance or achievements to differ from those anticipated, estimated or intended.

The Company’s forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management on the date the statements are made, many of which may be difficult to predict and beyond the Company’s control. In connection with the forward-looking statements contained in this press release and in the AIF, the Company has made certain assumptions about, among other things: continued effectiveness of the measures taken by the Company to mitigate the possible impact of COVID-19 on its workforce and operations; favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production, development and exploration of the Company’s properties and assets; future prices of copper, gold and other metal prices; the timing and results of exploration and drilling programs; the accuracy of any mineral reserve and mineral resource estimates; the geology of the Caraíba Operations, the Xavantina Operations and the Tucumã Project being as described in the respective technical report for each property; production costs; the accuracy of budgeted exploration, development and construction costs and expenditures; the price of other commodities such as fuel; future currency exchange rates and interest rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; work force continuing to remain healthy in the face of prevailing epidemics, pandemics or other health risks (including COVID-19), political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; availability of equipment; positive relations with local groups and the Company’s ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of the Company’s current loan arrangements. Although the Company believes that the assumptions inherent in forward-looking statements are reasonable as of the date of this 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.

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.



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

Exhibit 99.4

CONSENT OF CID GONÇALVES MONTEIRO FILHO

The undersigned hereby consents to the reference to his name, where used or incorporated by reference in the Registration Statement on Form F-10 of Ero Copper Corp. (the “Company”), and the information that has been reviewed and approved by them in the Company’s Management’s Discussion and Analysis for the three and nine months ended September 30, 2023, dated November 2, 2023, included in the Current Report on Form 6-K of the Company, dated November 2, 2023.

Yours truly,

/s/ Cid Gonçalves Monteiro Filho

Cid Gonçalves Monteiro Filho

SME RM (04317974), MAIG (No. 8444),

FAusIMM (No. 3219148)

Dated: November 2, 2023

Ero Copper (NYSE:ERO)
Historical Stock Chart
From Mar 2024 to Apr 2024