Ero Copper Corp. (TSX: ERO, NYSE: ERO)
("Ero" or the “Company”) is pleased to announce the next phase of
its leadership succession plan, effective January 1, 2025.
Co-founder and Chairman of the Board, Noel Dunn, will be retiring
from the Company's Board of Directors (the "Board"). David Strang,
co-founder and current Chief Executive Officer, will assume the
role of Executive Chairman, and Makko DeFilippo, President and
Chief Operating Officer, will be appointed as President and Chief
Executive Officer and will join Ero's Board. Gelson Batista will
succeed Mr. DeFilippo as Chief Operating Officer.
This leadership transition is part of the
succession plan initiated by Ero's Board of Directors in January
2023 with Mr. Dunn's retirement as Executive Chairman. The Board
and management team are confident that this evolution will continue
to position Ero for long-term success and growth.
Noel Dunn, co-founder and Chairman of the Board,
commented, “It has been a tremendous privilege to be a part of Ero
Copper from its inception to the high-growth copper producer it is
today. As I retire from the Board, I remain immensely proud of what
we have accomplished and am excited about the Company’s bright
future under Makko’s leadership. I have seen firsthand Makko’s
dedication, expertise, and deep commitment to our values, and I am
confident that Ero Copper is in exceptionally capable hands.”
David Strang, co-founder and CEO,
added, “Having guided Ero from its early days as a
20,000-tonne-a-year copper producer to what I anticipate will
become a 100,000-tonne producer, and with a stable financial
footing across three operations, the time is right for me to
transition day-to-day leadership to Makko, who has been integral to
our success. As Executive Chairman, I will remain actively involved
in Ero’s strategic direction, and I am confident that with Makko’s
strong leadership and vision, Ero will continue to prosper and
grow. We have built a solid foundation, and I look forward to
seeing the Company flourishing under his stewardship.”
Makko DeFilippo, President and COO, said, “I am
honored by the trust that Noel, David and the Board of Directors
have bestowed in selecting me as Ero's next CEO. I am deeply
committed to our values, and to continue serving our shareholders
to ensure the responsible delivery of our growth objectives. Ero
has endless potential and I am confident that with the support of
our exceptional project and operational teams, we will deliver on
the full potential of our assets to create exceptional value for
all stakeholders.”
Mr. DeFilippo joined Ero in January 2017 as Vice
President, Corporate Development, where he played a key role in
supporting the Company through its initial public offering in
October 2017. He was promoted to President in January 2021 and
assumed the additional role of Chief Operating Officer in March
2023. Over his tenure, Mr. DeFilippo has been instrumental in
elevating several strategic initiatives, including the
transformation of the Xavantina Operations from a non-core asset
into a high-margin, core asset of the Company. He led the
successful negotiation and completion of the $110 million streaming
transaction with Royal Gold Inc. and was key in establishing the
Company’s partnership with Vale Base Metals on the Furnas
Copper-Gold Project earn-in agreement, announced in July 2024.
Additionally, Mr. DeFilippo guided the construction of the Tucumã
Operation, which was successfully completed on schedule earlier
this year. Mr. DeFilippo holds a M.Sc. in Metallurgical Engineering
from the Colorado School of Mines and a B.Sc. in Geological
Engineering from the University of Arizona.
Mr. Batista joined Ero in September 2024 as
Senior Vice President, Operations, bringing with him over 25 years
of extensive international mining experience. Throughout his
career, he has held a range of technical, operational, and senior
leadership positions in mining operations and development projects
worldwide. His experience includes roles at ArcelorMittal and Rio
Tinto, as well as with leading engineering and technology companies
in Canada and South America. Most recently, Mr. Batista served as
ArcelorMittal's Chief Operating Officer Mining and Executive
Director for ArcelorMittal’s integrated mining and steel operations
in Central Asia. Prior to that appointment, he served as the
company's Mining Chief Technology Officer in London, overseeing
technical services, global exploration, and innovation across the
group. Mr. Batista holds a degree in Mining Engineering from the
Federal University of Ouro Preto in Minas Gerais, Brazil.
ABOUT ERO COPPER
CORP
Ero Copper is a high-margin, high-growth 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
Operation (formerly known as Boa Esperança), an open pit copper
mine 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 Operation,
can be found on SEDAR+ (www.sedarplus.ca/landingpage/) 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) 335-7504info@erocopper.com
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, the Company's leadership succession plan and the timing
thereof as well as anticipated production levels in 2025.
Forward-looking statements are subject to a
variety of known and unknown risks, uncertainties and other factors
that could cause actual results, actions, events, conditions,
performance or achievements to materially differ from those
expressed or implied by the forward-looking statements, including,
without limitation, risks discussed in this press release and in
the Company’s Annual Information Form for the year ended December
31, 2023 (“AIF”) under the heading “Risk Factors”. The risks
discussed in this press release and in the AIF are not exhaustive
of the factors that may affect any of the Company’s forward-looking
statements. Although the Company has attempted to identify
important factors that could cause actual results, actions, events,
conditions, performance or achievements to differ materially from
those contained in forward-looking statements, there may be other
factors that cause results, actions, events, conditions,
performance or achievements to differ from those anticipated,
estimated or intended.
Forward-looking statements are not a guarantee
of future performance. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Forward-looking statements involve
statements about the future and are inherently uncertain, and the
Company’s actual results, achievements or other future events or
conditions may differ materially from those reflected in the
forward-looking statements due to a variety of risks, uncertainties
and other factors, including, without limitation, those referred to
herein and in the AIF under the heading “Risk Factors”.
The Company’s forward-looking statements are
based on the assumptions, beliefs, expectations and opinions of
management on the date the statements are made, many of which may
be difficult to predict and beyond the Company’s control. In
connection with the forward-looking statements contained in this
press release and in the AIF, the Company has made certain
assumptions about, among other things: favourable equity and debt
capital markets; the ability to raise any necessary additional
capital on reasonable terms to advance the production, development
and exploration of the Company’s properties and assets; future
prices of copper, gold and other 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
Operation 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, 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.
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