6-K - ERO - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

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

under the Securities Exchange Act of 1934

For the month of May 2023

Commission File Number 001-40459

ERO COPPER CORP.

(Translation of registrant's name into English)

625 Howe Street, Suite 1050

Vancouver, British Columbia V6C 2T6

Canada

(Address of principal executive office)

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

Form 20-F ☐ Form 40-F ☒

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

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

Signatures

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

	Ero Copper Corp.
	By:	/s/ Deepk Hundal
		Name: Deepk Hundal
		Title: SVP, General Counsel and Corporate Secretary
Date: May 8, 2023

Exhibit Index

Exhibit Number	Description of Document
99.1	Management’s Discussion and Analysis for the three months ended March 31, 2023
99.2	Consolidated Financial Statements for the three months ended March 31, 2023
99.3	Press Release dated May 8, 2023

Document

MANAGEMENT’S DISCUSSION

AND ANALYSIS

FOR THE THREE MONTHS ENDED

MARCH 31, 2023

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

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

TABLE OF CONTENTS
BUSINESS OVERVIEW	1
HIGHLIGHTS	2
REVIEW OF OPERATIONS
The Caraíba Operations	5
The Xavantina Operations	6
2023 GUIDANCE	7
REVIEW OF FINANCIAL RESULTS
Review of quarterly results	9
Summary of quarterly results for most recent eight quarters	11
OTHER DISCLOSURES
Liquidity, Capital Resources, and Contractual Obligations	12
Management of Risks and Uncertainties	14
Other Financial Information	17
Accounting Policies, Judgments and Estimates	17
Capital Expenditures	18
Alternative Performance (NON-IFRS) Measures	19
Disclosure Controls and Procedures and Internal Control over Financial Reporting	26
Notes and Cautionary Statements	27

Ero Copper Corp. March 31, 2023 MD&A

MANAGEMENT’S DISCUSSION AND ANALYSIS

This Management’s Discussion and Analysis (“MD&A”) has been prepared as at May 8, 2023 and should be read in conjunction with the unaudited condensed consolidated interim financial statements of Ero Copper Corp. (“Ero”, the “Company”, or “we”) as at, and for the three months ended March 31, 2023, and related notes thereto, which are prepared in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting as permitted by the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (the “IASB”). All references in this MD&A to “Q1 2023” and “Q1 2022” are to the three months ended March 31, 2023 and March 31, 2022, respectively. As well, this MD&A should be read in conjunction with the Company’s December 31, 2022 audited consolidated financial statements and MD&A. All dollar amounts are expressed in United States (“US”) dollars and tabular amounts are expressed in thousands of US dollars, unless otherwise indicated. References to “$”, “US$”, “dollars”, or “USD” are to US dollars, references to “C$” are to Canadian dollars, and references to “R$” or “BRL” are to Brazilian Reais.

This MD&A refers to various alternative performance (Non-IFRS) measures, including C1 cash cost of copper produced (per lb), realized copper price (per lb), C1 cash cost of gold produced (per ounce), all-in sustaining cost (“AISC”) of gold produced (per ounce), realized gold price (per ounce), EBITDA, Adjusted EBITDA, Adjusted net income attributable to owners of the Company, Adjusted net income per share attributable to owners of the Company, Net (Cash) Debt, Working Capital and Available Liquidity. Please refer to the section titled "Alternative Performance (Non-IFRS) Measures" for a discussion of non-IFRS measures.

This MD&A contains “forward‐looking statements” that are subject to risk factors set out in a cautionary note contained at the end of this MD&A. The Company cannot assure investors that such statements will prove to be accurate, and actual results and future events may differ materially from those anticipated in such statements. The results for the periods presented are not necessarily indicative of the results that may be expected for any future period. Investors are cautioned not to place undue reliance on such forward-looking statements. All information contained in this MD&A is current and has been approved by the Board of Directors of the Company (the “Board”) as of May 8, 2023, unless otherwise stated.

BUSINESS OVERVIEW

Ero is a high-margin, high-growth, clean 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 the Tucumã Project (formerly known as Boa Esperança), an IOCG-type copper project located in Pará, Brazil. The Company also owns 97.6% of NX Gold S.A. ("NX Gold") which owns the Xavantina Operations (formerly known as the NX Gold Mine), comprised of an operating gold and silver mine located in Mato Grosso, Brazil. Additional information on the Company and its operations, including technical reports on the Caraíba Operations, Xavantina Operations and Tucumã Project, can be found on the Company's website (www.erocopper.com), on SEDAR (www.sedar.com), and on EDGAR (www.sec.gov). The Company’s shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol “ERO”.

Ero Copper Corp. March 31, 2023 MD&A | Page 1

HIGHLIGHTS

		2022 - Q4		2022 - Q1
Operating Information
Copper (Caraíba Operations)
Ore Processed (tonnes)		745,850		596,230
Grade (% Cu)		1.84		1.78
Cu Production (tonnes)		12,664		9,784
Cu Production (lbs)		27,918,071		21,569,971
Cu Sold in Concentrate (tonnes)		13,301		10,045
Cu Sold in Concentrate (lbs)		29,323,118		22,144,954
C1 Cash Cost of Cu Produced (per lb)(1)	1.70	$	1.41	$	1.31
Gold (Xavantina Operations)
Ore Processed (tonnes)		39,715		49,990
Au Production (oz)		11,786		8,796
C1 Cash Cost of Au Produced (per oz)(1)	436	$	445	$	638
AISC of Au produced (per oz)(1)	946	$	1,096	$	1,092
Financial information ( in millions, except per share amounts)
Revenues	101.0	$	116.7	$	108.9
Gross profit		52.7		61.0
EBITDA(1)		58.7		78.1
Adjusted EBITDA(1)		58.2		62.4
Cash flow from operations		34.0		44.0
Net income		22.5		52.5
Net income attributable to owners of the Company		22.2		52.1
- Per share (basic)		0.24		0.58
- Per share (diluted)		0.24		0.57
Adjusted net income attributable to owners of the Company(1)		22.2		33.0
- Per share (basic)		0.24		0.37
- Per share (diluted)		0.24		0.36
Cash, cash equivalents and short-term investments		317.4		465.5
Working capital(1)		263.3		443.7
Net debt (cash)(1)		100.7		(54.4)

All values are in US Dollars.

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

Ero Copper Corp. March 31, 2023 MD&A | Page 2

Q1 2023 Highlights

Solid Q1 2023 financial performance driven by record quarterly gold production and favorable copper and gold price environment

•The Caraíba Operations produced 9,327 tonnes of copper in concentrate during the quarter at C1 cash costs(1) of $1.70 per pound of copper produced

◦Planned stope sequencing drove lower mined copper grades from the Pilar and Vermelhos Mines, resulting in lower processed copper grades during the period

◦Increased C1 cash costs(1) during the quarter were in-line with expectations and are anticipated to decrease as a result of higher planned mined and processed copper grades through the remainder of the year

•The Xavantina Operations set a new record for quarterly gold production of 12,443 ounces at C1 cash costs(1) and AISC(1) of $436 and $946, respectively, per ounce of gold produced

◦Q1 2023 gold production benefited from higher processed gold grades of 11.85 grams per tonne ("gpt"), representing an increase in grade of over 16% quarter-on-quarter and approximately 100% year-on-year

◦Lower quarterly C1 cash costs(1) and AISC(1) were driven by higher mined and processed gold grades due to mine sequence during the first quarter

•Financial results for the quarter reflect higher copper and gold prices as well as record gold production at the Xavantina Operations, which offset lower copper production and concentrate sales, as planned, for the first quarter at the Caraíba Operations

◦Net earnings of $24.5 million

◦Adjusted net income attributable to owners of the Company(1) of $22.5 million ($0.24 per share on a diluted basis)

◦Adjusted EBITDA(1) of $48.2 million

•Quarterly cash flow from operations of $16.4 million reflects $27.8 million in working capital changes, including a decrease in accounts payable as well as an increase in accounts receivable related to settlement of provisionally priced copper concentrate sales from prior periods. Absent changes in working capital, cash flow from operations during the quarter would have been approximately $44.1 million

•Available liquidity at quarter-end was $386.6 million, including cash and cash equivalents of $209.9 million, short-term investments of $26.7 million, and $150.0 million of undrawn availability under the Company's senior secured revolving credit facility

Reaffirming production, operating cost and capital expenditure guidance

•The Company is reiterating its full-year copper production guidance of 44,000 to 47,000 tonnes. Production from the Caraíba Operations is expected to be slightly weighted towards H2 2023 due to higher anticipated mill throughput levels during ramp up of the new ball mill in Q4 2023. Higher mined and processed copper grades are also expected through the remainder of the year based on planned stope sequencing

•The Company is reaffirming its 2023 gold production guidance of 50,000 to 53,000 ounces with slightly higher gold production expected in H2 2023 due to increased mill throughput volumes following the expected commencement of production from the Matinha vein

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

Ero Copper Corp. March 31, 2023 MD&A | Page 3

•The Company is also reaffirming its full-year operating cost guidance

◦C1 cash costs at the Caraíba Operations are expected to benefit from higher planned mined and processed copper grades through the remainder of the year

◦At the Xavantina Operations, higher anticipated C1 cash costs in H2 2023 are expected to be driven by changes in planned gold grades

•The Company is reiterating its 2023 capital expenditure guidance of $342 to $389 million

Continued execution of strategic growth initiatives

•The Company maintained momentum on construction of its Tucumã Project during the quarter with physical completion reaching nearly 30% as of quarter-end

◦Mine pre-stripping remains ahead of schedule with 2.9 million tonnes, or approximately 20% of total planned pre-strip volume, completed as of quarter-end. Waste and tailings dump construction is progressing on schedule with completion expected in Q3 2023

◦Civil works commenced during the quarter with first foundations poured in February. Foundations for the primary crusher and ball mill are scheduled for completion in Q2 2023, and electromechanical erection for both areas is expected to commence in early Q3 2023

◦Approximately 85% of planned capital expenditures were under contract as of quarter-end, up from approximately 55% at the end of 2022. An additional 5% of Feasibility Study capital expenditures were in the final stages of contract negotiation as of quarter-end, bringing visibility on total project capital to approximately 90%. Consistent with Q3 and year-end 2022 estimates, total planned capital expenditures remain unchanged at approximately $305 million, or within 4% of total Feasibility Study estimates

◦In partnership with The National Service for Industrial Training, a Brazilian non-profit organization focused on improving the competitiveness of Brazil's manufacturing sector through technical and vocational education, the Company continued to ramp up labor training programs within surrounding communities to further develop the local skills and workforce that are expected to support the development and operation of the Tucumã Project

•At the Caraíba Operations, the Company continued to advance its Pilar 3.0 initiative, designed to support sustained annual ore production levels of 3.0 million tonnes. The components of Pilar 3.0 include (i) Project Honeypot, an engineering initiative focused on recovering higher-grade material in the upper levels of the Pilar Mine, (ii) an expansion of the Caraíba mill from 3.0 to 4.2 million tonnes of annual throughput capacity, and (iii) construction of a new external shaft to service the lower levels of the Pilar Mine, including the Deepening Extension Zone

◦Construction of the new external shaft remains on schedule with the shaft sinking contractor mobilized to site and the first blast of the pre-sink conducted subsequent to quarter-end. Planned capital expenditures under contract or in the final stages of negotiation increased from approximately 35% at year-end to over 70% at the end of Q1 2023. Importantly, construction of the new external shaft remains within 5% of budget

◦The Caraíba mill expansion also remains on schedule with commissioning expected to begin in early Q4 2023

Ero Copper Corp. March 31, 2023 MD&A | Page 4

REVIEW OF OPERATIONS

The Caraíba Operations

Copper	2023 - Q1		2022 - Q4		2022 - Q1
Ore processed (tonnes)	772,548		745,850		596,230
Grade (% Cu)	1.33		1.84		1.78
Recovery (%)	90.8		92.3		92.2
Cu Production (tonnes)	9,327		12,664		9,784
Cu Production (lbs)	20,563,552		27,918,071		21,569,971
Concentrate grade (% Cu)	33.9		33.9		33.1
Concentrate sales (tonnes)	30,074		36,865		29,206
Cu Sold in concentrate (tonnes)	9,464		13,301		10,045
Cu Sold in concentrate (lbs)	20,865,486		29,323,118		22,144,954
Realized copper price (per lb)	$	3.69	$	3.31	$	4.11
C1 cash cost of copper produced (per lb)	$	1.70	$	1.41	$	1.31

The Caraíba Operations produced 9,327 tonnes of copper in concentrate at C1 cash costs of $1.70 per pound of copper produced during Q1 2023. Lower mined and processed copper grades during the quarter were driven by planned stope sequencing at the Pilar and Vermelhos Mines, resulting in lower production and higher unit costs for the period.

Mined ore production in Q1 2023 included:

•Pilar: 450,559 tonnes grading 1.35% copper (vs. 454,497 tonnes at 1.77% copper in Q4 2022)

•Vermelhos: 205,963 tonnes grading 1.61% copper (vs. 234,778 tonnes at 2.21% copper in Q4 2022)

•Surubim: 103,077 tonnes at 0.68% copper (vs. 113,191 tonnes at 0.45% copper in Q4 2022)

Contributions from the three mines resulted in total ore mined during the period of 759,599 tonnes grading 1.33% copper (vs. 802,466 tonnes grading 1.71% copper in Q4 2022). During Q1 2023, 772,548 tonnes of ore grading 1.33% copper were processed, resulting in production of 9,327 tonnes of copper after average metallurgical recoveries of 90.8%.

The Caraíba Operations are expected to produce 44,000 to 47,000 tonnes of copper in concentrate in 2023 with Q1 2023 expected to be the lowest production quarter of the year, as previously noted. Production from the Caraíba Operations is expected to be slightly weighted towards H2 2023 due to higher anticipated mill throughput during ramp up and commissioning of the new ball mill installation in Q4 2023. Higher mined and processed copper grades are also expected through the remainder of the year based on planned stope sequencing.

C1 cash costs at the Caraíba Operations are expected to be between $1.40 and $1.60 per pound of copper produced in 2023 with higher anticipated copper grades and production expected to result in lower unit operating costs in the remaining quarters of the year. While the Company has resumed shipments to its domestic smelter on a limited and prepaid basis, the associated reduction in concentrate sales costs has been offset to date by a stronger BRL to U.S. dollar exchange rate.

Ero Copper Corp. March 31, 2023 MD&A | Page 5

Exploration activities during Q1 2023 at the Caraíba Operations were focused on advancing the Company's full-year exploration objectives of (i) delineating extensions of nickel mineralization identified within the Umburana system, (ii) drill testing additional regional nickel and copper targets throughout the Curaçá Valley, and (iii) extending high-grade mineralization within the upper levels of the Pilar Mine and at the Vermelhos Mine.

The Xavantina Operations

Gold	2023 - Q1		2022 - Q4		2022 - Q1
Ore mined (tonnes)	35,763		39,755		49,990
Ore processed (tonnes)	35,763		39,715		49,990
Head grade (grams per tonne Au)	11.85		10.17		5.93
Recovery (%)	91.4		90.7		92.3
Gold ounces produced (oz)	12,443		11,786		8,796
Silver ounces produced (oz)	8,194		7,050		6,042
Gold sold (oz)	13,097		10,583		8,013
Silver sold (oz)	8,422		7,123		5,489
Realized gold price (per oz)(1)	$	1,828	$	1,750	$	1,918
C1 cash cost of gold produced (per oz)	$	436	$	445	$	638
AISC of gold produced (per oz)	$	946	$	1,096	$	1,092

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

The Xavantina Operations set a new record for quarterly gold production of 12,443 ounces at C1 cash costs and AISC of $436 and $946, respectively, per ounce of gold produced. Planned mine sequencing drove higher mined and processed gold grades during the period of 11.85 grams per tonne, representing an increase in grade of over 16% quarter-on-quarter and approximately 100% year-on-year. Higher processed gold grades also resulted in lower unit operating costs both quarter-over-quarter and year-over-year.

The Company is reaffirming its 2023 gold production guidance range of 50,000 to 53,000 ounces with slightly higher gold production expected in H2 2023 due to increased mill throughput volumes following the expected commencement of production from the Matinha vein.

The Company is also reaffirming its full-year cost guidance for the Xavantina Operations with C1 cash costs expected to be between $475 and $575 per ounce of gold produced and AISC expected to be $725 to $825 per ounce of gold produced.

Exploration activities at the Xavantina Operations during the quarter were focused on testing extensions of the Matinha and Santo Antônio veins at depth as well as drill testing near-mine extensions of the shear zone hosting the Santo Antônio and Matinha veins along strike.

Ero Copper Corp. March 31, 2023 MD&A | Page 6

2023 Guidance

The Company is reaffirming its full-year production, cost and capital expenditure guidance as detailed in the tables below. The Caraíba Operations are expected to produce 44,000 to 47,000 tonnes of copper in concentrate in 2023 with Q1 2023 expected to be the lowest production quarter of the year, as previously noted. Production from the Caraíba Operations is expected to be slightly weighted towards H2 2023 due to higher anticipated mill throughput volumes during ramp up and commissioning of the new ball mill installation in Q4 2023. Higher mined and processed copper grades are also expected through the remainder of the year based on planned stope sequencing.

At the Xavantina Operations, the Company is reaffirming its 2023 gold production guidance range of 50,000 to 53,000 ounces with slightly higher gold production expected in H2 2023 due to increased mill throughput volumes following the expected commencement of production from the Matinha vein.

2023 Production and Cost Guidance

The Company's cost guidance for 2023 assumes a USD:BRL foreign exchange rate of 5.30, a gold price of $1,725 per ounce and a silver price of $20.00 per ounce.

	2023 Guidance
The Caraíba Operations
Copper Production (tonnes)	44,000 - 47,000
C1 Cash Cost Guidance (US$/lb)(1)	$1.40 - $1.60
The Xavantina Operations
Au Production (ounces)	50,000 - 53,000
C1 Cash Cost Guidance (US$/oz)(1)	$475 - $575
All-in Sustaining Cost (AISC) Guidance (US$/oz)(1)	$725 - $825

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

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

Ero Copper Corp. March 31, 2023 MD&A | Page 7

2023 Capital Expenditure Guidance

The Company's capital expenditure guidance for 2023 assumes a USD:BRL foreign exchange rate of 5.30 and has been presented below in USD millions.

	2023 Guidance
Caraíba Operations
Growth	$80 - $90
Sustaining	$65 - $75
Exploration	$22 - $27
Total, Caraíba Operations	$167 - $192
Tucumã Project
Growth	$150 - $165
Sustaining	$0
Exploration	$0 - $1
Total, Tucumã Project	$150 - $166
Xavantina Operations
Growth	$4 - $5
Sustaining	$12 - $14
Exploration	$6 - $7
Total, Xavantina Operations	$22 - $26
Other Exploration Projects	$3 - $5
Company Total
Growth	$234 - $260
Sustaining	$77 - $89
Exploration	$31 - $40
Total, Company	$342 - $389

Ero Copper Corp. March 31, 2023 MD&A | Page 8

REVIEW OF FINANCIAL RESULTS

The following table provides a summary of the financial results of the Company for Q1 2023 and Q1 2022. Tabular amounts are in thousands of US dollars, except share and per share amounts.

		Three months ended March 31,
	Notes	2023		2022
Revenue	1	$	100,956	$	108,911
Cost of sales	2	(60,848)		(47,912)
Gross profit		40,108		60,999
Expenses
General and administrative	3	(12,216)		(11,213)
Share-based compensation		(5,017)		(1,990)
Income before the undernoted		22,875		47,796
Finance income		4,138		713
Finance expense	4	(6,526)		(5,496)
Foreign exchange gain	5	8,621		18,709
Other income (expenses)		58		(630)
Income before income taxes		29,166		61,092
Income tax expense
Current		(2,100)		(3,059)
Deferred		(2,566)		(5,547)
	6	(4,666)		(8,606)
Net income for the period		$	24,500	$	52,486
Other comprehensive gain
Foreign currency translation gain	7	17,641		85,934
Comprehensive income		$	42,141	$	138,420
Net income per share attributable to owners of the Company
Basic		$	0.26	$	0.58
Diluted		$	0.26	$	0.57
Weighted average number of common shares outstanding
Basic		92,294,045		90,238,008
Diluted		93,218,281		92,050,104

Ero Copper Corp. March 31, 2023 MD&A | Page 9

Notes:

1. Revenues from copper sales in Q1 2023 was $77.3 million (Q1 2022 - $93.7 million) on sale of 20.9 million lbs of copper (Q1 2022 - 22.1 million lbs). The decrease in revenues was primarily attributed to lower coppers prices and less copper sold. The decrease in copper production was attributed to lower head grades based on planned stope sequencing.

Revenues from gold sales in Q1 2023 was $23.7 million (Q1 2022 - $15.2 million) on sale of 13,097 ounces of gold (Q1 2022 - 8,013 ounces) at an average realized price of $1,828 per ounce (Q1 2022 - $1,918 per ounce). The increase in revenues was primarily attributable to higher sales volume as head grades increased significantly compared to the same quarter of the prior year.

2. Cost of sales for Q1 2023 from copper sales was $50.6 million (Q1 2022 - $40.5 million) which primarily comprised of $12.2 million (Q1 2022 - $9.9 million) in depreciation and depletion, $11.3 million (Q1 2022 - $9.2 million) in salaries and benefits, $8.5 million (Q1 2022 - $7.3 million) in materials and consumables, $6.4 million (Q1 2022 - $5.1 million) in maintenance costs, $6.1 million (Q1 2022 - $5.6 million) in contracted services, $2.7 million (Q1 2022 - $2.7 million) in utilities, $1.9 million (Q1 2022 - $1.9 million) in sales expenses, and $1.5 million in change in inventory (Q1 2022 - $(1.2) million). The increase in cost of sales in Q1 2023 as compared to Q1 2022 was primarily attributable to overall inflationary pressure on materials and consumables as well as higher depreciation and depletion due to an increase in asset base compared to the same quarter of the prior year.

Cost of sales for Q1 2023 from gold sales was $10.2 million (Q1 2022 - $7.4 million) which primarily comprised of $3.8 million (Q1 2022 - $2.3 million) in depreciation and depletion, $2.1 million (Q1 2022 - $2.2 million) in salaries and benefits, $1.2 million (Q1 2022 - $1.5 million) in contracted services, $1.5 million (Q1 2022 - $1.4 million) in materials and consumables, $0.5 million (Q1 2022 - $0.6 million) in utilities, $0.4 million (Q1 2022 - $0.5 million) in maintenance costs, and $0.5 million in change in inventory (Q1 2022 - $(1.2) million). The increase in cost of sales in Q1 2023 as compared to Q1 2022 is primarily attributable to a 63% increase in gold ounces sold, overall inflationary pressure on costs, as well as higher depreciation and depletion attributed to an increase in depreciable asset base.

3. General and administrative expenses for Q1 2023 was primarily comprised of $7.1 million (Q1 2022 - $5.9 million) in salaries and consulting fees, $2.2 million (Q1 2022 - $2.1 million) in office and administration expenses, $1.4 million (Q1 2022 - $1.6 million) in incentive payments, $0.9 million (Q1 2022 - $1.0 million) in other costs, and $0.5 million (Q1 2022 - $0.5 million) in accounting and legal costs. The increase in general and administrative expenses was mainly attributed to an increase in salaries and consulting fees due to support overall growth in operations.

4. Finance expense for Q1 2023 was $6.5 million (Q1 2022 - $5.5 million) and is primarily comprised of interest on loans and borrowings of $4.5 million (Q1 2022 - $4.0 million), accretion of deferred revenue of $0.8 million (Q1 2022 - $0.9 million), accretion of asset retirement obligations of $0.6 million (Q1 2022 - $0.5 million), lease interest of $0.3 million (Q1 2022 - $0.2 million), and other finance expense of $0.2 million (Q1 2022 - $0.9 million). In addition, $2.4 million (Q1 2022 - $1.1 million) in interest was capitalized to projects in progress. The overall increase in finance expense was primarily attributable to a full quarter of financing costs associated with the senior unsecured notes (the "Senior Notes", as defined below) being recognized in Q1 2023, as compared to two months of pro-rated costs recognized in Q1 2022. In February 2022, the Company issued $400 million aggregate principal amount of the Senior Notes. The Senior Notes mature in February, 2030 and bear annual interest at 6.5%, payable semi-annually in February and August of each year.

5. Foreign exchange gain for Q1 2023 was $8.6 million (Q1 2022 - $18.7 million gain). This amount is primarily comprised of foreign exchange gain on USD denominated debt of $5.4 million (Q1 2022 - $11.3 million gain) in MCSA for which the functional currency is the BRL, unrealized foreign exchange gain on derivative contracts of $3.2 million (Q1 2022 - $24.7 million gain), and realized foreign exchange gain on derivative contracts of $0.9 million (Q1 2022 - $4.6 million loss), partially offset by other foreign exchange losses of $0.9 million (Q1 2022 - $12.7 million losses). The foreign exchange gains were primarily a result of a strengthening of BRL against USD at the end of Q1 2023 as compared to the prior quarter. The foreign exchange gain on unrealized derivative contracts are a result of mark-to-market adjustments at period end.

6. In Q1 2023, the Company recognized $4.7 million in income tax expense (Q1 2022 - $8.6 million). The reduction was primarily a result of decrease in income before taxes as compared to the same quarter of the prior year.

7. The foreign currency translation gain is a result of a strengthening of the BRL against the USD during Q1 2023, which strengthened from approximately 5.22 BRL per US dollar at the beginning of Q1 2023 to approximately 5.08 BRL per US dollar by the end of the quarter, when translating the net assets of the Company’s Brazilian subsidiaries to USD for presentation in the Company’s condensed consolidated interim financial statements.

Ero Copper Corp. March 31, 2023 MD&A | Page 10

SUMMARY OF QUARTERLY RESULTS

The following table presents selected financial information for each of the most recent eight quarters. Tabular amounts are in millions of US Dollars, except share and per share amounts.

Selected Financial Information		Mar. 31,(1)			Dec. 31,(2)			Sep. 30,(3)			Jun. 30,(4)			Mar. 31,(5)			Dec. 31,(6)			Sep. 30,(7)			Jun. 30,(8)
	2023			2022			2022			2022			2022			2021			2021			2021
Revenue		$	101.0		$	116.7		$	85.9		$	114.9		$	108.9		$	134.9		$	111.8		$	120.7
Cost of sales		$	(60.8)		$	(64.0)		$	(63.1)		$	(64.3)		$	(47.9)		$	(50.5)		$	(43.8)		$	(37.0)
Gross profit		$	40.1		$	52.7		$	22.8		$	50.7		$	61.0		$	84.4		$	68.0		$	83.7
Net income for period		$	24.5		$	22.5		$	4.0		$	24.1		$	52.5		$	60.2		$	26.4		$	84.0
Income per share attributable to the owners of the Company
- Basic		$	0.26		$	0.24		$	0.04		$	0.26		$	0.58		$	0.67		$	0.29		$	0.95
- Diluted		$	0.26		$	0.24		$	0.04		$	0.26		$	0.57		$	0.65		$	0.28		$	0.89
Weighted average number of common shares outstanding
- Basic		92,294,045			91,522,358			90,845,229			90,539,647			90,238,008			89,637,768			88,449,567			88,251,995
- Diluted		93,218,281			92,551,916			91,797,437			91,850,321			92,050,104			91,727,452			93,255,615			93,314,274

Notes:

1.During Q1 2023, the Company recognized net income of $24.5 million compared to $22.5 million in the preceding quarter. The increase was primarily attributable to an increase in foreign exchange gain, a reduction in general and administrative expenses, and a reduction in finance expense. In the prior quarter, the Company recognized a $3.3 million expected credit loss provision as compared to a recovery of $0.5 million in Q1 2023.

2.During Q4 2022, the Company recognized net income of $22.5 million compared to $4.0 million in the preceding quarter. The increase was primarily attributable to a $29.9 million increase in gross profit as a result of 13% increase in copper production, partially offset by higher share-based payment expenses and a $3.3 million expected credit loss provision recognized in relation to payment arrangement with one of the Company's customers in Brazil, Paranapanema S/A ("PMA").

3.During Q3 2022, the Company recognized net income of $4.0 million compared to $24.1 million in the preceding quarter. The decrease was primarily attributable to a $27.9 million decrease in gross profit as a result of 12% lower production, reduced copper and gold realized prices, and provisional pricing adjustments on copper concentrate sold in the prior quarter.

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

5.During Q1 2022, the Company recognized net income of $52.5 million compared to $60.2 million in the preceding quarter. The decrease was primarily attributable to a $23.4 million decrease in gross profit as a result of reduced copper and gold sales volume, and overall inflationary pressure on cost of sales. Production and throughput for the quarter was adversely impacted by employee absenteeism due to COVID-19 and the seasonal influenza virus. The decrease in gross

Ero Copper Corp. March 31, 2023 MD&A | Page 11

profit was partially offset by foreign exchange gains driven by the strengthening of the BRL against the USD in the quarter, which resulted in $18.7 million of foreign exchange gains compared to $4.4 million of foreign exchange losses in the preceding quarter.

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

7.During Q3 2021, the Company recognized net income of $26.4 million compared to $84.0 million in the preceding quarter, a decrease of $58.7 million primarily due to volatility in foreign exchange gains or losses driven by the weakening of the BRL against the USD in the quarter, resulting in $19.6 million of foreign exchange losses compared to foreign exchange gains of $30.7 million in the preceding quarter.

8.During Q2 2021, the Company recognized $30.7 million in foreign exchange gains. This amount is primarily comprised of foreign exchange gain on unrealized derivative contracts of $29.9 million, foreign exchange gain on USD denominated debt of $10.0 million in MCSA for which the functional currency is the BRL, partially offset by realized foreign exchange loss on derivative contracts of $6.0 million, and other foreign exchange losses of $3.2 million. The foreign exchange gains were primarily a result of a strengthening of BRL against USD in Q2 2021 as compared to the prior quarter. The foreign exchange gains on unrealized derivative contracts are a result of mark-to-market calculations at period end and may not represent the amount that will ultimately be realized, which will depend on future changes to the USD/BRL foreign exchange rates.

LIQUIDITY, CAPITAL RESOURCES, AND CONTRACTUAL OBLIGATIONS

Liquidity

As at March 31, 2023, the Company held cash and cash equivalents of $209.9 million which were primarily comprised of cash held with reputable financial institutions and are invested in highly liquid short-term investments with maturities of three months or less. In addition, the Company held short-term investments of $26.7 million with reputable financial institutions with maturities greater than three months and less than one year. The funds are not exposed to liquidity risk and there are no restrictions on the ability of the Company to use these funds to meet its obligations.

Cash and cash equivalents have increased by $32.2 million since December 31, 2022. The Company’s cash flows from operating, investing, and financing activities during 2023 are summarized as follows:

•Cash from investing activities of $31.1 million, including:

◦$117.4 million in proceeds from short term investments;

net of:

◦$83.3 million of additions to mineral property, plant and equipment; and

◦$3.0 million of additions to exploration and evaluation assets.

•Cash from operating activities of $16.4 million, primarily consists of:

◦$51.8 million of EBITDA (see Non-IFRS Measures);

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

net of:

◦$3.2 million of unrealized gain on foreign exchange hedges;

Ero Copper Corp. March 31, 2023 MD&A | Page 12

◦$0.9 million of derivative contract settlements;

◦$0.4 million of income taxes paid; and

◦$27.8 million of net change in non-cash working capital items.

Partially offset by:

•Cash used in financing activities of $15.9 million, primarily consists of:

◦$13.3 million of interest paid on loans and borrowings;

◦$2.2 million of principal repayments on loans and borrowings; and

◦$2.6 million of lease payments;

net of:

◦$3.0 million of proceeds from exercise of stock options.

As at March 31, 2023, the Company had working capital of $218.8 million and available liquidity of $386.6 million.

Capital Resources

The Company’s primary sources of capital are comprised of cash from operations, cash and cash equivalents on hand and short-term investments. The Company continuously monitors its liquidity position and capital structure and, based on changes in operations and economic conditions, may adjust such structure by issuing new common shares or new debt as necessary. Taking into consideration cash flow from existing operations, management believes that the Company has sufficient working capital and financial resources to maintain its planned operations and activities for the foreseeable future.

At March 31, 2023, the Company had available liquidity of $386.6 million, including $209.9 million in cash and cash equivalents, $26.7 million in short-term investments and $150.0 million of undrawn availability under its senior secured revolving credit facility.

At December 31, 2022, the Company had a senior credit facility with maturity of March 2025 and included an accordion feature to increase limit from $75.0 million to $100.0 million, which bore interest on a sliding scale at a rate of LIBOR plus 2.25% to 4.25% depending on the Company’s consolidated leverage ratio. Commitment fees for any undrawn portion of the senior credit facility were on a sliding scale between 0.56% to 1.06%.

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

In relation to its loans and borrowings, the Company is required to comply with certain financial covenants. As of the date of the condensed consolidated interim financial statements, the Company is in compliance with these covenants. The loan agreements also contain covenants that could restrict the ability of the Company and its subsidiaries, MCSA, Ero Gold, and NX Gold, to, among other things,

Ero Copper Corp. March 31, 2023 MD&A | Page 13

incur additional indebtedness needed to fund its respective operations, pay dividends or make other distributions, make investments, create liens, sell or transfer assets or enter into transactions with affiliates. There are no other restrictions or externally imposed capital requirements of the Company.

Contractual Obligations and Commitments

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

MANAGEMENT OF RISKS AND UNCERTAINTIES

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

Credit risk

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

	March 31, 2023		December 31, 2022
Cash and cash equivalents	$	209,908	$	177,702
Short-term investments	26,739		139,700
Accounts receivable	21,213		10,289
Note receivable	20,232		20,630
Deposits and other non-current assets	5,091		3,985
	$	283,183	$	352,306

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

The Company’s exposure to credit risk associated with accounts receivable is influenced mainly by the individual characteristics of each customer. On November 30, 2022, one of the Company's customers in Brazil, Paranapanema S/A ("PMA"), filed for bankruptcy protection due to working capital difficulties after an operational incident in June which resulted in one of their plants being shutdown for 38 days. Preceding the announcement, the Company agreed to restructure PMA's outstanding accounts receivable balance of $23.9 million into a note receivable, guaranteed by certain assets of PMA, with payment terms of 24 monthly installments beginning in February 2023. The loan bears an annual interest rate equivalent to Brazil's CDI rate of approx. 13%. As a result of the arrangement, the Company recognized a credit loss provision of $3.3 million in other finance expense during the year ended December 31, 2022. No further credit loss provision was required during the three months ended March 31, 2023.

Ero Copper Corp. March 31, 2023 MD&A | Page 14

Liquidity risk

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

The table below shows the Company's maturity of non-derivative financial liabilities on March 31, 2023:

Non-derivative financial liabilities	Carrying <br>value		Contractual cash flows		Up to <br>12 months		1 - 2 <br>years		3 - 5 <br>years		More than <br>5 years
Loans and borrowings (including interest)	$	410,816	$	598,066	$	32,618	$	31,367	$	82,080	$	452,001
Accounts payable and accrued liabilities	77,292		77,292		77,292		—		—		—
Other non-current liabilities	7,410		19,698		—		8,954		10,099		645
Leases	12,211		12,179		7,469		3,344		1,108		258
Total	$	507,729	$	707,235	$	117,379	$	43,665	$	93,287	$	452,904

As at March 31, 2023, the Company has made commitments for capital expenditures through contracts and purchase orders amounting to $181.0 million, which are expected to be incurred over a six-year period. In the normal course of operations, the Company may also enter into long-term contracts which can be cancelled with certain agreed customary notice periods without material penalties.

The Company also has derivative financial liabilities for foreign exchange collar contracts whose notional amounts and maturity information is disclosed below under foreign exchange currency risk and interest rate risk.

Foreign exchange currency risk

The Company’s subsidiaries in Brazil are exposed to exchange risks primarily related to the US dollar. In order to minimize currency mismatches, the Company monitors its cash flow projections considering future sales expectations indexed to US dollar variation in relation to the cash requirement to settle the existing financings.

The Company's exposure to foreign exchange currency risk at March 31, 2023 relates to $10.9 million (December 31, 2022 – $11.7 million) in loans and borrowings of MCSA denominated in US dollars and Euros. In addition, the Company is also exposed to foreign exchange currency risk at March 31, 2023 on $175.9 million of intercompany loan balances (December 31, 2022 - $44.6 million) which have contractual repayment terms. Strengthening (weakening) in the Brazilian Real against the US dollar at March 31, 2023 by 10% and 20%, would have increased (decreased) pre-tax net income by $18.6 million and $37.1 million, respectively (March 31, 2022 – $6.8 million and $13.6 million. This

Ero Copper Corp. March 31, 2023 MD&A | Page 15

analysis is based on the foreign currency exchange variation rate that the Company considered to be reasonably possible at the end of the period. The analysis assumes that all other variables, especially interest rates, are held constant.

The Company may use derivatives, including forward contracts, collars and swap contracts, to manage market risks. At March 31, 2023, the Company has entered into foreign exchange collar contracts at zero cost for notional amounts of $180.0 million (December 31, 2022 - notional amount of $270.0 million) with an average floor rate of 5.16 BRL to US Dollar and an average cap rate of 6.34 BRL to US Dollar. The maturity dates of these contracts are from April 1, 2023 to December 1, 2023 and are financially settled on a net basis. As of March 31, 2023 the Company had contracts with three different counterparties and the fair value of these contracts was a net asset of $6.6 million (December 31, 2022 - asset of $3.2 million), included in other current assets in the statement of financial position. The fair value of foreign exchange contracts was determined based on option pricing models, forward foreign exchange rates and information provided by the counter party.

The change in fair value of foreign exchange collar contracts was a gain of $3.2 million for the three months ended March 31, 2023 (a gain of $24.7 million for the three months ended March 31, 2022) and has been recognized in foreign exchange gain (loss). In addition, during the three months ended March 31, 2023, the Company recognized a realized gain of $0.9 million (realized loss of $4.6 million for the three months ended March 31, 2022) related to the settlement of foreign currency forward collar contracts.

Interest rate risk

The Company is principally exposed to the variation in interest rates on loans and borrowings with variable rates of interest. Management reduces interest rate risk exposure by entering into loans and borrowings with fixed rates of interest or by entering into derivative instruments that fix the ultimate interest rate paid.

The Company is principally exposed to interest rate risk through Brazilian Real denominated bank loans of $2.8 million. Based on the Company’s net exposure at March 31, 2023, a 1% change in the variable rates would not materially impact its pre-tax annual net income.

Price risk

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

At March 31, 2023, the Company has provisionally priced sales that are exposed to commodity price changes. Based on the Company’s net exposure at March 31, 2023, a 10% change in the price of copper would have changed $2.8 million on pre-tax net income.

At March 31, 2023, the Company has entered into copper derivative contracts at zero-cost on 3,000 tonnes of copper per month from April 2023 to January 2024. These copper derivative contracts establish a floor price of $3.50 per pound of copper and a cap price of $4.76 per pound on total hedged volumes of 30,000 tonnes of copper, representing approximately 75% of estimated production volumes over the period. As of March 31, 2023, the fair value of these contracts was a net liability of $0.3 million (December 31, 2022 - liability of $0.6 million). The fair value of copper collar contracts was determined based on option pricing models, forward copper price and information provided by the counter party.

Ero Copper Corp. March 31, 2023 MD&A | Page 16

During the three months ended March 31, 2023, the Company recognized an unrealized gain of $0.2 million (2022 - $nil) and a realized loss of $1.8 million in relation to its copper hedge derivatives in other income or loss.

For a discussion of additional risks applicable to the Company and its business and operations, including risks related to the Company’s foreign operations, the environment and legal proceedings, see “Risk Factors” in the Company’s AIF.

OTHER FINANCIAL INFORMATION

Off-Balance Sheet Arrangements

As at March 31, 2023, the Company had no material off-balance sheet arrangements.

Outstanding Share Data

As of May 8, 2023, the Company had 92,549,013 common shares issued and outstanding.

ACCOUNTING POLICIES, JUDGMENTS AND ESTIMATES

Critical Accounting Judgments and Estimates

The preparation of condensed consolidated interim financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions about future events that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management’s best knowledge of the amount, events or actions, actual results may differ from these estimates.

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

Management continuously reviews its estimates, judgments and assumptions on an ongoing basis using the most current information available. Revisions to estimates are recognized prospectively.

Ero Copper Corp. March 31, 2023 MD&A | Page 17

Capital Expenditures

The following table presents capital expenditures at the Company’s operations.

	2023 - Q1		2022 - Q1
Caraíba Operations
Growth	$	25,710	$	14,457
Sustaining	19,854		19,537
Exploration	5,196		6,157
Deposit on Projects	3,659		2,288
Total, Caraíba Operations	$	54,419	$	42,439
Tucumã Project
Growth	11,782		5,457
Exploration	638		1,574
Deposit on Projects	14,100		153
Total, Tucumã Project	$	26,520	$	7,184
Xavantina Operations
Growth	987		813
Sustaining	3,013		2,145
Exploration	1,905		3,037
Total, Xavantina Operations	$	5,905	$	5,995
Corporate and Other
Sustaining	178		—
Exploration	1,837		2,750
Total, Corporate and Other	$	2,015	$	2,750
Consolidated
Growth	38,479		20,727
Sustaining	23,045		21,682
Exploration	9,576		13,518
Deposit on Projects	17,759		2,441
Total, Consolidated	$	88,859	$	58,368

Ero Copper Corp. March 31, 2023 MD&A | Page 18

ALTERNATIVE PERFORMANCE (NON-IFRS) MEASURES

The Company utilizes certain alternative performance (non-IFRS) measures to monitor its performance, including C1 cash cost of copper produced (per lb), realized copper price (per lb), C1 cash cost of gold produced (per ounce), AISC of gold produced (per ounce), realized gold price (per ounce), EBITDA, adjusted EBITDA, adjusted net income attributable to owners of the Company, adjusted net income per share, net (cash) debt, working capital and available liquidity. These performance measures have no standardized meaning prescribed within generally accepted accounting principles under IFRS and, therefore, amounts presented may not be comparable to similar measures presented by other mining companies. These non-IFRS measures are intended to provide supplemental information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The tables below provide reconciliations of these non-IFRS measures to the most directly comparable IFRS measures as contained in the Company’s financial statements.

Unless otherwise noted, the non-IFRS measures presented below have been calculated on a consistent basis for the periods presented.

C1 Cash Cost of Copper Produced (per lb)

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

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

Reconciliation:	2023 - Q1		2022 - Q4		2022 - Q1
Cost of production	$	36,285	$	40,067	$	29,163
Add (less):
Transportation costs & other	1,339		2,362		1,869
Treatment, refining, and other	2,527		4,949		2,046
By-product credits	(2,810)		(6,103)		(4,812)
Incentive payments	(1,237)		(1,092)		(904)
Net change in inventory	(1,185)		(861)		577
Foreign exchange translation and other	15		(47)		386
C1 cash costs	$	34,934	$	39,275	$	28,325

Ero Copper Corp. March 31, 2023 MD&A | Page 19

	2023 - Q1		2022 - Q4		2022 - Q1
Costs
Mining	$	23,210	$	26,433	$	20,126
Processing	6,554		8,033		6,447
Indirect	5,453		5,963		4,518
Production costs	35,217		40,429		31,091
By-product credits	(2,810)		(6,103)		(4,812)
Treatment, refining and other	2,527		4,949		2,046
C1 cash costs	$	34,934	$	39,275	$	28,325
Costs per pound
Payable copper produced (lb, 000)	20,564		27,918		21,570
Mining	$	1.13	$	0.95	$	0.93
Processing	$	0.32	$	0.29	$	0.30
Indirect	$	0.27	$	0.21	$	0.21
By-product credits	$	(0.14)	$	(0.22)	$	(0.22)
Treatment, refining and other	$	0.12	$	0.18	$	0.09
C1 cash costs of copper produced (per lb)	$	1.70	$	1.41	$	1.31

Realized Copper Price (per lb)

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

Reconciliation:	2023 - Q1		2022 - Q4		2022 - Q1
Copper revenue ($000s)	$	77,301	$	98,315	$	93,696
less: by-product credits	(2,810)		(4,929)		(4,812)
Net copper revenue	74,491		93,386		88,884
add: treatment, refining and other	2,527		4,949		2,046
Gross copper revenue	77,018		98,335		90,930
Cu Sold in concentrate (lbs)	20,865		29,323		22,145
Realized copper price (per lb)	$	3.69	$	3.35	$	4.11

Ero Copper Corp. March 31, 2023 MD&A | Page 20

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

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

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

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

Reconciliation:	2023 - Q1		2022 - Q4		2022 - Q1
Cost of production	$	6,107	$	4,834	$	5,392
Add (less):
Incentive payments	(407)		(167)		(585)
Net change in inventory	(352)		258		727
By-product credits	(176)		(199)		(124)
Smelting and refining	76		61		42
Foreign exchange translation and other	176		462		164
C1 cash costs	$	5,424	$	5,249	$	5,616
Site general and administrative	1,232		1,196		559
Accretion of mine closure and rehabilitation provision	105		106		112
Sustaining capital expenditure	3,013		4,547		2,296
Sustaining lease payments	1,660		1,559		822
Royalties and production taxes	338		262		204
AISC	$	11,772	$	12,919	$	9,609

Ero Copper Corp. March 31, 2023 MD&A | Page 21

	2023 - Q1		2022 - Q4		2022 - Q1
Costs
Mining	$	2,567	$	2,311	$	3,218
Processing	1,905		2,067		1,698
Indirect	1,052		1,009		782
Production costs	5,524		5,387		5,698
Smelting and refining costs	76		61		42
By-product credits	(176)		(199)		(124)
C1 cash costs	$	5,424	$	5,249	$	5,616
Site general and administrative	1,232		1,196		559
Accretion of mine closure and rehabilitation provision	105		106		112
Sustaining capital expenditure	3,013		4,547		2,296
Sustaining leases	1,660		1,559		822
Royalties and production taxes	338		262		204
AISC	$	11,772	$	12,919	$	9,609
Costs per ounce
Payable gold produced (ounces)	12,443		11,786		8,796
Mining	$	206	$	196	$	366
Processing	$	153	$	175	$	193
Indirect	$	85	$	86	$	89
Smelting and refining	$	6	$	5	$	5
By-product credits	$	(14)	$	(17)	$	(15)
C1 cash costs of gold produced (per ounce)	$	436	$	445	$	638
AISC of gold produced (per ounce)	$	946	$	1,096	$	1,092

Ero Copper Corp. March 31, 2023 MD&A | Page 22

Realized Gold Price (per ounce)

Realized Gold Price (per ounce) is a non-IFRS ratio that is calculated as gross gold revenue divided by ounces of gold sold during the period. Management believes measuring Realized Gold Price (per ounce) enables investors to better understand performance based on the realized gold sales in each reporting period. The following table provides a calculation of Realized Gold Price (per ounce) and a reconciliation to gold segment revenues, its most directly comparable IFRS measure.

(in '000s except for ounces and price per ounce)	2023 - Q1		2022 - Q4		2022 - Q1
NX Gold revenue	$	23,655	$	18,352	$	15,215
less: by-product credits	(176)		(199)		(124)
Gold revenue, net	$	23,479	$	18,153	$	15,091
add: smelting, refining, and other charges	468		365		279
Gold revenue, gross	$	23,947	$	18,518	$	15,370
- spot (cash)	$	18,677	$	14,391	$	11,209
- stream (cash)	$	1,231	$	785	$	803
- stream (amortization of deferred revenue)	$	4,039	$	3,342	$	3,358
Total gold ounces sold	13,097		10,583		8,013
- spot	9,787		8,321		5,863
- stream	3,310		2,262		2,150
Realized gold price (per ounce)	$	1,828	$	1,750	$	1,918
- spot	$	1,908	$	1,729	$	1,912
- stream (cash + amort. of deferred revenue)	$	1,592	$	1,824	$	1,935
- cash (spot cash + stream cash)	$	1,520	$	1,434	$	1,499

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

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

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

Ero Copper Corp. March 31, 2023 MD&A | Page 23

Reconciliation:	2023 - Q1		2022 - Q4		2022 - Q1
Net Income	$	24,500	$	22,472	$	52,486
Adjustments:
Finance expense	6,526		12,290		5,496
Income tax expense	4,666		7,540		8,606
Amortization and depreciation	16,083		16,361		11,504
EBITDA	$	51,775	$	58,663	$	78,092
Foreign exchange gain	(8,621)		(4,569)		(18,709)
Share based compensation	5,017		4,123		1,990
Incremental COVID-19 costs	—		—		1,004
Adjusted EBITDA	$	48,171	$	58,217	$	62,377

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

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

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

Ero Copper Corp. March 31, 2023 MD&A | Page 24

Reconciliation:	2023 - Q1		2022 - Q4		2022 - Q1
Net income as reported attributable to the owners of the Company	$	24,154	$	22,159	$	52,107
Adjustments:
Share based compensation	5,017		4,123		1,990
Unrealized foreign exchange gain on USD denominated balances in MCSA	(4,753)		(1,782)		(1,337)
Unrealized foreign exchange gain on foreign exchange derivative contracts	(3,152)		(3,017)		(24,615)
Incremental COVID-19 costs	—		—		998
Tax effect on the above adjustments	1,208		731		3,808
Adjusted net income attributable to owners of the Company	$	22,474	$	22,214	$	32,951
Weighted average number of common shares
Basic	92,294,045		91,522,358		90,238,008
Diluted	93,218,281		92,551,916		92,050,104
Adjusted EPS
Basic	$	0.24	$	0.24	$	0.37
Diluted	$	0.24	$	0.24	$	0.36

Net (Cash) Debt

Net (cash) debt is a performance measure used by the Company to assess its financial position and ability to pay down its debt. Net (cash) debt is determined based on cash and cash equivalents, short-term investments, net of loans and borrowings as reported in the Company’s condensed consolidated interim financial statements. The following table provides a calculation of net (cash) debt based on amounts presented in the Company’s condensed consolidated interim financial statements as at the periods presented.

	March 31, 2023		December 31, 2022		March 31, 2022
Current portion of loans and borrowings	$	9,221	$	15,703	$	8,740
Long-term portion of loans and borrowings	401,595		402,354		402,345
Less:
Cash and cash equivalents	(209,908)		(177,702)		(365,465)
Short-term investments	(26,739)		(139,700)		(100,018)
Net debt (cash)	$	174,169	$	100,655	$	(54,398)

Ero Copper Corp. March 31, 2023 MD&A | Page 25

Working Capital and Available Liquidity

Working capital is calculated as current assets less current liabilities as reported in the Company’s condensed consolidated interim financial statements. The Company uses working capital as a measure of the Company’s short-term financial health and ability to meet its current obligations using its current assets. Available liquidity is calculated as the sum of cash and cash equivalents, short-term investments and the undrawn amount available on its revolving credit facilities. The Company uses this information to evaluate the liquid assets available. The following table provides a calculation for these based on amounts presented in the Company’s condensed consolidated interim financial statements as at the periods presented.

	March 31, 2023		December 31, 2022		March 31, 2022
Current assets	$	331,241	$	392,427	$	546,439
Less: Current liabilities	(112,448)		(129,121)		(102,743)
Working capital	$	218,793	$	263,306	$	443,696
Cash and cash equivalents	209,908		177,702		365,465
Short-term investments	26,739		139,700		100,018
Available undrawn revolving credit facilities(1)	150,000		75,000		75,000
Available liquidity	$	386,647	$	392,402	$	540,483

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

Disclosure Controls and Procedures and Internal Control over Financial Reporting

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

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

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

There were no changes in the Company’s DC&P and ICFR that materially affected, or are reasonably likely to materially affect, ICFR during the three months ended March 31, 2023.

Ero Copper Corp. March 31, 2023 MD&A | Page 26

NOTE REGARDING SCIENTIFIC AND TECHNICAL INFORMATION

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

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

The press release dated March 28, 2023, and where applicable, the report prepared in accordance with NI 43-101 and entitled “Mineral Resource and Mineral Reserve Estimate of the NX Gold Mine, Nova Xavantina”, dated January 8, 2021 with an effective date of September 30, 2020, prepared by Porfirio Cabaleiro Rodrigues, FAIG, Leonardo de Moraes Soares, MAIG, Bernardo Horta de Cerqueira Viana, FAIG, and Paulo Roberto Bergmann, FAusIMM, each of GE21 and a “qualified person” and “independent” of the Company within the meanings of NI 43-101 (the “Xavantina Operations Technical Report”).

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

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

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

Ero Copper Corp. March 31, 2023 MD&A | Page 27

Cautionary Note Regarding Forward-Looking Statements

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

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

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

Ero Copper Corp. March 31, 2023 MD&A | Page 28

The Company’s forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management on the date the statements are made, many of which may be difficult to predict and beyond the Company’s control. In connection with the forward-looking statements contained in this MD&A and in the AIF, the Company has made certain assumptions about, among other things: favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production, development and exploration of the Company’s properties and assets; future prices of copper, gold and other metal prices; the timing and results of exploration and drilling programs; the accuracy of any mineral reserve and mineral resource estimates; the geology of the Caraíba Operations, the Xavantina Operations and the Tucumã Project being as described in the respective technical report for each property; production costs; the accuracy of budgeted exploration, development and construction costs and expenditures; the price of other commodities such as fuel; future currency exchange rates and interest rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; work force continuing to remain healthy in the face of prevailing epidemics, pandemics or other health risks (including COVID-19), political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; availability of equipment; positive relations with local groups and the Company’s ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of the Company’s current loan arrangements. Although the Company believes that the assumptions inherent in forward-looking statements are reasonable as of the date of this MD&A, these assumptions are subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking statements. The Company cautions that the foregoing list of assumptions is not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking statements contained in this MD&A.

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

Cautionary Notes Regarding Mineral Resource and Reserve Estimates

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

Ero Copper Corp. March 31, 2023 MD&A | Page 29

Further to recent amendments, mineral property disclosure requirements in the United States (the “U.S. Rules”) are governed by subpart 1300 of Regulation S-K of the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) which differ from the CIM Standards. As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multi-jurisdictional disclosure system (the “MJDS”), Ero is not required to provide disclosure on its mineral properties under the U.S. Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. If Ero ceases to be a foreign private issuer or loses its eligibility to file its annual report on Form 40-F pursuant to the MJDS, then Ero will be subject to the U.S. Rules, which differ from the requirements of NI 43-101 and the CIM Standards.

Pursuant to the new U.S. Rules, the SEC recognizes estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources.” In addition, the definitions of “proven mineral reserves” and “probable mineral reserves” under the U.S. Rules are now “substantially similar” to the corresponding standards under NI 43-101. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that Ero reports are or will be economically or legally mineable. Further, “inferred mineral resources” have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Under Canadian securities laws, estimates of “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies, except in rare cases. While the above terms under the U.S. Rules are “substantially similar” to the standards under NI 43-101 and CIM Standards, there are differences in the definitions under the U.S. Rules and CIM Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that Ero may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had Ero prepared the reserve or resource estimates under the standards adopted under the U.S. Rules.

ADDITIONAL INFORMATION

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

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

Document

CONDENSED CONSOLIDATED INTERIM

FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED

MARCH 31, 2023 AND 2022

Ero Copper Corp.
Table of Contents
CONSOLIDATED FINANCIAL STATEMENTS
---	---
Condensed Consolidated Statements of Financial Position	1
Condensed Consolidated Statements of Operations and Comprehensive Income	2
Condensed Consolidated Statements of Cash Flow	3
Condensed Consolidated Statements of Changes in Shareholders' Equity	4
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
General
Note 1. Nature of Operations	5
Note 2. Basis of Preparation	5
Note 3. Segment Disclosure	6
Statements of Financial Position
Note 4. Inventories	9
Note 5. Other Current Assets	9
Note 6. Mineral Property, Plant and Equipment	10
Note 7. Exploration and Evaluation Assets	11
Note 8. Deposits and Other Non-current Assets	11
Note 9. Accounts Payable and Accrued Liabilities	11
Note 10. Loans and Borrowings	11
Note 11. Deferred Revenue	13
Note 12. Other Non-current Liabilities	14
Note 13. Share Capital	14
Statements of Earnings
Note 14. Revenue	18
Note 15. Cost of Sales	18
Note 16. General and Administrative Expenses	19
Note 17. Finance Expense	19
Note 18. Foreign Exchange Gain	19
Other Items
Note 19. Financial Instruments	20
Note 20. Supplemental Cash Flow Information	23
Ero Copper Corp.
---
Condensed Consolidated Statements of Financial Position
(Unaudited, Amounts in thousands of US Dollars)
	Notes	March 31, 2023		December 31, 2022
---	---	---	---	---	---
ASSETS
Current
Cash and cash equivalents		$	209,908	$	177,702
Short-term investments		26,739		139,700
Accounts receivable		21,213		10,289
Inventories	4	32,590		30,955
Other current assets	5	40,791		33,781
		331,241		392,427
Non-Current
Mineral property, plant and equipment	6	849,917		755,274
Exploration and evaluation assets	7	19,155		15,686
Deposits and other non-current assets	8	21,527		24,689
		890,599		795,649
Total Assets		$	1,221,840	$	1,188,076
LIABILITIES
Current
Accounts payable and accrued liabilities	9	$	77,292	$	84,603
Current portion of loans and borrowings	10	9,221		15,703
Current portion of deferred revenue	11	16,051		16,580
Income taxes payable		1,990		5,435
Current portion of derivatives	19	349		577
Current portion of lease liabilities		7,545		6,223
		112,448		129,121
Non-Current
Loans and borrowings	10	401,595		402,354
Deferred revenue	11	69,193		69,476
Provision for rehabilitation and closure costs		22,251		22,172
Deferred income tax liabilities		9,247		6,229
Lease liabilities		4,666		4,740
Other non-current liabilities	12	14,516		11,819
		521,468		516,790
Total Liabilities		633,916		645,911
SHAREHOLDERS’ EQUITY
Share capital	13	152,273		148,055
Equity reserves		(49,222)		(66,189)
Retained earnings		480,880		456,726
Equity attributable to owners of the Company		583,931		538,592
Non-controlling interests		3,993		3,573
		587,924		542,165
Total Liabilities and Equity		$	1,221,840	$	1,188,076
Commitments (Notes 7 and 11)
---	---	---	---	---
APPROVED ON BEHALF OF THE BOARD:
	"David Strang"	, CEO and Director	"Matthew Wubs"	, Director

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

Ero Copper Corp.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited, Amounts in thousands of US Dollars, except share and per share amounts)				Three months ended March 31,
---	---	---	---	---
	Notes		2023		2022
Revenue	14		$	100,956	$	108,911
Cost of sales	15		(60,848)		(47,912)
Gross profit			40,108		60,999
Expenses
General and administrative	16		(12,216)		(11,213)
Share-based compensation	13 (e)		(5,017)		(1,990)
Income before the undernoted			22,875		47,796
Finance income			4,138		713
Finance expense	17		(6,526)		(5,496)
Foreign exchange gain	18		8,621		18,709
Other income (expenses)			58		(630)
Income before income taxes			29,166		61,092
Income tax expense
Current			(2,100)		(3,059)
Deferred			(2,566)		(5,547)
			(4,666)		(8,606)
Net income for the period			$	24,500	$	52,486
Other comprehensive gain
Foreign currency translation gain			17,641		85,934
Comprehensive income			$	42,141	$	138,420
Net income attributable to:
Owners of the Company			24,154		52,107
Non-controlling interests			346		379
			$	24,500	$	52,486
Comprehensive income attributable to:
Owners of the Company			41,667		137,489
Non-controlling interests			474		931
			$	42,141	$	138,420
Net income per share attributable to owners of the Company
Basic	13 (f)		$	0.26	$	0.58
Diluted	13 (f)		$	0.26	$	0.57
Weighted average number of common shares outstanding
Basic	13 (f)		92,294,045		90,238,008
Diluted	13 (f)		93,218,281		92,050,104

The accompanying notes are an integral part of these condensed consolidated interim financial statements Page 2

Ero Copper Corp.
Condensed Consolidated Statements of Cash Flow
(Unaudited, Amounts in thousands of US Dollars)
		Three months ended March 31,
---	---	---	---	---
	Notes		2023		2022
Cash Flows from Operating Activities
Net income for the period			$	24,500	$	52,486
Adjustments for:
Amortization and depreciation			16,506		11,504
Income tax expense			4,666		8,606
Amortization of deferred revenue	14		(4,039)		(3,358)
Share-based compensation	13 (e)		5,017		1,990
Finance income			(4,138)		(713)
Finance expenses	17		6,526		5,496
Foreign exchange gain			(8,448)		(19,006)
Other			2,886		1,046
Changes in non-cash working capital items	20		(27,751)		(9,687)
			15,725		48,364
Advance from NX Gold PMPA	11		2,439		3,207
Derivative contract settlements	18		(853)		(4,567)
Provision settlements			(554)		(416)
Income taxes paid			(364)		(2,602)
			16,393		43,986
Cash Flows from Investing Activities
Additions to mineral property, plant and equipment			(83,317)		(45,563)
Additions to exploration and evaluation assets			(3,045)		(9,501)
Proceeds from short term investments			117,439		—
Other investments, net of interest received			—		(100,184)
			31,077		(155,248)
Cash Flows used in Financing Activities
Lease liability payments			(2,606)		(1,684)
New loans and borrowings, net of finance costs			1,120		396,121
Loans and borrowings repaid			(2,159)		(51,190)
Interest paid on loans and borrowings			(13,299)		(606)
Other finance expenses paid			(1,910)		(898)
Proceeds from exercise of stock options and warrants			2,952		404
			(15,902)		342,147
Effect of exchange rate changes on cash and cash equivalents			638		4,451
Net increase in cash and cash equivalents			32,206		235,336
Cash and cash equivalents - beginning of period			177,702		130,129
Cash and cash equivalents - end of period			$	209,908	$	365,465

Supplemental cash flow information (note 20)

The accompanying notes are an integral part of these condensed consolidated interim financial statements Page 3

Ero Copper Corp.
Condensed Consolidated Statements of Changes in Shareholders' Equity
(Unaudited, Amounts in thousands of US Dollars, except share and per share amounts)
		Share Capital			Equity Reserves
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Notes	Number of<br>shares	Amount		Contributed <br>Surplus		Foreign<br>Exchange		Retained<br>Earnings		Total		Non-controlling<br>interest		Total equity
Balance, December 31, 2021		90,204,378	$	133,072	$	12,173	$	(107,083)	$	354,895	$	393,057	$	2,433	$	395,490
Income for the period		—	—		—		—		52,107		52,107		379		52,486
Other comprehensive income for the period		—	—		—		85,382		—		85,382		552		85,934
Total comprehensive income for the period		—	—		—		85,382		52,107		137,489		931		138,420
Shares issued for:
Exercise of options and warrants		158,334	715		(311)		—		—		404		—		404
Share-based compensation	13 (e)	—	—		871		—		—		871		—		871
Dividends to non-controlling interest		—	—		—		—		—		—		(58)		(58)
Balance, March 31, 2022		90,362,712	$	133,787	$	12,733	$	(21,701)	$	407,002	$	531,821	$	3,306	$	535,127
Balance, December 31, 2022		92,182,633	$	148,055	$	11,185	$	(77,374)	$	456,726	$	538,592	$	3,573	$	542,165
Income for the period		—	—		—		—		24,154		24,154		346		24,500
Other comprehensive income for the period		—	—		—		17,513		—		17,513		128		17,641
Total comprehensive income for the period		—	—		—		17,513		24,154		41,667		474		42,141
Shares issued for:
Exercise of options		337,779	4,218		(1,266)		—		—		2,952		—		2,952
Share-based compensation	13 (e)	—	—		720		—		—		720		—		720
Dividends to non-controlling interest		—	—		—		—		—		—		(54)		(54)
Balance, March 31, 2023		92,520,412	$	152,273	$	10,639	$	(59,861)	$	480,880	$	583,931	$	3,993	$	587,924

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

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

1. Nature of Operations

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

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

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

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

2. Basis of Preparation

(a) Statement of Compliance

These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting and follow the same accounting policies and methods of application as the Company’s most recent annual consolidated financial statements for the year ended December 31, 2022.

These condensed consolidated interim financial statements do not include all of the information required for full consolidated annual financial statements and should be read in conjunction with the consolidated financial statements of the Company as at and for the year ended December 31, 2022, prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

These condensed consolidated interim financial statements were authorized for issue by the Board of Directors of the Company (the “Board”) on May 8, 2023.

(b) Use of Estimates and Judgments

In preparing these condensed consolidated interim financial statements, management has made judgments, estimates and assumptions that affect the application of the Company’s accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ. Significant judgments made by management in applying the Company’s accounting policies and key sources of estimation uncertainty were the same as those applied in the most recent annual audited consolidated financial statements for the year ended December 31, 2022.

Notes to Financial Statements | Page 5

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

Secured Overnight Financing Rate ("SOFR")

In September 2019, the IASB issued first phase amendments IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Hedging, and IFRS 7 Financial Instrument Disclosures to address the financial reporting impact of the reform on interest rate benchmarks, including the replacement of some interbank offered rates (“LIBOR”) with alternative benchmark rates.

In January 2023, the Company amended its existing senior secured revolving credit facility (the "Amended Senior Credit Facility") to increase the aggregate commitments from $75 million to $150 million and extend the maturity from March 2025 to December 2026. The Amended Senior Credit Facility will bear interest on a sliding scale of SOFR plus an applicable margin of 2.00% to 4.00%, compared to LIBOR plus 2.25% to 4.25% previously. The switch to SOFR did not have an impact on the consolidated financial statements as no amounts had been drawn on the Amended Senior Credit Facility.

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

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

(d) Future Changes in Accounting Policies Not Yet Effective as of March 31, 2023

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

•In October 2022, the IASB published amendments to IAS 1 Presentation of Financial Statements to clarify whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current or non-current (based on a substantive right to defer settlement). This amendment is effective January 1, 2024 with early adoption permitted. The Company has not yet determined the effect of adoption of this amendment on its consolidated financial statements.

3. Segment Disclosure

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

For the three months ended March 31, 2023, the Company’s reporting segments include its two operating mines in Brazil, the Caraíba Operations and the Xavantina Operations, its development project, the Tucumã Project in Brazil, and its corporate head office in Canada. Significant information relating to the Company's reportable segments is summarized in the tables below:

Notes to Financial Statements | Page 6

Ero Copper Corp.
Notes to Condensed Consolidated Interim Financial Statements
(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)
Three months ended March 31, 2023	Caraíba <br>(Brazil)		Xavantina<br>(Brazil)		Tucumã<br><br>(Brazil)		Corporate and Other		Consolidated
---	---	---	---	---	---	---	---	---	---	---
Revenue	$	77,300	$	23,656	$	—	$	—	$	100,956
Cost of production	(36,285)		(6,107)		—		—		(42,392)
Depreciation and depletion	(12,468)		(3,936)		—		—		(16,404)
Sales expense	(1,875)		(177)		—		—		(2,052)
Cost of sales	(50,628)		(10,220)		—		—		(60,848)
Gross profit	26,672		13,436		—		—		40,108
Expenses
General and administrative	(6,548)		(1,309)		—		(4,359)		(12,216)
Share-based compensation	—		—		—		(5,017)		(5,017)
Finance income	2,005		285		—		1,848		4,138
Finance expenses	(826)		(1,109)		—		(4,591)		(6,526)
Foreign exchange gain	8,592		—		—		29		8,621
Other income (expenses)	66		(6)		—		(2)		58
Income (loss) before taxes	29,961		11,297		—		(12,092)		29,166
Current tax expense	(385)		(1,195)		—		(520)		(2,100)
Deferred tax expense	(2,467)		(99)		—		—		(2,566)
Net income (loss)	$	27,109	$	10,003	$	—	$	(12,612)	$	24,500
Capital expenditures(1)	54,419		5,905		26,520		2,015		88,859
Assets
Current	$	112,272	$	32,707	$	7,408	$	178,854	331,241
Non-current	681,843		79,646		117,685		11,425		890,599
Total Assets	$	794,115	$	112,353	$	125,093	$	190,279	$	1,221,840
Total Liabilities	$	99,064	$	103,704	$	9,238	$	421,910	633,916

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

During the three months ended March 31, 2023, Caraíba earned revenues from two customers (March 31, 2022 - three) while Xavantina earned revenues from two customers (March 31, 2022 - two).

Notes to Financial Statements | Page 7

Ero Copper Corp.
Notes to Condensed Consolidated Interim Financial Statements
(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)
Three months ended March 31, 2022	Caraíba <br>(Brazil)		Xavantina<br>(Brazil)		Tucumã (Brazil)		Corporate and Other		Consolidated
---	---	---	---	---	---	---	---	---	---	---
Revenue	$	93,696	$	15,215	$	—	$	—	$	108,911
Cost of production	(29,163)		(5,392)		—		—		(34,555)
Depreciation and depletion	(9,532)		(1,879)		—		—		(11,411)
Sales expenses	(1,851)		(95)		—		—		(1,946)
Cost of sales	(40,546)		(7,366)		—		—		(47,912)
Gross profit	53,150		7,849		—		—		60,999
Expenses
General and administrative	(6,201)		(842)		—		(4,170)		(11,213)
Share-based compensation	—		—		—		(1,990)		(1,990)
Finance income	152		458		—		103		713
Finance expenses	(1,932)		(1,023)		—		(2,541)		(5,496)
Foreign exchange gain (loss)	18,490		228		—		(9)		18,709
Other (expenses) income	(758)		128		—		—		(630)
Income (loss) before taxes	62,901		6,798		—		(8,607)		61,092
Current tax expense	(2,328)		(414)		—		(317)		(3,059)
Deferred tax expense	(5,427)		(120)		—		—		(5,547)
Net income (loss)	$	55,146	$	6,264	$	—	$	(8,924)	$	52,486
Capital expenditures	42,439		5,995		7,184		2,750		58,368
Assets
Current	$	152,030	$	37,799	$	683	$	355,927	546,439
Non-current	523,128		58,046		36,187		2,197		619,558
Total Assets	$	675,158	$	95,845	$	36,870	$	358,124	$	1,165,997
Total Liabilities	$	100,778	$	109,945	$	1,212	$	418,934	630,869

Notes to Financial Statements | Page 8

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

4. Inventories

	March 31, 2023		December 31, 2022
Supplies and consumables	$	26,117	$	23,043
Stockpiles	1,852		2,125
Work in progress	1,251		1,234
Finished goods	3,370		4,553
	$	32,590	$	30,955

5. Other Current Assets

	March 31, 2023		December 31, 2022
Advances to suppliers	$	731	$	715
Prepaid expenses and other	8,283		6,673
Derivatives (Note 19)	6,563		3,237
Note receivable (Note 19)	12,052		10,243
Advances to employees	881		667
Value added taxes recoverable	12,281		12,246
	$	40,791	$	33,781

Notes to Financial Statements | Page 9

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

6. Mineral Property, Plant and Equipment

	Buildings		Mining Equipment		Mineral<br><br>Properties(1)		Projects in<br><br>Progress(2)		Equipment & Other Assets		Deposit on Projects		Mine Closure Costs		Right-of-Use Assets		Total
Cost:
Balance, December 31, 2022	22,038		194,455		553,687		111,821		19,262		39,274		14,188		28,449		983,174
Additions	125		6,270		7,482		43,622		711		27,604		77		4,085		89,976
Capitalized borrowing costs	—		—		—		2,444		—		—		—		—		2,444
Disposals	—		(14)		—		(843)		(53)		—		(483)		(1,268)		(2,661)
Transfers	751		2,788		12,830		(6,810)		439		(9,998)		—		—		—
Foreign exchange	606		5,375		15,110		3,055		501		1,438		368		782		27,235
Balance, March 31, 2023	$	23,520	$	208,874	$	589,109	$	153,289	$	20,860	$	58,318	$	14,150	$	32,048	$	1,100,168
Accumulated depreciation:
Balance, December 31, 2022	(5,047)		(42,310)		(150,559)		—		(6,990)		—		(5,227)		(17,767)		(227,900)
Depreciation expense	(314)		(5,311)		(7,901)		—		(366)		—		(157)		(2,034)		(16,083)
Disposals	—		—		—		—		11		—		—		117		128
Foreign exchange	(141)		(1,244)		(4,182)		—		(179)		—		(143)		(507)		(6,396)
Balance, March 31, 2023	$	(5,502)	$	(48,865)	$	(162,642)	$	—	$	(7,524)	$	—	$	(5,527)	$	(20,191)	$	(250,251)
Net book value, December 31, 2022	$	16,991	$	152,145	$	403,128	$	111,821	$	12,272	$	39,274	$	8,961	$	10,682	$	755,274
Net book value, March 31, 2023	$	18,018	$	160,009	$	426,467	$	153,289	$	13,336	$	58,318	$	8,623	$	11,857	$	849,917

(1) Mineral properties include $71.3 million (2022 - $69.4 million) of development costs which are not currently being depreciated.

(2) A total of $35.1 million of exploration and evaluation assets related to the Tucumã Project were reclassified to mineral property, plant and equipment in 2022.

Page 10

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

7. Exploration and Evaluation Assets

In 2022, the Company paid $3.1 million in relation to two property option agreements. In order for the Company to acquire 100% of these properties, the Company will be required to complete certain drill programs, including a minimum of $7.2 million in exploration costs before the end of 2023 and, depending on results of these exploration programs, further option payments to complete the acquisitions is required. As at March 31, 2023, the Company has expended a cumulative of $5.7 million in exploration costs related to these projects. In the event that the Company exercises its option to acquire 100% interest in these properties, the optioners are expected to retain net smelter royalties of up to 1.5%.

Deposits and Other Non-current Assets

	March 31, 2023		December 31, 2022
Value added taxes recoverable	$	8,256	$	10,317
Note receivable (Note 19)	8,180		10,387
Deposits and others	5,091		3,985
	$	21,527	$	24,689

9. Accounts Payable and Accrued Liabilities

	March 31, 2023		December 31, 2022
Trade suppliers	$	36,128	$	43,593
Payroll and labour related liabilities	17,454		21,008
Value added tax and other tax payable	9,749		8,040
Cash-settled equity awards (Note 13(b) and (c))	9,031		6,684
Other accrued liabilities	4,930		5,278
	$	77,292	$	84,603

10. Loans and Borrowings

							Carrying value, <br>including accrued interest
Description	Currency	Security	Maturity<br>(Months)	Coupon rate	Principal to be repaid		March 31, <br>2023		December 31,<br>2022
Senior Note	USD	Unsecured	82	6.50%	$	400,000	$	396,155	$	402,453
Equipment finance loans	USD	Secured	5 - 47	5.00% - 7.30%	9,571		9,636		10,322
Equipment finance loans	EURO	Secured	35 - 39	5.25%	1,291		1,294		1,372
Equipment finance loans	BRL R$	Unsecured	23	13.89% - 15.12%	795		882		947
Bank loan (MCSA)	BRL R$	Unsecured	44	CDI + 0.50%	2,833		2,849		2,963
Total					$	414,490	$	410,816	$	418,057
Current portion							$	9,221	$	15,703
Non-current portion							$	401,595	$	402,354

Notes to Financial Statements | Page 11

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

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

	Three months ended March 31, 2023		Year ended December 31, 2022
Balance, beginning of period	$	418,057	$	59,250
Proceeds from issuance of Senior Notes, net	—		392,006
Proceeds from new equipment finance loans	1,120		9,489
Principal and interest payments	(15,458)		(71,033)
Interest costs, including interest capitalized	6,992		26,666
Loss on debt modification	—		1,351
Foreign exchange	105		328
Balance, end of period	$	410,816	$	418,057

(a) Senior Notes

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

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

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

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

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

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

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

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

Notes to Financial Statements | Page 12

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

(b) Senior Credit Facility

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

The Amended Senior Credit Facility is secured by the shares of MCSA, NX Gold and Ero Gold. The Company is required to comply with certain financial covenants. As March 31, 2023, the Amended Senior Credit Facility remains undrawn and the Company is in compliance with the financial covenants therein.

Deferred Revenue

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

The movements in deferred revenue during three months March 31, 2023 are comprised of the following:

	March 31, 2023		December 31,<br>2022
Gold ounces delivered(1)	3,310		10,082
Balance, beginning of period	$	86,055	$	94,222
Advances received(2)	2,439		3,207
Accretion expense	788		3,407
Amortization of deferred revenue(3)	(4,038)		(14,781)
Balance, end of period	$	85,244	$	86,055
Current portion	$	16,051	$	16,580
Non-current portion	69,193		69,476

(1) During the three months ended March 31, 2023, the Company delivered 3,310 ounces of gold to Royal Gold for average consideration of $372 per ounce. At March 31, 2023, a cumulative 18,565 ounces of gold have been delivered under the PMPA.

(2) During the three months ended March 31, 2023, the Company recorded additional deferred revenue of $2.4 million related to Resource Growth Advance.

(3) Amortization of deferred revenue during the three months ended March 31, 2023 is net of $0.7 million for change in estimate in relation to additional advances received and the related change in life-of-mine production ounces.

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

Notes to Financial Statements | Page 13

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

Other Non-current Liabilities

	March 31, 2023		December 31, 2022
Cash-settled equity awards (Note 13(b))	$	4,210	$	2,256
Value added tax and other taxes payable	1,217		1,352
Withholding and taxes payable	4,421		3,902
Provision for legal and tax matters	1,468		1,578
Other liabilities	3,200		2,731
	$	14,516	$	11,819

Share Capital

As at March 31, 2023, the Company’s authorized share capital consists of an unlimited number of common shares without par value. As at March 31, 2023, 92,520,412 common shares were outstanding.

(a) Options

During the three months ended March 31, 2023, the Company did not grant any options to employees of the Company (three months ended March 31, 2022 - 21,562 options granted at weighted average exercise price of $12.64 per share with a term to expiry of five years and a grant date fair value of $0.1 million).

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

	Three Months Ended March 31,
	2023			2022
	Number of <br>Stock Options	Weighted Average Exercise Price		Number of <br>Stock Options	Weighted Average Exercise Price
Outstanding stock options, beginning of period	2,781,074	$	11.44	4,202,389	$	8.98
Issued	—	—		21,562	12.64
Exercised	(337,779)	8.83		(158,334)	2.57
Cancelled	(21,862)	13.67		—	—
Outstanding stock options, end of period	2,421,433	$	11.79	4,065,617	$	9.38

The weighted average share price on the date of exercise for options exercised during the three months ended March 31, 2023 was $16.50 (three months ended March 31, 2022 - $14.10).

Notes to Financial Statements | Page 14

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

As at March 31, 2023, the following stock options were outstanding:

Weighted Average Exercise Prices	Number of <br>Stock Options	Vested and Exercisable Number of Stock Options	Weighted Average Remaining Life in Years
$9.01 to $10.00 CAD	870,232	870,232	0.99
$10.01 to $20.00 CAD	1,001,907	379,284	3.84
$20.01 to $24.45 CAD	549,294	524,843	2.09
$15.96 CAD ($11.79 USD)	2,421,433	1,774,359	1.91

In determining the weighted average exercise price of all outstanding options in the tables above and below, the CAD prices were converted to USD at the March 31, 2023 exchange rate of 1.3533.

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

	Three Months Ended March 31,
	2022
Expected term (years)	3.0
Forfeiture rate	—		%
Volatility	55		%
Dividend yield	—		%
Risk-free interest rate	1.55		%
Weighted-average fair value per option	$	5.08

(b) Performance Share Unit Plan

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

The continuity of PSUs issued and outstanding is as follows:

	Three Months Ended March 31,
	2023	2022
Outstanding balance, beginning of period	881,788	793,043
Issued	—	23,911
Cancelled	(30,560)	(1,005)
Outstanding balance, end of period	851,228	815,949

Notes to Financial Statements | Page 15

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

For PSUs with non-market performance conditions, the fair value of the share units granted was initially recognized at the fair value using the share price at the date of grant, and subsequently remeasured at fair value on each balance sheet date. For PSUs with market performance conditions, the fair value was determined using a Geometric Brownian Motion model. As at March 31, 2023, the fair value of the PSU liability was $9.3 million (December 31, 2022 - $5.9 million) of which $5.1 million was recognized in accounts payable and accrued liabilities and the remainder in other non-current liabilities.

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

The continuity of DSUs issued and outstanding is as follows:

	Three months ended March 31,
	2023	2022
Outstanding balance, beginning of period	219,961	131,085
Issued	4,726	4,665
Outstanding balance, end of period	224,687	135,750

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

(d) Restricted Share Unit Plan

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

During the three months ended March 31, 2023, the Company did not grant any RSUs to employees of the Company (three months ended March 31, 2022 - 16,737 RSUs granted at weighted average fair value of $12.91 per share for a total fair value of $0.2 million).

The continuity of RSUs issued and outstanding is as follows:

Notes to Financial Statements | Page 16

Ero Copper Corp.
Notes to Condensed Consolidated Interim Financial Statements
(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)			Three months ended March 31,
---	---	---
	2023	2022
Outstanding balance, beginning of period	263,202	171,106
Issued	—	16,737
Cancelled	(6,256)	—
Outstanding balance, end of period	256,946	187,843

(e) Share-based compensation


	2023		2022
Stock options	$	262	$	481
Performance share unit plan	3,358		1,147
Deferred share unit plan	939		(28)
Restricted share unit plan	458		390
Share-based compensation(1)	$	5,017	$	1,990

(1) For the three months ended March 31, 2023, the Company recorded $0.7 million (three months ended March 31, 2022 - $0.9 million) of share-based compensation in contributed surplus, and the remaining share-based compensation was recorded in liabilities.

(f) Net Income per Share


	2023		2022
Weighted average number of common shares outstanding	92,294,045		90,238,008
Dilutive effects of:
Stock options	667,290		1,630,576
Share units	256,946		181,520
Weighted average number of diluted common shares outstanding(1)	93,218,281		92,050,104
Net income attributable to owners of the Company	$	24,154	$	52,107
Basic net income per share	0.26		0.58
Diluted net income per share	0.26		0.57

(1) Weighted average number of diluted common shares outstanding for the three months ended March 31, 2023 excluded 565,851 (three months ended March 31, 2022 - 1,270,142) stock options that were anti-dilutive.

Notes to Financial Statements | Page 17

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

Revenue


	2023		2022
Copper
Sales within Brazil	$	16,251	$	21,692
Export sales	61,649		71,812
Adjustments on provisional sales(1)	(599)		192
	77,301		93,696
Gold
Sales	19,616		11,857
Amortization of deferred revenue(2)	4,039		3,358
	$	23,655	$	15,215
	$	100,956	$	108,911

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

(2) During the three months ended March 31, 2023, the Company delivered 3,310 ounces of gold under a precious metals purchase agreement with Royal Gold (note 11) for average cash consideration of $372 per ounce and recognized $4.0 million in amortization of deferred revenue.

Cost of Sales


	2023		2022
Materials	$	9,983	$	8,698
Salaries and benefits	13,381		11,405
Contracted services	7,314		7,065
Maintenance costs	6,825		5,583
Utilities	3,160		3,245
Other costs	192		190
Change in inventory (excluding depreciation and depletion)	1,537		(1,631)
Cost of production	42,392		34,555
Sales expense	2,052		1,946
Depreciation and depletion	15,981		12,161
Change in inventory (depreciation and depletion)	423		(750)
	$	60,848	$	47,912

Notes to Financial Statements | Page 18

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

General and Administrative Expenses


	2023		2022
Accounting and legal	$	539	$	472
Amortization and depreciation	102		93
Office and administration	2,173		2,117
Salaries and consulting fees	7,107		5,883
Incentive payments	1,398		1,612
Other	897		1,036
	$	12,216	$	11,213

17. Finance Expense


	2023		2022
Interest on loans and borrowings(1)	$	4,548	$	3,951
Gain on interest rate swap derivatives	—		(897)
Accretion of deferred revenue	788		869
Accretion of mine closures and rehabilitation provisions	649		542
Interest on lease liabilities	296		154
Other finance expenses	245		877
	$	6,526	$	5,496

(1) During the three months ended March 31, 2023, the Company capitalized $2.4 million (2022 - $1.1 million) of borrowing costs to projects in progress.

18. Foreign Exchange Gain

The following foreign exchange gains (losses) arise as a result of balances and transactions in the Company’s Brazilian subsidiaries that are denominated in currencies other than the Brazilian Reals (BRL$), which is their functional currency.


	2023		2022
Foreign exchange gain on denominated debt in Brazil	$	5,405	$	11,279
Realized foreign exchange gain (loss) on derivative contracts (note 19)	932		(4,567)
Unrealized foreign exchange gain on derivative contracts (note 19)	3,165		24,714
Foreign exchange loss on other financial assets and liabilities	(881)		(12,717)
	$	8,621	$	18,709

All values are in US Dollars.

Notes to Financial Statements | Page 19

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

19. Financial Instruments

Fair value

Fair values of financial assets and liabilities are determined based on available market information and valuation methodologies appropriate to each situation.

As at March 31, 2023, derivatives were measured at fair value based on Level 2 inputs.

The carrying values of cash and cash equivalents, short-term investments, accounts receivable, deposits, and accounts payable and accrued liabilities approximate their fair values due to their short terms to maturity or market rates of interest used to discount amounts. At March 31, 2023, the carrying value of loans and borrowings, including accrued interest, was $410.8 million while the fair value is approximately $364.5 million. At March 31, 2023, the carrying value of notes receivable, including accrued interest, was $20.2 million which approximates its fair value.

Credit risk

	March 31, 2023		December 31, 2022
Cash and cash equivalents	$	209,908	$	177,702
Short-term investments	26,739		139,700
Accounts receivable	21,213		10,289
Note receivable	20,232		20,630
Deposits and other non-current assets	5,091		3,985
	$	283,183	$	352,306

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

Notes to Financial Statements | Page 20

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

The amortized cost of the note receivable, net of the expected credit loss, at March 31, 2023 was $20.2 million (December 31, 2022 - $20.6 million), of which $12.1 million (December 31, 2022 - $10.2 million) was classified as current and $8.2 million (December 31, 2022 - $10.4 million) as non-current.

Liquidity risk

The table below shows the Company's maturity of non-derivative financial liabilities on March 31, 2023:

Non-derivative financial liabilities	Carrying <br>value		Contractual cash flows		Up to <br>12 months		1 - 2 <br>years		3 - 5 <br>years		More than <br>5 years
Loans and borrowings (including interest)	$	410,816	$	598,066	$	32,618	$	31,367	$	82,080	$	452,001
Accounts payable and accrued liabilities	77,292		77,292		77,292		—		—		—
Other non-current liabilities	7,410		19,698		—		8,954		10,099		645
Leases	12,211		12,179		7,469		3,344		1,108		258
Total	$	507,729	$	707,235	$	117,379	$	43,665	$	93,287	$	452,904

Market risk

Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and commodity prices. The purpose of market risk management is to manage and control exposures to market risks, within acceptable parameters, while optimizing return.

The Company may use derivatives, including forward contracts and swap contracts, to manage market risks.

(i) Foreign exchange currency risk

Notes to Financial Statements | Page 21

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

Strengthening (weakening) in the Brazilian Real against the US dollar at March 31, 2023 by 10% and 20%, would have increased (decreased) pre-tax net income by $18.6 million and $37.1 million, respectively (March 31, 2022 – $6.8 million and $13.6 million). This analysis is based on the foreign currency exchange variation rate that the Company considered to be reasonably possible at the end of the period and excluding the impact of the derivatives below. The analysis assumes that all other variables, especially interest rates, are held constant.

The Company may use derivatives, including forward contracts, collars and swap contracts, to manage market risks. At March 31, 2023, the Company has entered into foreign exchange collar contracts at zero cost for notional amounts of $180.0 million (December 31, 2022 - notional amount of $270.0 million) with an average floor rate of 5.16 BRL to US Dollar and an average cap rate of 6.34 BRL to US Dollar. The maturity dates of these contracts are from April 2023 to December 2023 and are financially settled on a net basis. As of March 31, 2023, the Company had contracts with three different counterparties and the fair value of these contracts was a net asset of $6.6 million (December 31, 2022 - asset of $3.2 million) included in other current assets in the statement of financial position. The fair value of foreign exchange contracts was determined based on option pricing models, forward foreign exchange rates and information provided by the counter party.

(ii) Interest rate risk

(iii) Price risk

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

At March 31, 2023, the Company has provisionally priced sales that are exposed to commodity price changes (note 14). Based on the Company’s net exposure at March 31, 2023, a 10% change in the price of copper would have changed pre-tax net income by $2.8 million.

Notes to Financial Statements | Page 22

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

Supplemental Cash Flow Information


Net change in non-cash working capital items:	2023		2022
Accounts receivable	$	(8,543)	$	7,802
Inventories	(1,221)		(2,395)
Other assets	(2,933)		(2,365)
Accounts payable and accrued liabilities	(15,054)		(12,729)
	$	(27,751)	$	(9,687)
Non-cash investing and financing activities:
Additions to property, plant and equipment by leases	$	4,085	$	1,355
Non-cash increase in accounts payable in relation to capital expenditures	2,497		3,111
Change in mineral property, plant and equipment from change in estimates for provision for rehabilitation and closure costs	(406)		—

Notes to Financial Statements | Page 23

Document

	TSX: ERO
NYSE: ERO

May 8, 2023

Ero Copper Reports First Quarter 2023 Operating and Financial Results

(all amounts in US dollars, unless otherwise noted)

Vancouver, British Columbia – Ero Copper Corp. (TSX: ERO, NYSE: ERO) (“Ero” or the “Company”) is pleased to announce its operating and financial results for the three months ended March 31, 2023. Management will host a conference call tomorrow, Tuesday, May 9, 2023, at 11:30 a.m. eastern time to discuss the results. Dial-in details for the call can be found near the end of this press release.

HIGHLIGHTS

•Copper production of 9,327 tonnes at C1 cash costs(*) of $1.70 per pound of copper produced

•Record gold production of 12,443 ounces at C1 cash costs(*) and All-in Sustaining Costs ("AISC")(*) of $436 and $946, respectively, per ounce of gold produced

•Strong quarterly financial results included:

◦Net income attributable to the owners of the Company of $24.2 million ($0.26 per share on a diluted basis)

◦Adjusted net income attributable to the owners of the Company(*) of $22.5 million ($0.24 per share on a diluted basis)

◦Adjusted EBITDA(*) of $48.2 million

•Available liquidity at quarter-end of $386.6 million included cash and cash equivalents of $209.9 million, short-term investments of $26.7 million, and $150.0 million of undrawn availability under the Company's senior secured revolving credit facility

•Execution of strategic initiatives continues to position the Company for significant near-term organic growth

◦Construction of the Tucumã Project reached nearly 30% physical completion as of quarter-end with over 85% of planned capital expenditures under contract

◦At the Xavantina Operations, development of the Matinha vein remains on schedule with production expected to commence in H2 2023

◦The Caraíba Operations' Pilar 3.0 initiative on track with shaft pre-sink activities commencing on schedule subsequent to quarter-end

•2023 production, operating cost, and capital expenditure guidance reaffirmed

1	Ero Copper Corp
	625 Howe Street	Suite 1050	Vancouver	BC	V6C 2T6	Canada
	TSX: ERO
---	---
NYSE: ERO

*These are non-IFRS measures and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its Management’s Discussion and Analysis for the three months ended March 31, 2023 and the Reconciliation of Non-IFRS Measures section at the end of this press release.

“Our solid operating performance in the first quarter was bolstered by a favorable metal price environment reflective of the accelerating decarbonization movement,” said David Strang, Chief Executive Officer. “During the quarter, we also made strong progress on our key growth projects with the Tucumã Project and the Pilar Mine's new external shaft reaching approximately 30% and 20% physical completion, respectively, as of quarter-end.

"Looking ahead to the remainder of the year, we anticipate increased production levels driven by planned mine sequencing and the completion of additional growth projects at our operations. We expect commencement of mining from the Matinha vein to result in higher gold production at our Xavantina Operations in the second half of the year. At the Caraíba Operations, ramp up and commissioning of the new ball mill during the fourth quarter is expected to drive higher mill throughput levels and copper production over the same period.

"We are proud to say that with each quarter, the ongoing execution of our peer-leading organic growth strategy is bringing our Company closer to doubling copper production to over 100,000 tonnes in 2025, and achieving higher sustained gold production levels of 55,000 to 60,000 ounces per year beginning in 2024. As the outlook for both metals continues to strengthen, the timing of our growth trajectory couldn't be better."

2	Ero Copper Corp
	625 Howe Street	Suite 1050	Vancouver	BC	V6C 2T6	Canada
	TSX: ERO
---	---
NYSE: ERO

FIRST QUARTER REVIEW

•Mining & Milling Operations

◦The Caraíba Operations processed 772,548 tonnes of ore grading 1.33% copper, producing 9,327 tonnes of copper in concentrate during the quarter after metallurgical recoveries of 90.8%

–Planned stope sequencing drove lower mined copper grades from the Pilar and Vermelhos Mines, resulting in lower processed copper grades during the period

◦The Xavantina Operations processed 35,763 tonnes of ore grading 11.85 grams per tonne, and set a new record for quarterly gold production of 12,443 ounces after metallurgical recoveries of 91.4%

–Processed gold grades increased over 16% quarter-on-quarter and approximately 100% year-on-year due to planned stope sequencing

–By-product silver production for the period was 8,194 ounces

•Organic Growth Projects

◦The Company maintained momentum on construction of its Tucumã Project during the quarter with physical completion reaching nearly 30% as of quarter-end

–Mine pre-stripping remains ahead of schedule with 2.9 million tonnes, or approximately 20% of total planned pre-strip volume, completed as of quarter-end. Waste and tailings dump construction is progressing on schedule with completion expected in Q3 2023

–Civil works commenced during the quarter with first foundations poured in February. Foundations for the primary crusher and ball mill are scheduled for completion in Q2 2023, and electromechanical erection for both areas is expected to commence in early Q3 2023

–Approximately 85% of planned capital expenditures were under contract as of quarter-end, up from approximately 55% at the end of 2022. An additional 5% of Feasibility Study capital expenditures were in the final stages of contract negotiation as of quarter-end, bringing visibility on total project capital to approximately 90%. Consistent with Q3 and year-end 2022 estimates, total planned capital expenditures remain unchanged at approximately $305 million, or within 4% of total Feasibility Study estimates

–In partnership with The National Service for Industrial Training, a Brazilian non-profit organization focused on improving the competitiveness of Brazil's manufacturing sector through technical and vocational education, the Company continued to ramp up labor training programs within surrounding

3	Ero Copper Corp
	625 Howe Street	Suite 1050	Vancouver	BC	V6C 2T6	Canada
	TSX: ERO
---	---
NYSE: ERO

communities to further develop the local skills and workforce that are expected to support the development and operation of the Tucumã Project

◦At the Caraíba Operations, the Company continued to advance its Pilar 3.0 initiative, designed to support sustained annual ore production levels of 3.0 million tonnes. The components of Pilar 3.0 include (i) Project Honeypot, an engineering initiative focused on recovering higher-grade material in the upper levels of the Pilar Mine, (ii) an expansion of the Caraíba mill from 3.0 to 4.2 million tonnes of annual throughput capacity, and (iii) construction of a new external shaft to service the lower levels of the Pilar Mine, including the Deepening Extension Zone

–Construction of the new external shaft remains on schedule with the shaft sinking contractor mobilized to site and the first blast of the pre-sink conducted subsequent to quarter-end. Planned capital expenditures under contract or in the final stages of negotiation increased from approximately 35% at year-end to over 70% at the end of Q1 2023. Importantly, construction of the new external shaft remains within 5% of budget

–The Caraíba mill expansion also remains on schedule with commissioning expected to begin in Q4 2023

◦Please see recent images from the Tucumã Project in Figures 1 through 3 and of construction on the Caraíba Operations' new external shaft in Figure 4 below

Figure 1: April 2023 aerial view of the Tucumã Project, including (A) administrative offices, laboratories, fuel station, and equipment maintenance area, (B) flotation and filtration, (C) ball mill, (D) crushed ore stockpile, (E) main substation, (F) secondary and tertiary crushers, and (G) primary crusher.

4	Ero Copper Corp
	625 Howe Street	Suite 1050	Vancouver	BC	V6C 2T6	Canada
	TSX: ERO
---	---
NYSE: ERO

Figure 2: Civil works underway at the Tucumã Project's primary crushing area (April 2023).

Figure 3: Ball mill components upon arrival at the Tucumã Project (April 2023).

5	Ero Copper Corp
	625 Howe Street	Suite 1050	Vancouver	BC	V6C 2T6	Canada
	TSX: ERO
---	---
NYSE: ERO

Figure 4: Surface infrastructure as of April 2023 at the Caraíba Operations' new external shaft, including (A) the stage winder foundation, (B) shaft collar, (C) center tower steel erection, (D) foundation and exterior steel frame for the permanent rock and personnel winders, and (E) headgear steel erection.

Management Changes

Anthea Bath has ceased as Chief Operating Officer by mutual agreement with the Company. The Company would like to take this opportunity to express its gratitude for Ms. Bath's contributions over the past five years. Her dedication and hard work have been greatly appreciated, and the executive team wishes her all the best in her future endeavors.

The Board has appointed Makko DeFilippo as President and Chief Operating Officer of the Company. Mr. DeFilippo, who has been with the Company since 2017, has served as President of the Company since January 2021 and prior to that as Vice President, Corporate Development.

6	Ero Copper Corp
	625 Howe Street	Suite 1050	Vancouver	BC	V6C 2T6	Canada
	TSX: ERO
---	---
NYSE: ERO

OPERATING AND FINANCIAL HIGHLIGHTS

		3 months ended<br><br>Dec. 31, 2022		3 months ended<br><br>Mar. 31, 2022
Operating Highlights
Copper (Caraíba Operations)
Ore Processed (tonnes)		745,850		596,230
Grade (% Cu)		1.84		1.78
Cu Production (tonnes)		12,664		9,784
Cu Production (000 lbs)		27,918		21,570
Cu Sold in Concentrate (tonnes)		13,301		10,045
Cu Sold in Concentrate (000 lbs)		29,323		22,145
C1 cash cost of Cu produced (per lb)(1)	1.70	$	1.41	$	1.31
Gold (Xavantina Operations)
Ore Processed (tonnes)		39,715		49,990
Au Production (oz)		11,786		8,796
C1 cash cost of Au Produced (per oz)(1)	436	$	445	$	638
AISC of Au produced (per oz)(1)	946	$	1,096	$	1,092
Financial Highlights ( in millions, except per share amounts)
Revenues	101.0	$	116.7	$	108.9
Gross profit		52.7		61.0
EBITDA(1)		58.7		78.1
Adjusted EBITDA(1)		58.2		62.4
Cash flow from operations		34.0		44.0
Net income		22.5		52.5
Net income attributable to owners of the Company		22.2		52.1
Per share (basic)		0.24		0.58
Per share (diluted)		0.24		0.57
Adjusted net income attributable to owners of the Company(1)		22.2		33.0
Per share (basic)		0.24		0.37
Per share (diluted)		0.24		0.36
Cash, cash equivalents, and short-term investments		317.4		465.5
Working capital(1)		263.3		443.7
Net (cash) debt(1)		100.7		(54.4)

All values are in US Dollars.

(1) EBITDA, Adjusted EBITDA, Adjusted net income (loss) attributable to owners of the Company, Adjusted net income (loss) per share attributable to owners of the Company, Net (Cash) Debt, Working Capital, C1 cash cost of copper produced (per lb), C1 cash cost of gold produced (per ounce) and AISC of gold produced (per ounce) are non-IFRS measures. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its Management’s Discussion and Analysis for the three months ended March 31, 2023 and the Reconciliation of Non-IFRS Measures section at the end of this press release.

7	Ero Copper Corp
	625 Howe Street	Suite 1050	Vancouver	BC	V6C 2T6	Canada
	TSX: ERO
---	---
NYSE: ERO

2023 PRODUCTION AND COST GUIDANCE(*)

The Caraíba Operations are expected to produce 44,000 to 47,000 tonnes of copper in concentrate in 2023 with Q1 2023 expected to be the lowest production quarter of the year, as previously noted. Production from the Caraíba Operations is expected to be slightly weighted towards H2 2023 due to higher anticipated mill throughput volumes during ramp up and commissioning of the new ball mill installation in Q4 2023. Higher mined and processed copper grades are also expected through the remainder of the year based on planned stope sequencing.

The Company's cost guidance for 2023 assumes a USD:BRL foreign exchange rate of 5.30, a gold price of $1,725 per ounce and a silver price of $20.00 per ounce.

	2023 Guidance
Caraíba Operations
Copper Production (tonnes)	44,000 - 47,000
C1 Cash Cost (US$/lb)(1)	$1.40 - $1.60
Xavantina Operations
Gold Production (ounces)	50,000 - 53,000
C1 Cash Cost (US$/oz)(1)	$475 - $575
All-in Sustaining Cost (AISC) (US$/oz)(1)	$725 - $825

(1) These are non-IFRS measures and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See the Reconciliation of Non-IFRS Measures section at the end of this press release for additional information.

8	Ero Copper Corp
	625 Howe Street	Suite 1050	Vancouver	BC	V6C 2T6	Canada
	TSX: ERO
---	---
NYSE: ERO

2023 CAPITAL EXPENDITURE GUIDANCE(*)

The Company's capital expenditure guidance for 2023 assumes a USD:BRL foreign exchange rate of 5.30 and has been presented below in USD millions.

	2023 Guidance
Caraíba Operations
Growth	$80 - $90
Sustaining	$65 - $75
Exploration	$22 - $27
Total, Caraíba Operations	$167 - $192
Tucumã Project
Growth	$150 - $165
Exploration	$0 - $1
Total, Tucumã Project	$150 - $166
Xavantina Operations
Growth	$4 - $5
Sustaining	$12 - $14
Exploration	$6 - $7
Total, Xavantina Operations	$22 - $26
Company Total
Growth	$234 - $260
Sustaining	$77 - $89
Exploration	$31 - $40
Total, Company	$342 - $389

(*) Guidance is based on certain estimates and assumptions, including but not limited to, mineral reserve estimates, grade and continuity of interpreted geological formations and metallurgical performance. Please refer to the Company’s SEDAR and EDGAR filings, including the recent Annual Information Form for the year ended December 31, 2022 and dated March 7, 2023 (the "AIF"), for complete risk factors.

9	Ero Copper Corp
	625 Howe Street	Suite 1050	Vancouver	BC	V6C 2T6	Canada
	TSX: ERO
---	---
NYSE: ERO

CONFERENCE CALL DETAILS

The Company will hold a conference call on Tuesday, May 9, 2023 at 11:30 am Eastern time (8:30 am Pacific time) to discuss these results.

Date:	Tuesday, May 9, 2023
Time:	11:30 am Eastern time (8:30 am Pacific time)
Dial in:	North America: 1-800-319-4610, International: +1-604-638-5340<br><br>please dial in 5-10 minutes prior and ask to join the call
Replay:	North America: 1-800-319-6413, International: +1-604-638-9010
Replay Passcode:	0068

Reconciliation of Non-IFRS Measures

Financial results of the Company are presented in accordance with IFRS. The Company utilizes certain alternative performance (non-IFRS) measures to monitor its performance, including C1 cash cost of copper produced (per lb), C1 cash cost of gold produced (per ounce), AISC of gold produced (per ounce), EBITDA, adjusted EBITDA, adjusted net income attributable to owners of the Company, adjusted net income per share, net (cash) debt, working capital and available liquidity. These performance measures have no standardized meaning prescribed within generally accepted accounting principles under IFRS and, therefore, amounts presented may not be comparable to similar measures presented by other mining companies. These non-IFRS measures are intended to provide supplemental information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

For additional details please refer to the Company’s discussion of non-IFRS and other performance measures in its Management’s Discussion and Analysis for the three months ended March 31, 2023 which is available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

10	Ero Copper Corp
	625 Howe Street	Suite 1050	Vancouver	BC	V6C 2T6	Canada
	TSX: ERO
---	---
NYSE: ERO

C1 cash cost of copper produced (per lb)

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

Reconciliation:	2023 - Q1		2022 - Q4		2022 - Q1
Cost of production	$	36,285	$	40,067	$	29,163
Add (less):
Transportation costs & other	1,339		2,362		1,869
Treatment, refining, and other	2,527		4,949		2,046
By-product credits	(2,810)		(6,103)		(4,812)
Incentive payments	(1,237)		(1,092)		(904)
Net change in inventory	(1,185)		(861)		577
Foreign exchange translation and other	15		(47)		386
C1 cash costs	$	34,934	$	39,275	$	28,325
Mining	$	23,210	$	26,433	$	20,126
---	---	---	---	---	---	---
Processing	6,554		8,033		6,447
Indirect	5,453		5,963		4,518
Production costs	35,217		40,429		31,091
By-product credits	(2,810)		(6,103)		(4,812)
Treatment, refining and other	2,527		4,949		2,046
C1 cash costs	$	34,934	$	39,275	$	28,325
Payable copper produced (lb, 000)	20,564		27,918		21,570
Mining	$	1.13	$	0.95	$	0.93
Processing	$	0.32	$	0.29	$	0.30
Indirect	$	0.27	$	0.21	$	0.21
By-product credits	$	(0.14)	$	(0.22)	$	(0.22)
Treatment, refining and other	$	0.12	$	0.18	$	0.09
C1 cash costs of copper produced (per lb)	$	1.70	$	1.41	$	1.31
11	Ero Copper Corp
---	---
	625 Howe Street	Suite 1050	Vancouver	BC	V6C 2T6	Canada
	TSX: ERO
---	---
NYSE: ERO

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

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

Reconciliation:	2023 - Q1		2022 - Q4		2022 - Q1
Cost of production	$	6,107	$	4,834	$	5,392
Add (less):
Incentive payments	(407)		(167)		(585)
Net change in inventory	(352)		258		727
By-product credits	(176)		(199)		(124)
Smelting and refining costs	76		61		42
Foreign exchange translation and other	176		462		164
C1 cash costs	$	5,424	$	5,249	$	5,616
Site general and administrative	1,232		1,196		559
Accretion of mine closure and rehabilitation provision	105		106		112
Sustaining capital expenditure	3,013		4,547		2,296
Sustaining leases	1,660		1,559		822
Royalties and production taxes	338		262		204
AISC	$	11,772	$	12,919	$	9,609	Costs
---	---	---	---	---	---	---
Mining	$	2,567	$	2,311	$	3,218
Processing	1,905		2,067		1,698
Indirect	1,052		1,009		782
Production costs	5,524		5,387		5,698
Smelting and refining costs	76		61		42
By-product credits	(176)		(199)		(124)
C1 cash costs	$	5,424	$	5,249	$	5,616
Site general and administrative	1,232		1,196		559
Accretion of mine closure and rehabilitation provision	105		106		112
Sustaining capital expenditure	3,013		4,547		2,296
Sustaining leases	1,660		1,559		822
Royalties and production taxes	338		262		204
AISC	$	11,772	$	12,919	$	9,609
Costs per ounce
Payable gold produced (ounces)	12,443		11,786		8,796
Mining	$	206	$	196	$	366
Processing	$	153	$	175	$	193
Indirect	$	85	$	86	$	89
Smelting and refining	$	6	$	6	$	5
By-product credits	$	(14)	$	(17)	$	(15)
C1 cash costs of gold produced (per ounce)	$	436	$	445	$	638
AISC of gold produced (per ounce)	$	946	$	1,096	$	1,092	12	Ero Copper Corp
---	---
	625 Howe Street	Suite 1050	Vancouver	BC	V6C 2T6	Canada
	TSX: ERO
---	---
NYSE: ERO

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

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

Reconciliation:	2023 - Q1		2022 - Q4		2022 - Q1
Net Income	$	24,500	$	22,472	$	52,486
Adjustments:
Finance expense	6,526		12,290		5,496
Income tax expense	4,666		7,540		8,606
Amortization and depreciation	16,083		16,361		11,504
EBITDA	$	51,775	$	58,663	$	78,092
Foreign exchange gain	(8,621)		(4,569)		(18,709)
Share based compensation	5,017		4,123		1,990
Incremental COVID-19 costs	—		—		1,004
Adjusted EBITDA	$	48,171	$	58,217	$	62,377
13	Ero Copper Corp
---	---
	625 Howe Street	Suite 1050	Vancouver	BC	V6C 2T6	Canada
	TSX: ERO
---	---
NYSE: ERO

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

Reconciliation:	2023 - Q1		2022 - Q4		2022 - Q1
Net income as reported attributable to the owners of the Company	$	24,154	$	22,159	$	52,107
Adjustments:
Share based compensation	5,017		4,123		1,990
Unrealized foreign exchange gain on USD denominated balances in MCSA	(4,753)		(1,782)		(1,337)
Unrealized foreign exchange gain on foreign exchange derivative contracts	(3,152)		(3,017)		(24,615)
Incremental COVID-19 costs	—		—		998
Tax effect on the above adjustments	1,208		731		3,808
Adjusted net income attributable to owners of the Company	$	22,474	$	22,214	$	32,951
Weighted average number of common shares
Basic	92,294,045		91,522,358		90,238,008
Diluted	93,218,281		92,551,916		92,050,104
Adjusted EPS
Basic	$	0.24	$	0.24	$	0.37
Diluted	$	0.24	$	0.24	$	0.36
14	Ero Copper Corp
---	---
	625 Howe Street	Suite 1050	Vancouver	BC	V6C 2T6	Canada
	TSX: ERO
---	---
NYSE: ERO

Net (Cash) Debt

The following table provides a calculation of net (cash) debt based on amounts presented in the Company’s condensed consolidated interim financial statements as at the periods presented.

	March 31, 2023		December 31, 2022		March 31, 2022
Current portion of loans and borrowings	$	9,221	$	15,703	$	8,740
Long-term portion of loans and borrowings	401,595		402,354		402,345
Less:
Cash and cash equivalents	(209,908)		(177,702)		(365,465)
Short-term investments	(26,739)		(139,700)		(100,018)
Net (cash) debt	$	174,169	$	100,655	$	(54,398)

Working Capital and Available Liquidity

The following table provides a calculation for these based on amounts presented in the Company’s condensed consolidated interim financial statements as at the periods presented.

	March 31, 2023		December 31, 2022		March 31, 2022
Current assets	$	331,241	$	392,427	$	546,439
Less: Current liabilities	(112,448)		(129,121)		(102,743)
Working capital	$	218,793	$	263,306	$	443,696
Cash and cash equivalents	209,908		177,702		365,465
Short-term investments	26,739		139,700		100,018
Available undrawn revolving credit facilities	150,000		75,000		75,000
Available liquidity	$	386,647	$	392,402	$	540,483
15	Ero Copper Corp
---	---
	625 Howe Street	Suite 1050	Vancouver	BC	V6C 2T6	Canada
	TSX: ERO
---	---
NYSE: ERO

ABOUT ERO COPPER CORP

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

FOR MORE INFORMATION, PLEASE CONTACT

Courtney Lynn, VP, Corporate Development & Investor Relations

(604) 335-7504

info@erocopper.com

16	Ero Copper Corp
	625 Howe Street	Suite 1050	Vancouver	BC	V6C 2T6	Canada
	TSX: ERO
---	---
NYSE: ERO

CAUTION REGARDING FORWARD LOOKING INFORMATION AND STATEMENTS

This press release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”). Forward-looking statements include statements that use forward-looking terminology such as “may”, “could”, “would”, “will”, “should”, “intend”, “target”, “plan”, “expect”, “budget”, “estimate”, “forecast”, “schedule”, “anticipate”, “believe”, “continue”, “potential”, “view” or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Forward-looking statements may include, but are not limited to, statements with respect to the Company's expected production, operating costs and capital expenditures at the Caraíba Operations, the Tucumã Project and the Xavantina Operations; the ability of the Company to execute on its growth initiatives according to the timeline and budget currently envisioned; estimated completion dates for certain milestones, including construction of the Tucumã Project, completion of the projects that comprise the Pilar 3.0 initiative, including the Caraíba mill expansion and construction of the new external shaft to access the Deepening Extension Zone, and commencement of mining from the Matinha vein at the Xavantina Operations; the ability of the Company to sell future copper concentrate production to its domestic customer; and any other statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results, performance or achievements.

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

The Company’s forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management on the date the statements are made, many of which may be difficult to predict and beyond the Company’s control. In connection with the forward-looking statements contained in this press release and in the AIF, the Company has made certain assumptions about, among other things: continued effectiveness of the measures taken by the Company to mitigate the possible impact of COVID-19 on its workforce and operations; favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production, development and exploration of the Company’s properties and assets; future prices of copper, gold and other metal prices; the timing and results of exploration and drilling programs; the accuracy of any mineral reserve and mineral resource estimates; the geology of the Caraíba Operations, the Xavantina Operations and the Tucumã Project being as described in the respective technical report for each property; production costs; the accuracy of budgeted exploration, development and construction costs and expenditures; the price of other commodities such as fuel; future currency exchange rates and interest rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; work force continuing to remain healthy in the face of prevailing epidemics, pandemics or other health risks (including COVID-19), political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; availability of equipment; positive relations with local groups and the Company’s ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of the Company’s current loan arrangements. Although the Company believes that the assumptions inherent in forward-looking statements are reasonable as of the date of this press release, these assumptions are subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking statements. The Company cautions that the foregoing list of assumptions is not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking statements contained in this press release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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

CAUTIONARY NOTES REGARDING MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES

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

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