Site Visit Presentation_vF2 (website).pdf

April 2022 Analyst Site Visit
MCSA Mining Complex & Boa Esperança

Caution Regarding Forward Looking Information and Statements
This presentation 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 include, but are not limited to, statements with respect to the Company's guidance and/or outlook on future production, costs and capital expenditures; development plans, costs,
timelines and/or approvals for, as well as benefits, production and/or performance expected by, growth projects including development of the Deepening Extension Zone, construction of the new external shaft, and creation
of a two-mine system at the Pilar Mine, the potential benefit of Project Honeypot at the Pilar Mine, construction of the Boa Esperança mine, development of the Matinha Vein at the NX Gold Mine, expansion of the Caraíba
Mill, and other infrastructure projects at the MCSA Complex; the Company’s expectations, strategies and plans for the MCSA Mining Complex, the NX Gold Property and the Boa Esperança Property, including, but not limited
to, the Company’s planned exploration, development and production activities; and the significance and timing of any particular exploration program or result and the Company’s expectations for current and future
exploration plans including, but not limited to, planned areas of additional exploration, further extensions and expansion of mineralization at the MCSA Mining Complex, the NX Gold Mine and the Boa Esperança Project.
Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current
conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this presentation including, without limitation, assumptions
about: 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 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 MCSA Mining Complex, NX Gold Property and the Boa Esperança Property being as described in the
technical reports for these properties; production costs; the accuracy of budgeted exploration and development 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 conditions 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 and critical supplies,
spare parts and consumables; 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. While the Company considers these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive, global health, 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. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.Furthermore, such forward-looking statements involve a
variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future
plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation, the risk factors listed under the heading “Risk Factors” in the
Annual Information Form of the Company for the year ended December 31, 2021, dated March 11, 2022 (the “AIF”).
Although the Company has attempted to identify important factors that could cause actual actions, events, conditions, results, performance or achievements to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events, conditions, results, performance or achievements to differ from those anticipated, estimated or intended.
The Company cautions that the foregoing lists of important assumptions and factors are 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 statement contained herein. There can be no assurance that forward-looking statement will prove to be accurate, as actual results and future events could differ materially
from those anticipated in such statement. Accordingly, readers should not place undue reliance on forward-looking statement.
Forward-looking statements contained herein are made as of the date of this presentation 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.
This presentation may also contain future-oriented financial information (“FOFI”) and information which could be considered to be in the nature of a “financial outlook”. Such FOFI or financial outlook was approved by
management of the Company as of the date of presentation for the purpose of providing management’s reasonable estimate of what return investors might expect to earn based on the assumptions set forth in such
estimates and the information may not be appropriate for other purposes. Management cautions that such FOFI or financial outlook reflects the Company’s current beliefs and are based on information currently available to
the Company and on assumptions the Company believes are reasonable. Actual results and developments may differ materially from results and developments discussed in the FOFI or financial outlook as they are subject to
a number of significant risks and uncertainties. Certain of these risks and uncertainties are beyond the Company’s control. Consequently, all of the FOFI or financial outlook are qualified by these cautionary statements, and
there can be no assurances.
Cautionary Notes Regarding Mineral Resource and Mineral Reserve Estimates
In accordance with applicable Canadian securities regulatory requirements, all mineral reserve and mineral resource estimates of the Company disclosed in this presentation have been prepared in accordance with NI 43-101
and are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10, 2014 (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. NI 43-101 differs significantly from the disclosure requirements of the Securities and Exchange Commission (the "SEC") generally applicable to U.S. companies. For example, the terms "mineral reserve", "proven
mineral reserve", "probable mineral reserve", "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in NI 43-101. These definitions differ from the
definitions in the disclosure requirements promulgated by the SEC. Accordingly, information contained in this presentation may not be comparable to similar information made public by U.S. companies reporting pursuant to
SEC disclosure requirements.
Mineral resources which are not mineral reserves do not have demonstrated economic viability. Pursuant to the CIM Standards, mineral resources have a higher degree of uncertainty than mineral reserves as to their
existence as well as their economic and legal feasibility. Inferred mineral resources, when compared with measured or indicated mineral resources, have the least certainty as to their existence, and it cannot be assumed that
all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Pursuant to NI 43-101, inferred mineral resources may not form the basis of
any economic analysis. Accordingly, readers are cautioned not to assume that all or any part of a mineral resource exists, will ever be converted into a mineral reserve, or is or will ever be economically or legally mineable or
recovered.
Cautionary Statements | Busine s s Over v i e w
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General
Scientific and technical information contained in this presentation has been reviewed, verified and approved by Emerson Ricardo Re, MSc, MBA, MAusIMM (CP) (No. 305892), Registered Member (No. 0138) (Chilean Mining
Commission) and Resource Manager of the Company. Mr. Re is an employee of Ero and Qualified Person as defined by NI 43-101.
Information of a scientific or technical nature in respect of the MCSA Mining Complex included in this presentation is based on the press release dated January 6, 2022, and where applicable, the technical report dated
January 14, 2021 with an effective date of October 1, 2020 entitled “2020 Updated Mineral Resources and Mineral Reserves Statements of Mineração Caraíba's Vale do Curaçá Mineral Assets, Curaçá Valley”, prepared by
Porfirio Cabaleiro Rodrigues, MAIG, Bernardo Horta de Cerqueira Viana, MAIG, Paulo Roberto Bergmann, FAusIMM, Fábio Valério Câmara Xavier, MAIG and Dr. Augusto Ferreira Mendonça, RM SME all of GE21 Consultoria
Mineral Ltda. (“GE21”) and Dr. Beck (Alizeibek) Nader, FAIG of BNA Mining Solutions (“BNA”), who are independent qualified persons under NI 43-101 (the “2020 MCSA Technical Report”), and where applicable, the
technical report dated October 17, 2018 with an effective date of August 1, 2018 entitled “2018 Updated Mineral Resources and Mineral Reserves Statements of Mineração Caraíba's Vale do Curaçá Mineral Assets, Curaçá
Valley”, prepared by Rubens Jose De Mendonça, MAusIMM, of Planminas – Projectos e Consultoria em Mineração Ltd. and Porfirio Cabaleiro Rodrigues, MAIG, Fábio Valério Cãmara Xavier, MAIG, and Bernardo Horta de
Cerqueira Viana, MAIG, all of GE21, who are independent qualified persons under NI 43-101 (the “2018 MCSA Technical Report”).
Information of a scientific or technical nature in respect of the NX Gold Mine included in this presentation is based on the press release dated January 6, 2022, and where applicable, the technical report, dated January 8,
2021 with an effective date of September 30, 2020, entitled “Mineral Resource and Reserve Estimate of the NX Gold Mine, Nova Xavantina”, prepared by Porfírio Cabaleiro Rodriguez, MAIG, Bernardo Horta Cerqueira Viana,
MAIG, Paulo Roberto Begmann, FAusIMM and Leonardo de Moraes Soares, MAIG, all of GE21, who are independent qualified persons under NI 43-101 (the “2020 NX Gold Mine Technical Report”).
Information of a scientific or technical nature in respect of the Boa Esperança Property included in this presentation is based on the technical report dated November 12, 2021 with an effective date of August 31, 2021,
entitled “Boa Esperança Project NI 43-101 Technical Report on Feasibility Study Update”, prepared by Kevin Murray, P. Eng., Erin L. Patterson, P. Eng., and Scott C. Elfen, P.E., all of Ausenco Engineering Canada Inc., Carlos
Guzmán, FAusIMM RM CMC of NCL Ingeniería y Construcción SpA, who are independent qualified persons under NI 43-101, and Emerson Ricardo Re, MSc, MBA, MAusIMM (CP) (No. 305892), Registered Member (No. 0138)
(Chilean Mining Commission) and Resource Manager of the Company (the “Boa Esperança Technical Report”).
Please see the AIF, 2020 MCSA Technical Report, 2018 MCSA Technical Report (on SEDAR only), the 2020 NX Gold Mine Technical Report, and the Boa Esperança Technical Report, each filed on the Company’s profile at
www.sedar.com and www.sec.gov, for details regarding the data verification undertaken with respect to the scientific and technical information included in this presentation regarding the MCSA Mining Complex, the NX
Gold Mine and the Boa Esperança Property, for additional details regarding the related exploration information, including interpretations, the QA/QC employed, sample, analytical and testing results and for additional details
regarding the mineral resource and mineral reserve estimates disclosed herein.
Where applicable, exploration target projection(s) are shown to demonstrate future area of exploration focus within the Company’s operations. These projections are based on data compilation work which includes review of
geological controls, structural analysis and copper mineralization identified during the Company’s technical programs. The interpretation and boundary limits do not imply continuity of mineralization, or actual thickness of
mineralization which has yet to be defined.
Third Party Information
This presentation includes market, industry and economic data which was obtained from various publicly available sources and other sources believed by the Company to be true. Although the Company believes it to be
reliable, the Company has not independently verified any of the data from third party sources referred to in this presentation, or analyzed or verified the underlying reports relied upon or referred to by such sources, or
ascertained the underlying economic and other assumptions relied upon by such sources. The Company believes that its market, industry and economic data is accurate and that its estimates and assumptions are reasonable,
but there can be no assurance as to the accuracy or completeness thereof. The accuracy and completeness of the market, industry and economic data used throughout this presentation are not guaranteed and the Company
does not make any representation as to the accuracy or completeness of such information.
Non-IFRS Measures
Financial results of the Company are prepared in accordance with IFRS. The Company and MCSA utilize certain non-IFRS measures, including C1 cash cost of copper produced per pound, C1 cash costs of gold produced per
ounce, EBITDA and working capital as more particularly described in the Company's MD&A for the three and nine months ended September 30, 2021, a copy of which can be found on the Company's website, on SEDAR and
on EDGAR. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company, the
MCSA Mining Complex and the NX Gold Mine. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other
companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. C1 cash cost of copper produced
(per lb) is the sum of production costs, net of capital expenditure development costs and by-product credits, divided by the copper pounds produced. C1 cash cost reported by the Company include treatment, refining
charges, offsite costs, and certain tax credits relating to sales invoiced to the Company's Brazilian customer on sales. C1 cash cost of copper produced per pound is a non-IFRS measure used by the Company to manage and
evaluate operating performance of the Company’s operating mining unit and is widely reported in the mining industry as benchmarks for performance but does not have a standardized meaning and is disclosed in addition to
IFRS measures. C1 cash cost of gold produced (per ounce) is the sum of production costs, net of capital expenditure development costs and silver by-product credits, divided by the gold ounces produced. C1 cash cost of
gold produced per ounce is a non-IFRS measure used by the Company to manage and evaluate operating performance of the Company's operating mining unit and is widely reported in the mining industry as benchmarks for
performance but does not have a standardized meaning and is disclosed in addition to IFRS measures.
Disclaimer
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Topics of Discussion
 Company Overview and Strategy
 Health, Safety & Environment
 MCSA Mining Complex
 A Track Record of Value Creation
 Pursuit of High-Return Growth Opportunities
 Boa Esperança Project
 Update on Workstreams
 Gap Zone and Other Value Creation Opportunities
 NX Gold Mine
 Balance Sheet and Financial Overview
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1
1 High Quality Portfolio in Eco-Friendly Jurisdiction
Business Overview
2 Strong Track Record Driven by ROIC Focus
2
4 Peer-Leading Organic Growth with Low Capital Intensity
3
5 Balance Sheet Strength Adds Resiliency
4
6 Aligned Management Team with Meaningful Equity Position
5
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20 kt
46 kt
97 kt
2017A 2021A 2025E
MCSA Boa
NX Gold Mine
Production
MCSA Mining
Complex
Production
Boa Esperanҫa
Development Project
Brazil-Focused Clean Copper Producer
With Meaningful Gold Production
Strong Exploration Focus
Driving Organic Growth
1. Source: FactSet Research Systems as of March 21, 2022. Based on last twelve months as of December 31, 2021.
2. Estimated production based on midpoint of production guidance ranges.
Industry-Leading Returns
62% LTM Return on Invested Capital (“ROIC”)(1)
Doubling Copper Production Every 4 Years(2)
High-Growth Clean Copper Producer
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NX Gold Mine
Production
MCSA Mining Complex
Production
Boa Esperanҫa
Mine in Development (expected construction start in Q2 2022)
1
2
3
Note: C1 Cash Cost of Copper Produced, C1 Cash Cost of Gold Produced, and AISC of Gold Produced are non-IFRS measures.
2. Estimated production and unit costs based on
Please refer to the appendix for a discussion and reconciliation on
non-IFRS measures.
1. Estimated production and unit costs based on 5-year guidance ranges as published on January 11, 2022.
the Boa Esperança Technical Report. Economics use a copper price forecast of $3.80/lb in 2024, $3.95/lb in 2025 and $3.40/lb in 2026 and
thereafter, and a BRL:USD exchange rate of 5.00.
2
1
3
45-50kt Cu
5-Year Forecasted
Annual Production(1)
$1.12/lb
Wtd. Avg. 5-Year
Forecasted C1 Cash Cost(1)
Bahia
Mato
Grosso
Pará
~35kt Cu
Avg. Annual Production
in First 5 Years(2)
$1.12/lb
Avg. C1 Cash Cost
in First 5 Years(2)
50-60koz Au
5-Year Forecasted
Annual Production(1)
$513/oz
Wtd. Avg. 5-Year
Forecasted C1 Cash Cost(1)
2022 Analyst Tour
Brazil-Focused Clean Copper Producer

1. MCSA mine plan based on the technical report entitled “2017 Updated Mineral Resources and Mineral Reserves Statements of
based on the technical report entitled “Feasibility Study Technical Report
for the Boa Esperança Copper Project, Pará State, Brazil
Mineração Caraíba’s Vale do Curaçá Mineral Assets,
Curaçá Valley” dated September 7, 2017 with an effective date of June 1, 2017. Boa Esperança mine plan
” dated September 7, 2017 with an effective date of June 1, 2017.
MCSA Mining
Complex
 Remaining 8-year mine life based on
average annual production of 23,000 tonnes
 12+ year mine life with production averaging
~46,000 tonnes per year from 2022-2026
NX Gold Mine
 No reserve life and ~25,000 ounces of gold
production in 2017
 6-year mine life with production averaging
~53,000 ounces per year from 2022-2026
Boa Esperança
 9-year mine life based on total life-of-mine
copper production of 163,000 tonnes
 12-year mine life with life-of-mine copper
production totaling 326,000 tonnes
Exploration
Strategy
 Continuity of operations
 Annual budget of ~$1M under prior owners
 Support growth of high-margin production
 Discover and define high-return deposits
 Success-based exploration budget of $40M+
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2017(1) Today
Track record of delivery on production growth and mine life
extensions – over US$500M re-invested in business to date
Execution of Strategy since 2017

2021:
$0.77
2017:
$1.45
($0.50)
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
- 10,000 20,000 30,000 40,000
C1
Cash
Costs
(US$/lb
Cu)
Global Annual Copper Production (M lbs)
20
30
42 43
46
2017 2018 2019 2020 2021
Copper Production (kt)
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Significant copper production growth… …at peer-leading operating costs
~47% Reduction
Execution of key projects, operational excellence and innovation are
key themes in Ero’s growth story
Note: Global copper cost curve sourced from Wood Mackenzie as of Q3 2021. C1 Cash Cost of Copper Produced is a non-IFRS measure. Please refer to the section entitled “Non-IFRS
Measures” in the Company’s MD&A dated March 8, 2022 and the MD&A dated March 28, 2018 for reconciliation of C1 Cash Costs for 2021 and 2017, respectively.
Operational Achievements

 “NX 60” Initiative, including Matinha Vein
production
 ~25% excess mill capacity still to be utilized
 Robust exploration program focused on extensions
of Matinha Vein and regional targets
Ero’s organic growth initiatives are driven by its core principles of
pursuing high ROIC, low capital intensity projects
High ROIC,
Low Capital
Intensity
Organic
Growth
MCSA
Mining
Complex
 “Pilar 3.0” Initiative, including Deepening Extension
 ~25% of excess mill capacity still to be utilized
 Aggressive exploration across Curaçá Valley
NX Gold
Mine
Boa
Esperança
Project
 Exploration of the Gap Zone
 Cornerstone position in emerging Carajás
copper belt
Executing on Attractive Growth Pipeline
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100 98 99
165
214
198
$0.77
$1.10 $1.10 $1.10 $1.00 $1.05
0
50
100
150
200
250
-0.25
0.25
0.75
1.25
1.75
2.25
2.75
3.25
3.75
4.25
4.75
2021A 2022E 2023E 2024E 2025E 2026E
Copper Production (M lb) C1 Cash Cost ($/lb) Spot Copper ($4.50/lb)
$4.50/lb
At a realized copper
price of $4.50/lb,
Ero expects to have
an operating margin
of $3.50/lb on more
than 200 million
pounds of copper
production in 2025
Note: C1 Cash Cost is a non-IFRS measures. 2022-2025 figures based on midpoint of guidance ranges for copper production and C1 cash costs. Outlook assumes contributions from the
Boa Esperança Mine, where construction is expected to commence in Q2 2022.
Ero’s peer-leading organic growth profile, combined with first
quartile C1 cash costs, is expected to generate significant EBITDA
Copper Production (M lb)
Executing on Attractive Growth Pipeline

MCSA Mining
Complex
Boa
Esperanҫa
NX Gold
Mine
Broader Brazil
Near-Term Medium-Term & Long-Term
Gap Zone Exploration Boa Extensions (incl. Underground)
Carajás District Strategic Opportunities
New Regional Systems (i.e. Arapuá)
In-Mine
Exploration
Near-Mine Exploration Regional Exploration
Nickel, PGM Focused Exploration Program
Pilar Upper Levels incl. Honeypot
(Exploration & Engineering)
Past Producing Mines
(Lagoa da Mina & Surubim District)
Vermelhos Mine High-Grade Extensions
Pilar Mine Deepening Extension Growth
Vermelhos District Expansion Strategy
Matinha Vein Extensions
Santo Antonio Vein Extensions
New Regional Discoveries
New Strategic Opportunities
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Robust pipeline of high-return growth projects under development
Growth Initiatives

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 Management focused on creation of shareholder value through exploration
 Globally, over 70 geologists across the Company’s exploration team
 Currently 34 drill rigs active across the portfolio
$28
$10
$6
$5
2022 Exploration
Budget ($ million)(1)
MCSA NX Gold
Boa Esperança Strategic
1. 2022 exploration budget based on midpoint of guidance ranges.
2022 Exploration Objectives:
 MCSA
 Addition of high-grade tonnes in the upper levels of
the Pilar Mine
 Increase mine life at Vermelhos to 10+ years,
improve grade profile
 Continue systematic testing of high-priority regional
targets focusing on high-grade zones
 NX Gold
 Increase reserve life to 10+ years at NX Gold
 Aggressive regional exploration program in
partnership with Royal Gold (17,500m planned for
2022)
 Boa Esperança
 Incorporate results of ‘Gap Zone’ drill program into
mine planning
 Test extensions of mineralization beyond pit limits
Growth Initiatives: Exploration in Focus

Ero’s recently completed $400M sr. unsecured notes offering provides
ample liquidity to fund organic growth
 Pro forma liquidity position of $555M
 $480M in cash
 $75M in revolver availability
 Bond call feature allows for early
repayment should metal prices remain
strong
 8-year maturity mitigates risks related to
potential metal price volatility
Strong Balance Sheet Metrics ($M)
31-Dec-21 Pro Forma
Cash & Cash Equivalents $130 $480
Credit Facility Utilization
Total Commitments $150 $75
(-) Current Borrowings ($50) -
Credit Facility Availability $100 $75
Total Liquidity $230 $555
Total Debt $59 $409
Net Debt ($71) ($71)
LTM EBITDA $332 $332
Total Debt Leverage Ratio 0.2x 1.4x
Net Debt Leverage Ratio (0.2x) (0.2x)
Well-Positioned to Fund Growth
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Placeholder | Placeholder
P l a c e h o l d e r
HEALTH, SAFETY & SUSTAINABILITY
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“Brazil’s electricity matrix is one of the cleanest in the world and Brazil
is committed to continuing its support for renewable energy projects.”
- International Trade Administration, U.S. Dept. of Commerce
Share of Electricity Production from Renewables, 2021
Sources: Our World in Data based on BP Statistical Review of World Energy & Ember (2022); U.S. Energy Information Administration as of September 7, 2021.
Note: Renewables includes electricity production from hydropower, solar, wind, biomass and waste, geothermal, wave and tidal sources.
 Home to 3 of the world’s 10 largest hydroelectric
power dams
 South America’s largest wind farm, located in
northeastern Brazil, started operations in mid-
2021
 85% of total power generation capacity from
renewable sources
 66% from hydropower
 11% from wind and solar
 8% from biomass
Brazil’s Leadership in Renewable Energy
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 Extensive mitigation measures
implemented during Q1 2020
remain ongoing
 Over 99% of our workforce in
Brazil is vaccinated against
COVID-19
 No significant impact on
operations, supply chains or
sales channels
Safety Performance COVID-19 Response
 Our commitment to the health
and safety of our workforce is
paramount to our business
strategy
 Ero’s Lost Time Incident
Frequency Rate is amongst
the lowest of copper
producers in recent years
 Health and safety audits are
conducted regularly as part of
our program for zero accidents
(“PAZ”)
Tailings Management
 The MCSA Mining Complex
uses co-disposal for tailings,
eliminating the need for
conventional tailings dam
storage
 Frequent third-party audits of
our tailings storage facilities
as well as internal monitoring
of tailings pipelines
 Dry-stack tailings is currently
planned for Boa Esperanҫa
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Health & Safety

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 In addition to medical supplies and technical support, food scarcity was identified as a
potential threat to our communities
 Company prepared and delivered baskets throughout the COVID-19 pandemic
 Program commenced in 2020 and ran through the end of 2021
Contributing to our communities throughout COVID-19
Over 19,000+ food baskets donated during the duration of the program
Health & Safety Contributions

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Project Vision
Partnership to develop one of the region’s leading point-of-care facilities
serving up to an estimated ~70,000 people in northern Bahia
 Phase 1: currently underway (expected
completion Q2 2022)
Multi-year renovation totaling ~US$4.0 million
Phase 1:
Urgent Care / Emergency / COVID-19 &
Technical Support
Phase 2:
Outpatient, Treatment & Exams / Labs
Phase 3:
Hospitalization & Admin
Phase 4:
Infrastructure &
Support
Health & Safety Contributions (cont.)

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Implementation of co-disposal/
filtered tailings deposition
across all Company assets
Implementing global
best practices for tailings
management
 No active conventional tailings dam
 Recovery of process water
 Substrate for native revegetation
 Company endeavors to meet or
exceed international standards
in addition to Brazilian
legislative requirements
MCSA Mining Complex
NX Gold Mine
Environmental Stewardship

Source: ISS, Sustainalytics, TCFD
Renewable
Energy
 In excess of 90% of Ero’s electricity is provided by renewable
energy including hydro, wind and solar
Clean Water to
Local
Communities
 MCSA owns and operates an 86-kilometer water pipeline
from the São Francisco River
 Deliver in excess of 7 million cubic meters of water annual to
the local communities surrounding the MCSA Mining Complex
ISS QualityScore
ESG Rating
 Currently ranked in the top 40th percentile within the mining
sub-industry by ISS on Governance, Environmental and Social
Sustainalytics
ESG
Risk Rating
 Currently ranked in the 20th percentile within the diversified
metals mining subindustry
Progressing
Towards TCFD
Alignment
 Internal Climate Change Committee focused on aligning the
Company with the Task Force on Climate-Related Financial
Disclosures by 2024
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Additional ESG Highlights

MCSA MINING COMPLEX
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Established Infrastructure
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80.0
82.0
84.0
86.0
88.0
90.0
92.0
94.0
96.0
0.8 1.3 1.8 2.3 2.8 3.3
Metallurgical
Recovery
(%)
Feed Grade (% Cu)
CMC & HIG Mill Operational (June 2021 -Present) 2018 Baseline
5% - 6% increase in
metallurgical recoveries
across grade profiles
compared to original
guidance of 3% - 4%
improvement
Metallurgical Recoveries Post Concentrator Optimization
(2018 vs. June 2021-Present)
 Completed on time, on budget – total cost of ~US$11 million
 CMC reagent addition project and high-intensity grinding (“HIG”) mill installation
 Significant improvement in metallurgical recoveries across grade profiles and
various ore types
Recently completed concentrator upgrade projects delivering better
than expected outcomes
Executed Projects: Concentrator Optimization
ERO COPPER | 24

12
14
16
18
20
22
24
26
28
30
32
34
36
-0775L
-0795L
-0835L
-0855L
-0875L
-0890L
-0930L
-0960L
-0990L
-1020L
-1040L
Wet
Bulb
Temperature
(°C)
6 MWr 15 MWr
15 Megawatts of installed
cooling sufficient to
maintain temperatures
throughout Pilar Mine
below 27°C
Working Face Wet Bulb Temperature
(Recorded at Mine Level, Degrees Celsius)
Phase 1
(completed Q4 2021)
Phase 2
(handover in April 2022)
Recently completed Cooling Project will result in improved operating
efficiencies of underground mine
 Completed on time, on budget – total cost of ~US$20 million for complete project
 Project designed to support current and future extension of operations at depth
 Lower temperature environment throughout the mine allows evaluation of potential to move
to 3 shift system vs. 4 shifts (first trial is currently underway)
Executed Projects: Cooling Phase I & II
ERO COPPER | 25

 Meaningful additions in upper levels of Pilar Mine and Deepening Extension
 Extended ~800m to depth
N
+100 m
-300 m
-700 m
-1100 m
-1500 m
Plan View
300 Meters
150
MSBS
Deepening
Extension
P1P2
400
Meters
200
ERO COPPER | 26
Total Mineralized Envelope (2021)
Existing Infrastructure
New External Shaft
472
729
36
225
2018 2021
Measured & Indicated Resource Inferred Resource
24.8 Mt @
1.90% Cu
1.8 Mt @
2.07% Cu
45.1 Mt @
1.62% Cu
15.2 Mt @
1.48% Cu
Pilar Mine Resource Growth(1,2)
(Underground Mine Contained Cu, kt)
1. 2018 Measured & Indicated Resources and 2018 Inferred Resources based on the 2018 MCSA Technical Report. 2021 Measured & Indicated Resources and 2021 Inferred Resources based
on the Company’s press release dated January 6, 2022. Please refer to the Appendix for additional information of a scientific or technical nature in respect of the 2021 Mineral Resources
for MCSA Mining Complex.
2. 2018 Measured Resource comprised of 15.6 Mt @ 1.92% Cu and 2018 Indicated Resources comprised of 9.3 Mt @ 1.85% Cu. 2021 Measured Resource comprised of 22.8 Mt @ 1.63% Cu
and 2021 Indicated Resources comprised of 22.3 Mt @ 1.60% Cu.
Executed Projects: Pilar Exploration
Aggressive exploration within the Pilar Mine has resulted in significant
extensions of known mineralization since 2018

8
217
9
130
2018 2021
Indicated Resource Inferred Resource
1.2 Mt @
0.62% Cu
0.3 Mt @
2.60% Cu
10.4 Mt @
2.08% Cu
6.1 Mt @
2.14% Cu
ERO COPPER | 27
N
Deepening
Extension
 Focus since 2018 on growing resources and reserves in the “Deepening Extension”
 Zone currently measures ~500m x 500m x 20m
 Remains open with intercepts prior to year-end including some of the best copper intercepts
published globally
Level -965
Deepening Extension Resource Growth(1)
1. 2018 Measured & Indicated Resources and 2018 Inferred Resources based on the 2018 MCSA Technical Report. 2021 Measured & Indicated Resources and 2021 Inferred Resources based on
the Company’s press release dated January 6, 2022. Please refer to the Appendix for additional information of a scientific or technical nature in respect of the 2021 Mineral Resources for MCSA
Mining Complex.
2. Previous Highlight Cu Intercepts released are from press releases dated July 7, 2021 and October 14, 2021. Please refer to these press releases for additional information.
(2)
Executed Projects: Deepening Extension

ERO COPPER | 28
 Creation of two mine system,
allowing sustained production
volumes of ~3.0 million tonnes of
ore per annum from Pilar
 Supported by significant
investments in cooling, paste fill
plant and new larger diameter
external shaft
 Shaft construction commenced in
Q3 2021
Phase I & II Cooling Plant
(construction photo December 2021)
 Pilar Mine commenced open pit operations in 1979
 Underground operations commenced in 1986, now in operation for ~36 years
 “Pilar 3.0” initiative commenced 2022
Growth Projects: The New Pilar Mine “3.0”
Actively investing for the next several decades of operations…

ERO COPPER | 29
Existing Development
Planned Development
View looking Northeast
0m 400m
200m
Investment in a new external shaft to support growth of the Pilar Mine
well into the future, providing foundation for “Pilar 3.0”
 Construction commenced Q3 2021,
expected completion in Q4 2025
 Project remains on schedule and on
budget – total shaft sinking cost of
~US$190 million
 Additional estimated EPCM cost of ~US$17
million and contingency of ~US$18 million
distributed over capital spend period
 Improved efficiencies related to increased
material movement (ore + waste) and
shortened personnel transport times
Note: Capex spend based on average USD:BRL foreign exchange rate of 5.00
Growth Projects: Pilar Mine External Shaft

Increase in process capacity to 4.2 Mtpa through the installation of a
third ball mill; optimization of the flotation circuit through the addition
of a Jameson Cell
 Total project cost of ~US$23 million
including crushing, milling, flotation
and filtration upgrades
 Ball mill ordered with commissioning
expected in Q2 2023
 Jameson Cell and crusher upgrades
to be ordered imminently
Growth Projects: Mill Expansion to 4.2 Mtpa
ERO COPPER | 30

2022 2023 2024 2025 2026
Production Plan
Pilar Mine
Tonnes (kt) 1,800 2,200 2,700 2,600 3,000
Grade (% Cu) 1.50% 1.30% 1.25% 1.25% 1.30%
Vermelhos Mine
Tonnes (kt) 900 850 850 950 800
Grade (% Cu) 2.05% 1.75% 1.25% 1.15% 1.30%
Surubim
Tonnes (kt) 300 550 550 600 500
Grade (% Cu) 0.75% 0.65% 0.75% 0.75% 1.10%
Processing Operations
Caraíba Mill
Tonnes (kt) 3,000 3,700 4,200 4,200 4,200
Grade (% Cu) 1.60% 1.35% 1.20% 1.20% 1.25%
Recovery Rate 92.5% 92.5% 92.5% 92.5% 92.5%
Recovered Copper (t) 43,000 - 46,000 43,000 - 47,000 45,000 - 50,000 45,000 - 50,000 47,000 - 52,000
Five-year outlook represents a base case, with several growth initiatives
underway to potentially increase copper grades and production
Five-Year Outlook
ERO COPPER | 31

MCSA MINING COMPLEX: GROWTH OPPORTUNITIES
ERO COPPER | 32

1. Source: SNL Capital IQ as of August 25, 2021. Copper drill intercepts since August 2018 at operating copper mines.
ERO COPPER | 33
-
100
200
300
400
500
600
700
MCSA Other
Top Cu Producer Drill Intercepts (Last 3 Years) – Cu Grade x Meter (1)
< 67.0m @ 9.21% Cu
~30% of the top 50 active copper mine
drill intercepts over the past three years
are from the MCSA Mining Complex
Exceptional asset quality, highlighted by industry-leading exploration
results on a grade x meter basis
World-Class Exploration Results

ERO COPPER | 34
• Put slide between pilar and
vermelhos showing what we’ve
learned from Pilar and
suggesting that it applies to
Vermelhos
Total Mineralized Envelope (2021)(1)
All Copper Assays >6% Cu
Interpreted Structures
N
 Geometries of both Pilar and
Vermelhos indicate a steeply-
plunging long axis of the
deposits
 Mafic/ultramafic intrusions are
generally in the form of lenses
and occur along structures, fold
limbs and within fold hinges
 Thick high-grade deposits
commonly located within fold
hinges / structural traps
1. 2021 Mineralized Envelope based on the Company’s press release dated January 6, 2022. Please refer to the Appendix for additional information of a scientific or technical nature
in respect of the 2021 Mineral Resources for MCSA Mining Complex.
Long Section (Looking East)
?
?
Pilar: Refining Structural Controls
Understanding structural controls opens the window for the discovery
of additional mineralization within, and adjacent to, existing mine
infrastructure

N
FC5196
FC47183
FC47187
FC48193
FC48195
32.0m at 1.51% Cu
FC5195
38.2m at 2.48% Cu
E
FC5195
FC5196
FC47183
FC47187
FC48193
FC48195
Level Mine -
90
 Fold hinges are repeated at depth in the Pilar Mine
 The recurrence of these traps suggests a potentially important structural control on high-
grade mineralization in the Pilar Mine and throughout the Curaçá Valley
ERO COPPER | 35
+460 m
Level Mine -90
+460 m
Inferred Resource 2021
Measured/Indicated Resource 2021
New Cu Intercepts
200 Meters
100
Structural trap
being targeted in 2022
1. 2021 Measured & Indicated Resources and 2021 Inferred Resources based on the Company’s press release dated January 6, 2022. Please refer to the Appendix for additional information of a
scientific or technical nature in respect of the 2021 Mineral Resources for MCSA Mining Complex.
2. Please refer to the Appendix of this presentation for complete assay results.
Cross Section (Looking North)
42.8m at 1.82% Cu
Pilar: Upper-Level Opportunities
Interpretation of Pilar Mine upper-level drill core from late 2021
suggests a fold hinge is a ‘trap’ for high-grade copper mineralization

“Project Honeypot” initiative has significant value potential in areas not
mined during late 1990s due to undercapitalized nature of operations at
the time
ERO COPPER | 36
N
+100 m
-300 m
-700 m
-1100 m
-1500 m
Plan View
300 Meters
150
MSBS
Deepening
Extension
P1P2
400
Meters
200
New External Shaft
 Based on success of Phase 1,
expanded initiative commenced in
2022
 Scope: review all areas of the Pilar
Mine previously thought to be
mined
Honeypot Phase 2
Project Honeypot, Phase 2 Area
 Paste-fill plant upgrades and
implementation of new mining
methods facilitated engineering
initiative in early 2021 to review and
develop mine plans to recover
stopes, rib and sill pillars previously
not mined
 First stope, RC03, from this review
is expected to be mined in Q2 2022
(~130kt grading ~4.00% Cu)
Honeypot Phase 1
Pilar: Upper-Level Opportunities
RC03

1. 2018 Measured & Indicated Resources and 2018 Inferred Resources based on the 2018 MCSA Technical Report. 2021 Measured & Indicated Resources and 2021 Inferred Resources based on
the Company’s press release dated January 6, 2022. Please refer to the Appendix for additional information of a scientific or technical nature in respect of the 2021 Mineral Resources for MCSA
Mining Complex.
2. 2018 Measured Resource comprised of 3.0 Mt @ 4.12% Cu and 2018 Indicated Resources comprised of 1.5 Mt @ 1.97% Cu. 2021 Measured Resource comprised of 4.4 Mt @ 2.14% Cu and
2021 Indicated Resources comprised of 11.6 Mt @ 1.01% Cu.
ERO COPPER | 37
+300 m
000 m
-300 m
N
500
Meters
250
N7-N8
Sombrero & Toboggan
East Zone
Siriema
500 Meters
250
Plan View
500 Meters
250
 Improved understanding of control on high-grade mineralization through underground
mapping
 Active drill programs within the Vermelhos Mine targeting
 High-grade extensions at depth
 East Zone Conduit
 N7-N8 Connection
Interpreted Structures
155
212
24
151
2018 2021
Measured & Indicated Resource Inferred Resource
4.6 Mt @
3.40% Cu
2.0 Mt @
1.19% Cu
16.0 Mt @
1.32% Cu
17.1 Mt @
0.88% Cu
Vermelhos Mine Resource Growth(1,2)
Vermelhos: Exploration Success

ERO COPPER | 38
Measured/Indicated Resource 2021
Previously Announced Cu Intercept(2)
New Cu Intercept
W
Interpreted Structural Trap
2. Previously announced Cu intercept from the Company’s press release dated June 20, 2019.
Cross-Section (Looking North)
Fold axis
Foliation
FVS-1152 mineralized interval from 71.4m down hole -
Northing: 8970842m, Easting: 396514m
 Drilling beneath Toboggan and Sombrero continues to intercept high-grade zones
following enhanced structural understanding
 Ongoing drilling to further test extent of identified structural traps
 Using Pilar Mine as analogue to define and identify controlling features
Vermelhos: In-Mine Opportunities

ERO COPPER | 39
1. 2021 Measured & Indicated Resources and 2021 Inferred Resources based on the Company’s press release dated January 6, 2022.
Please refer to the Appendix for additional information of a scientific or technical nature in respect of the 2021 Mineral Resources
for MCSA Mining Complex.
2. District total includes Siriema Underground mineral resources in addition to Vermelhos Mine.
 Geological endowment warrants evaluation of potential for stand-
alone processing facility to service the northern Curaçá Valley
 Internal scoping studies underway, no definitive timeline set
500 Meters
250
500 Meters
250
Vermelhos District, Plan View
Significant extension of mineralization identified through
exploration since 2018 – district remains open
Vermelhos District, 2021(1) Tonnage Grade Contained Cu
(kt) (% Cu) (kt)
Underground(2)
Measured 4,401 2.14% 94
Indicated 12,056 1.01% 121
Measured & Indicated 16,457 1.31% 216
Inferred 19,126 0.92% 175
Open Pit
Measured 7,552 0.54% 41
Indicated 16,672 0.56% 93
Inferred 1,063 0.57% 6
Vermelhos District Total
Measured 11,953 1.13% 135
Indicated 28,727 0.75% 214
Inferred 20,189 0.90% 182
Vermelhos: District Opportunities

ERO COPPER | 40
Exploration Sector
Size
(km x km)
Individual
Targets
Paraíso 14 x 5 3
Vermelhos 20 x 8 20
Cacimba da Torre 13 x 10 4
Barro Vermelho 20 x 10 8
Angicos 33 x 3 12
Surubim 15 x 8 17
Pirulito 33 x 2 3
Sertãozinho 17 x 3 7
Arapuá 38 x 4 18
Gêmeos 19 x 5 5
Bela Vista 10 x 6 1
Santa Fé 42 x 4 2
Caraíba 8 x 10 2
Total 102
 In 2018:
 56 original target areas
 Current Status (2022):
 102 total individual targets
 36 top priority targets
 13 tested / 23 remain to be tested
 6 regional targets have returned promising
results
 4 previously announced discoveries
 2 new mineralized systems of interest
Regional: Work to Date

ERO COPPER | 41
FS17-01:
39.4m @ 0.59% Cu
from 38.4m to 77.7m
down hole
Northing: 8921097m
Easting: 394718m
Azimuth: 270°
Dip: -48°
Cu Anomalies (ppm)
S8
S7
FS17-01
FS10-04:
35.0m @ 0.56% Cu
from 88.0m to
123.0m down hole
Northing: 8908254m
Easting: 402599m
Azimuth: 90°
Dip: -56°
FS10-04
Arapuá
Strike
length
of ~55km
1. Drill holes were drilled from surface. The length of intercept may not represent the true width of mineralization. From, To and Length are rounded to the nearest tenth of a meter.
S17 System
S10 System
Pilar Mine
82.8 – 108.6 (X + 2s- 2nd Order Anomaly)
108.6 – 2,630.1 (X + 3s - 1st Order Anomaly)
Actively exploring within the Arapuá Exploration Sector, which extends
over 55km in strike length (including new S17 system)
Regional: Advancing New Mineralized Systems

ERO COPPER | 42
• Add image
3-D OVERVIEW: MCSA MINING COMPLEX

BOA ESPERANÇA
ERO COPPER | 43

1. The occurrence of significant mineral deposits and prospects throughout the Carajás Mineral District does not imply continuity of mineralization for the Boa Esperança Project beyond that which
has been defined. Please refer to the Boa Esperança Technical Report for additional technical and scientific information.
Foothold in Prolific Carajás District
ERO COPPER | 44

1. Based on consensus copper prices price forecast used in the Boa Esperança Technical Report dated November 12, 2021 with an effective date of August 31, 2021. Copper prices of $3.80/lb in
2024, $3.95/lb in 2025 and $3.40/lb in 2026 and thereafter, and a BRL:USD exchange rate of 5.00.
2. The occurrence of significant mineral deposits and prospects throughout the Carajás Mineral District does not imply continuity of mineralization for the Boa Esperança Project beyond that which
has been defined. Please refer to the Boa Esperança Technical Report for additional technical and scientific information.
…Driven by low-strip, high-grades and location
$294M
Development Capital(1)
1.4-Year
Payback Period(1)
Low Capital-Intensity, High-Return Project
41.8% IRR
On an After-Tax Basis(1)
$380M NPV
On an After-Tax Basis(1)
~35kt Cu
Annual Production in
First 5 Years(1)
$1.12/lb
Avg. C1 Cash Costs in
First 5 Years(1)
~27kt Cu
Avg. Annual LOM
Production (1)
$1.36/lb
Avg. LOM C1 Cash
Costs(1)
Open Pit
Mine Plan(1)
12-Year
Initial Mine Life(1)
Construction of Boa is expected to commence in Q2 2022 following
the recent approval by Ero Copper’s board of directors
Building on Organic Growth Track Record
ERO COPPER | 45

The Boa Esperança Technical Report assumes a consensus copper price forecast resulting in $3.80/lb in 2024, $3.95/lb in 2025 and a LT copper price (2026+) of $3.40/lb. Sensitivity charts above
include incremental +/- 10% sensitivities to the 2024 and 2025 copper price assumptions. Please refer to the Boa Esperança Technical Report for additional technical and scientific information.
ERO COPPER | 46
Project economics are stronger in the current market backdrop than
in Feasibility Study base case
–
$100
$200
$300
$400
$500
$600
$700
(20.0%) (10.0%) -- 10.0% 20.0%
Copper Price (+/-%) Head Grade (+/-%)
Operating Cost (+/-%) Initial Capital (+/-%)
FX (+/-%)
--
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
(20.0%) (10.0%) -- 10.0% 20.0%
Copper Price (+/-%) Head Grade (+/-%)
Operating Cost (+/-%) Initial Capital (+/-%)
FX (+/-%)
Post-Tax NPV8% Sensitivity ($M) Post-Tax IRR Sensitivity (%)
Base Case Assumptions:
$3.40/lb
LT Copper Price
$294M
Initial Capital
$1.36/lb
Avg. LOM C1 Cash Costs
5.00
BRL:USD
0.83% Cu
LOM Head Grade
Strong Economics in Current Market

ERO COPPER | 47
2022 Exploration Objectives:
 Support engineering team with geotechnical,
geometallurgical and condemnation drilling
 Further drill testing of the “Gap Zone”
 First pass wide-spaced drill testing for near-surface
targets and high-grade “underground” extensions of Boa
 Initiate regional exploration program at Boa
 Commence drilling on option properties
$4.8
$1.2
$1.0
2022 Exploration
Budget ($ million)
Exploration
Condemnation
Strategic (Soma)
 Drilling efforts to date focused on improving quality of data for engineering purposes and
testing of the Gap Zone
In addition to near-mine activities, Ero is actively developing a hub-
and-spoke model for Boa
New Tucumã Properties Option Agreement
(with Soma Gold Corp.)1
Located ~20km East of the Boa Esperança Project
Option to acquire 100% interest in properties for ~US$8M
in phased payments and exploration expenditures
1. Refer to Soma Gold Corp. press release dated March 15, 2022 for additional information
Exploration Objectives for 2022

ERO COPPER | 48
BSPD-169*
9241175m N
450159m
E
9242243m N
451223m
E
BSPD-170*
200
Meters
100
BSPD-171
BSPD-172*
BSPD-173*
BSPD-174*
BSPD-182*
BSPD-183*
BSPD-192
BSPD-176*
BSPD-177
BSPD-179*
BSPD-185*
BSPD-186
BSPD-190* BSPD-208
BSPD-175*
BSPD-169
BSPD-190
BSPD-175
BSPD-176
BSPD-192
BSPD-171
BSPD-208
BSPD-186
BSPD-170
BSPD-185
BSPD-174
BSPD-182
+300 m
000 m
100
Meters
50
NW
BSPD-172
BSPD-173
BSPD-177
BSPD-179
BSPD-183
Measured and Indicated Resource 2021
New Cu Intercepts
17.2m at 1.87% Cu
12.6m at 1.30% Cu
37.3m at 1.22% Cu
49.6m at 1.15% Cu
155.7m at 1.09% Cu
Underground Potential
(Open to Depth)
1. 2021 Measured & Indicated Resources and 2021 Inferred Resources based on the 2021 Boa
Esperança Technical Report. Please refer to the Appendix for additional information of a scientific
or technical nature in respect of the 2021 Mineral Resources for the Boa Esperança Project.
Cross Section (Looking Northeast) Plan View
*Refer to appendix for full drill results
Continue to extend known limits of mineralization at the Boa Esperança
Project, including within the Gap Zone
Gap Zone: New Drill Results

ERO COPPER | 49
2022 2023 2024
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Board Approval
Early Works & Road Upgrades
Detailed Engineering & Support Testwork
RFP / RFQs Out for Tender
EPC / EPCM Packages
Ground-Breaking
Site Construction
Commissioning & Start-up
 Construction timeline of ~22 months
 Project execution strategy on track
 Recently executed critical-path power transmission line contract
 Key contracts out for tender and currently in process of securing long lead time
equipment
 Expect final suite of engineering, procurement construction and management
contracts to be awarded in early Q3
Development Milestones

ERO COPPER | 50
• Add image
3-D OVERVIEW: BOA ESPERANÇA

NX GOLD MINE
ERO COPPER | 51

ERO COPPER | 52
 Ore is processed at the adjacent Nova Xavantina Mill using a conventional, three-stage
crush, flotation and CIL circuit
 Current mine life to 2026 with significant growth opportunity driven by a highly prospective
land package and underutilized mill
 Large land position (~117,000ha)
 Shear-hosted quartz vein gold
deposit
 Recent discoveries of Santo Antonio
Vein (2018) and new Matinha Vein
(2021) suggest high potential for
additional discoveries
 Approximately 25% excess mill
capacity
NX Gold: Overview
The NX Gold Mine is a high-grade, low-cost gold mine and processing
facility located in Mato Grosso State, Brazil

400 Meters
250
8382950m N
340292m
E
8381322m N
338371m
E
MAT43
MAT37
MAT34
MAT33
MAT30
MAT31
SA104A
SA104B
SA108
Mine Level -215
ERO COPPER | 53
Plan View Cross Section (Looking South)
E
400 Meters
250
SA108
SA104A
SA104B
MAT33
MAT43
MAT34
MAT31
MAT30
MAT37
+200 m
-200 m
2.8m at 6.97gpt
3.8m at 19.27gpt
6.5m at 19.74gpt
0.9m at 2.58gpt
6.8m at 2.43gpt
2.5m at 5.66gpt
4.8m at 5.91gpt
3.5m at 7.06gpt
2.9m at 59.06gpt
Indicated Resource 2021
Previously Mined
New Gold Intercepts
1. 2021 Measured & Indicated Resources and 2021 Inferred Resources based on the 2021 NX Gold Mine Technical Report. Please refer to the Appendix for
additional information of a scientific or technical nature in respect of the 2021 Mineral Resources for the NX Gold Mine.
Recent exploration results continue to demonstrate Matinha and Santo
Antonio Veins remain open
NX Gold: Recent Drill Results

ERO COPPER | 54
3-D OVERVIEW: NX GOLD MINE

GUIDANCE & OPERATIONAL OUTLOOK
ERO COPPER | 55

Note: Cash cost, AISC and capex guidance assume a USD:BRL foreign exchange rate of 5.303
MCSA
Mining Complex Boa Esperança NX Gold Mine
Production 43.0 - 46.0 kt Cu Construction Phase 39.0 - 42.0 koz Au
Operating Costs $1.05 - $1.15 / lb
Cu C1 Cash Cost
Construction Phase
$500 - $600 / oz
Au C1 Cash Cost
$925 - $1,025 / oz
Au All-In Sustaining Cost
Capital
Expenditures
(Excluding Exploration)
$205 - $230 M $70 - $80 M $16 - $19 M
Exploration $25 - $30 M $5 - $6 M $9 - $10 M
2022 Guidance
ERO COPPER | 56

ERO COPPER | 57
45 45
75
97
90
$1.10 $1.10 $1.10
$1.00 $1.05
2022E 2023E 2024E 2025E 2026E
MCSA Boa C1 Cash Costs ($/lb)
Copper Production (kt) and C1 Cash Costs(1)
41
53
58 58 58
$550
$525
$500 $500 $500
2022E 2023E 2024E 2025E 2026E
NX Gold C1 Cash Costs ($/oz)
Gold Production (koz) and C1 Cash Costs(1)
Capital Expenditures by Asset ($M)(1,2)
Capital Expenditures by Type ($M)(1,2)
$353 $335
$203
$136 $121
2022E 2023E 2024E 2025E 2026E
MCSA Boa NX Gold
$353 $335
$203
$136 $121
2022E 2023E 2024E 2025E 2026E
Growth Sustaining Exploration
Note: C1 Cash Cost is a non-IFRS measures.
1. Based on midpoint of guidance ranges for copper production, copper C1 cash costs, capital expenditures by asset, gold production, gold C1 cash costs, and capital expenditures by
type. Outlook assumes contributions from the Boa Esperança Mine. Construction of the Boa Esperança Project is expected to commence in Q2 2022.
2. Future capital expenditure guidance depends on success of exploration success.
Five-Year Outlook

A P P E N D I X
ERO COPPER | 58

Christopher Noel Dunn
Executive Chairman & Director
• Co-founder of Ero Copper
• 25 years in investment banking industry, primarily
with Goldman Sachs managing a capital
underwriting business in London
David Strang
CEO & Director
• Co-founder of Ero Copper
• Previously held senior executive roles with all of the
Lumina Group companies including as Director, CEO
and President of Lumina Copper, Lumina Royalty,
Global Copper and Lumina Resources
Makko DeFilippo
President
• Appointed President in Jan. 2021; previously VP,
Corporate Development
• Previously Director, Corporate Finance with FTI
Consulting’s Global Mining Advisory Practice
Anthea Bath
COO
• Appointed COO in Jan. 2021; previously VP,
Technical Services
• Previously VP, Commercial Services with Sibanye
Gold
Wayne Drier
CFO
• 20 years of corporate finance and capital markets
experience within the global mining sector
Mike Richard
CGO
• 25 years of mining industry experience specializing
in discovery, evaluation and development of Cu, Zn,
polymetallic and gold deposits
• Previously Director of Exploration and New
Business, Latin America with Lundin Mining
Eduardo De Come
CEO of Ero Brazil
• Served as CFO of MCSA from 2013 to February 2022
• 30 years of experience in finance management
• Spent the last 15 years working for companies in the
commodities sector
Leadership Team
ERO COPPER | 59

Christopher Noel Dunn
Executive Chairman and
Director
Please see Mr. Dunn’s biography under Leadership on the previous slide.
David Strang
President, CEO and Director
Please see Mr. Strang’s biography under Leadership on the previous slide.
Lyle Braaten
Director
Mr. Braaten is the President and Chief Executive Officer of Miedzi Copper. He is currently Vice President, Legal and a director of Lumina Gold Corp. Mr. Braaten joined the
Lumina Group in 2008 and assisted in the creation of Magma Energy, a renewable energy company focused on international geothermal energy development. In 2011,
Magma and Plutonic Power merged to create Alterra Power Corp. In 2018, Alterra was acquired by Innergex Renewable Energy for $1.1B. Mr. Braaten is a former
director of Anfield Gold Corp and Lumina Royalty Corp. and currently a director of Luminex Resources. Mr. Braaten received a law degree from the University of British
Columbia in 1989 and a Bachelor of Science from the University of Calgary in 1986. Mr. Braaten is a member of the Law Societies of British Columbia and the Yukon.
Steven Busby
Director
Mr. Busby is the Chief Operating Officer of Pan American Silver with over 30 years of experience in the mining industry. As Chief Operating Officer, he is responsible for
Pan American’s operations, projects, safety, and corporate social responsibility within a large multi mine organization. Mr. Busby previously held positions in a privately
owned consulting firm, Coeur d’Alene Mines, Amax Gold, Meridian/FMC Gold, and Nerco Minerals. Mr. Busby holds a Bachelor of Science degree in Mineral Processing
Engineering and is a member of the Montana Tech Metallurgical Engineering Department Advisory Board. Mr. Busby is a former director of Anfield Gold.
Dr. Sally Eyre
Director
Dr. Eyre is a mining finance professional with extensive experience in global resource capital markets and mining operations. Dr. Eyre holds three non-executive
directorships: Adventus Mining Corporation, Equinox Gold Corporation and Centamin plc. During 2011 to 2014 she served as President and Chief Executive Officer of
Copper North Mining and prior to Copper North Mining served as Senior Vice President, Operations at Endeavour Mining. Dr. Eyre served as President and Chief
Executive Officer of Etruscan Resources Inc. (now Endeavour Mining Corp.). She served as Director of Business Development for Endeavour Financial Ltd. and has held
executive positions with a number of Canadian resource companies. Dr. Eyre has a Ph.D. in Economic Geology from the Royal School of Mines, Imperial College, London.
Dr. Eyre is a member of the Society of Economic Geologists (SEG); a member of the Institute of Corporate Directors; and a former Director of the SEG Canada Foundation.
Ms. Eyre is the Chair of the Nominating and Corporate Governance Committee.
Robert Getz
Director
Robert Getz is a private investor and brings over 30 years of experience in public and private investments and international mergers and acquisitions. Mr. Getz currently
serves as Managing Partner of Pecksland Capital Partners, a private investment and advisory firm. Mr. Getz previously served as a Founder and Managing Director of
Cornerstone Equity Investors. Mr. Getz has served as a Director of numerous companies, including metals and mining companies. He currently serves as a Director of
Haynes International, Inc. Mr. Getz previously served as Chairman of the Board of Crocodile Gold Corp., prior to the company’s merger with Newmarket Gold in July 2015
and subsequently served as a Director of Newmarket Gold Inc. until May 2016. Mr. Getz holds a Bachelor of Arts, cum laude, from Boston University, and a Master of
Business Administration in Finance from the Stern School at New York University. Mr. Getz is the Chair of the Compensation Committee.
Chantal Gosselin
Director
Ms. Gosselin brings over 25 years of combined experience in the mining industry and capital markets. Her exposure to the financial markets is extensive; she recently
held positions as Vice President and Portfolio Manager at Goodman Investment Counsel and Senior Mining Analyst at Sun Valley Gold LLP, along with various analyst
positions earlier in her career. Ms. Gosselin has also held various mine-site management positions in Canada, Peru and Nicaragua, giving her firsthand experience in
underground mine development and production. Ms. Gosselin holds a Masters of Business Administration from Concordia University and a Bachelor of Science (Mining
Engineering) from Laval University and has completed the Institute of Corporate Director program. She currently serves on the boards of a variety of TSX-listed
companies in the natural resource sectors. Ms. Gosselin is the Chair of the Environmental, Health, Safety and Sustainability Committee.
John Wright
Director
Mr. Wright is a Metallurgical Engineer with over 35 years of experience in the mining industry. He has been providing business development services to Capstone Mining
Corp. since December 2006. Mr. Wright was a co-founder, former President, Chief Operating Officer and director of Pan American Silver. Mr. Wright was also the co-
founder of Equinox Resources. Mr. Wright is a former director of Lumina Copper, Northern Peru Copper and Global Copper. He is a director of SilverCrest Metals and
Luminex Resources. He is a Member of the Canadian Institute of Mining and Metallurgy and has a P.Eng. designation from the Association of Professional Engineers and
Geoscientists of British Columbia.
Matthew Wubs
Director
Mr. Wubs is the Co-CEO of Westland Insurance Group, one of the largest private insurance brokerage operations in Canada. Westland directly manages over $700
million in premium volume through its brokerage, insurance company and wholesale operations. Mr. Wubs is responsible for oversight of insurance, reinsurance, risk
management, finance and M&A. He joined Westland in the role of Controller in 1997. Previous to Westland, he held a consulting role in Management Information
Systems at International Forest Products Ltd. and also obtained his Chartered Professional Accountant designation while working at Deloitte LLP. Mr. Wubs is the Chair
of the Audit Committee and designated Financial Expert.
Board of Directors
ERO COPPER | 60

Type of Operation Open Pit
Mine Life (years) 12
Initial Capital ($M) $294
Mill Throughput (Mtpa) 4.0
First Five Years of Production
Average Annual Recovered Cu (kt) 35
C1 Cash Cost ($/lb. recovered Cu) $1.12
Life-of-Mine Averages
Average Annual Recovered Cu (kt) 27
C1 Cash Cost ($/lb. recovered Cu) $1.36
Life-of-Mine Summary
Total Tonnes Milled (kt) 43,052
Copper Head Grade 0.83%
Recovery Rate 91.3%
Total Recovered Copper (kt) 326
After-Tax NPV (8%) ($M) $380
After-Tax IRR 41.8%
After-Tax Payback Period (years) 1.4
Note: Please refer to the Company’s press release dated September 28, 2021 for additional information. Boa figures assume a consensus copper price forecast of $3.80/lb in 2024, $3.95/lb in
2025 and $3.40/lb in 2026 and thereafter, and a BRL:USD exchange rate of 5.00. Operating and capital costs for Boa are 2021 estimates. Comparable project capital and operating costs reflect
estimates completed between 2017 and 2020.
Boa 2021 Feasibility Study Highlights
 Life-of-mine recovered copper production doubled
to 326 kt compared to 2017 Study
 Significantly higher annual copper production
compared to the 2017 Study
 Fast payback driven by near-surface, high-grade
production in early years
Results of Ero’s 2021 Optimization Efforts
27
49
40
28
30
26
17
20
23 23
28
14
Year
1
Year
2
Year
3
Year
4
Year
5
Year
6
Year
7
Year
8
Year
9
Year
10
Year
11
Year
12
Life-of-Mine Production Plan Based on 2021 Study
(Recovered Copper in kt)
Targeting higher production in Years 6+
through ongoing Gap Zone exploration
Boa Esperança Feasibility Study
ERO COPPER | 61

Post-Tax NPV Sensitivity To Opex Post-Tax IRR Sensitivity To Opex
LT Copper Price (US$/lb) LT Copper Price (US$/lb)
Opex
$2.72 $3.06 $3.40 $3.74 $4.08
Opex
$2.72 $3.06 $3.40 $3.74 $4.08
(20.0%) $211 $334 $457 $580 $703 (20.0%) 28.1% 37.4% 45.8% 53.6% 60.9%
(10.0%) $172 $295 $418 $541 $664 (10.0%) 25.3% 35.1% 43.8% 51.8% 59.3%
-- $133 $257 $380 $503 $626 -- 22.3% 32.7% 41.8% 50.0% 57.6%
10.0% $93 $218 $341 $464 $587 10.0% 18.8% 30.1% 39.6% 48.1% 55.9%
20.0% $50 $179 $303 $426 $549 20.0% 14.6% 27.4% 37.3% 46.1% 54.1%
Post-Tax NPV Sensitivity To Initial Capex Post-Tax IRR Sensitivity To Initial Capex
Initial
Capex
$2.72 $3.06 $3.40 $3.74 $4.08
Initial
Capex
$2.72 $3.06 $3.40 $3.74 $4.08
(20.0%) $181 $304 $427 $550 $673 (20.0%) 31.9% 43.6% 53.9% 63.2% 71.9%
(10.0%) $157 $280 $403 $526 $649 (10.0%) 26.6% 37.6% 47.2% 56.0% 64.1%
-- $133 $257 $380 $503 $626 -- 22.3% 32.7% 41.8% 50.0% 57.6%
10.0% $110 $233 $356 $479 $602 10.0% 18.8% 28.6% 37.1% 44.9% 52.1%
20.0% $86 $209 $332 $455 $578 20.0% 15.7% 25.1% 33.2% 40.6% 47.4%
Post-Tax NPV Sensitivity To FX Post-Tax IRR Sensitivity To FX
Head
Grade
$2.72 $3.06 $3.40 $3.74 $4.08
Head
Grade
$2.72 $3.06 $3.40 $3.74 $4.08
(20.0%) $116 $237 $357 $478 $598 (20.0%) 20.7% 31.1% 40.2% 48.4% 56.0%
(10.0%) $125 $247 $368 $490 $612 (10.0%) 21.5% 31.9% 41.0% 49.2% 56.8%
-- $133 $257 $380 $503 $626 -- 22.3% 32.7% 41.8% 50.0% 57.6%
10.0% $142 $267 $391 $515 $639 10.0% 23.1% 33.5% 42.5% 50.8% 58.4%
20.0% $151 $276 $402 $527 $653 20.0% 23.9% 34.2% 43.3% 51.6% 59.2%
Post-Tax NPV Sensitivity To FX Post-Tax IRR Sensitivity To FX
FX
($R:$US)
$2.72 $3.06 $3.40 $3.74 $4.08
FX
($R:$US)
$2.72 $3.06 $3.40 $3.74 $4.08
4.00 ($69) $63 $191 $314 $437 4.00 0.0% 14.1% 24.1% 32.3% 39.6%
4.50 $45 $173 $296 $419 $542 4.50 12.9% 24.3% 33.5% 41.6% 49.0%
5.00 $133 $257 $380 $503 $626 5.00 22.3% 32.7% 41.8% 50.0% 57.6%
5.50 $202 $325 $448 $571 $694 5.50 30.0% 40.2% 49.3% 57.7% 65.6%
6.00 $260 $383 $506 $629 $752 6.00 36.8% 47.1% 56.4% 65.0% 73.1%
The Boa Esperança Technical Report assumes a consensus copper price forecast resulting in $3.80/lb in 2024, $3.95/lb in 2025 and a LT copper price (2026+) of $3.40/lb. Sensitivity tables above
include incremental +/- 10% sensitivities to the 2024 and 2025 copper price assumptions. Please refer to the Boa Esperança Technical Report for additional technical and scientific information.
ERO COPPER | 62
Boa Esperança: Project Economics Sensitivities

1. NSI indicates no significant intercept based on a three meter mining width and cut-off grade of 0.51% copper. Drill holes were drilled from level -30 and level +130 in the Pilar Mine. The
length of intercept may not represent the true width of mineralization. Values may not add up due to rounding. From, to and mineralized intercepts are rounded to the nearest tenth of a
meter.
ERO COPPER | 63
Hole ID From (m) To (m) Length (m) Cu (%)
FC47183 4.2 7.2 3.0 1.78
and 36.9 46.3 9.3 1.28
and 50.5 92.4 41.9 1.54
includi
ng 67.0 80.0 13.0 3.96
FC47187 4.0 9.3 5.3 1.91
and 41.3 54.0 12.7 1.06
and 133.5 137.5 4.0 0.86
FC48193 15.5 18.7 3.1 0.94
and 25.2 31.3 6.1 1.93
and 35.9 67.9 32.0 1.51
includin
g 54.9 57.9 3.0 3.54
and 74.9 77.9 3.0 0.91
FC48195 6.0 9.0 3.0 1.52
and 14.0 17.0 3.0 0.98
and 24.6 39.6 15.0 1.40
includin
g 30.6 33.6 3.0 2.09
and 47.6 53.6 6.0 1.16
and 95.2 100.9 5.7 1.28
FC5195 93.0 131.2 38.2 2.48
includin
g 99.0 111.2 12.2 3.60
and 185.5 198.7 13.2 1.61
includin
g 194.7 199.5 4.9 2.12
and 220.2 227.2 6.9 1.38
and 236.2 244.6 8.4 1.16
FC5196 53.7 59.2 5.5 1.67
and 70.0 112.8 42.8 1.82
includin
g 98.8 103.8 5.0 3.30
and 183.2 220.2 36.9 1.35
includin
g 200.2 206.2 6.0 2.41
and 228.6 243.9 15.3 1.04
includin
g 240.6 243.9 3.3 2.03
MCSA: New Exploration Results – P1P2

1. NSI indicates no significant intercept, based on a three meter mining width and a cut-off grade of 0.18% copper for regional exploration programs to demonstrate geological controls,
irrespective of depth. Drill holes were drilled from surface. Holes not included are either pending assay results or have been included in a different section of this presentation. The length of
intercept may not represent the true width of mineralization. Values may not add up due to rounding. From, To and Length are rounded to the nearest tenth of a meter.
ERO COPPER | 64
S10 West
CRS10-13 13.0 28.0 15.0 0.25
and 33.0 43.0 10.0 0.30
CRS10-14 8.0 36.0 28.0 0.42
CRS10-15 1.0 35.0 34.0 0.45
CRS10-16 77.0 131.0 54.0 0.50
includin
g 96.0 100.0 4.0 0.97
and 189.0 199.0 10.0 0.23
FS10-04 87.7 133.5 45.8 0.47
includin
g 100.7 113.7 13.0 0.70
and 148.9 152.9 4.0 0.32
and 181.9 200.4 18.5 0.32
FS10-05 84.7 100.6 15.9 0.34
FS10-06 205.8 240.5 34.7 0.35
and 273.2 277.2 4.0 0.70
S10 West (cont’d)
FS10-07 148.0 156.3 8.3 0.72
includin
g 153.0 156.3 3.3 1.11
FS10-08 178.9 189.5 10.7 0.50
and 203.8 208.1 4.3 0.53
and 212.8 221.0 8.1 0.70
FS10-09 174.3 199.7 25.3 0.41
FS10-10 NSI NSI NSI NSI
FS10-11 77.7 82.1 4.4 0.54
FS10-12 23.1 34.9 11.8 0.48
FS10-13 110.3 158.1 47.8 0.39
FS10-14 10.4 37.0 26.6 0.50
includin
g 23.6 32.2 8.6 0.70
FS10-15 268.7 298.1 29.4 0.46
includin
g 316.6 336.9 20.3 0.4
MCSA: New Exploration Results – S10

1. NSI indicates no significant intercept, based on a three meter mining width and a cut-off grade of 0.18% copper for regional exploration programs to demonstrate geological controls,
irrespective of depth. Drill holes were drilled from surface. Holes not included are either pending assay results or have been included in a different section of this presentation. The length of
intercept may not represent the true width of mineralization. Values may not add up due to rounding. From, To and Length are rounded to the nearest tenth of a meter.
ERO COPPER | 65
S10 East
CRS10-04 0.0 7.0 7.0 0.21
CRS10-06 73.0 78.0 5.0 0.44
and 134.0 137.0 3.0 0.58
CRS10-07 146.0 156.0 10.0 0.40
CRS10-08 53.0 60.0 7.0 0.29
and 65.0 80.0 15.0 0.26
CRS10-10 NSI NSI NSI NSI
CRS10-11 55.0 77.0 22.0 0.33
includin
g 69.0 74.0 5.0 0.66
and 123.0 138.0 15.0 0.21
CRS10-12 137.0 142.0 5.0 0.30
CRS10-17 67.0 87.0 20.0 0.27
includin
g 81.0 86.0 5.0 0.50
CRS10-18 98.0 102.0 4.0 0.31
CRS10-19 48.0 66.0 18.0 0.20
and 83.0 87.0 4.0 0.25
S10 East (cont’d)
FS10-19 163.8 172.8 9.0 0.27
and 187.7 190.9 3.2 0.27
S10 South
CRS10-37 102.0 109.0 7.0 0.35
CRS10-38 81.0 85.0 4.0 0.27
CRS10-39 92.0 102.0 10.0 0.33
CRS10-43 50.0 73.0 23.0 0.42
FS10-20 57.6 96.6 39.0 0.37
FS10-22 59.5 84.5 25.0 0.47
FS10-24 211.4 216.1 4.7 0.30
FS10-25 64.1 75.1 11.0 0.43
FS10-26 56.7 85.6 28.8 0.35
FS10-27 59.4 62.6 3.2 0.25
and 187.8 199.8 12.0 0.31
MCSA: New Exploration Results – S10

Note: Mineral resources shown inclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Additional
Information section of this presentation for relevant technical and scientific information.
ERO COPPER | 66
Category
Tonnage
(kt)
Grade
(% Cu)
Contained
Cu (kt)
Underground
Proven 9,177 1.49% 137
Probable 20,797 1.42% 296
Proven & Probable Reserves 29,974 1.44% 432
Measured 30,355 1.63% 494
Indicated 39,005 1.33% 520
Measured & Indicated Resources 69,360 1.46% 1,014
Inferred Resources 40,331 1.14% 458
Open Pit
Proven 15,680 0.59% 92
Probable 13,627 0.61% 83
Measured 16,777 0.61% 103
Indicated 18,563 0.56% 105
Measured & Indicated Resources 35,340 0.59% 208
Total
Proven 24,857 0.92% 229
Probable 34,423 1.10% 378
Measured 47,132 1.27% 597
Indicated 57,568 1.08% 624
Measured & Indicated Resources 104,700 1.17% 1,221
MCSA: Reserves & Resources

1. Mineralized intercepts below cut-off grade of 0.20% copper not reported. Drill holes were drilled from surface using diamond core drill rigs. The length of the intercept may not represent
the true width of mineralization. Values may not add up due to rounding. From, to and mineralized intercepts are rounded to the nearest tenth of a meter.
ERO COPPER | 67
BSPD-170 42.7 54.7 12.0 0.22
and 68.5 76.0 7.5 0.26
and 85.0 89.5 4.5 0.33
and 107.5 116.5 9.0 0.24
and 260.6 265.1 4.5 0.39
and 324.1 350.4 26.3 0.53
includi
ng 342.2 346.8 4.6 1.34
BSPD-171 59.3 215.0 155.7 1.09
includin
g 118.4 130.7 12.3 2.06
also
includin
g 204.1 207.8 3.7 3.63
BSPD-172 31.0 43.0 12.0 0.29
and 48.7 79.9 31.2 1.01
includin
g 59.8 62.9 3.1 3.79
and 118.5 120.3 1.8 1.13
BSPD-173 16.5 20.2 3.7 0.21
and 28.5 38.0 9.5 0.23
and 44.5 50.3 5.8 2.27
includin
g 47.4 49.6 2.2 5.18
and 60.0 67.0 7.0 0.23
and 79.9 121.0 41.1 0.58
includin
g 109.0 118.5 9.5 0.88
and 307.5 318.1 10.6 0.48
and 345.8 349.5 3.7 0.67
BSPD-174 57.0 79.0 22.0 0.60
includin
g 65.4 67.4 2.1 1.87
BSPD-176 35.5 78.3 42.8 0.31
and 119.2 132.7 13.5 0.35
and 137.9 144.1 6.2 0.43
and 201.1 204.4 3.3 0.43
and 394.5 398.0 3.5 0.96
and 403.5 410.5 7.0 0.83
and 419.0 426.5 7.5 0.73
BSPD-177 45.0 48.0 3.0 0.25
and 65.0 77.0 12.0 0.50
and 84.9 88.8 3.9 0.40
includin
g 100.3 103.6 3.3 2.76
and 112.7 162.0 49.3 1.06
includin
g 125.0 130.9 5.9 2.12
and 171.5 221.1 49.6 1.15
includin
g 195.9 206.6 10.7 2.13
and 227.4 231.5 4.2 1.10
and 256.0 259.0 3.0 0.75
and 264.0 267.0 3.0 0.65
and 270.0 278.5 8.5 0.89
and 314.7 318.3 3.6 0.84
Boa Esperança: New Exploration Results

ERO COPPER | 68
BSPD-179 49.3 85.0 35.7 0.45
includin
g 51.8 55.6 3.8 1.28
and 89.5 94.7 5.2 0.24
and 137.6 140.5 2.9 0.75
and 155.8 158.5 2.6 1.74
and 215.7 238.8 23.1 0.51
includin
g 230.2 237.8 7.7 0.83
and 258.1 262.1 4.0 0.84
and 318.0 342.6 24.6 0.80
includin
g 318.0 323.0 5.0 2.37
BSPD-182 14.0 20.0 6.0 1.18
and 31.0 34.5 3.5 0.46
and 39.5 47.0 7.5 0.36
and 59.5 77.0 17.5 0.25
and 90.7 146.0 55.4 0.55
includin
g 110.7 125.0 14.3 1.17
also
includin
g 110.7 114.1 3.4 3.42
and 161.4 180.3 18.9 0.43
and 188.0 210.5 22.5 0.35
and 256.0 259.1 3.1 1.09
BSPD-183 9.5 18.5 9.0 0.92
and 22.5 26.6 4.1 0.53
and 46.5 52.8 6.3 0.31
and 58.5 70.5 12.0 0.66
and 96.5 112.8 16.3 0.61
includin
g 97.8 101.0 3.3 1.66
and 119.6 128.6 9.0 0.23
and 162.0 168.0 6.0 0.29
and 172.5 179.0 6.5 0.23
and 204.3 207.5 3.2 0.54
BSPD-185 15.0 43.5 28.5 0.56
includi
ng 28.5 38.0 9.5 1.11
and 81.2 85.0 3.8 0.29
and 105.5 119.0 13.6 0.53
and 136.7 186.5 49.9 0.39
and 190.0 193.5 3.4 0.38
and 196.1 202.0 5.9 0.85
and 213.2 236.4 23.2 0.55
includin
g 230.4 235.0 4.6 1.25
and 243.0 253.0 10.0 0.41

ERO COPPER | 69
BSPD-186 118.6 123.8 5.3 1.10
and 173.9 177.0 3.1 0.37
and 248.0 252.0 4.0 1.60
and 270.6 273.2 2.6 2.53
and 312.0 349.3 37.3 1.22
includin
g 313.5 319.2 5.6 2.80
BSPD-190 151.0 154.2 3.2 0.47
and 223.3 227.0 3.8 0.83
and 249.9 256.1 6.3 0.60
BSPD-192 84.2 98.9 14.7 0.37
and 153.9 159.4 5.6 0.53
and 244.5 261.7 17.2 1.87
includin
g 254.9 259.0 4.2 2.60
and 266.9 272.7 5.8 0.83
BSPD-208 96.2 101.0 4.8 0.77
and 108.9 112.0 3.1 0.88
and 212.4 224.9 12.6 1.30
and 328.9 339.6 10.7 1.32
Previously Released Holes (new assay results that were previously pending)(1)
BSPD-169 117.9 120.7 2.8 0.8
and 167.0 176.0 9.0 0.5
and 213.5 224.8 11.3 0.8
BSPD-175 105.6 115.3 9.7 0.4
and 211.6 217.1 5.5 0.4

Note: Mineral reserves and resources as outlined in the Boa Esperança Technical Report. Mineral resources shown inclusive of mineral reserves. Mineral resources that are not mineral
reserves do not have demonstrated economic viability. Please refer to Additional Information section of this presentation for relevant technical and scientific information.
ERO COPPER | 70
Category
Tonnage
(kt)
Grade
(% Cu)
Contained Cu
(kt)
Reserves
Boa Esperanҫa Proven 30,674 0.89% 273
Probable 12,378 0.67% 83
Total Proven & Probable 43,052 0.83% 357
Resources (Inclusive of Reserves)
Open Pit - High Grade Measured 7,117 2.16% 154
Indicated 1,661 2.27% 38
Inferred 40 2.69% 1
Open Pit - Low Grade Measured 25,476 0.60% 152
Indicated 13,433 0.51% 68
Inferred 514 0.49% 3
Underground - High Grade Measured 0 0.00% 0
Indicated 0 0.00% 0
Measured & Indicated 0 0.00% 0
Inferred 1,354 2.24% 30
Underground - Low Grade Measured 0 0.00% 0
Indicated 0 0.00% 0
Measured & Indicated 0 0.00% 0
Inferred 9,681 0.60% 58
Total
Measured 32,593 0.94% 306
Indicated 15,095 0.70% 106
Inferred 11,590 0.80% 92
Boa Esperança: Reserves & Resources

1. Drill holes were drilled from surface. The length of intercept may not represent the true width of mineralization and reported intercepts reflect the entire thickness of the vein. Values may
not add up due to rounding. From, to and mineralized intercepts are rounded to the nearest tenth of a meter.
ERO COPPER | 71
Hole ID From (m) To (m) Length (m) Au (gpt)
San Antonio Extension to Depth
SA104A 926.6 933.1 6.5 19.74
SA104B 943.0 946.8 3.8 19.27
SA108 655.1 656.0 0.9 2.58
Matinha Upper Vein
MAT30 576.3 581.1 4.8 5.91
MAT31 630.0 633.5 3.5 7.06
MAT33 711.5 718.3 6.8 2.43
including 711.5 712.5 1.0 11.03
MAT34 499.7 502.5 2.8 6.97
MAT37 523.8 526.3 2.5 5.66
MAT43 490.1 493.0 2.9 59.06
NX Gold: New Exploration Results

Note: Mineral resources shown inclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Additional
Information section of this presentation for relevant technical and scientific information.
ERO COPPER | 72
NX Gold: Reserves & Resources
Category
Tonnage
(kt)
Grade
(gpt Au)
Contained Au
(koz)
Reserves
Santo Antonio Vein Probable 958 9.01 277
Matinha Vein Probable 146 6.26 29
Total Probable 1,104 8.64 307
Resources (Inclusive of Reserves)
Santo Antonio Vein Indicated 950 10.56 322
Inferred 248 2.99 24
Matinha Vein Indicated 124 8.55 34
Inferred 310 10.47 104
Other Indicated 7 3.36 1
Inferred 157 4.71 24
Total
Indicated 1,081 10.28 357
Inferred 714 6.61 152

Curaça Valley Mineral Reserves Notes:
1. Effective Date of September 30, 2021.
2. Mineral reserves included within stated mineral resources. All figures have been rounded to reflect the relative accuracy of the estimates. Summed amounts may not add due to rounding.
3. The mineral reserve estimates are prepared in accordance with the CIM Definition Standards for mineral resources and mineral reserves, adopted by the CIM Council on May 10, 2014 (the
“CIM Standards”), and the CIM Estimation of mineral resources and mineral reserves Best Practice Guidelines, using geostatistical and/or classical methods, plus economic and mining
parameters appropriate for the deposit. Mineral reserves are based on a long-term copper price of US$2.75 per pound (“lb”), and a USD:BRL foreign exchange rate of 5.23. Mineral reserves
are the economic portion of the measured and indicated mineral resources. Mining dilution and recovery factors vary for specific reserve sources and are influenced by factors such as deposit
type, deposit shape, stope orientation and selected mining method.
4. A low-grade envelope using a cut-off grade of 0.20% copper for underground deposits was used to develop a dilution envelope and development block model that was included to define the
grade of blocks within the dilution envelope in the planning and design of stopes within the mineral resources and mineral reserve estimate.
Curaça Valley Mineral Resources Notes:
2. Mineral resources have been constrained within newly developed 3D lithology models applying a 0.45% and 0.20% copper grade envelope for high and marginal grade, respectively. Within
these envelopes, mineral resources for underground deposits are constrained using varying stope dimensions of up to 20m by 10m by 35m applying a 0.51% copper cut-off grade, as well as
a 0.32% copper marginal cut-off grade for underground deposits.
3. A low-grade envelope using a cut-off grade of 0.20% copper for underground deposits was used to develop a dilution envelope and development block model that was included to define the
grade of blocks within the dilution envelope in the planning and design of stopes within the mineral resources and mineral reserve estimate.
4. Mineral resources have been constrained within newly developed 3D lithology models using a 0.21% copper cut-off grade for open pit deposits.
5. Mineral resources estimated by ordinary kriging inside 5m by 5m by 5m blocks.
NX Gold Mineral Reserves Notes:
2. Mineral reserves included within stated mineral resources. All figures have been rounded to the relative accuracy of the estimates. Summed amounts may not add due to rounding.
3. The mineral reserve estimates are prepared in accordance with the CIM Standards and the CIM Guidelines, using geostatistical and/or classical methods, plus economic and mining
parameters appropriate for the deposit. Mineral reserves are based on a long-term gold price of US$1,650 per ounce (“oz”), and a USD:BRL foreign exchange rate of 5.00. Mineral reserves are
the economic portion of the Indicated mineral resources. Mineral reserve estimates include operational dilution of 17.4% plus planned dilution of approximately 8.5% within each stope for
room-and-pillar mining areas and operational dilution of 3.2% plus planned dilution of 21.2% for cut-and-fill mining areas. Assumes mining recovery of 92.5% and 94.7% for room-and-pillar
and cut-and-fill areas, respectively. Practical mining shapes (wireframes) are designed using geological wireframes / mineral resource block models as a guide.
NX Gold Mineral Resources Notes:
2. Presented mineral resources inclusive of mineral reserves. Indicated mineral resource totals are undiluted. All figures have been rounded to the relative accuracy of the estimates. Summed
amounts may not add due to rounding.
3. Mineral resources are estimated using ordinary kriging within 2.5 meter by 2.5 meter by 0.5 meter block size.
4. Mineral resource are constrained using a minimum stope dimension of 2.0 meters by 2.0 meters by 1.5 meters and a cut-off of 1.90 gpt based on gold price of US$1,900 per ounce of gold.
5. The mineral resource estimates are prepared in accordance with the CIM Standards and the CIM Guidelines, using geostatistical and/or classical methods, plus economic and mining
parameters appropriate for the deposit.
ERO COPPER | 73
Additional Information

Boa Esperança Mineral Reserves Notes:
1. Effective Date of August 31, 2021.
2. Stated mineral resources are inclusive of mineral reserves. All figures have been rounded to the relative accuracy of the estimates. Summed amounts may not add due to rounding. High-
grade and low-grade mineral resources defined as greater than or equal to 1.00% copper and less than 1.00% copper, respectively.
3. A 3D geologic model was developed for the Boa Esperança Project. Geologically constrained copper grade shells are developed using a copper cut-off grade of 0.20% and 0.51% for pit
constrained and unconstrained mineral resources, respectively, to generate a 3D mineralization model of the Boa Esperança Project. Within grade shells, mineral resources are estimated
using ordinary kriging within a 2.0 meter by 2.0 meter by 4.0 meter block size. Open pit constrained, unconstrained and marginal cut-off grades are based upon a copper price of US$6,400
per tonne with cost parameters appropriate to the deposit. The mineral resource estimates are prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum
(“CIM”) Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10, 2014 (the “CIM Standards”), and the CIM Estimation of Mineral
Resources and Mineral Reserves Best Practice Guidelines, adopted by CIM Council on November 29, 2019 (the ‘CIM Guidelines”), using geostatistical and/or classical methods, plus
economic and mining parameters appropriate to the deposit.
4. Mineral reserve estimates are prepared in accordance with the CIM Standards and the CIM Guidelines, using geostatistical and/or classical methods, plus economic and mining parameters
appropriate for the deposit. Mineral reserves are based on a long-term copper price of US$6,613 per tonne; concentrate grade of 27% copper; average metallurgical recoveries of 91.3%;
copper concentrate logistics costs of US$108.20 per wet metric tonne ("wmt"); transport losses of 0.2%; copper concentrate treatment charges of US$59.50 per dry metric tonne ("dmt"),
refining charges of U$0.0595 per pound of copper; copper payability of 96.3%; average mining cost of US$2.47 per tonne mined; processing cost of US$7.74 per tonne processed and G&A
costs of US$3.83 per tonne processed; average pit slope angles that range from 30º for saprolite to 50º for fresh rock and a 2% CFEM government royalty.
5. Mineral reserves are classified according to the CIM Standards and the CIM Guidelines by Mr. Carlos Guzman, RM CMC (0119) and FAusIMM (229036), an employee of NCL Ingenieria y
Construcion SpA ("NCL") and an independent qualified person as such term is defined under NI 43-101. NCL is independent of the Company. Please refer to the Boa Esperança Technical
Report for additional technical information.
Boa Esperança Mineral Resources Notes:
1. Effective Date of August 31, 2021.
2. Presented Mineral Resources inclusive of Mineral Reserves. Summed amounts may not add due to rounding. High-grade and low-grade mineral resources defined as greater than or equal
to 1.00% copper and less than 1.00% copper, respectively.
3. A 3D geologic model was developed for the Project. Geologically constrained grade shells were developed using various copper cut-off grades to generate a 3D mineralization model of
the Project. Within the grade shells, mineral resources were estimated using ordinary kriging within a 2.0 meter by 2.0 meter by 4.0 meter block size. Within the optimized resource open
pit limits, a cut-off grade of 0.20% copper was applied based upon a copper price of US$6,400 per tonne, net smelter return ("NSR") of 94.53%, average metallurgical recoveries of 90.7%,
mining recovery of 95.0%, dilution of 5.0%, mining costs of US$3.10 per tonne mined run of mine ("ROM"), processing and transportation costs of US$5.65 per tonne ROM, and G&A costs
of US$2.66 per tonne ROM. Unconstrained inferred mineral resources have been stated at a cut-off grade of 0.51% copper with a marginal cut-off grade of 0.32% copper based upon a
copper price of US$6,400 per tonne, NSR of 94.53%, mining recovery of 100%, average metallurgical recoveries of 90.7%, mining costs of US$14.71 per tonne ROM, processing and
transportation costs of US$5.70 per tonne ROM, and G&A costs of US$2.60 per tonne ROM.
4. Block model tonnage and grade estimates for the Project were classified according to the CIM Standards and the CIM Guidelines by Mr. Emerson Ricardo Re, RM CMC (0138) and
MAusIMM (CP) (305892), an employee of Ero Copper Corp. and a qualified person as such term is defined under NI 43-101. Please refer to the Boa Esperança Technical Report for
additional technical information.
ERO COPPER | 74
Additional Information (cont’d)

Suite 1050, 625 Howe Street, Vancouver, BC, V6C 2T6
www.erocopper.com
Investor Inquiries:
Courtney Lynn, VP Corporate Development & Investor Relations
+1.604.335.7504
info@erocopper.com
ERO COPPER | 75

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