ERO 0001628280-26-068971 6-K as filed: Nov 2, 2026

MANAGEMENT’S DISCUSSION

AND ANALYSIS

FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2026

3100 – 733 Seymour Street, Vancouver, B.C., Canada V6B 0S6

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


TABLE OF CONTENTS

BUSINESS OVERVIEW			1
HIGHLIGHTS			2
REVIEW OF OPERATIONS
The Caraíba Operations			7
The Tucumã Operation			8
The Xavantina Operations			9
2026 GUIDANCE			11
REVIEW OF FINANCIAL RESULTS
Review of quarterly results			13
Review of annual results			15
Summary of quarterly results for most recent eight quarters			17
OTHER DISCLOSURES
Liquidity, Capital Resources, and Contractual Obligations			18
Management of Risks and Uncertainties			20
Other Financial Information			23
Accounting Policies, Judgments and Estimates			24
Capital Expenditures			25
Alternative Performance (NON-IFRS) Measures			26
Disclosure Controls and Procedures and Internal Control over Financial Reporting			38
Notes and Cautionary Statements			38

Ero Copper Corp. September 30, 2026 MD&A

MANAGEMENT’S DISCUSSION AND ANALYSIS

This Management’s Discussion and Analysis (“MD&A”) has been prepared as at November 2, 2026 and should be read in conjunction with the unaudited condensed consolidated interim financial statements of Ero Copper Corp. (“Ero”, the “Company”, or “we”) as at, and for the three and nine months ended September 30, 2026, and related notes thereto, which are prepared in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting as issued by the International Accounting Standards Board (the “IASB”). All references in this MD&A to “Q3 2026” and “Q3 2025” are to the three months ended September 30, 2026 and September 30, 2025, respectively, and all references to “YTD 2026” and “YTD 2025” are to the nine months ended September 30, 2026 and September 30, 2025, respectively. This MD&A should be read in conjunction with the Company’s December 31, 2025 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 copper C1 cash cost, realized copper price, gold C1 cash cost, gold all-in sustaining cost (“AISC”), realized gold price, EBITDA, adjusted EBITDA, adjusted net income attributable to owners of the Company, adjusted net income per share attributable to owners of the Company, net (cash) debt, working capital and available liquidity. Please refer to the section titled "Alternative Performance (Non-IFRS) Measures" for a discussion of non-IFRS measures.

This MD&A contains “forward‐looking statements” that are subject to risk factors set out in a cautionary note contained at the end of this MD&A. The Company cannot assure investors that such statements will prove to be accurate, and actual results and future events may differ materially from those anticipated in such statements. The results for the periods presented are not necessarily indicative of the results that may be expected for any future period. Investors are cautioned not to place undue reliance on such forward-looking statements. All information contained in this MD&A is current and has been approved by the Board of Directors of the Company (the “Board”) as of November 2, 2026, unless otherwise stated.

BUSINESS OVERVIEW

Ero is a Brazil-focused, growth-oriented mining company with a diversified portfolio of copper and gold assets, headquartered in Vancouver, B.C. The Company operates two copper mines – the Caraíba Operations in Bahia State and the Tucumã Operation in Pará State – as well as the Xavantina Operations, a producing gold mine in Mato Grosso State. In addition to its operating assets, Ero is advancing the Furnas Copper-Gold Project, located in the mineral-rich Carajás Province in Pará State, through a definitive earn-in agreement with Vale Base Metals to acquire a 60% interest in the project.

Ero’s operating philosophy is grounded in a commitment to safety, operational excellence, and the responsible production of minerals essential for a better tomorrow. The Company’s shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol “ERO.” Additional information, including technical reports on the Company’s operations and projects, is available on the Company’s website (www.ero.com), SEDAR+ (www.sedarplus.ca), and on EDGAR (www.sec.gov).

Ero Copper Corp. September 30, 2026 MD&A | Page 1

HIGHLIGHTS

Operating Highlights


	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Copper (Caraíba Operations)
Ore Processed (tonnes)	1,161,102		1,074,182		996,661		3,307,493		2,481,508
Grade (% Cu)	0.90		0.87		1.01		0.90		1.14
Cu Production (tonnes)	9,387		8,351		9,085		26,564		25,604
Cu Production (lbs)	20,694,259		18,410,934		20,029,832		58,563,914		56,447,924
Cu Sold in Concentrate (tonnes)	9,537		7,926		9,080		26,668		25,416
Cu Sold in Concentrate (lbs)	21,025,970		17,473,566		20,016,537		58,793,094		56,031,397

Cu C1 Cash Cost(1)	$	2.89	$	2.76	$	2.32	$	2.81	$	2.20

Copper (Tucumã Operation)
Ore Processed (tonnes)	814,137		715,415		575,041		2,093,269		1,288,054
Grade (% Cu)	1.30		1.44		1.51		1.44		1.74
Cu Production (tonnes)	8,958		8,964		7,579		26,383		18,997
Cu Production (lbs)	19,749,378		19,762,521		16,707,162		58,164,304		41,880,323
Cu Sold in Concentrate (tonnes)	8,638		8,581		6,622		25,970		17,758
Cu Sold in Concentrate (lbs)	19,043,817		18,918,156		14,597,738		57,254,133		39,148,894
Cu C1 Cash Cost(1)(2)	$	2.12	$	2.10	$	1.62	$	2.07	$	1.62

Total Copper
Cu Production (tonnes)	18,345		17,315		16,664		52,947		44,601
Cu Production (lbs)	40,443,637		38,173,455		36,736,994		116,728,218		98,328,247
Cu Sold in Concentrate (tonnes)	18,175		16,507		15,702		52,638		43,174
Cu Sold in Concentrate (lbs)	40,069,787		36,391,722		34,614,275		116,047,227		95,180,291
Realized Copper Price(1)	$	6.21	$	5.78	$	4.29	$	5.84	$	4.17
Cu C1 Cash Cost(1)(2)	$	2.51	$	2.42	$	2.00	$	2.43	$	2.07

Gold (Xavantina Operations)
Ore Processed (tonnes)	55,478		48,564		47,865		141,170		118,922
Grade (g / tonne)	4.90		6.20		8.15		5.55		7.46
Au Production (oz)	7,844		8,693		9,073		22,032		23,454
Historic Au Concentrate Recovered (oz)	17,414		11,860		—		31,386		—
Total Au (oz)	25,258		20,553		9,073		53,418		23,454
Au Sold in Doré (oz)	4,949		6,663		8,439		17,631		22,549
Au Sold in Concentrate (oz)(3)	20,008		10,353		—		34,672		—

Au Sold (oz)	24,957		17,016		8,439		52,303		22,549
Au Production C1 Cash Cost(1)	$	1,892	$	1,586	$	1,086	$	1,828	$	1,100
Au Production AISC(1)	$	3,607	$	2,881	$	2,425	$	3,528	$	2,307

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

(2) The Company declared commercial production at the Tucumã Operation effective July 1, 2025. As such, copper C1 cash costs for Tucumã and consolidated copper operations reflect only Tucumã's costs from Q3 2025 onward.

(3) Gold sold in concentrate includes gold ounces produced in flotation and the historic gold concentrate stockpiles.

Ero Copper Corp. September 30, 2026 MD&A | Page 2

Financial Highlights

($ in millions, except per share amounts)


	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Revenues	$	348.0	$	284.3	$	177.1	$	895.5	$	465.7
Gross profit	169.6		121.4		57.4		396.9		180.2
EBITDA(1)	195.8		159.8		90.8		531.0		322.8
Adjusted EBITDA(1)	200.6		144.0		77.1		469.8		223.0
Cash flow from operations	191.2		137.9		110.3		421.9		266.0
Net income	118.0		90.7		36.5		318.0		188.2
Net income attributable to owners of the Company	116.2		89.5		36.0		314.6		186.8
- Per share (basic)	1.11		0.86		0.35		3.02		1.80
- Per share (diluted)	1.10		0.85		0.35		2.97		1.80
Adjusted net income attributable to owners of the Company(1)	129.3		87.4		27.9		289.1		111.9
- Per share (basic)	1.24		0.84		0.27		2.77		1.08
- Per share (diluted)	1.22		0.83		0.27		2.73		1.08

Cash, cash equivalents, and short-term investments	114.1		101.7		66.3		114.1		66.3
Working capital (deficit)(1)	89.4		87.7		(45.2)		89.4		(45.2)
Available liquidity(1)	264.1		181.7		111.3		264.1		111.3
Net debt(1)	353.5		452.7		545.5		353.5		545.5

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

Q3 2026 Highlights

Record financial results and accelerated deleveraging driven by solid operating performance and value unlocked through increased sales of gold recovered from historic concentrate stockpiles

•Consolidated copper production increased 6% quarter-on-quarter to 18,345 tonnes in concentrate, at C1 cash costs(1) of $2.51 per pound produced.

◦The Caraíba Operations produced 9,387 tonnes of copper in concentrate, an increase of 12% quarter-on-quarter, driven by increased plant throughput and head grades. C1 cash costs(1) were $2.89 per pound produced.

◦The Tucumã Operation delivered 8,958 tonnes of copper in concentrate, in line with the prior quarter, as higher plant throughput offset lower grades and recoveries. C1 cash costs(1) were $2.12 per pound produced.

•Gold from the Xavantina Operations increased 23% to 25,258 ounces, supported by higher ounces recovered from historic gold concentrate stockpiles.

◦Gold recovered from historic gold concentrate stockpiles increased by 47% quarter-on-quarter to a record 17,414 ounces, at C1 cash costs(1) and AISC(1) of $621 and $710 per ounce, respectively. The increase reflected drier seasonal conditions and the benefits of the mobile filter press and industrial dryer installed in Q2 2026.

Ero Copper Corp. September 30, 2026 MD&A | Page 3

◦Mined gold production totaled 7,844 ounces as higher mined and processed tonnage was offset by lower mined and processed grades during the period. Mine operations prioritized the development of higher-grade stopes to improve operational flexibility and support higher sustained mining rates and grades beginning in Q4. C1 cash costs(1) and AISC(1) for mined production were $1,892 and $3,607 per ounce, respectively.

•The Company’s foreign exchange hedge program generated realized gains of $10.4 million in Q3 2026 and $30.3 million year-to-date, offsetting the cash impact of the stronger BRL. These gains are recognized separately and are not reflected in the Company's reported unit operating costs. Allocating the year-to-date realized gains across the Company's operations on a pro rata basis would equate to estimated reductions of approximately $0.15 per pound on full-year consolidated copper C1 cash costs(1) and approximately $50 per ounce on Xavantina's full-year C1 cash costs(1) and AISC(1).

•Strong operating performance, higher copper and gold sales volumes, and favorable metal prices drove record results across several key financial metrics, including cash flow from operations, adjusted EBITDA(1) and net income.

◦Cash flow from operations was $191.2 million, an increase of 39% quarter-on-quarter.

◦Adjusted EBITDA(1) was $200.6 million, an increase of 39% quarter-on-quarter.

◦Net income attributable to the owners of the Company increased 30% quarter-on-quarter to $116.2 million, or $1.10 per diluted share.

◦Adjusted net income attributable to the owners of the Company(1) increased 48% quarter-on-quarter to $129.3 million, or $1.22 per diluted share.

•Available liquidity(1) increased by $82.3 million quarter-on-quarter to $264.1 million, reflecting strong cash generation and record quarterly debt reduction.

◦At quarter-end, available liquidity(1) comprised $114.1 million in cash and cash equivalents and $150.0 million of undrawn availability under the Company's senior secured revolving credit facility ("Senior Revolving Credit Facility").

◦During the quarter, the Company repaid $70.0 million under the Senior Revolving Credit Facility, bringing total repayments in 2026 to $105.0 million. As a result, total balance sheet debt decreased to $467.5 million, compared to $554.4 million at the end of Q2 2026 and $607.1 million at year-end 2025.

Reaffirming consolidated copper production and updating consolidated copper cost guidance as well as Xavantina production and cost guidance to reflect year-to-date performance and Q4 historic gold concentrate sales outlook

•Consolidated full-year copper production guidance remains unchanged at 67,500 to 77,500 tonnes, with Q4 expected to be the strongest production quarter of the year at both copper operations.

◦At the Caraíba Operations, Q4 2026 production is expected to benefit from higher mined and processed copper grades.

◦At the Tucumã Operation, higher throughput and improved metallurgical recoveries are expected to offset lower planned copper grades.

Ero Copper Corp. September 30, 2026 MD&A | Page 4

•Consolidated copper C1 cash cost(1) guidance has been updated to $2.25 to $2.45 per pound produced, reflecting the previously communicated impacts of a stronger BRL and inflationary pressures associated with the ongoing U.S.-Iran conflict. Allocating the year-to-date realized foreign exchange hedge gains across the Company's operations on a pro rata basis would translate to an estimated reduction of approximately $0.15 per pound on full-year consolidated copper C1 cash costs(1), equating to $2.10 to $2.30 per pound produced, in line with the Company's original 2026 guidance.

•Gold from the Xavantina Operations is expected to be 75,000 to 80,000 ounces in 2026.

◦Gold recovered from historic gold concentrates is expected to total approximately 45,000 ounces, including over 31,000 ounces recovered through the end of Q3 and approximately 15,000 ounces expected in Q4. The Q4 shipment outlook includes more than 6,000 ounces invoiced in October and approximately 9,000 ounces contained in concentrate at site undergoing drying prior to shipment.

◦Full-year mined gold production guidance has been revised to be 30,000 to 35,000 ounces, reflecting extended downtime associated with the installation of key ventilation and cooling infrastructure in H1 2026, as well as lower mined and processed grades in Q3. Production is expected to increase in Q4, supported by higher mining rates and grades following the acceleration of underground development during Q3.

◦Full-year C1 cash cost(1) and AISC(1) guidance for mined gold production has been updated to $1,650 to $1,800 and $3,300 to $3,600 per ounce, respectively. Allocating the year-to-date realized foreign exchange hedge gains across the Company's operations on a pro rata basis would translate to an estimated reduction of approximately $50 per ounce on Xavantina's full-year C1 cash costs(1) and AISC(1), equating to $1,600 to $1,750 and $3,250 to $3,550 per ounce, respectively.

•Full-year capital expenditure guidance remains unchanged at $285 to $330 million.

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

Ero Copper Corp. September 30, 2026 MD&A | Page 5

The Company continued to advance the Furnas Copper-Gold Project, completing the Phase 3 drill program in Q3 2026, more than two years ahead of schedule

•During Q3 2026, the Company completed the 45,000-meter Phase 3 drill program, satisfying the exploration component of the Furnas Project earn-in agreement with Vale Base Metals ("VBM"). To date, the Company has completed more than 100,000 meters of exploration drilling at Furnas with drilling requirements completed more than two years ahead of schedule. Assay results from Phase 2 and the first 7,000 meters of the Phase 3 program, published in Q2(1), continued to demonstrate high-grade continuity within the SE and NW zones and extension of mineralization both to depth and along strike adjacent to planned underground infrastructure as described in the Preliminary Economic Assessment ("PEA")(2).

•The Company continues to advance technical work streams including permitting, hydrogeological studies, ongoing environmental studies and confirmatory metallurgical testwork in support of a Pre-Feasibility Study ("PFS") expected to be published in 2027.

•The Furnas PEA(2), which was filed on SEDAR+ on March 30, 2026, outlines a large-scale, long-life operation with compelling economics, including an after-tax net present value (8%) of $2.0 billion and a 27.0% after-tax internal rate of return based on long-term copper, gold and silver prices of $4.60 per pound, $3,300 per ounce, and $40.00 per ounce, respectively.

The PEA(2) is preliminary in nature and includes inferred mineral resources, which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA(2) will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

(1) For more information on the Phase 2 and 3 assay results, please see the Company's press release dated June 10, 2026.

(2) For more information on the PEA, please see the Company's press release dated March 30, 2026.

Ero Copper Corp. September 30, 2026 MD&A | Page 6

REVIEW OF OPERATIONS

The Caraíba Operations


	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Ore mined (tonnes)	1,142,352		1,098,614		1,018,972		3,226,543		2,507,975
Ore processed (tonnes)	1,161,102		1,074,182		996,661		3,307,493		2,481,508
Grade (% Cu)	0.90		0.87		1.01		0.90		1.14
Recovery (%)	89.4		89.0		90.4		88.9		90.6

Cu Production (tonnes)	9,387		8,351		9,085		26,564		25,604
Cu Production (lbs)	20,694,259		18,410,934		20,029,832		58,563,914		56,447,924

Concentrate grade (% Cu)	33.9		33.1		33.1		33.1		32.5
Concentrate sales (tonnes)	28,174		23,993		27,541		80,829		78,528
Cu Sold in Concentrate (tonnes)	9,537		7,926		9,080		26,668		25,416
Cu Sold in Concentrate (lbs)	21,025,970		17,473,566		20,016,537		58,793,094		56,031,397


Copper C1 cash cost(1)	$	2.89	$	2.76	$	2.32	$	2.81	$	2.20

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

The Caraíba Operations produced 9,387 tonnes of copper in concentrate during the period, representing a quarter-on-quarter increase of 12%, driven by higher processed volumes and grades. Caraíba's C1 cash cost(1) was $2.89 per pound of copper produced for the quarter. Higher C1 cash costs(1) primarily reflected accelerated waste stripping at Surubim, which delayed access to the high-grade pit bottom, as well as higher diesel and maintenance costs. The continued strength of the BRL also increased the US-dollar equivalent of unit operating costs.

Copper production from the Caraíba Operations is expected to total between 35,000 to 40,000 tonnes in 2026, with Q4 expected to benefit from higher planned mined and processed grades. Full-year 2026 copper C1 cash cost(1) guidance has been updated to $2.55 to $2.75 (from $2.30 to $2.50) per pound produced to reflect the previously communicated impacts of a stronger Brazilian real on the Company's reported C1 cash costs(1) as well as inflationary pressures associated with the ongoing U.S.-Iran conflict.

The cash impact of the stronger BRL has been offset by year-to-date realized gains of $30.3 million from the Company's foreign exchange hedge program. Allocating the year-to-date realized foreign exchange hedge gains across the Company's operations on a pro rata basis would translate to an estimated reduction of approximately $0.20 per pound on the Caraíba's full-year C1 cash costs(1) equating to $2.35 to $2.55 per pound produced, generally in line with the Company's original 2026 guidance.

Ero Copper Corp. September 30, 2026 MD&A | Page 7

The Tucumã Operation


	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Ore mined (tonnes)	1,224,488		590,600		1,333,748		2,271,772		2,460,850
Ore processed (tonnes)	814,137		715,415		575,041		2,093,269		1,288,054
Grade (% Cu)	1.30		1.44		1.51		1.44		1.74
Recovery (%)	85.0		88.2		89.2		87.1		88.0

Cu Production (tonnes)	8,958		8,964		7,579		26,383		18,997
Cu Production (lbs)	19,749,378		19,762,521		16,707,162		58,164,304		41,880,323

Concentrate grade (% Cu)	28.8		28.4		29.9		28.7		30.1
Concentrate sales (tonnes)	29,780		30,861		24,077		91,159		59,824
Cu Sold in Concentrate (tonnes)	8,638		8,581		6,622		25,970		17,758
Cu Sold in Concentrate (lbs)	19,043,817		18,918,156		14,597,738		57,254,133		39,148,894


Copper C1 cash cost(1)(2)	$	2.12	$	2.10	$	1.62	$	2.07	$	1.62

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

(2) The Company declared commercial production at the Tucumã Operation effective July 1, 2025. As such, 2025 copper C1 cash cost for the Tucumã Operation and consolidated copper operations reflect only Tucumã Operation's costs from Q3 2025 onward.

The Tucumã Operation produced 8,958 tonnes of copper in concentrate during the quarter at a C1 cash cost(1) of $2.12 per pound produced. Copper production was in line with the prior quarter, as higher plant throughput offset lower planned grades and recoveries. C1 cash costs(1) were also in line with the prior quarter, with initial OneEro cost savings offsetting the impact of inflationary pressures on input costs and the continued strength of the BRL.

Copper production at Tucumã is expected to total 32,500 to 37,500 tonnes for the full year, with production modestly weighted to the second half of the year. Q4 production is expected to benefit from higher plant throughput and recovery rates. Full-year C1 cash cost(1) guidance for Tucumã remains unchanged at $1.95 to $2.15 per pound produced.

The Company remains on schedule to install and commission modular tailings filters in Q4, providing additional capacity to Tucumã's tailings filtration circuit. The incremental filtration capacity and associated plant throughput benefits are expected to support future production plans and are not reflected in full-year 2026 operational guidance.

The cash impact of the stronger BRL has been offset by year-to-date realized gains of $30.3 million from the Company's foreign exchange hedge program. Allocating the year-to-date realized foreign exchange hedge gains across the Company's operations on a pro rata basis would translate to an estimated reduction of approximately $0.10 per pound on the Tucumã's full-year C1 cash costs(1) equating to $1.85 to $2.05 per pound produced.

Ero Copper Corp. September 30, 2026 MD&A | Page 8

The Xavantina Operations


	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Ore mined (tonnes)	56,527		49,484		50,268		138,831		121,325
Ore processed (tonnes)	55,478		48,564		47,865		141,170		118,922
Head grade (grams per tonne Au)	4.90		6.20		8.15		5.55		7.46
Recovery (%)	89.7		89.8		78.4		87.5		84.7



Gold production (oz)	7,844		8,693		9,073		22,032		23,454
- Doré produced	5,298		6,592		9,073		16,207		23,454
- Flotation concentrate produced	2,546		2,101		—		5,825		—
Historic gold concentrate recovered (oz)	17,414		11,860		—		31,386		—
Total gold (oz)	25,258		20,553		9,073		53,418		23,454
Silver ounces produced (oz)	3,375		3,953		6,418		9,890		14,826

Gold sold in doré (oz)	4,949		6,663		8,439		17,631		22,549
Gold sold in concentrate (oz)(2)	20,008		10,353		—		34,672		—
Gold sold (oz)	24,957		17,016		8,439		52,303		22,549
Silver sold (oz)	2,486		4,123		5,608		9,817		14,458

Realized gold price(1)	$	3,876	$	3,903	$	3,280	$	3,948	$	3,070
Gold Production C1 cash cost(1)	$	1,892	$	1,586	$	1,086	$	1,828	$	1,100
Gold Production AISC(1)	$	3,607	$	2,881	$	2,425	$	3,528	$	2,307
Historic gold concentrate C1 cash cost(1)	$	621	$	633	$	—	$	645	$	—
Historic gold concentrate AISC(1)	$	710	$	715	$	—	$	733	$	—

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

(2) Gold sold in concentrate includes gold ounces produced in flotation and the historic gold concentrate stockpiles.

Gold produced and recovered at the Xavantina Operations increased 23% quarter-on-quarter to 25,258 ounces, comprising 7,844 ounces of mined gold production and 17,414 ounces recovered from historic concentrate stockpiles. Mined gold production reflected higher mined and processed volumes, offset by lower grades. During the quarter, the operation accelerated underground development, including the development of higher-grade stopes, to improve operational flexibility and support higher sustained mining rates beginning in Q4. As a result, C1 cash costs(1) and AISC(1) were $1,892 and $3,607 per ounce of mined gold production, respectively.

Gold recovered from the historic concentrate stockpiles increased 47% quarter-on-quarter to 17,414 ounces, reflecting drier seasonal conditions and the benefit of additional drying infrastructure installed in late Q2. C1 cash costs(1) and AISC(1) were $621 and $710 per recovered ounce, respectively.

Gold sales increased 47% quarter-on-quarter to 24,957 ounces, comprised of 4,949 ounces in doré and 20,008 ounces in concentrate, including contributions from Xavantina's historic gold concentrates.

Ero Copper Corp. September 30, 2026 MD&A | Page 9

The cash impact of the stronger BRL has been offset by year-to-date realized gains of $30.3 million from the Company's foreign exchange hedge program. Allocating the year-to-date realized foreign exchange hedge gains across the Company's operations on a pro rata basis would translate to an estimated reduction of approximately $50 per ounce on the Xavantina Operations' full-year C1 cash costs(1) and AISC(1) equating to $1,600 to $1,750 and $3,250 to $3,550 per ounce, respectively.

Gold recovered from historic concentrate stockpiles is expected to total approximately 45,000 ounces, including over 31,000 ounces recovered through the end of Q3 and approximately 15,000 ounces projected for Q4. The Q4 shipment outlook includes more than 6,000 ounces invoiced in October and approximately 9,000 ounces contained in concentrate at site undergoing drying prior to shipment.

Ero Copper Corp. September 30, 2026 MD&A | Page 10

2026 GUIDANCE

Consolidated copper production guidance remains unchanged at 67,500 to 77,500 tonnes, with Q4 expected to be the strongest production quarter of the year at both copper operations. At the Caraíba Operations, Q4 copper production is expected to benefit from higher mined and processed copper grades. At the Tucumã Operation, higher plant throughput and improved recoveries are expected to offset lower planned copper grades.

Full-year consolidated copper C1 cash cost(1) guidance has been updated to $2.25 to $2.45 per pound produced, reflecting the impact of continued strength in the BRL, inflationary pressures arising from the ongoing U.S.-Iran conflict, and delayed access to the higher-grade pit bottom of Surubim at the Caraíba Operations during the third quarter. Unit costs are expected to decline in Q4 at both of the copper operations driven by increased production.

The cash impact of the stronger BRL has been offset by year-to-date realized gains of $30.3 million from the Company's foreign exchange hedge program. Allocating the year-to-date realized foreign exchange hedge gains across the Company's operations on a pro rata basis would translate to an estimated reduction of approximately $0.15 per pound on full-year consolidated copper C1 cash costs(1), equating to $2.10 to $2.30 per pound produced, generally in line with the Company's original 2026 guidance.

Gold from Xavantina is expected to total 75,000 to 80,000 ounces in 2026, including 30,000 to 35,000 ounces of mined production and approximately 45,000 ounces recovered from historic gold concentrate stockpiles. Mined gold production guidance has been revised to reflect extended downtime in H1 related to the installation of key ventilation and cooling infrastructure and lower mined and processed grades in Q3. Mined production is expected to increase in Q4, supported by higher mining rates and grades following the acceleration of underground development during Q3. As a result, gold C1 cash cost(1) and AISC(1) guidance has been updated to $1,650 to $1,800 per ounce and $3,300 to $3,600 per ounce, respectively. Allocating the year-to-date realized foreign exchange hedge gains across the Company's operations on a pro rata basis would translate to an estimated reduction of approximately $50 per ounce on Xavantina's full-year C1 cash costs(1) and AISC(1) equating to $1,600 to $1,750 and $3,250 to $3,550 per ounce, respectively

Total capital expenditure guidance is maintained in the range of $285 to $330 million.

Ero Copper Corp. September 30, 2026 MD&A | Page 11

2026 Production and Cost Guidance


	Previous Guidance	Current Guidance	Current Guidance with YTD $30M FX Gain Applied(1)
Consolidated Copper Production (tonnes)
Caraíba Operations	35,000 - 40,000	35,000 - 40,000	35,000 - 40,000
Tucumã Operation	32,500 - 37,500	32,500 - 37,500	32,500 - 37,500
Total Copper	67,500 - 77,500	67,500 - 77,500	67,500 - 77,500

Consolidated Copper C1 Cash Costs ($/lb)(2)
Caraíba Operations	$2.30 - $2.50	$2.55 - $2.75	$2.35 - $2.55
Tucumã Operation	$1.95 - $2.15	$1.95 - $2.15	$1.85 - $2.05
Consolidated Copper Operations	$2.15 - $2.35	$2.25 - $2.45	$2.10 - $2.30

The Xavantina Operations (oz)
Mined Au Production	40,000 - 50,000	30,000 - 35,000	30,000 - 35,000
Au Recovered from Historic Stockpiles	—	Approx. 45,000	Approx. 45,000
Total Gold	40,000 - 50,000	75,000 - 80,000	75,000 - 80,000

Mined Gold Production Costs ($/oz)
C1 Cash Cost(2)	$1,100 - $1,350	$1,650 - $1,800	$1,600 - $1,750
AISC(2)	$2,200 - $2,700	$3,300 - $3,600	$3,250 - $3,550

Note: Guidance is based on estimates and assumptions including, but not limited to, mineral reserve estimates, grade and continuity of interpreted geological formations and metallurgical recovery performance. Please refer to the Company’s SEDAR+ and EDGAR filings, including the most recent Annual Information Form ("AIF"), for a detailed summary of risk factors.

(1) Assumes $30.3 million realized gains through the end of Q3 from the Company's foreign exchange hedge program, allocated to the operations for the purposes of calculating unit cash costs as follows: 55% ($16.7 million) to Caraíba, 30% ($9.1 million) to Tucumã, and 15% ($4.6 million) to Xavantina.

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

2026 Capital Expenditure Guidance

Figures presented in the table below are in USD millions.


												Current Guidance
Caraíba Operations												$170 - $185
Tucumã Operation												$35 - $45
Xavantina Operations												$50 - $60
Furnas Copper-Gold Project, Other Exploration & Corporate												$30 - $40
Total												$285 - $330

Ero Copper Corp. September 30, 2026 MD&A | Page 12

REVIEW OF FINANCIAL RESULTS

The following table provides a summary of the financial results of the Company for Q3 2026 and Q3 2025. Tabular amounts are in thousands of US dollars, except share and per share amounts.


		Three months ended September 30,
	Notes	2026		2025

Revenue	1	$	348,034	$	177,092
Cost of sales	2	(178,475)		(119,695)
Gross profit		169,559		57,397
Expenses
General and administrative		(16,818)		(12,580)
Share-based compensation		(7,458)		(6,742)

Operating Income		145,283		38,075
Finance income		825		1,208
Finance expense	3	(9,952)		(11,331)
Foreign exchange gain	4	5,077		22,055
Other income (expenses)		2,285		(720)
Income before income taxes		143,518		49,287
Income tax expense
Current		(25,905)		(8,086)
Deferred		341		(4,688)
	5	(25,564)		(12,774)
Net income for the period		$	117,954	$	36,513

Other comprehensive (loss) gain
Foreign currency translation (loss) gain	6	(1,689)		22,429
Comprehensive income		$	116,265	$	58,942









Net income per share attributable to owners of the Company
Basic		$	1.11	$	0.35
Diluted		$	1.10	$	0.35
Weighted average number of common shares outstanding
Basic		104,351,583		103,621,631
Diluted		105,977,099		104,044,755

Ero Copper Corp. September 30, 2026 MD&A | Page 13

Notes:

1. Revenues from copper sales in Q3 2026 was $252.9 million (Q3 2025 - $149.7 million) on sale of 40.1 million lbs of copper (Q3 2025 - 34.6 million lbs). The increase in copper revenues was primarily attributed to a 45% higher average realized price and an 16% increase in copper sold against the comparative period.

Revenues from gold sales in Q3 2026 was $95.1 million (Q3 2025 - $27.4 million) on sale of 4,949 ounces of gold in doré (Q3 2025 - 8,439 ounces) and 20,008 ounces of gold in concentrate (Q3 2025 - nil ounces) at an average realized price of $3,876 per ounce (Q3 2025 - $3,280 per ounce). The increase in gold revenues was primarily driven by 196% higher sales volumes, attributed to the sale of gold concentrates which began in Q4 2025, and 18% higher realized gold prices.

2. Cost of sales for Q3 2026 from copper sales was $148.6 million (Q3 2025 - $104.3 million), primarily consisting of $37.1 million (Q3 2025 - $25.9 million) in depreciation and depletion, $34.6 million (Q3 2025 - $23.1 million) in contracted services, $23.9 million (Q3 2025 - $18.0 million) in materials and consumables, $22.8 million (Q3 2025 - $19.5 million) in salaries and benefits, $15.7 million (Q3 2025 - $12.4 million) in maintenance costs, $12.4 million (Q3 2025 - $8.7 million) in sales expenses, $6.8 million (Q3 2025 - $4.6 million) in utilities, and $0.9 million (Q3 2025 - $0.9 million) in other costs and a decrease of $5.5 million (Q3 2025 - $9.8 million decrease) due to changes in inventories. The increase in cost of sales in Q3 2026 compared to Q3 2025 was attributed to a $25.4 million increase at the Tucumã Operation reflecting a 30% increase in sales volume since achieving commercial production in Q3 2025, as well as a $18.9 million increase at the Caraíba Operations reflecting higher mining and processing costs due to increased ore processed to offset lower head grades, as well as higher unplanned waste costs at Surubim and increased road fleet maintenance costs incurred during the quarter.

Cost of sales for Q3 2026 from gold sales was $29.9 million (Q3 2025 - $15.4 million). Cost of sales includes production costs primarily consisting of $7.7 million (Q3 2025 - $0.3 million) in sales expenses, $5.7 million (Q3 2025 - $2.0 million) in contracted services, $5.5 million (Q3 2025 - $5.1 million) in depreciation and depletion, $5.3 million (Q3 2025 - $4.1 million) in salaries and benefits, $3.7 million (Q3 2025 - $2.3 million) in materials and consumables, $1.9 million (Q3 2025 - $1.3 million) in maintenance costs, $1.1 million (Q3 2025 - $0.8 million) in utilities, and $0.1 million (Q3 2025 - $0.2 million) in other costs, partially offset by $1.2 million decrease (Q3 2025 - $0.6 million decrease) due to changes in inventories. The increase in cost of sales as compared to Q3 2025 primarily reflects increased sales volume relating to gold concentrates, as well as higher mining costs as the operation transitioned to mechanized mining.

3. Finance expense for Q3 2026 was $10.0 million (Q3 2025 - $11.3 million) and was primarily comprised of interest on loans and borrowings of $3.6 million (Q3 2025 - $6.7 million), other finance expense of $3.1 million (Q3 2025 - $1.0 million), accretion of deferred revenue of $1.9 million (Q3 2025 - $2.0 million), accretion of provision for rehabilitation and closure costs of $0.8 million (Q3 2025 - $0.9 million), and lease interest of $0.6 million (Q3 2025 - $0.7 million). During the quarter, $5.4 million (Q3 2025 - $4.6 million) in borrowing costs were capitalized to projects in progress primarily related to the Deepening Project.

4. Foreign exchange gain for Q3 2026 was $5.1 million (Q3 2025 - $22.1 million gain). This amount is primarily comprised of $10.4 million (Q3 2025 - $2.0 million gain) of realized foreign exchange gain on derivative contracts, partially offset by $3.1 million (Q3 2025 - $4.0 million gain) of unrealized foreign exchange loss on derivative contracts, other foreign exchange losses of $1.7 million (Q3 2025 - $1.0 million losses), and $0.6 million (Q3 2025 - $17.0 million gain) in foreign exchange loss on USD denominated debt at MCSA for which the functional currency is the BRL.

5. In Q3 2026, the Company recognized $25.6 million in income tax expense (Q3 2025 $12.8 million expense). The increase in income tax expense was primarily a result of an increase in income before taxes as compared to the same quarter of the prior year.

6. The foreign currency translation loss was a result of a fluctuation of the BRL against the USD during Q3 2026, which weakened marginally from approximately 5.177 BRL per US dollar at the beginning of Q3 2026 to approximately 5.181 BRL per US dollar by the end of the quarter, when translating the net assets of the Company’s Brazilian subsidiaries to USD for presentation in the Company’s condensed consolidated interim financial statements.

Ero Copper Corp. September 30, 2026 MD&A | Page 14

The following table provides a summary of the financial results of the Company for YTD 2026 and 2025. Tabular amounts are in thousands of US dollars, except share and per share amounts.


		Nine months ended September 30,
	Notes	2026		2025

Revenue	1	$	895,517	$	465,690
Cost of sales	2	(498,625)		(285,485)
Gross profit		396,892		180,205
Expenses
General and administrative		(40,411)		(35,515)
Share-based compensation		(11,161)		(15,671)

Operating Income		345,320		129,019
Finance income		3,389		3,176
Finance expense	3	(33,694)		(22,030)
Foreign exchange gain	4	69,577		119,095
Other expenses	5	(3,808)		(495)
Income before income taxes		380,784		228,765
Income tax expense
Current		(50,877)		(21,109)
Deferred		(11,893)		(19,488)
	6	(62,770)		(40,597)
Net income for the period		$	318,014	$	188,168

Other comprehensive gain
Foreign currency translation gain	7	57,908		106,051
Comprehensive income		$	375,922	$	294,219









Net income per share attributable to owners of the Company
Basic		$	3.02	$	1.80
Diluted		$	2.97	$	1.80
Weighted average number of common shares outstanding
Basic		104,299,083		103,589,664
Diluted		105,903,492		103,941,295

Ero Copper Corp. September 30, 2026 MD&A | Page 15

Notes:

1. Revenues from copper sales in YTD 2026 amounted to $693.0 million (YTD 2025 - $397.3 million), reflecting the sale of 116.0 million lbs of copper compared to 95.2 million lbs in YTD 2025. The increase in revenues was primarily attributable to ramp-up of production from the Tucumã Operations, which had $328.8 million in revenue compared to $155.0 million in the prior year, as well as realizing approximately 40% higher copper prices at both operations compared to the prior year.

Revenues from gold sales in YTD 2026 was $202.5 million (YTD 2025 - $68.4 million), reflecting the sale of 17,631 ounces of gold in doré (YTD 2025 - 22,549 ounces) and 34,672 ounces of gold in concentrate (YTD 2025 - nil ounces) at an average realized price of $3,948 per ounce (YTD 2025 - $3,070 per ounce). The increase in gold revenues was driven by 132% higher sales volumes, primarily attributed to the sale of gold concentrate, and 29% higher realized gold prices.

2. Cost of sales for YTD 2026 from copper sales was $420.1 million (YTD 2025 - $245.5 million). Cost of sales includes production costs which primarily consist of $102.0 million (YTD 2025 - $60.0 million) in depreciation and depletion, $91.1 million (YTD 2025 - $42.5 million) in contracted services, $68.7 million (YTD 2025 - $52.5 million) in salaries and benefits, $62.2 million (YTD 2025 - $39.4 million) in materials and consumables, $47.6 million (YTD 2025 - $33.6 million) in maintenance costs, $36.1 million (YTD 2025 - $16.1 million) in sales expenses, and $18.2 million (YTD 2025 - $11.7 million) in utilities and a decrease of $8.4 million (YTD 2025 - $12.8 million decrease) due to changes in inventories. The increase in cost of sales was primarily attributable to a $108.0 million increase in cost of sales at the Tucumã Operation as sales were 46% higher than the comparable period, as well as a $66.6 million increase at the Caraíba Operations reflecting a 9% stronger Brazilian Reals against the U.S. Dollar, a 5% increase in sales volume, and higher mining and processing cost due to an increase in ore mined and processed to offset lower head grade.

Cost of sales for YTD 2026 from gold sales was $78.6 million (YTD 2025 - $40.0 million). Cost of sales includes production costs which primarily consist of $16.7 million (YTD 2025 - $14.1 million) in depreciation and depletion, $15.0 million (YTD 2025 - $10.0 million) in salaries and benefits, $14.7 million (YTD 2025 - $0.8 million) in sales expenses, $13.4 million (YTD 2025 - $6.2 million) in contracted services, $9.8 million (YTD 2025 - $5.7 million) in materials and consumables, $5.0 million (YTD 2025 - $2.8 million) in maintenance costs, $3.3 million (YTD 2025 - $1.9 million) in utilities, and nil (YTD 2025 - $2.0 million decrease) due to changes in inventories. The increase in cost of sales reflects higher mining costs as the operation transitioned to mechanized mining, as well as costs related to gold concentrate sales.

3. Finance expense for YTD 2026 was $33.7 million (YTD 2025 - $22.0 million) and was primarily comprised of interest on loans and borrowings of $13.7 million (YTD 2025 - $6.7 million), other finance expense of $10.0 million (YTD 2025 - $6.1 million) mainly related to expected credit loss provision on a note receivable, accretion of deferred revenue of $5.7 million (YTD 2025 - $4.7 million), accretion of provision for rehabilitation and closure costs of $2.4 million (YTD 2025 - $2.6 million), and lease interest of $1.9 million (YTD 2025 - $1.9 million). During YTD 2026, $15.4 million (YTD 2025 - $27.0 million) in interest was capitalized to projects in progress. The increase in finance expense was primarily attributable to a decrease in capitalized borrowing costs upon the Tucumã Operation achieving commercial production effective July 1, 2025.

4. Foreign exchange gain for YTD 2026 was $69.6 million (YTD 2025 - $119.1 million gain). This amount was primarily comprised of a foreign exchange gain of $39.8 million (YTD 2025 - $95.1 million gain) on USD denominated debt in MCSA, for which the functional currency is the BRL, a realized foreign exchange gain on derivative contracts of $30.3 million amount (YTD 2025 - nil gain), and a foreign exchange gain on unrealized derivative contracts of $8.1 million (YTD 2025 - $27.4 million gain), partially offset by other foreign exchange losses of $8.7 million (YTD 2025 - $3.5 million losses). The fluctuation in foreign exchange gains/losses were primarily a result of increased volatility of the USD/BRL foreign exchange rates, where the BRL strengthened 6.2% against the USD during YTD 2026.

5. In YTD 2026, the Company recognized $3.8 million in other expense (YTD 2025 - $0.5 million expense), comprised primarily of $10.9 million in realized losses on gold derivatives and $2.5 million in unrealized losses on copper derivatives, partially offset by the recovery of $5.7 million in out-of-period PIS/COFINS tax credits and $5.3 million in unrealized gains on gold derivatives. Other expense was not significant in the comparative period.

6. In YTD 2026, the Company recognized a $62.8 million income tax expense (YTD 2025 - $40.6 million expense). The increase over the comparative period was primarily a result of an increase in net income before income taxes in the current period.

Ero Copper Corp. September 30, 2026 MD&A | Page 16

7. The foreign currency translation gain is a result of fluctuations of the BRL against the USD during YTD 2026, which strengthened from approximately 5.50 BRL per US dollar at the beginning of 2026 to approximately 5.18 BRL per US dollar by the end of the period, when translating the net assets of the Company’s Brazilian subsidiaries to USD for presentation in the Company’s condensed consolidated interim financial statements.

SUMMARY OF QUARTERLY RESULTS

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


Selected Financial Information	Sep. 30,(1)		Jun. 30,(2)		Mar. 31,(3)		Dec. 31,(4)		Sep. 30,(5)		Jun. 30,(6)		Mar. 31,(7)		Dec. 31,(8)
	2026		2026		2026		2025		2025		2025		2025		2024
Revenue	$	348.0	$	284.3	$	263.2	$	320.2	$	177.1	$	163.5	$	125.1	$	122.5
Cost of sales	$	(178.5)	$	(162.9)	$	(157.3)	$	(155.7)	$	(119.7)	$	(96.2)	$	(69.6)	$	(70.2)
Gross profit	$	169.6	$	121.4	$	105.9	$	164.4	$	57.4	$	67.3	$	55.5	$	52.4
Net income (loss) for period	$	118.0	$	90.7	$	109.3	$	78.7	$	36.5	$	71.0	$	80.6	$	(48.9)
Income (loss) per share attributable to owners of the Company
- Basic	$	1.11	$	0.86	$	1.04	$	0.74	$	0.35	$	0.68	$	0.77	$	(0.47)
- Diluted	$	1.10	$	0.85	$	1.04	$	0.74	$	0.35	$	0.68	$	0.77	$	(0.47)
Weighted average number of common shares outstanding
- Basic	104,351,583		104,282,548		104,262,136		103,961,272		103,621,631		103,582,082		103,564,654		103,345,064
- Diluted	105,977,099		105,876,946		105,023,869		104,693,751		104,044,755		103,905,561		103,904,737		103,345,064

Notes:

1.During Q3 2026, the Company recognized net income of $118.0 million compared to net income of $90.7 million in the preceding quarter. The increase in net income compared to the prior quarter was primarily attributable to a $48.1 million increase in gross profit, partially offset by a $6.2 million increase in income tax expense, a $6.4 million increase in shared-based compensation, and a $5.8 million decrease in foreign exchange gains.

2.During Q2 2026, the Company recognized net income of $90.7 million compared to net income of $109.3 million in the preceding quarter. The decrease in net income compared to the prior quarter was primarily attributable to a $42.8 million decrease in foreign exchange gains ($10.8 million gain compared to $53.7 million gain in the prior quarter), a $1.4 million increase in income tax expense, a $1.6 million increase in finance expense, partially offset by a $15.5 million increase in gross profit and a $11.4 million increase in other income.

3.During Q1 2026, the Company recognized net income of $109.3 million compared to net income of $78.7 million in the preceding quarter. The increase in net income compared to the prior quarter was primarily attributable to a $77.0 million increase in foreign exchange gains ($53.7 million gain compared to $23.3 million loss in the prior quarter), a $6.3 million decrease in share-based compensation, a $5.6 million decrease in income tax expense, partially offset by a $58.5 million decrease in gross profit and a $1.8 million increase in other expenses.

Ero Copper Corp. September 30, 2026 MD&A | Page 17

4.During Q4 2025, the Company recognized net income of $78.7 million compared to net income of $36.5 million in the preceding quarter. The increase in net income compared to the prior quarter was primarily attributable to a $107.0 million higher gross profit, partially offset by $45.4 million lower foreign exchange gain ($23.3 million loss compared to $22.1 million gain in the prior quarter), $10.7 million increase in income tax expense, $6.2 million increase in other expenses, and $2.2 million increase in share-based compensation from mark-to-market revaluation of share-based compensation liability.

5.During Q3 2025, the Company recognized net income of $36.5 million compared to net income of $71.0 million in the preceding quarter. The decrease in net income compared to the prior quarter was primarily attributable to a $16.5 million lower foreign exchange gain, $9.9 million lower gross profit and $5.4 million higher finance expense from the cessation of capitalization of borrowing costs at the Tucumã Operation following the declaration of commercial production on July 1, 2025.

6.During Q2 2025, the Company recognized net income of $71.0 million compared to net income of $80.6 million in the preceding quarter. The decrease in net income was primarily attributable to a lower foreign exchange gain of $38.6 million in the current quarter compared to $58.4 million in the preceding quarter, partially offset by a higher gross profit of $67.3 million in the current quarter compared to $55.5 million in the preceding quarter.

7.During Q1 2025, the Company recognized net income of $80.6 million compared to net loss of $48.9 million in the preceding quarter. The increase in net income was primarily attributable to foreign exchange gains of $58.4 million compared to foreign exchange losses of $92.8 million in the preceding quarter, partially offset by an income tax expense of $14.7 million compared to an income tax recovery of $5.9 million in the preceding quarter.

8.During Q4 2024, the Company recognized net loss of $48.9 million compared to net income of $41.4 million in the preceding quarter. The decrease in net income was primarily attributable to foreign exchange losses of $92.8 million compared to foreign exchange gains of $17.2 million in the preceding quarter, partially offset by income tax recovery of $5.9 million compared to income tax expense of $8.3 million in the preceding quarter.

LIQUIDITY, CAPITAL RESOURCES, AND CONTRACTUAL OBLIGATIONS

Liquidity

As at September 30, 2026, the Company had cash and cash equivalents of $114.1 million and available liquidity of $264.1 million. Cash and cash equivalents 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. 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 increased by $8.6 million from December 31, 2025. The Company’s cash flows from operating, investing, and financing activities for the nine months ended September 30, 2026, are summarized as follows:

•Cash from operating activities of $421.9 million, primarily consists of:

◦$469.8 million of adjusted EBITDA (see Non-IFRS Measures); and

◦$14.2 million of derivative contract settlements;

net of:

◦$27.6 million of net change in non-cash working capital items; and

◦$21.2 million in income tax payments

◦$16.1 million of amortization of non-cash deferred revenues

Ero Copper Corp. September 30, 2026 MD&A | Page 18

Offset by:

•Cash used in investing activities of $220.0 million, including:

◦$203.1 million of additions to mineral property, plant and equipment; and

◦$19.2 million of additions to exploration and evaluation assets;

net of:

◦$2.3 million in interest received.

•Cash used in financing activities of $192.3 million, primarily consists of:

◦$138.0 million of principal repayments on loans and borrowings;

◦$36.7 million of interest paid on loans and borrowings; and

◦$16.4 million of lease payments;

net of:

◦$6.1 million of new loans and borrowings; and

◦$2.9 million of proceeds from exercise of stock options.

As at September 30, 2026, the Company had working capital of $89.4 million.

Capital Resources

The Company’s primary sources of capital are comprised of cash from operations, and cash and cash equivalents on hand. 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 expected cash flow from existing operations and available liquidity, management believes that the Company has sufficient capital to fund its planned operations and activities, and other initiatives, for the foreseeable future.

At September 30, 2026, the Company had available liquidity of $264.1 million, including $114.1 million in cash and cash equivalents and $150.0 million of undrawn availability under its Senior Revolving Credit Facility.

The Company has a Senior Revolving Credit Facility which has a borrowing limit of $200 million and matures in December 2028. The applicable interest margin is based on sliding scales of SOFR plus 2.00% to 4.25%, and commitment fee ranges from 0.45% to 0.96%, based on the Company's net leverage ratio, with lower leverage ratios resulting in lower pricing.

Ero Copper Corp. September 30, 2026 MD&A | Page 19

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, including MCSA, Ero Gold, NX Gold, and Ero Brasil Participacoes Ltda. to, among other things, incur additional indebtedness needed to fund its respective operations, pay dividends or make other distributions, make investments, create liens, sell or transfer assets or enter into transactions with affiliates. There are no other restrictions or externally imposed capital requirements of the Company.

Contractual Obligations and Commitments

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

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

MANAGEMENT OF RISKS AND UNCERTAINTIES

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

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company’s receivables from customers. The carrying amount of the financial assets below represents the maximum credit risk exposure as at September 30, 2026 and December 31, 2025:


	September 30, 2026		December 31, 2025
Cash and cash equivalents	114,053		$	105,442

Trade receivables	31,616		41,061
Derivatives	16,079		4,701
Note receivable	13,534		13,403
Deposits and other assets	715		3,577
	$	175,997	$	168,184

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

Ero Copper Corp. September 30, 2026 MD&A | Page 20

The Company’s exposure to credit risk associated with accounts receivable is influenced mainly by the individual characteristics of each customer.

In 2022, one of the Company's customers in Brazil, Paranapanema S/A ("PMA"), filed for bankruptcy protection. As a preferred supplier to PMA, the Company had a note receivable arrangement with PMA, which was excluded from the judicial recovery process and provides the Company with certain judicial guarantees. According to the note receivable arrangement, repayment was structured over 24 monthly installments beginning in March 2024, with an annual interest rate equivalent to Brazil's CDI rate of approximately 11.65%.

At September 30, 2026, PMA continued to be in default of the agreement and the gross amount of accounts and note receivable from PMA was $27.0 million (December 31, 2025 - $24.4 million). Accordingly, the note receivable is considered credit impaired, and the Company recorded a credit loss provision and present value discount of $17.3 million (December 31, 2025 - $14.9 million). The carrying value of the PMA note receivable at September 30, 2026 was $9.7 million (December 31, 2025 - $9.5 million), entirely included in deposits and other non-current assets. During the three and nine months ended September 30, 2026, the Company has recognized nil and $1.5 million of credit loss provision (nil and $0.2 million for the three and nine months ended September 30, 2025).

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 its maturity obligations on the expiration dates, under normal and stressful conditions, without causing unacceptable losses or with risk of undermining the normal operation of the Company.

The table below shows the Company's maturity of non-derivative financial liabilities on September 30, 2026:


Non-derivative financial liabilities	Carrying value		Contractual cash flows		Up to 12 months		1 - 2 years		3 - 5 years		More than 5 years
Loans and borrowings (including interest)	$	467,514	$	567,737	$	44,188	$	110,549	$	413,000	$	—
Accounts payable and accrued liabilities	176,241		176,241		176,241		—		—		—
Other non-current liabilities	10,117		10,116		—		8,911		816		389
Leases	20,715		22,873		14,387		6,431		1,144		912
Total	$	674,587	$	776,967	$	234,816	$	125,891	$	414,960	$	1,301

As at September 30, 2026, the Company has capital commitments, which are net of advances to suppliers, of $85.0 million through contracts and purchase orders which are expected to be incurred over a four-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.

Ero Copper Corp. September 30, 2026 MD&A | Page 21

The Company also has a derivative financial asset for foreign exchange collar contracts whose notional amounts and maturity information are disclosed below under foreign exchange currency 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 September 30, 2026 relates to $18.5 million (December 31, 2025 – $46.6 million) in loans and borrowings of MCSA denominated in US dollars and Euros. In addition, the Company is also exposed to foreign exchange currency risk at September 30, 2026 on $608.3 million of intercompany loan balances (December 31, 2025 - $604.6 million) which have contractual repayment terms. Strengthening (weakening) in the Brazilian Real against the US dollar at September 30, 2026 by 10% and 20%, would have decreased (increased) pre-tax net income by $62.5 million and $124.9 million, respectively. This analysis is based on the foreign currency exchange variation rate that the Company considered to be reasonably possible at the end of the period and excluding the impact of the derivatives below. The analysis assumes that all other variables, especially interest rates, are held constant.

The Company may use certain foreign exchange derivatives, including collars and forward contracts, to manage its foreign exchange risks. A summary of the Company's foreign exchange derivatives at September 30, 2026 is summarized as follows:

Notional Amount

Denomination

Weighted average floor

Weighted average cap / forward price

Maturities

$390.0 million

USD/BRL

5.33

6.27

October 2026 - December 2027

The aggregate fair value of the Company's foreign exchange derivatives was a net asset of $16.1 million (December 31, 2025 - net asset of $4.4 million). The fair values of foreign exchange contracts were determined based on option pricing models, forward foreign exchange rates, and information provided by the counter party.

The change in fair value of foreign exchange derivatives was an unrealized loss of $3.1 million and gain of $8.1 million for the three and nine months ended September 30, 2026, respectively (a gain of $4.0 million and of $27.4 million for the three and nine months ended September 30, 2025, respectively), and have been recognized in foreign exchange gain.

In addition, during the three and nine months ended September 30, 2026, the Company recognized a realized gain of $10.4 million and $30.3 million, respectively (realized gain of $2.0 million and nil for the three and nine months ended September 30, 2025 respectively), related to the settlement of foreign currency forward collar contracts.

Ero Copper Corp. September 30, 2026 MD&A | Page 22

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 its Senior Revolving Credit Facility and Brazilian Real denominated bank loans. Based on the Company’s net exposure at September 30, 2026, 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.

As of September 30, 2026, the Company had no outstanding gold contracts (December 31, 2025 - liability of $6.8 million).

During the three and nine months ended September 30, 2026, the Company recognized an unrealized loss of $2.5 million and gain of $2.8 million (unrealized loss of $1.6 million and loss of $3.1 million for the three and nine months ended September 30, 2025), respectively, in relation to its commodity derivatives in other income or loss.

During the three and nine months ended September 30, 2026, the Company recognized a realized loss of nil million and $10.9 million (realized loss of $0.6 million and $0.6 million for three and nine months ended September 30, 2025), respectively, in relation to its commodity derivatives in other income or loss.

At September 30, 2026, the Company had provisionally priced sales at period end that are exposed to commodity price changes. Based on the Company’s net exposure at September 30, 2026, a 10% change in the price of copper and gold would have changed pre-tax net income (loss) by $9.4 million.

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

OTHER FINANCIAL INFORMATION

Off-Balance Sheet Arrangements

As at September 30, 2026, the Company had no material off-balance sheet arrangements.

Outstanding Share Data

As of November 2, 2026, the Company had 104,419,206 common shares issued and outstanding.

Ero Copper Corp. September 30, 2026 MD&A | Page 23

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 material accounting policies and accounting estimates are contained in the Company’s consolidated financial statements for the year ended December 31, 2025. Judgments have been made in the determination of the functional currency of the Company and its subsidiaries, assessment of the probability of cash outflow related to legal claims and contingent liabilities and income taxes. Critical accounting estimates represent estimates that are uncertain and for which changes in those estimates could materially impact the consolidated financial statements. Key sources of estimation uncertainty, including those the Company believes to be critical accounting estimates, include derivative instruments, deferred revenue, carrying amounts of mineral properties, provision for mine closure and reclamation costs, expected credit losses and realization of value-added tax receivable. Certain of these estimates are dependent on mineral reserves and resource information. Changes in mineral reserves and resources could impact depreciation and depletion rates, asset carrying amounts and the timing of mine closure and reclamation costs. The Company determines its mineral reserves and resources based on information compiled by competent individuals. Information regarding mineral reserves and resources is used in the calculation of depreciation, depletion and determination, when applicable, of the recoverable amount of CGUs, and for forecasting the timing of reclamation and closure cost expenditures. There are numerous uncertainties inherent in the determination of mineral reserves, and assumptions that are valid at the time of determination may change significantly when new information becomes available. Changes in the methodology, forecasted prices of commodities, exchange rates, production costs or recovery rates may change the economic status of mineral reserves and may, ultimately, result in changes in the mineral reserves.

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

Ero Copper Corp. September 30, 2026 MD&A | Page 24

CAPITAL EXPENDITURES

The following table presents capital expenditures at the Company’s operations on an accrual basis.



	2026 - Q3		2026 - Q2		2026 - Q1		2026 - YTD
Caraíba Operations
Growth	$	13,442	$	18,119	$	11,142	$	42,703
Sustaining	32,524		28,109		24,804		85,437
Exploration	2,698		2,921		1,683		7,302
Deposit on Projects	2,630		13		621		3,264
Total, Caraíba Operations	$	51,294	$	49,162	$	38,250	$	138,706

Tucumã Operation
Growth	6,742		—		—		6,742
Sustaining	7,296		8,537		5,180		21,013

Exploration	105		307		155		567
Deposit on Projects	2,024		1,540		485		4,049
Total, Tucumã Operation	$	16,167	$	10,384	$	5,820	$	32,371

Xavantina Operations
Growth	8,995		2,267		917		12,179
Sustaining	2,347		11,620		8,123		22,090
Exploration	2,236		2,200		1,405		5,841
Deposit on Projects	(7,549)		4,796		3,392		639
Total, Xavantina Operations	$	6,029	$	20,883	$	13,837	$	40,749

Corporate and Other
Growth	—		—		29		29
Sustaining	—		3,213		866		4,079
Exploration	8,861		6,358		5,474		20,693
Deposit on Projects	(69)		76		17		24
Total, Corporate and Other	$	8,792	$	9,647	$	6,386	$	24,825

Consolidated
Growth	29,179		20,386		12,088		61,653
Sustaining	42,167		51,479		38,973		132,619

Exploration	13,900		11,786		8,717		34,403
Deposit on Projects	(2,964)		6,425		4,515		7,976
Total, Consolidated Capital Expenditures	$	82,282	$	90,076	$	64,293	$	236,651

Ero Copper Corp. September 30, 2026 MD&A | Page 25


	2026 - Q3		2026 - Q2		2026 - Q1		2026 - YTD
Total, Consolidated Capital Expenditures	$	82,282	$	90,076	$	64,293	$	236,651
Add (less):
Additions to exploration and evaluation assets	(9,626)		(6,742)		(5,682)		(22,050)
Additions to right-of-use assets	7,795		1,764		1,599		11,158
Capitalized depreciation	409		179		224		812

Total, additions per Mineral Properties, Plant and Equipment note	$	80,860	$	85,277	$	60,434	$	226,571

ALTERNATIVE PERFORMANCE (NON-IFRS) MEASURES

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

Copper C1 Cash Cost

Copper C1 cash cost is a non-IFRS performance measure used by the Company to manage and evaluate the performance of its copper mining operations.

Copper C1 cash cost is calculated as C1 cash costs divided by total pounds of copper produced during the period. C1 cash costs comprise the total cost of production, including expenses related to transportation, and treatment and refining charges. These costs are net of by-product credits and incentive payments.

While copper C1 cash cost is widely reported in the mining industry as a performance benchmark, it does not have a standardized meaning and is disclosed as a supplement to IFRS measures.

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

Ero Copper Corp. September 30, 2026 MD&A | Page 26

The Caraíba Operations


Reconciliation:	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Cost of production	$	65,552	$	59,098	$	50,261	$	187,002	$	132,870
Add (less):
Transportation costs & other	4,079		2,895		1,731		9,870		4,845
Treatment, refining, and other	610		(5,225)		2,508		(2,451)		7,258
By-product credits	(8,726)		(8,045)		(6,693)		(26,848)		(17,597)
Incentive payments	(1,607)		(1,700)		(1,425)		(4,841)		(4,171)
Net change in inventory	(71)		3,647		199		2,093		1,247
Foreign exchange and other	(60)		106		(46)		(41)		(177)
C1 cash costs	$	59,777	$	50,776	$	46,535	$	164,784	$	124,275


	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Costs
Mining	$	46,594	$	42,510	$	33,943	$	131,515	$	91,181
Processing	9,098		9,986		8,222		28,186		21,123
Indirect	8,122		8,655		6,824		24,512		17,465
Production costs	63,814		61,151		48,989		184,213		129,769
By-product credits	(8,726)		(8,045)		(6,693)		(26,848)		(17,597)
Treatment, refining and other	4,689		(2,330)		4,239		7,419		12,103
C1 cash costs	$	59,777	$	50,776	$	46,535	$	164,784	$	124,275


	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD











Costs per pound
Total copper produced (lbs, 000)	20,694		18,411		20,030		58,564		56,448

Mining	$	2.25	$	2.31	$	1.69	$	2.25	$	1.62
Processing	$	0.44	$	0.54	$	0.41	$	0.48	$	0.37
Indirect	$	0.39	$	0.47	$	0.34	$	0.42	$	0.31
By-product credits	$	(0.42)	$	(0.44)	$	(0.33)	$	(0.46)	$	(0.31)
Treatment, refining and other	$	0.23	$	(0.12)	$	0.21	$	0.12	$	0.21
Copper C1 cash costs	$	2.89	$	2.76	$	2.32	$	2.81	$	2.20

Ero Copper Corp. September 30, 2026 MD&A | Page 27

The Tucumã Operation(1)


Reconciliation:	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Cost of production	$	33,646	$	31,632	$	18,308	$	95,016	$	35,504
Add (less):
Transportation costs & other	8,191		9,393		4,880		23,975		4,880
Treatment, refining, and other	163		378		1,486		3,012		1,486
By-product credits	(566)		(425)		—		(1,692)		—
Incentive payments	(552)		(480)		(401)		(1,578)		(401)
Net change in inventory	981		1,021		2,783		1,446		2,783
Pre-commercial cost of production	—		—		—		—		(17,196)
Foreign exchange and other	(6)		4		—		(6)		—
C1 cash costs	$	41,857	$	41,523	$	27,056	$	120,173	$	27,056


	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Costs
Mining	$	10,943	$	8,963	$	4,552	$	26,444	$	4,552
Processing	18,649		18,566		12,455		55,191		12,455
Indirect	4,477		4,648		3,698		13,243		3,698
Production costs	34,069		32,177		20,705		94,878		20,705
By-product credits	(566)		(425)		—		(1,692)		—
Treatment, refining and other	8,354		9,771		6,351		26,987		6,351
C1 cash costs	$	41,857	$	41,523	$	27,056	$	120,173	$	27,056


	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD











Costs per pound
Total copper produced (lbs, 000)	19,749		19,763		16,707		58,164		16,707

Mining	$	0.55	$	0.45	$	0.27	$	0.45	$	0.27
Processing	$	0.94	$	0.94	$	0.75	$	0.95	$	0.75
Indirect	$	0.23	$	0.24	$	0.22	$	0.23	$	0.22
By-product credits	$	(0.03)	$	(0.02)	$	—	$	(0.03)	$	—
Treatment, refining and other	$	0.43	$	0.49	$	0.38	$	0.47	$	0.38
Copper C1 cash costs	$	2.12	$	2.10	$	1.62	$	2.07	$	1.62

(1) The Company declared commercial production at the Tucumã Operation effective July 1, 2025. Tucumã Operation reflects costs from Q3 2025 onward only.

Ero Copper Corp. September 30, 2026 MD&A | Page 28

Total Copper Operations(1)


Reconciliation:	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Cost of production	$	99,198	$	90,730	$	68,569	$	282,018	$	168,374
Add (less):
Transportation costs & other	12,270		12,288		6,611		33,845		9,725
Treatment, refining, and other	773		(4,847)		3,994		561		8,744
By-product credits	(9,292)		(8,470)		(6,693)		(28,540)		(17,597)
Incentive payments	(2,159)		(2,180)		(1,826)		(6,419)		(4,572)
Net change in inventory	910		4,668		2,982		3,539		4,030
Pre-commercial cost of production	—		—		—		—		(17,196)
Foreign exchange and other	(66)		110		(46)		(47)		(177)
C1 cash costs	$	101,634	$	92,299	$	73,591	$	284,957	$	151,331


	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Costs
Mining	$	57,537	$	51,473	$	38,495	$	157,959	$	95,733
Processing	27,747		28,552		20,677		83,377		33,578
Indirect	12,599		13,303		10,522		37,755		21,163
Production costs	97,883		93,328		69,694		279,091		150,474
By-product credits	(9,292)		(8,470)		(6,693)		(28,540)		(17,597)
Treatment, refining and other	13,043		7,441		10,590		34,406		18,454
C1 cash costs	$	101,634	$	92,299	$	73,591	$	284,957	$	151,331


	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD











Costs per pound
Total copper produced (lbs, 000)	40,444		38,173		36,737		116,728		73,155

Mining	$	1.42	$	1.35	$	1.05	$	1.35	$	1.31
Processing	$	0.69	$	0.75	$	0.56	$	0.71	$	0.46
Indirect	$	0.31	$	0.35	$	0.29	$	0.32	$	0.29
By-product credits	$	(0.23)	$	(0.22)	$	(0.18)	$	(0.24)	$	(0.24)
Treatment, refining and other	$	0.32	$	0.19	$	0.28	$	0.29	$	0.25
Copper C1 cash costs	$	2.51	$	2.42	$	2.00	$	2.43	$	2.07

(1) Total Copper Operations include Caraíba and Tucumã. C1 cash costs for periods prior to Q3 2025 exclude the Tucumã Operation, which achieved commercial production effective July 1, 2025

Ero Copper Corp. September 30, 2026 MD&A | Page 29

Realized Copper Price

Realized copper price is a non-IFRS ratio which is calculated as gross copper revenue divided by pounds of copper sold during the period. Management believes measuring realized copper price enables investors to better understand performance based on realized copper sales in each reporting period.

The following table provides a calculation of realized copper price and a reconciliation to copper segment revenue.


Reconciliation:	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Copper revenue(1)	$	252,914	$	219,422	$	149,720	$	693,040	$	397,282
less: by-product credits	(9,292)		(8,470)		(6,140)		(28,540)		(17,597)
Net copper revenue	243,622		210,952		143,580		664,500		379,685
add: treatment, refining and other	773		(4,847)		2,335		561		9,658
add: royalty taxes	4,429		4,112		2,684		12,819		7,376
Gross copper revenue	248,824		210,217		148,599		677,880		396,719
Total copper sold in concentrate (lbs, 000)	40,070		36,392		34,614		116,047		95,180
Realized copper price	$	6.21	$	5.78	$	4.29	$	5.84	$	4.17

(1) Copper revenue includes provisional price and volume adjustments

Gold C1 Cash Cost and Gold AISC

Gold C1 Cash Cost 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 or recovered during the period. C1 cash cost includes total cost of production, net of by-product credits and incentive payments. Gold C1 cash cost is widely reported in the mining industry as benchmarks for performance but does not have a standardized meaning and is disclosed as a supplement to IFRS measures.

Gold AISC is an extension of gold C1 cash cost discussed above and is also a key performance measure used by management to evaluate operating performance of its gold mining segment. Gold AISC is calculated as AISC divided by total ounces of gold produced or recovered 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. Gold AISC is widely reported in the mining industry as benchmarks for performance but does not have a standardized meaning and is disclosed as a supplement to IFRS measures.

Gold Production C1 Cash Cost and AISC

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

Ero Copper Corp. September 30, 2026 MD&A | Page 30


Reconciliation:	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Cost of production	$	16,684	$	16,618	$	10,032	$	47,179	$	25,018
less: Gold concentrate re-handling costs	(3,793)		(3,682)		—		(9,116)		—
Cost of mine production	$	12,891	$	12,936	$	10,032	$	38,063	$	25,018
Add (less):
Incentive payments	(482)		(427)		(364)		(1,229)		(842)
Net change in inventory	996		357		191		546		1,593
By-product credits	(146)		(284)		(208)		(619)		(478)
Smelting, refining and selling expenses	1,587		1,167		217		3,523		540
Foreign exchange and other	(8)		40		(12)		(6)		(41)
Gold production C1 cash costs	$	14,838	$	13,789	$	9,856	$	40,278	$	25,790
Site general and administrative	1,860		1,647		1,602		4,916		3,954
Accretion of mine closure and rehabilitation provision	149		152		151		446		437
Sustaining capital expenditure	8,046		5,867		7,307		22,049		15,651
Sustaining lease payments	2,958		3,077		2,524		8,657		6,858
Royalties and production taxes	436		516		566		1,386		1,415
Gold production AISC	$	28,287	$	25,048	$	22,006	$	77,732	$	54,105


	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Costs
Mining	$	7,156	$	6,894	$	4,871	$	19,870	$	13,183
Processing	3,515		3,414		2,787		9,869		7,465
Indirect	2,726		2,598		2,189		7,635		5,080
Production costs	13,397		12,906		9,847		37,374		25,728
Treatment, refining and other	1,587		1,167		217		3,523		540
By-product credits	(146)		(284)		(208)		(619)		(478)
Gold production C1 cash costs	$	14,838	$	13,789	$	9,856	$	40,278	$	25,790
Site general and administrative	1,860		1,647		1,602		4,916		3,954
Accretion of mine closure and rehabilitation provision	149		152		151		446		437
Sustaining capital expenditure	8,046		5,867		7,307		22,049		15,651
Sustaining lease payments	2,958		3,077		2,524		8,657		6,858
Royalties and production taxes	436		516		566		1,386		1,415
Gold production AISC	$	28,287	$	25,048	$	22,006	$	77,732	$	54,105

Ero Copper Corp. September 30, 2026 MD&A | Page 31


	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Costs per ounce
Total gold produced (ounces)	7,844		8,693		9,073		22,032		23,454

Mining	$	912	$	793	$	537	$	902	$	562
Processing	$	448	$	393	$	307	$	448	$	318
Indirect	$	349	$	299	$	241	$	346	$	216
Treatment, refining and other	$	202	$	134	$	24	$	160	$	23
By-product credits	$	(19)	$	(33)	$	(23)	$	(28)	$	(19)
Gold production C1 cash cost	$	1,892	$	1,586	$	1,086	$	1,828	$	1,100
Gold production AISC	$	3,607	$	2,881	$	2,425	$	3,528	$	2,307

Historic Gold Concentrate C1 Cash Cost and AISC

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


Reconciliation:	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Cost of production	$	16,684	$	16,618	$	10,032	$	47,179	$	25,018
less: Cost of mine production	(12,891)		(12,936)		(10,032)		(38,063)		(25,018)
Gold concentrate re-handling costs	$	3,793	$	3,682	$	—	$	9,116	$	—
Add (less):

Net change in inventory	207		(11)		—		(132)		—
By-product credits	(1,374)		(974)		—		(2,482)		—
Smelting, refining and selling expenses	8,184		4,811		—		13,749		—

Historic gold concentrate C1 cash costs	$	10,810	$	7,508	$	—	$	20,251	$	—




Royalties and production taxes	1,556		967		—		2,769		—
Historic gold concentrate AISC	$	12,366	$	8,475	$	—	$	23,020	$	—



Costs



Gold concentrate re-handling costs	4,000		3,671		—		8,984		—
Smelting and refining costs	8,184		4,811		—		13,749		—
By-product credits	(1,374)		(974)		—		(2,482)		—
Historic gold concentrate C1 cash costs	$	10,810	$	7,508	$	—	$	20,251	$	—




Royalties and production taxes	1,556		967		—		2,769		—
Historic gold concentrate AISC	$	12,366	$	8,475	$	—	$	23,020	$	—

Ero Copper Corp. September 30, 2026 MD&A | Page 32


	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Costs per ounce
Historic gold concentrate recovered (ounces)	17,414		11,860		—		31,386		—




Gold concentrate re-handling costs	$	230	$	310	$	—	$	286	$	—
Smelting, refining and selling costs	$	470	$	406	$	—	$	438	$	—
By-product credits	$	(79)	$	(82)	$	—	$	(79)	$	—
Historic gold concentrate C1 cash costs	$	621	$	633	$	—	$	645	$	—
Royalties and production taxes	89		82		—		88		—
Historic gold concentrate AISC	$	710	$	715	$	—	$	733	$	—

Realized Gold Price

Realized gold price 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 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 and a reconciliation to gold segment revenues, its most directly comparable IFRS measure.

Ero Copper Corp. September 30, 2026 MD&A | Page 33


(in '000s except for ounces and price per ounce)	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Xavantina revenue	$	95,120	$	64,891	$	27,372	$	202,477	$	68,408
less: by-product credits	(2,462)		(284)		(208)		(2,935)		(478)
Gold revenue, net	$	92,658	$	64,607	$	27,164	$	199,542	$	67,930
add: smelting, refining, and other charges	4,084		1,799		520		6,937		1,303

Gold revenue, gross	$	96,742	$	66,406	$	27,684	$	206,479	$	69,233
Spot (cash)	$	78,971	$	57,945	$	22,342	$	167,543	$	56,228
Stream (cash)	$	10,521	$	4,908	$	2,375	$	22,804	$	4,385
Stream (amortization of deferred revenue)	$	7,250	$	3,553	$	2,967	$	16,132	$	8,620

Total gold ounces sold	24,957		17,016		8,439		52,303		22,549
Spot	18,596		14,231		6,439		39,143		17,300
Stream	6,361		2,785		2,000		13,160		5,249

Realized gold price (per ounce)	$	3,876	$	3,903	$	3,280	$	3,948	$	3,070
Spot (cash)	$	4,247	$	4,072	$	3,470	$	4,280	$	3,250
Stream (cash)	$	1,654	$	1,762	$	1,188	$	1,733	$	835
Stream (amortization of deferred revenue)	$	1,140	$	1,276	$	1,484	$	1,226	$	1,642

Ero Copper Corp. September 30, 2026 MD&A | Page 34

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

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

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


Reconciliation:	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Net Income	$	117,954	$	90,749	$	36,513	$	318,014	$	188,168
Adjustments:
Finance expense	9,952		12,678		11,331		33,694		22,030
Finance income	(825)		(1,443)		(1,208)		(3,389)		(3,176)
Income tax expense	25,564		19,321		12,774		62,770		40,597
Amortization and depreciation	43,117		38,514		31,369		119,950		75,204
EBITDA	$	195,762	$	159,819	$	90,779	$	531,039	$	322,823
Foreign exchange gain	(5,077)		(10,845)		(22,055)		(69,577)		(119,095)
Share based compensation	7,458		1,063		6,742		11,161		15,671
Unrealized loss (gain) on commodity derivatives	2,462		(6,014)		1,627		(2,801)		3,093



Others	—		—		—		—		458
Adjusted EBITDA	$	200,605	$	144,023	$	77,093	$	469,822	$	222,950

Ero Copper Corp. September 30, 2026 MD&A | Page 35

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.


Reconciliation:	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Net income as reported attributable to the owners of the Company	$	116,237	$	89,543	$	35,978	$	314,551	$	186,753
Adjustments:
Share based compensation	7,458		1,063		6,742		11,161		15,671
Unrealized foreign exchange loss (gain) on USD denominated balances in MCSA	1,063		(3,267)		(15,057)		(32,464)		(82,889)
Unrealized foreign exchange loss (gain) on foreign exchange derivative contracts	3,042		5,363		(3,964)		(8,059)		(27,309)
Unrealized loss (gain) on commodity derivatives	2,452		(5,870)		1,574		(2,685)		3,020



Others	—		—		—		—		458
Tax effect on the above adjustments	(1,000)		575		2,661		6,589		16,221
Adjusted net income attributable to owners of the Company	$	129,252	$	87,407	$	27,934	$	289,093	$	111,925

Weighted average number of common shares
Basic	104,351,583		104,282,548		103,621,631		104,299,083		103,589,664
Diluted	105,977,099		105,876,946		104,044,755		105,903,492		103,941,295

Adjusted EPS
Basic	$	1.24	$	0.84	$	0.27	$	2.77	$	1.08
Diluted	$	1.22	$	0.83	$	0.27	$	2.73	$	1.08

Ero Copper Corp. September 30, 2026 MD&A | Page 36

Net Debt

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


	September 30, 2026		June 30, 2026		December 31, 2025		September 30, 2025
Current portion of loans and borrowings	$	17,966	$	34,578	$	55,711	$	50,590
Long-term portion of loans and borrowings	449,548		519,856		551,403		561,146
Less:
Cash and cash equivalents	(114,053)		(101,742)		(105,442)		(66,257)


Net debt (cash)	$	353,461	$	452,692	$	501,672	$	545,479

Working Capital and Available Liquidity

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


	September 30, 2026		June 30, 2026		December 31, 2025		September 30, 2025
Current assets	$	325,162	$	324,000	$	276,212	$	207,413
Less: Current liabilities	(235,774)		(236,345)		(260,718)		(252,579)
Working capital (deficit)	$	89,388	$	87,655	$	15,494	$	(45,166)

Cash and cash equivalents	114,053		101,742		105,442		66,257

Available undrawn revolving credit facilities	150,000		80,000		45,000		45,000

Available liquidity	$	264,053	$	181,742	$	150,442	$	111,257

Ero Copper Corp. September 30, 2026 MD&A | Page 37

DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROL OVER FINANCIAL REPORTING

The Company’s management, with the participation of the President and CEO and Executive Vice President 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 and nine months ended September 30, 2026.

NOTE REGARDING SCIENTIFIC AND TECHNICAL INFORMATION

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

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

The report prepared in accordance with NI-43-101 and entitled "Technical Report on the Xavantina Operations, Mato Grosso, Brazil", dated December 19, 2025 with an effective date of June 30, 2025, prepared by Branca Horta de Almeida Abrantes, MAIG, Hugo Ribeiro de Andrade Filho, FAusIMM (CP), Leonardo de Moraes Soares, MAIG, Paulo Roberto Bergmann Moreira, FAusIMM and Porfirio Cabaleiro Rodriguez, FAIG, all of GE21. Each a "qualified person" and "independent" of the Company within the meanings of NI 43-101.

The report prepared in accordance with NI 43-101 and entitled “Boa Esperança Project NI 43-101 Technical Report on Feasibility Study Update”, dated November 12, 2021 with an effective date of August 31, 2021, prepared by Kevin Murray, P. Eng., Scott C. Elfen, P.E. (each of Ausenco Engineering Canada Inc.), Erin L. Patterson, P.E. (formerly employed by its affiliate Ausenco Engineering USA South Inc. and together with Ausenco Engineering Canada Inc., referred to as “Ausenco”), Carlos

Ero Copper Corp. September 30, 2026 MD&A | Page 38

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., 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 or, in the case of Erin L. Patterson, P.E., who is no longer employed by Ausenco, was a "qualified person" of the Company within the meanings of NI 43-101 on the date of the report. Each of Kevin Murray, P. Eng., Erin L. Patterson, P.E., Scott C. Elfen, P.E., and Carlos Guzmán, FAusIMM RM CMC is “independent” of the Company within the meanings of NI 43-101 or, in the case of Erin L. Patterson, P.E., was "independent" of the Company on the date of the report. 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.

The report prepared in accordance with NI 43-101 and entitled "Preliminary Economic Assessment for the Furnas Project, Para State, Brazil", dated March 30, 2026 with an effective date of February 23, 2026, prepared by João Estevão Jr., MAIG of SDPM Mining Consulting ("SDPM"), Enrique Alfonso Rubio Esquivel, Registered Member (No. 255) (Chilean Mining Commission), Luis Bernal Venegas, Registered Member (No. 415) (Chilean Mining Commission), and Ricardo Martín Miranda Díaz, Registered Member (No. 145) (Chilean Mining Commission), all of Redco Mining Consultants ("Redco"), and Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), FAusIMM (No. 329148) Reserve and Resource Manager of the Company (the “Furnas Project Technical Report”). Each of João Estevão Jr., MAIG, Enrique Alfonso Rubio Esquivel, Registered Member (No. 255) (Chilean Mining Commission), Luis Bernal Venegas, Registered Member (No. 415) Chilean Mining Commission), Ricardo Martín Miranda Díaz, Registered Member (No. 145) (Chilean Mining Commission) and Cid Gonçalves Monteiro Filho, RM SME, FAusIMM, MAIG, is a “qualified person” of the Company within the meaning of NI 43-101. Each of Joao Estevao Jr., MAIG, Enrique Alfonso Rubio Esquivel, Registered Member (No. 255) (Chilean Mining Commission), Luis Bernal Venegas, Registered Member (No. 415) Chilean Mining Commission), Ricardo Martín Miranda Díaz, Registered Member (No. 145) (Chilean Mining Commission) is “independent” of the Company within the meaning of NI 43-101. Cid Gonçalves Monteiro Filho, RM SME, FAusIMM, MAIG, being the Resource and Reserve Manager of the Company, is not “independent” of the Company 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, the Tucumã Project Technical Report, and the Furnas Project Technical Report, each of which is available for review on the Company's website at www.ero.com and under the Company’s profile on SEDAR+ at www.sedarplus.ca, and EDGAR at www.sec.gov.

The disclosure of Technical Information in this MD&A has been reviewed and approved by Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), FAusIMM (No. 329148) and Mineral Resources and Reserves Manager of the Company who is a “qualified person” within the meanings of NI 43-101.

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-

Ero Copper Corp. September 30, 2026 MD&A | Page 39

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 Operation and the Xavantina Operations, including the expected timing and weighting of production, plant throughput, mined and processed copper or gold grades, recoveries and unit costs; 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, the Tucumã Project Technical Report and the Furnas Project Technical Report; the estimation of mineral reserves and mineral resources; estimated completion dates for certain milestones, including completion of the Pilar Mine’s new external shaft at the Caraíba Operations; the ability of the Company to maintain improved performance at the Caraíba mill and realize the expected benefits associated with the Pilar Mine’s new external shaft; the expected timing of delivery, installation and commissioning of additional modular tailings filters at the Tucumã Operation and the anticipated impact of such filters on tailings filtration capacity, plant throughput and future production; the expected benefits of the ventilation and cooling infrastructure installed at the Xavantina Operations, including increased mining rates, mill throughput and processed gold grades; expectations regarding gold concentrate sales from the Xavantina Operations, including the expected timing and volume of sales and the anticipated benefits of drier seasonal conditions and the mobile filter press and industrial dryer commissioned on site; expectations regarding the impact of inflationary pressures, geopolitical conflicts and fluctuations in the Brazilian real on the Company’s operating costs, capital expenditures and financial results; expectations of cost savings related to the OneEro Program; expectations regarding foreign exchange derivative contracts, including expected gains thereon and the exchange rate assumptions underlying such expectations; the Company’s capital allocation priorities, including continued deleveraging of the balance sheet; the Company’s ability to advance work programs under the Furnas earn-in agreement, including exploration, drilling, permitting, engineering, geotechnical, hydrogeological, environmental and metallurgical programs; the expected completion of planned exploration activities at the Furnas Copper-Gold Project; the timing and completion of a pre-feasibility study for the Furnas Copper-Gold Project, currently expected to be published in 2027; the potential to extend known mineralization, upgrade mineral resources to higher-confidence categories or mineral reserves, enhance project economics or increase the potential production profile at the Furnas Copper-Gold Project; the discovery of additional mineralization and the potential impact of exploration results on future production rates at the Company’s mines or processing facilities; the Company’s expectations associated with historic gold concentrate stockpiles at the Xavantina Operations, including operating costs, payability, grades, sales volumes and the timing of sales; 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.

Ero Copper Corp. September 30, 2026 MD&A | Page 40

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

The Company’s forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management on the date the statements are made, many of which may be difficult to predict and beyond the Company’s control. In connection with the forward-looking statements contained in this 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, the Tucumã Operation and the Furnas Copper-Gold 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, interest rates and tariff rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; work force continuing to remain healthy in the face of prevailing epidemics, pandemics or other health risks, political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; availability of equipment; positive relations with local groups and the Company’s ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of the Company’s current loan arrangements. Although the Company believes that the assumptions inherent in forward-looking statements are reasonable as of the date of this 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. 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 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

Ero Copper Corp. September 30, 2026 MD&A | Page 41

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.

ADDITIONAL INFORMATION

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

Ero Copper Corp. September 30, 2026 MD&A | Page 42

CONDENSED CONSOLIDATED INTERIM

FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2026 AND 2025


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			7

Statements of Financial Position
Note 4. Inventories			11
Note 5. Other Current Assets			11
Note 6. Mineral Properties, Plant and Equipment			12
Note 7. Exploration and Evaluation Assets			13
Note 8. Deposits and Other Non-current Assets			13
Note 9. Accounts Payable and Accrued Liabilities			14
Note 10. Loans and Borrowings			14
Note 11. Deferred Revenue			16

Note 12. Other Non-current Liabilities			17
Note 13. Share Capital			18

Statements of Earnings
Note 14. Revenue			21
Note 15. Cost of Sales			22
Note 16. General and Administrative Expenses			22
Note 17. Finance Expense			23
Note 18. Foreign Exchange Gain			23


Other Items

Note 19. Financial Instruments			23

Note 20. Supplemental Cash Flow Information			26
Note 21. Commitment			26


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


	Notes	September 30, 2026		December 31, 2025
ASSETS
Current
Cash and cash equivalents		$	114,053	$	105,442

Trade receivables		31,616		41,061
Inventories	4	142,221		107,111

Other current assets	5	37,272		22,598
		325,162		276,212
Non-Current
Mineral properties, plant and equipment	6	1,783,729		1,574,054
Exploration and evaluation assets	7	57,801		33,869
Deferred income tax assets		1,801		3,047
Deposits and other non-current assets	8	36,035		36,696
		1,879,366		1,647,666
Total Assets		$	2,204,528	$	1,923,878

LIABILITIES
Current
Accounts payable and accrued liabilities	9	$	177,699	$	154,124
Current portion of loans and borrowings	10	17,966		55,711
Current portion of deferred revenue	11	12,046		12,800
Income taxes payable		12,063		14,675
Current portion of derivatives	19	2,444		7,125
Current portion of lease liabilities		13,556		16,283
		235,774		260,718
Non-Current
Loans and borrowings	10	449,548		551,403
Deferred revenue	11	83,293		92,950
Provision for rehabilitation and closure costs		25,694		21,978
Deferred income tax liabilities		22,560		10,729
Lease liabilities		7,159		8,950
Other non-current liabilities	12	41,072		39,288
		629,326		725,298
Total Liabilities		865,100		986,016

SHAREHOLDERS’ EQUITY
Share capital	13	302,784		298,490
Equity reserves		(29,042)		(107,735)
Retained earnings		1,059,329		744,778
Equity attributable to owners of the Company		1,333,071		935,533
Non-controlling interests		6,357		2,329
		1,339,428		937,862
Total Liabilities and Equity		$	2,204,528	$	1,923,878

Commitments (Notes 7, 11 and 21)

APPROVED ON BEHALF OF THE BOARD:

"Makko DeFilippo"

, President, CEO and Director

"Jill Angevine"

, Director

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


Ero Copper Corp.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited, Amounts in thousands of US Dollars, except share and per share amounts)



		Three months ended September 30,				Nine months ended September 30,
	Notes	2026		2025		2026		2025

Revenue	14	$	348,034	$	177,092	$	895,517	$	465,690
Cost of sales	15	(178,475)		(119,695)		(498,625)		(285,485)
Gross profit		169,559		57,397		396,892		180,205

Expenses
General and administrative	16	(16,818)		(12,580)		(40,411)		(35,515)
Share-based compensation	13 (e)	(7,458)		(6,742)		(11,161)		(15,671)

Operating Income		145,283		38,075		345,320		129,019
Finance income		825		1,208		3,389		3,176
Finance expense	17	(9,952)		(11,331)		(33,694)		(22,030)
Foreign exchange gain	18	5,077		22,055		69,577		119,095

Other income (expenses)		2,285		(720)		(3,808)		(495)
Income before income taxes		143,518		49,287		380,784		228,765

Current income tax expense		(25,905)		(8,086)		(50,877)		(21,109)
Deferred income tax recovery (expense)		341		(4,688)		(11,893)		(19,488)
Income tax expense		(25,564)		(12,774)		(62,770)		(40,597)
Net income for the period		$	117,954	$	36,513	$	318,014	$	188,168

Other comprehensive (loss) gain
Foreign currency translation (loss) gain		(1,689)		22,429		57,908		106,051
Comprehensive income		$	116,265	$	58,942	$	375,922	$	294,219

Net income attributable to:
Owners of the Company		116,237		35,978		314,551		186,753
Non-controlling interests		1,717		535		3,463		1,415
		$	117,954	$	36,513	$	318,014	$	188,168

Comprehensive income attributable to:
Owners of the Company		114,557		58,205		371,894		291,802
Non-controlling interests		1,708		737		4,028		2,417
		$	116,265	$	58,942	$	375,922	$	294,219

Net income per share attributable to owners of the Company
Basic	13 (f)	$	1.11	$	0.35	$	3.02	$	1.80
Diluted	13 (f)	$	1.10	$	0.35	$	2.97	$	1.80

Weighted average number of common shares outstanding
Basic	13 (f)	104,351,583		103,621,631		104,299,083		103,589,664
Diluted	13 (f)	105,977,099		104,044,755		105,903,492		103,941,295

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


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



		Three months ended September 30,				Nine months ended September 30,
	Notes	2026		2025		2026		2025
Cash Flows from Operating Activities
Net income for the period		$	117,954	$	36,513	$	318,014	$	188,168
Adjustments for:
Amortization and depreciation		43,117		31,369		119,950		75,204
Income tax expense		25,564		12,774		62,770		40,597
Amortization of deferred revenue	14	(7,250)		(2,967)		(16,132)		(8,620)

Share-based compensation	13 (e)	7,458		6,742		11,161		15,671
Finance income		(825)		(1,208)		(3,389)		(3,176)
Finance expenses	17	9,952		11,331		33,694		22,030
Foreign exchange gain		(7,056)		(16,156)		(70,019)		(112,264)

Other		(3,414)		2,161		2,860		4,598
Changes in non-cash working capital items	20	3,261		30,828		(27,556)		(1,447)






		188,761		111,387		431,353		220,761
Advances from customers	11	—		—		—		50,000
Derivative contract settlements		10,522		1,451		14,220		(548)
Provision settlements		(1,011)		(1,376)		(2,567)		(2,576)
Income taxes paid		(7,039)		(1,149)		(21,154)		(1,628)
		191,233		110,313		421,852		266,009

Cash Flows used in Investing Activities
Additions to mineral properties, plant and equipment		(66,775)		(69,880)		(203,080)		(192,400)
Additions to exploration and evaluation assets		(8,645)		(6,748)		(19,186)		(15,046)
Interest received		568		790		2,258		2,072

		(74,852)		(75,838)		(220,008)		(205,374)

Cash Flows used in Financing Activities


Lease liability payments		(5,866)		(4,530)		(16,407)		(13,051)
New loans and borrowings, net of transaction costs	10	—		2,138		6,064		57,404
Loans and borrowings repaid	10	(80,357)		(11,676)		(138,019)		(43,300)
Interest paid on loans and borrowings	10	(15,520)		(17,368)		(36,705)		(38,727)
Other finance expenses paid		(3,744)		(1,758)		(10,103)		(6,588)
Proceeds from exercise of stock options		1,409		2,389		2,871		2,873
		(104,078)		(30,805)		(192,299)		(41,389)

Effect of exchange rate changes on cash and cash equivalents		8		(5,716)		(934)		(3,391)
Net increase (decrease) in cash and cash equivalents		12,311		(2,046)		8,611		15,855
Cash and cash equivalents - beginning of period		101,742		68,303		105,442		50,402
Cash and cash equivalents - end of period		$	114,053	$	66,257	$	114,053	$	66,257

Supplemental cash flow information (note 20)

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


Ero Copper Corp.
Condensed Consolidated Statements of Changes in Shareholders' Equity
(Unaudited, Amounts in thousands of US Dollars, except share and per share amounts)


		Share Capital			Equity Reserves
	Notes	Number of shares	Amount		Contributed Surplus		Foreign Exchange		Retained Earnings		Total		Non-controlling interest		Total equity

Balance, December 31, 2024		103,555,211	$	286,548	$	8,181	$	(188,653)	$	481,055	$	587,131	$	3,943	$	591,074
Income for the period		—	—		—		—		186,753		186,753		1,415		188,168
Other comprehensive income for the period		—	—		—		105,049		—		105,049		1,002		106,051
Total comprehensive income for the period		—	—		—		105,049		186,753		291,802		2,417		294,219
Shares issued for:

Exercise of options		225,508	4,190		(1,317)		—		—		2,873		—		2,873
Settlement of restricted share units		7,113	145		(255)		—		—		(110)		—		(110)
Settlement of performance share units		5,812	78		—		—		—		78		—		78
Share-based compensation	13 (e)	—	—		3,365		—		—		3,365		—		3,365


Balance, September 30, 2025		103,793,644	$	290,961	$	9,974	$	(83,604)	$	667,808	$	885,139	$	6,360	$	891,499


Balance, December 31, 2025		104,192,288	$	298,490	$	7,335	$	(115,070)	$	744,778	$	935,533	$	2,329	$	937,862
Income for the period		—	—		—		—		314,551		314,551		3,463		318,014
Other comprehensive income for the period		—	—		—		57,343		—		57,343		565		57,908
Total comprehensive income for the period		—	—		—		57,343		314,551		371,894		4,028		375,922
Shares issued for:

Exercise of options		212,588	4,126		(1,255)		—		—		2,871		—		2,871
Settlement of restricted share units		8,901	168		(278)		—		—		(110)		—		(110)

Share-based compensation	13 (e)	—	—		6,067		—		—		6,067		—		6,067
Reclassification of liability classified performance share units to equity	13 (b)	—	—		16,816		—		—		16,816		—		16,816

Balance, September 30, 2026		104,413,777	$	302,784	$	28,685	$	(57,727)	$	1,059,329	$	1,333,071	$	6,357	$	1,339,428

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 3100, 733 Seymour Street, Vancouver, British Columbia, Canada, V6B 0S6. 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 primary asset is its 99.6% ownership interest in Mineração Caraíba S.A. (“MCSA”), held indirectly through its wholly-owned subsidiary, Ero Brasil Participações Ltda ("Ero Brasil"). 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, located in the State of Bahia, and the Tucumã Operation, located in the southeastern part of the State of Pará. MCSA’s predominant activity is the production and sale of copper concentrates, with gold and silver produced and sold as by-products.

NX Gold is a Brazilian gold mining company which holds a 100% interest in the Xavantina Operations and is focused on the production and sale of gold dore and concentrate 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 State of Mato Grosso, 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, 2025.

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, 2025, prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

These condensed consolidated interim financial statements were authorized for issue by the Board of Directors of the Company (the “Board”) on November 2, 2026.

(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, 2025.

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)

On January 1, 2026, the Company adopted the amendments to the classification and measurement requirements for financial instrument in IFRS 9 Financial Instruments ("IFRS 9"), which was published in May 2024 by IASB. The amendments clarify that a financial asset is derecognized on the date on which the contractual rights to the cash flows expire or the asset is transferred. A financial liability is derecognized on the settlement date, which is the date on which the liability is extinguished. The amendments to IFRS 9 introduced an election that permits the Company, when settling a financial liability or part of a financial liability in cash using an electronic payment system, to deem the financial liability, or part of it, to be discharged before the settlement date if the Company has initiated a payment instruction that resulted in: (a) the Company having no practical ability to withdraw, stop or cancel the payment instruction; (b) the Company having no practical ability to access the cash to be used for settlement as a result of the payment instruction; and (c) the settlement risk associated with the electronic payment system being insignificant. The amendments clarify that unless the above election applies, a financial liability is derecognized on the settlement date, which is the date on which the liability is extinguished because the obligation specified in the contract is discharged or cancelled or expires. The adoption of the amendments did not have a material impact on the Company's condensed consolidated interim financial statements.

(d) Future Changes in Accounting Policies Not Yet Effective as of September 30, 2026

In April 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements ("IFRS 18") to replace IAS 1. IFRS 18 sets out requirements for the presentation of information in the primary financial statements and disclosure of information in the notes to the financial statement, and does not impact the recognition or measurement of items in the financial statements as set out under other IFRS standards. The standard is effective for reporting periods beginning on or after January 1, 2027. Retrospective application is required and early application is permitted.

The Company is currently assessing the effect of this new standard on the financial statements. Based on the preliminary assessment, below is a list of possible impacts:

•In the Statements of Operations and Comprehensive Income, items of income and expenses, including foreign exchange gains and losses, and gains and losses on derivatives, will be classified into four categories, being operating, investing, financing, income taxes. Two new required subtotals will be introduced, which includes operating profit and profit or loss before financing and income tax. The amount of net income will be unaffected.

•In the Statements of Cash Flow, operating income will replace net income to be the starting point for determining cash flows from operating activities.

•In the financial statement note disclosures, the Company is required to disclose management-defined performance measures ("MPM"). An MPM is defined as a subtotal of income and expenses, that is not specifically required to be presented or disclosed by IFRS, that the Company uses in public communications outside of financial statement to communicate to users of financial statements management's view of an aspect of the financial performance of the Company as a whole. Based on preliminary assessment, the Company has identified three MPMS, including earnings before interest, income taxes and depreciation, and amortization ("EBITDA"), adjusted EBITDA, and adjusted net income attributable to owners of the Company. The Company is continuing to evaluate whether certain other measures it uses to communicate financial performance meet the definition of an MPM under IFRS 18.

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)

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.

The Company’s reporting segments include its three operating mines in Brazil, the Caraíba Operations, the Tucumã Operation, and the Xavantina Operations, and its corporate head office in Canada. Significant information relating to the Company's reportable segments is summarized in the tables below:


Three months ended September 30, 2026	Caraíba (Brazil)		Tucumã (Brazil)		Xavantina (Brazil)		Corporate and Other		Consolidated

Revenue	$	133,763	$	119,151	$	95,120	$	—	$	348,034

Cost of production	(65,552)		(33,646)		(16,684)		—		(115,882)
Depreciation and depletion	(23,506)		(13,548)		(5,466)		—		(42,520)
Sales expense	(4,292)		(8,058)		(7,723)		—		(20,073)

Cost of sales	(93,350)		(55,252)		(29,873)		—		(178,475)

Gross profit	40,413		63,899		65,247		—		169,559

Expenses
General and administrative	(5,685)		(2,247)		(2,098)		(6,788)		(16,818)
Share-based compensation	—		—		—		(7,458)		(7,458)

Operating income (loss)	$	34,728	$	61,652	$	63,149	$	(14,246)	$	145,283










Capital expenditures(1)	51,294		16,167		6,029		8,792		82,282

Notes to Financial Statements | Page 7


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


Three months ended September 30, 2025	Caraíba (Brazil)		Tucumã (Brazil)		Xavantina (Brazil)		Corporate and Other		Consolidated

Revenue	$	90,598	$	59,122	$	27,372	$	—	$	177,092

Cost of production	(50,261)		(18,308)		(10,032)		—		(78,601)
Depreciation and depletion	(20,233)		(5,663)		(5,061)		—		(30,957)
Sales expense	(2,858)		(5,869)		(340)		—		(9,067)
Other expense	(1,070)		—		—		—		(1,070)
Cost of sales	(74,422)		(29,840)		(15,433)		—		(119,695)

Gross profit	16,176		29,282		11,939		—		57,397

Expenses
General and administrative	(5,268)		(2,615)		(1,806)		(2,891)		(12,580)
Share-based compensation	—		—		—		(6,742)		(6,742)

Operating income (loss)	$	10,908	$	26,667	$	10,133	$	(9,633)	$	38,075









Capital expenditures(1)	48,355		6,124		8,572		6,692		69,743

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

(2) On July 1, 2025, the Company announced that Tucumã Operation achieved commercial production which is the point at which the mine is capable of operating in the manner intended by the Company's management.

Notes to Financial Statements | Page 8


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


Nine months ended September 30, 2026	Caraíba (Brazil)		Tucumã (Brazil)		Xavantina (Brazil)		Corporate and Other		Consolidated

Revenue	$	364,262	$	328,778	$	202,477	$	—	$	895,517

Cost of production	(187,002)		(95,016)		(47,179)		—		(329,197)
Depreciation and depletion	(63,548)		(38,429)		(16,662)		—		(118,639)
Sales expense	(10,202)		(25,872)		(14,715)		—		(50,789)

Cost of sales	(260,752)		(159,317)		(78,556)		—		(498,625)

Gross profit	103,510		169,461		123,921		—		396,892

Expenses
General and administrative	(15,435)		(6,728)		(5,468)		(12,780)		(40,411)
Share-based compensation	—		—		—		(11,161)		(11,161)

Operating income (loss)	$	88,075	$	162,733	$	118,453	$	(23,941)	$	345,320










Capital expenditures(1)	138,706		32,371		40,749		24,825		236,651

Assets
Current	$	101,031	$	148,858	$	67,958	$	7,315	325,162
Non-current	1,165,589		498,302		153,289		62,186		1,879,366
Total Assets	$	1,266,620	$	647,160	$	221,247	$	69,501	$	2,204,528
Total Liabilities	$	140,579	$	48,267	$	166,477	$	509,777	$	865,100

During the nine months ended September 30, 2026, the Company had eight significant customers (September 30, 2025 - six), including five copper customers (September 30, 2025 - four) and three gold customers (September 30, 2025 - two).

Notes to Financial Statements | Page 9


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


Nine months ended September 30, 2025	Caraíba (Brazil)		Tucumã (Brazil)		Xavantina (Brazil)		Corporate and Other		Consolidated

Revenue	$	242,272	$	155,010	$	68,408	$	—	$	465,690

Cost of production	(132,870)		(35,508)		(25,018)		—		(193,396)
Depreciation and depletion	(54,222)		(5,738)		(14,129)		—		(74,089)
Sales expense	(5,985)		(10,099)		(846)		—		(16,930)
Other expense	(1,070)		—		—		—		(1,070)
Cost of sales	(194,147)		(51,345)		(39,993)		—		(285,485)

Gross profit	48,125		103,665		28,415		—		180,205

Expenses
General and administrative	(14,689)		(7,149)		(4,923)		(8,754)		(35,515)
Share-based compensation	—		—		—		(15,671)		(15,671)

Operating income (loss)	$	33,436	$	96,516	$	23,492	$	(24,425)	$	129,019









Capital expenditures(1)	130,749		39,675		19,152		14,852		204,428

Assets
Current	$	95,066	$	54,306	$	44,594	$	13,447	207,413
Non-current	1,018,755		504,066		116,543		29,544		1,668,908
Total Assets	$	1,113,821	$	558,372	$	161,137	$	42,991	$	1,876,321
Total Liabilities	$	175,139	$	37,494	$	163,846	$	608,343	984,822

Notes to Financial Statements | Page 10


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

4. Inventories


	September 30, 2026		December 31, 2025
Supplies and consumables	$	76,355	$	54,504
Stockpiles	41,512		33,925
Work in progress	5,913		5,197

Finished goods	18,441		13,485
	$	142,221	$	107,111

5. Other Current Assets


	September 30, 2026		December 31, 2025
Advances to suppliers	$	4,222	$	3,643
Prepaid expenses and other	9,732		6,250
Derivatives (Note 19)	16,068		4,701
Value added taxes recoverable	7,250		8,004

	$	37,272	$	22,598

Notes to Financial Statements | Page 11


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

6. Mineral Properties, Plant and Equipment


	Buildings		Mining Equipment		Mineral Properties(1)		Projects in Progress		Equipment & Other Assets		Deposit on Projects		Mine Closure Costs		Right-of-Use Assets		Total
Cost:







Balance, December 31, 2025	94,382		496,976		1,012,282		338,705		34,956		2,773		19,071		76,505		2,075,650
Additions	870		24,600		92,509		83,834		1,017		12,583		—		11,158		226,571
Capitalized borrowing costs	—		—		—		15,444		—		—		—		—		15,444

Disposals	—		(3,458)		—		—		(1,052)		(6)		—		(1,912)		(6,428)
Transfers	8,309		11,470		33,619		(47,417)		532		(4,601)		—		(1,912)		—
Foreign exchange	5,808		30,689		61,293		16,370		2,058		118		1,185		4,633		122,154
Balance, September 30, 2026	$	109,369	$	560,277	$	1,199,703	$	406,936	$	37,511	$	10,867	$	20,256	$	88,472	$	2,433,391

Accumulated depreciation:




Balance, December 31, 2025	(13,112)		(121,910)		(293,864)		—		(12,579)		—		(7,461)		(52,670)		(501,596)
Depreciation expense	(6,136)		(40,717)		(57,581)		—		(2,380)		—		(910)		(14,783)		(122,507)
Disposals	—		2,419		—		—		1,045		—		—		1,448		4,912
Transfers	—		(865)		—		—		—		—		—		865		—
Foreign exchange	(774)		(7,320)		(18,088)		—		(693)		—		(458)		(3,138)		(30,471)
Balance, September 30, 2026	$	(20,022)	$	(168,393)	$	(369,533)	$	—	$	(14,607)	$	—	$	(8,829)	$	(68,278)	$	(649,662)

Net book value, December 31, 2025	$	81,270	$	375,066	$	718,418	$	338,705	$	22,377	$	2,773	$	11,610	$	23,835	$	1,574,054
Net book value, September 30, 2026	$	89,347	$	391,884	$	830,170	$	406,936	$	22,904	$	10,867	$	11,427	$	20,194	$	1,783,729

(1) Mineral properties as at September 30, 2026 include $80.9 million (December 31, 2025 - $64.7 million) of costs on expansion of near-mine resource potential which are not currently being depreciated.

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)

7. Exploration and Evaluation Assets

As at September 30, 2026, the Company had $57.8 million (December 31, 2025 - $33.9 million) in exploration and evaluation assets, which include several property option agreements.

In July 2024, the Company signed a definitive earn-in agreement (the "Agreement") with Salobo Metais S.A, a subsidiary of Vale Base Metals ("VBM"), for the Furnas Copper-Gold Project ("Furnas Project") located in the Carajás Mineral Province in Pará State, Brazil. The Agreement contemplates the Company earning a 60% interest in the Project upon completion of three phases of work:

•Phase 1: Ero to conduct a minimum of 28,000 meters of exploration drilling (completed) and produce a scoping study within 18 months of signing the Agreement (completed)

•Phase 2: Ero to conduct an additional minimum of 17,000 meters of exploration drilling (completed) and produce a pre-feasibility study within 18 months of completing Phase 1

•Phase 3: Ero to conduct an additional minimum of 45,000 meters of exploration drilling (completed), unless otherwise mutually agreed, and produce a definitive feasibility study ("DFS") within 24 months of completing Phase 2

Following the completion of a DFS, subject to customary technical review periods, and with Ero positive investment approval, the parties will enter into a joint venture agreement whereby VBM will transfer 60% of the equity interest in the Furnas Project to Ero, and Ero will grant VBM a "free carry" on certain capital expenditures related to development of the Furnas Project.

Prior to a positive Ero investment decision and the formation of a joint venture, VBM will retain 100% ownership of the Furnas Project with Ero solely responsible for funding the phased exploration and engineering work programs as well as ongoing payments to maintain the property in good standing.

As at September 30, 2026, exploration and evaluation assets include $44.6 million (December 31, 2025 - $24.1 million) in expenditures associated with the Furnas Project.

8. Deposits and Other Non-current Assets


	September 30, 2026		December 31, 2025
Value added taxes recoverable	$	21,953	$	21,015
Note receivable (Note 19)	13,464		12,998
Deposits and others	618		2,683
	$	36,035	$	36,696

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)

9. Accounts Payable and Accrued Liabilities


	September 30, 2026		December 31, 2025
Trade suppliers	$	119,954	$	92,283
Payroll and labour related liabilities	29,042		25,688
Value added tax, royalty and other taxes payable	12,654		10,692
Cash-settled equity awards (Note 13(b) and (d))	13,436		20,615

Provision for rehabilitation and closure costs	1,458		3,768
Other accrued liabilities	1,155		1,078
	$	177,699	$	154,124

10. Loans and Borrowings


							Carrying value, including accrued interest
Description	Currency	Security	Maturity (Months)	Coupon rate	Principal to be repaid		September 30, 2026		December 31, 2025
Senior Notes	USD	Unsecured	40	6.50%	$	400,000	$	399,341	$	405,092
Senior Revolving Credit Facility	USD	Secured	27	SOFR + 2.00% to 4.25%	50,000		49,538		154,706
Copper Prepayment Facility	USD	Secured	3	8.66%	9,127		10,086		39,087
Equipment finance loans	USD	Secured	4 - 33	6.90% - 8.35%	6,280		6,312		7,319
Equipment finance loans	EUR	Secured	27 - 32	7.70%	2,105		2,110		168
Equipment finance loans	BRL	Unsecured	0	16.63%	—		—		84
Bank loan	BRL	Unsecured	2	CDI + 0.50%	126		127		658
Total					$	467,638	$	467,514	$	607,114

Current portion							$	17,966	$	55,711
Non-current portion							$	449,548	$	551,403

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)

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


	Nine months ended September 30, 2026										Year ended December 31, 2025
	Senior Notes		Senior Revolving Credit Facility		Copper Prepayment Facility		Other		Consolidated		Consolidated
Balance, beginning of period	$	405,092	$	154,706	$	39,087	$	8,229	$	607,114	$	602,189
Proceeds from loans and borrowings			—		—		6,064		6,064		57,404
Principal payments	—		(105,000)		(27,381)		(5,638)		(138,019)		(54,740)
Interest payments	(26,000)		(6,846)		(3,317)		(542)		(36,705)		(42,736)
Interest costs, including interest capitalized	20,249		6,678		1,697		474		29,098		44,487


Foreign exchange	—		—		—		(38)		(38)		510
Balance, end of period	$	399,341	$	49,538	$	10,086	$	8,549	$	467,514	$	607,114

(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 and Ero Brasil have 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 Company has the option to redeem, in whole or in part, 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.

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

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

(b) Senior Revolving Credit Facility

The Company has a senior revolving credit facility (the "Senior Revolving Credit Facility") which has a borrowing limit of $200 million and matures in December 2028. The applicable interest margin is based on sliding scales of SOFR plus 2.00% to 4.25%, and commitment fee ranges from 0.45% to 0.96%, based on the Company's net leverage ratio, with lower leverage ratios resulting in lower pricing.

As at September 30, 2026, the Senior Revolving Credit Facility bears a weighted average interest rate of 6.09% on its drawn balance and a commitment fee of 0.51% on its undrawn balance.

Notes to Financial Statements | Page 15


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

The Senior Revolving Credit Facility is secured by the shares of MCSA, NX Gold, Ero Gold, Ero Brasil, Ero Brasil Participações II Ltda., and Ero Holdings Corp. The Company is required to comply with certain financial covenants, which are required to be tested at each quarter end. These covenants include (a) a net leverage ratio based on net indebtedness to rolling four quarters adjusted earnings before interest, taxes, depreciation and amortization ("Rolling EBITDA"); (b) a net leverage ratio based on net senior indebtedness to Rolling EBITDA; and (c) an interest coverage ratio based on Rolling EBITDA. The Senior Revolving Credit Facility provides for negative covenants customary for this type of facility and permits additional equipment debt and finance leases of up to $50.0 million. As at September 30, 2026, the Company is in compliance with these financial covenants.

In May 2024, the Company entered into a non-priced copper prepayment facility with a bank syndicate. Under this facility, the Company received net proceeds of $49.6 million, representing gross proceeds of $50.0 million less transaction costs of $0.4 million. The Company had the option to increase the size of the non-priced copper prepayment facility from $50.0 million to $75.0 million until March 31, 2025.

In exchange, the Company is obligated to repay the $50.0 million facility over 27 equal monthly installments, beginning in October 2024, through the delivery of a minimum of 272 tonnes of copper each month. The copper to be delivered by the Company will be in the form of LME Copper Warrants. Each monthly delivery's value will be determined based on prevailing market copper prices at the time of delivery. Should the value of any delivery exceed the amount of the monthly installment payment of $2.1 million, the excess value will be repaid to the Company.

In March 2025, the Company exercised its option to increase the size of the non-priced copper prepayment facility by an additional $25.0 million. The Company is obligated to repay the $25.0 million additional facility over 21 equal monthly installments, beginning in April 2025, through the delivery of a minimum of 161 tonnes of copper each month. The copper to be delivered by the Company will be in the form of LME Copper Warrants. Each monthly delivery's value will be determined based on prevailing market copper prices at the time of delivery. Should the value of any delivery exceed the amount of the monthly installment payment of $1.3 million, the excess value will be repaid to the Company.

As the contractual obligation of the facility will be settled in the form of financial assets, the facility is accounted for as a financial liability measured at amortized cost using the effective interest rate method. Transaction costs are included in the initial measurement of the liability and amortized over the term of the facility.

The facility is secured by the shares of MCSA, NX Gold, Ero Gold, Ero Brasil, Ero Brasil Participações II Ltda., and Ero Holdings Corp.

11. Deferred Revenue

The Company entered into a precious metals purchase agreement (the “Xavantina Gold Stream”) 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 $150.0 million for the purchase of 25% of an equivalent amount of gold to be produced from the Xavantina mine until 160,000 ounces of gold have been delivered and thereafter decreasing to 10% of gold produced over the remaining life of the mine in exchange for cash payments equal to 40% of the prevailing spot gold price.

The movements in the Xavantina Gold Stream deferred revenue during the nine months ended September 30, 2026 and the year ended December 31, 2025 are comprised of the following:

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)


	September 30, 2026		December 31, 2025
Gold ounces delivered in the period(1)	12,880		9,692


Balance, beginning of period	$	105,750	$	62,989
Advances	—		50,000
Accretion expense	5,721		6,764
Amortization of deferred revenue	(16,132)		(14,003)

Balance, end of period	$	95,339	$	105,750

Current portion	$	12,046	$	12,800
Non-current portion	83,293		92,950

(1) During the nine months ended September 30, 2026, the Company delivered 12,880 payable ounces of gold (year ended December 31, 2025 - 9,692 ounces) to Royal Gold for average consideration of $1,770 per ounce (December 31, 2025 - $1,213 per ounce). At September 30, 2026, a cumulative 67,749 ounces (December 31, 2025 - 54,869 ounces) of gold have been delivered under the Xavantina Gold Stream.

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

12. Other Non-current Liabilities


	September 30, 2026		December 31, 2025
Withholding, value added tax, and other taxes payable	$	27,467	$	22,286
Provision	3,397		1,856

Dividends payable to non-controlling interest	5,842		5,503
Other liabilities	4,366		4,173
Cash-settled equity awards (Note 13(b))	—		5,470
	$	41,072	$	39,288

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)

13. Share Capital

As at September 30, 2026, the Company’s authorized share capital consists of an unlimited number of common

shares without par value.

(a) Options

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


	Nine Months Ended September 30,
	2026			2025
	Number of Stock Options	Weighted Average Exercise Price (CAD)		Number of Stock Options	Weighted Average Exercise Price (CAD)
Outstanding stock options, beginning of period	1,340,563	$	22.41	1,734,607	$	19.07
Issued	—	—		13,038	18.10
Exercised	(212,588)	18.71		(225,508)	18.50
Forfeited	(10,763)	19.80		(83,371)	19.92
Outstanding stock options, end of period	1,117,212	$	23.14	1,438,766	$	19.10

The weighted average share price on the date of exercise for options exercised during the nine months ended September 30, 2026 was CAD$47.74 (nine months ended September 30, 2025 - CAD$24.06).

As at September 30, 2026, the following stock options were outstanding:


Weighted Average Exercise Prices	Number of Stock Options	Vested and Exercisable Number of Stock Options	Weighted Average Remaining Life in Years

$10.01 to $20.00 CAD	470,362	331,669	1.82
$20.01 to $30.00 CAD	369,106	108,593	3.17
$30.01 to $34.58 CAD	277,744	19,464	4.19
$23.14 CAD ($16.31 USD)	1,117,212	459,726	2.86

(b) Performance Share Units

Pursuant to the Share Unit Plan, the Compensation Committee may grant performance share units ("PSUs") to employees, consultants, directors and officers ("Eligible Persons") of the Company or its subsidiaries. These PSUs will vest three years from the date of grant and the number of PSUs that will vest may range from 0% to 200% of the number granted, subject to the satisfaction of certain market and non-market performance conditions. Prior to June 29, 2026, each vested PSU entitled the holder thereof to receive on or about the applicable date of vesting of such share unit (i) one common share; (ii) a cash amount equal to the fair market value of one common share as at the applicable date of vesting; or (iii) a combination of (i) and (ii), as determined

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)

by the Compensation Committee in its sole discretion. Based on the Company's history of settling PSUs using a combination of cash and common shares, PSUs were classified as liabilities.

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.

On June 29, 2026, upon shareholder approval of the Amended and Restated Share Unit Plan at the Company's annual general and special meeting, the Compensation Committee's option to settle vested units using cash was eliminated. As a result, each vested unit is redeemable solely in common shares of the Company. Consequently, PSUs were reclassified from cash-settled to equity-settled instruments. Accordingly, the Company derecognized $19.6 million of PSU liabilities, recognized $16.8 million in contributed surplus, representing the fair value of issued PSUs at the modification date, and recorded a reduction in share-based compensation expense of $2.8 million. Post-modification, the fair value of PSUs will not be remeasured.

The continuity of PSUs issued and outstanding is as follows:


	Nine Months Ended September 30,
	2026	2025
Outstanding balance, beginning of period	879,703	1,014,505
Issued	—	10,734
Settled	—	(12,500)
Forfeited	(16,322)	(52,829)
Outstanding balance, end of period	863,381	959,910

Pursuant to the Share Unit Plan, the Compensation Committee may grant restricted share units ("RSUs") to Eligible Persons of the Company or its subsidiaries. The fair value of RSUs is determined on the date of grant using the market price of the Company’s shares. Prior to June 29, 2026, each vested RSU entitled the holder thereof to receive one common share, its equivalent cash value, or a combination of both, on the redemption date at the discretion of the Compensation Committee. Based on the Company's history of settling RSUs with common shares, RSUs were classified as equity-settled instruments.

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)

The continuity of RSUs issued and outstanding is as follows:


	Nine months ended September 30,
	2026	2025
Outstanding balance, beginning of period	270,886	328,180
Issued	—	5,366
Settled	(14,005)	(12,217)
Forfeited	(4,028)	(13,314)
Outstanding balance, end of period	252,853	308,015

(d) Deferred Share Units

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:


	Nine months ended September 30,
	2026	2025
Outstanding balance, beginning of period	356,799	325,111
Issued	7,707	13,904
Settled	—	(12,882)

Outstanding balance, end of period	364,506	326,133

At September 30, 2026, DSU liabilities had a fair value of $13.4 million (December 31, 2025 - $10.1 million) which has been recognized in accounts payable and accrued liabilities.

(e) Share-based compensation


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Stock options	$	598	$	592	$	1,753	$	1,677
Performance share units	2,460		4,324		3,914		10,047
Restricted share units	633		579		1,833		1,649
Deferred share units	3,767		1,247		3,661		2,298
Share-based compensation(1)	$	7,458	$	6,742	$	11,161	$	15,671

(1) For the three and nine months ended September 30, 2026, the Company recorded $3.7 million and $6.1 million (three and nine months ended September 30, 2025 - $1.2 million and $3.4 million) of share-based compensation in contributed surplus, and the remaining share-based compensation was recorded in liabilities.

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)

(f) Net Income per Share


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Weighted average number of common shares outstanding	104,351,583		103,621,631		104,299,083		103,589,664
Dilutive effects of:
Stock options	509,282		115,109		488,175		43,616
Share units	1,116,234		308,015		1,116,234		308,015
Weighted average number of diluted common shares outstanding(1)	105,977,099		104,044,755		105,903,492		103,941,295

Net income attributable to owners of the Company	$	116,237	$	35,978	$	314,551	$	186,753
Basic net income per share	$	1.11	$	0.35	$	3.02	$	1.80
Diluted net income per share	$	1.10	$	0.35	$	2.97	$	1.80

(1) Weighted average number of diluted common shares outstanding for the three and nine months ended September 30, 2026 excluded 23,596 and 255,443 (three and nine months ended September 30, 2025 - 464,486 and 839,668) stock options.

14. Revenue


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Copper
Concentrate sales	249,589		144,204		$	690,976	$	394,812

Adjustments on provisional sales(1)	3,325		5,516		2,064		2,470
	252,914		149,720		693,040		397,282
Gold
Dore Sales	18,048		24,405		66,239		59,788
Concentrate sales	69,773		—		120,128		—
Adjustments on provisional sales(1)	49		—		(22)		—
Amortization of deferred revenue(2)	7,250		2,967		16,132		8,620
	$	95,120	$	27,372	$	202,477	$	68,408
	$	348,034	$	177,092	$	895,517	$	465,690

(1) Adjustments on provisional sales include pricing adjustments on the Company's concentrate sales, which are provisionally priced to the Company's international customers and are settled with a final sales price between zero to four months (September 30, 2025 - zero to six month) after shipment takes place and, therefore, are exposed to commodity price changes.

(2) During the three and nine months ended September 30, 2026, the Company delivered 6,207 and 12,880 ounces of gold, respectively (three and nine months ended September 30, 2025 - 2,000 and 5,249 ounces of gold), under a precious metals purchase agreement with Royal Gold (note 11) for average cash consideration of $1,695 and $1,770 per ounce (three and nine months ended September 30, 2025 - $1,188 and $835).

Notes to Financial Statements | Page 21


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

15. Cost of Sales


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Materials	$	27,672	$	20,286	$	72,069	$	45,094
Salaries and benefits	28,137		23,548		83,746		62,477
Contracted services	40,285		25,114		104,434		48,661
Maintenance costs	17,664		13,639		52,571		36,430
Utilities	7,858		5,352		21,543		13,607
Other costs	996		1,043		3,239		1,931
Change in inventory (excluding depreciation and depletion)	(6,730)		(10,381)		(8,405)		(14,804)
Cost of production	115,882		78,601		329,197		193,396
Sales expense	20,073		9,067		50,789		16,930
Other expense	—		1,070		—		1,070
Depreciation and depletion	45,328		42,743		120,384		86,802
Change in inventory (depreciation and depletion)	(2,808)		(11,786)		(1,745)		(12,713)
	$	178,475	$	119,695	$	498,625	$	285,485

16. General and Administrative Expenses


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Accounting and legal	$	569	$	570	$	1,557	$	1,427
Amortization and depreciation	597		412		1,311		1,115
Office and administration	3,039		2,203		7,468		6,853
Salaries and consulting fees	10,287		7,488		23,428		20,698
Incentive payments	1,346		1,011		4,008		3,087
Other	980		896		2,639		2,335
	$	16,818	$	12,580	$	40,411	$	35,515

Notes to Financial Statements | Page 22


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

17. Finance Expense


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Interest on loans and borrowings(2)	$	3,553	$	6,665	$	13,654	$	6,665
Accretion of deferred revenue	1,863		1,998		$	5,721	$	4,723
Accretion of provision for rehabilitation and closure costs	792		901		2,372		2,608
Interest on lease liabilities	603		722		1,899		1,916
Other finance expenses(1)	3,141		1,045		10,048		6,118
	$	9,952	$	11,331	$	33,694	$	22,030

(1) Other finance expenses during the three and nine months ended September 30, 2026 included nil and $1.8 million, respectively (three and nine months ended September 30, 2025 - nil and $1.4 million) of credit loss on certain accounts receivable.

(2) During the three and nine months ended September 30, 2026, the Company capitalized $5.4 million and $15.4 million, respectively (three and nine months ended September 30, 2025 -$4.6 million and $27.0 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 Real, which is their functional currency.


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Foreign exchange gain (loss) on USD denominated debt in Brazil	$	(573)	$	16,994	$	39,797	$	95,104
Realized foreign exchange gain (loss) on derivative contracts (note 19)	10,410		2,046		30,340		47
Unrealized foreign exchange gain (loss) on derivative contracts (note 19)	(3,055)		3,980		8,091		27,419
Foreign exchange (loss) gain on other financial assets and liabilities	(1,705)		(965)		(8,651)		(3,475)
	$	5,077	$	22,055	$	69,577	$	119,095

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.

Notes to Financial Statements | Page 23


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

As at September 30, 2026, derivatives were measured at fair value based on Level 2 inputs.

The carrying values of cash and cash equivalents, accounts receivable, deposits, and accounts payable and accrued liabilities approximate their fair values due to their short terms to maturity or the discount rate used approximates to the contractual interest rate. At September 30, 2026, the carrying value of loans and borrowings, including accrued interest, was $467.5 million while the fair value is approximately $464.2 million. At September 30, 2026, the carrying value of notes receivable, including accrued interest, was $13.5 million which approximates its fair value.

Market risk

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

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

The Company's outstanding derivative instruments as of September 30, 2026 are as follows:

Contract Description

Notional Amount

Denomination

Weighted average floor

Weighted average cap / forward price

Maturities

Foreign exchange collar (i)

$390.0 million

USD/BRL

5.33

6.27

October 2026 - December 2027

Copper forward (ii)

2,894 tonnes

$ / lb

N/A

6.17

November 2026

(i) Foreign exchange currency risk

The Company may use certain foreign exchange derivatives, including collars and forward contracts, to manage its foreign exchange risks. At September 30, 2026, the aggregate fair value of the Company's foreign exchange derivatives was a net asset of $16.1 million (December 31, 2025 - net asset of $4.4 million). The fair values of foreign exchange contracts were determined based on option pricing models, forward foreign exchange rates, and information provided by the counter party.

Notes to Financial Statements | Page 24


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

$27.4 million for the three and nine months ended September 30, 2025, respectively), and have been recognized in foreign exchange gain.

(ii) Price risk

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

At September 30, 2026, the Company has derivative contracts on 2,894 tonnes of copper to hedge its accounts receivables exposure over the quotation period. The copper derivative contracts establish a forward price of $6.17 per pound of copper. As of September 30, 2026, the fair value of these contracts was a net liability of $2.4 million (December 31, 2025 - nil). The fair value of copper forward contract was determined based on option pricing models, forward copper price and information provided by the counter party.

As of September 30, 2026, the Company has no outstanding gold collar contracts (December 31, 2025 - liability of $6.8 million).

During the three and nine months ended September 30, 2026, the Company recognized a realized loss of nil and $10.9 million (realized loss of $0.6 million and $0.6 million for three and nine months ended September 30, 2025), respectively, in relation to its commodity derivatives in other income or loss.

At September 30, 2026, the Company had provisionally priced sales at period end that are exposed to commodity price changes (note 14). Based on the Company’s net exposure at September 30, 2026, a 10% change in the price of copper and gold would have changed pre-tax net income (loss) by $9.4 million.

Notes to Financial Statements | Page 25


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

20. Supplemental Cash Flow Information


	Three months ended September 30,				Nine months ended September 30,
Net change in non-cash working capital items:	2026		2025		2026		2025
Accounts receivable	$	22,780	$	1,597	$	9,484	$	7,446
Inventories	(9,691)		(14,508)		(27,026)		(28,538)
Value added tax and other assets	(13,991)		(3,220)		(21,633)		(6,758)
Accounts payable and accrued liabilities	4,163		46,959		11,619		26,403


	$	3,261	$	30,828	$	(27,556)	$	(1,447)

Non-cash investing and financing activities:

Additions to property, plant and equipment by leases	7,795		6,137		$	11,158	$	20,093
Non-cash increase (decrease) in accounts payable in relation to additions of property, plant and equipment and exploration and evaluation assets	6,862		(6,885)		14,385		(3,018)



Non-cash operating activities:
Settlement of income taxes payable via VAT recoverable	(16,087)		(5,092)		$	(27,674)	$	(12,174)

21. Commitment

Notes to Financial Statements | Page 26


			TSX: ERO
			NYSE: ERO

November 2, 2026

Ero Copper Reports Record Third Quarter 2026 Results

(all amounts in US dollars, unless otherwise noted)

Vancouver, British Columbia – Ero Copper Corp. (TSX: ERO, NYSE: ERO) (“Ero” or the “Company”) is pleased to announce its operating and financial results for the three and nine months ended September 30, 2026. Management will host a conference call tomorrow, Tuesday, November 3, 2026, at 10:30 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

•Consolidated quarterly copper production totaled 18,345 tonnes in concentrate, up 6% sequentially, at C1 cash costs(1) of $2.51 per pound produced.

•Gold from the Xavantina Operations totaled 25,258 ounces, up 23% from the previous quarter on increased ounces recovered from historic gold concentrate stockpiles.

◦Gold recovered from historic concentrate stockpiles increased 47% to a record of 17,414 ounces at C1 cash costs(1) and AISC(1) of $621 and $710 per ounce, respectively.

◦Mined gold production totaled 7,844 ounces at C1 cash costs(1) and AISC(1) of $1,892 and $3,607 per ounce, respectively.

•Record financial metrics, including cash flow from operations, adjusted EBITDA(1) and net income, supported by strong operating performance, higher copper and gold sales volumes, and favorable metal prices.

◦Cash flow from operations was $191.2 million, up 39% quarter-on-quarter.

◦Adjusted EBITDA(1) was $200.6 million, also up 39% quarter-on-quarter.

◦Net income attributable to the owners of the Company was $116.2 million, or $1.10 per diluted share, representing a 30% quarter-on-quarter increase.

◦Adjusted net income attributable to the owners of the Company(1) increased 48% quarter-on-quarter to $129.3 million, or $1.22 per diluted share.

•Reduced net debt(1) by approximately $100 million during the quarter and nearly $200 million since the beginning of 2025 to $353.5 million. Accelerated deleveraging was supported by the Company's strong cash flow generation, with approximately 97% of every dollar of cash available for deleveraging(2) applied toward debt reduction year-to-date. The Company's net debt leverage ratio improved to 0.5x at quarter-end from 1.2x at December 31, 2025.(3)



1			Ero
			733 Seymour Street \| Suite 3100 \| Vancouver \| BC \| V6B 0S6 \| Canada


			TSX: ERO
			NYSE: ERO

•Available liquidity(1) increased by $82.3 million quarter-on-quarter to $264.1 million, including $114.1 million in cash and cash equivalents and $150.0 million of undrawn availability under the Company's senior secured revolving credit facility.

•The Company’s foreign exchange hedge program generated realized gains of $10.4 million in Q3 and $30.3 million year-to-date, offsetting the cash impact of the stronger BRL. These gains are recognized separately and are not reflected in the Company's reported unit operating costs. Allocating the year-to-date realized gains across the Company's operations on a pro rata basis would equate to estimated reductions of approximately $0.15 per pound on full-year consolidated copper C1 cash costs(1) and approximately $50 per ounce on Xavantina's full-year C1 cash costs(1) and AISC(1).

•Reaffirming consolidated copper production and updating consolidated copper cost guidance as well as Xavantina production and cost guidance to reflect year-to-date performance and Q4 historic gold concentrate sales outlook.

◦Consolidated copper production guidance remains unchanged at 67,500 to 77,500 tonnes, with Q4 expected to be the strongest production quarter of the year at both copper operations.

◦Consolidated copper C1 cash cost(1) guidance has been updated to $2.25 to $2.45 per pound produced, reflecting inflationary pressures associated with the ongoing U.S.-Iran conflict and a stronger BRL. Allocating year-to-date realized foreign exchange hedge gains across the Company's operations on a pro rata basis would reduce full-year C1 cash costs(1) by approximately $0.15 per pound to $2.10 to $2.30 per pound, in line with the Company's original 2026 guidance.

◦Total gold from Xavantina is expected to be 75,000 to 80,000 ounces, comprising approximately 45,000 ounces recovered from historic concentrate stockpiles and 30,000 to 35,000 ounces of mined production. Q4 mined production is expected to benefit from higher mining rates and grades following the acceleration of underground development during Q3.

◦Xavantina C1 cash cost(1) and AISC(1) guidance for mined gold production has been updated to $1,650 to $1,800 per ounce and $3,300 to $3,600 per ounce, respectively. Allocating year-to-date realized foreign exchange hedge gains across the Company's operations on a pro rata basis would reduce these ranges by approximately $50 per ounce to $1,600 to $1,750 and $3,250 to $3,550 per ounce, respectively.

◦Capital expenditure guidance remains unchanged at $285 to $330 million.

•The Company continued to advance the Furnas Copper-Gold Project ("Furnas" or the "Project"), completing the Phase 3 drill program in Q3 2026, more than two years ahead of schedule.

◦Completion of the 45,000-meter Phase 3 drill program satisfies the exploration component of the Furnas earn-in agreement with Vale Base Metals.



2			Ero
			733 Seymour Street \| Suite 3100 \| Vancouver \| BC \| V6B 0S6 \| Canada


			TSX: ERO
			NYSE: ERO

◦The Company continues to advance key technical workstreams, including permitting, hydrogeological studies, environmental studies, and confirmatory metallurgical testwork in support of a Pre-Feasibility Study expected to be published in 2027.

"Ero delivered record financial results in Q3. Significant free cash flow generation enabled us to accelerate our pace of deleveraging - one of the core commitments we have made to our shareholders. Results were supported by continued growth in copper and gold sales volumes, cost savings from our OneEro initiative, and our foreign exchange hedge strategy designed to protect cash operating margins," said Makko DeFilippo, President & Chief Executive Officer.

“Our operating performance continued to strengthen during the quarter as optimization initiatives launched in 2025 and advanced further in 2026 translated into sustainable improvements across the business. Caraíba and Tucumã delivered sequential throughput gains of 8% and 14%, respectively, and our operations remain on track to deliver record consolidated copper production in 2026. At Tucumã, the tailings filtration expansion remains on track for completion by year-end. At Xavantina, increased recovery of gold from historic concentrate stockpiles supported higher quarterly gold sales, while mine operations achieved record underground development, which we expect will translate to higher sustained mining rates and additional flexibility in the coming quarters.

"We are pleased with the progress across our operations, our continued commitment to deleveraging and the significant progress we have made throughout our growth initiatives this year, including the completion of all drilling requirements at Furnas more than 2 years ahead of schedule."

(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. Please refer to the Company’s discussion of Non-IFRS measures in its Management’s Discussion and Analysis for the three and nine months ended September 30, 2026 and the Reconciliation of Non-IFRS Measures section at the end of this press release.

(2) Cash available for deleveraging, on a year-to-date basis, represents cash flow from operations of $421.9 million, less capital expenditures of $222.3 million ($203.1 million for additions to mineral properties, plant and equipment and $19.2 million for additions to exploration and evaluation assets) and interest, lease, and finance payments of $63.2 million ($36.7 million for interest paid on loans and borrowings, $16.4 million for lease liability payments and $10.1 million for other finance expenses paid). Of the resulting $136.4 million of cash available for deleveraging, $132.0 million was applied to debt principal repayments, equivalent to approximately $0.97 of every $1.00 available.

(3) The Company's net debt leverage ratio as of September 30, 2026 was 0.5x, based on net debt of $353.5 million and trailing 12-month adjusted EBITDA of $656.6 million. By comparison, the ratio as of December 31, 2025 was 1.2x, based on net debt of $501.7 million and trailing 12-month adjusted EBITDA of $409.7 million.



3			Ero
			733 Seymour Street \| Suite 3100 \| Vancouver \| BC \| V6B 0S6 \| Canada


			TSX: ERO
			NYSE: ERO

THIRD QUARTER REVIEW

The Caraíba Operations

•The Caraíba Operations produced 9,387 tonnes of copper in concentrate during the period at C1 cash costs(1) of $2.89 per pound produced.

•Production increased by approximately 12% quarter-on-quarter driven by higher plant throughput with modestly higher processed grades and recoveries. C1 cash costs(1) were impacted by higher waste stripping costs at Surubim, increased diesel and maintenance costs, and the continued strength of the BRL.

The Tucumã Operation

•The Tucumã Operation produced 8,958 tonnes of copper in concentrate during the quarter at C1 cash costs(1) of $2.12 per pound produced.

•Production was in line with the prior quarter, as improved plant throughput offset lower grades and recoveries. C1 cash costs(1) were also in line with the prior period, with initial OneEro cost savings offsetting the impact of inflationary pressures on input costs and the continued strength of the BRL.

•The Company remains on schedule to install and commission modular tailings filters in Q4, providing additional capacity to Tucumã's tailings filtration circuit. The incremental filtration capacity and associated plant throughput benefits are expected to support future production plans and have not been reflected in 2026 operational guidance.

The Xavantina Operations

•Gold produced and recovered at the Xavantina Operations increased 23% quarter-on-quarter to 25,258 ounces, supported by increased ounces recovered from historic gold concentrate stockpiles.

◦Gold recovered from historic concentrate stockpiles increased 47% quarter-on-quarter to 17,414 ounces at C1 cash costs(1) and AISC(1) of $621 and $710 per ounce, respectively. Operations benefited from drier seasonal conditions and additional drying infrastructure installed in late Q2.

◦Mine production was 7,844 ounces at C1 cash costs(1) and AISC(1) of $1,892 and $3,607 per ounce, respectively. Higher throughput was offset by lower processed grades, as mine operations focused on accelerating underground development during the quarter, limiting access to higher-grade stopes.

•Gold sales also increased approximately 47% quarter-on-quarter to 24,957 ounces, comprising 4,949 ounces of gold doré and 20,008 ounces of gold in concentrate, including contributions from Xavantina's historic gold concentrates.



4			Ero
			733 Seymour Street \| Suite 3100 \| Vancouver \| BC \| V6B 0S6 \| Canada


			TSX: ERO
			NYSE: ERO

OPERATING HIGHLIGHTS


	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Copper (Caraíba Operations)
Ore Mined (tonnes)	1,142,352		1,098,614		1,018,972		3,226,543		2,507,975
Ore Processed (tonnes)	1,161,102		1,074,182		996,661		3,307,493		2,481,508
Grade (% Cu)	0.90		0.87		1.01		0.90		1.14
Recovery (%)	89.4		89.0		90.4		88.9		90.6
Cu Production (tonnes)	9,387		8,351		9,085		26,564		25,604
Cu Production (000 lbs)	20,694		18,411		20,030		58,564		56,448
Cu Sold in Concentrate (tonnes)	9,537		7,926		9,080		26,668		25,416
Cu Sold in Concentrate (000 lbs)	21,026		17,474		20,017		58,793		56,031
Cu C1 cash cost(1)	$	2.89	$	2.76	$	2.32	$	2.81	$	2.20

Copper (Tucumã Operation)
Ore Mined (tonnes)	1,224,488		590,600		1,333,748		2,271,772		2,460,850
Ore Processed (tonnes)	814,137		715,415		575,041		2,093,269		1,288,054
Grade (% Cu)	1.30		1.44		1.51		1.44		1.74
Recovery (%)	85.0		88.2		89.2		87.1		88.0
Cu Production (tonnes)	8,958		8,964		7,579		26,383		18,997
Cu Production (000 lbs)	19,749		19,763		16,707		58,164		41,880
Cu Sold in Concentrate (tonnes)	8,638		8,581		6,622		25,970		17,758
Cu Sold in Concentrate (000 lbs)	19,044		18,918		14,598		57,254		39,149
Cu C1 cash cost(1)(2)	$	2.12	$	2.10	$	1.62	$	2.07	$	1.62

Gold (Xavantina Operations)
Ore Mined (tonnes)	56,527		49,484		50,268		138,831		121,325
Ore Processed (tonnes)	55,478		48,564		47,865		141,170		118,922
Grade (g / tonne)	4.90		6.20		8.15		5.55		7.46
Recovery (%)	89.7		89.8		78.4		87.5		84.7
Au Production (oz)	7,844		8,693		9,073		22,032		23,454
Historic Au Concentrate Recovered (oz)	17,414		11,860		—		31,386		—

Au Sold in Doré (oz)	4,949		6,663		8,439		17,631		22,549
Au Sold in Concentrate (oz)(3)	20,008		10,353		—		34,672		—

Au Production C1 cash cost(1)	$	1,892	$	1,586	$	1,086	$	1,828	$	1,100
Au Production AISC(1)	$	3,607	$	2,881	$	2,425	$	3,528	$	2,307
Historic Au Concentrate C1 cash cost(1)	$	621	$	633	—		$	645	—
Historic Au Concentrate AISC(1)	$	710	$	715	—		$	733	—

(1) Please refer to the Company’s discussion of Non-IFRS measures in its Management’s Discussion and Analysis for the three and nine months ended September 30, 2026 and the Reconciliation of Non-IFRS Measures section at the end of this press release.

(2) The Company declared commercial production at the Tucumã Operation effective July 1, 2025. As such, copper C1 cash costs for the Tucumã Operation reflect costs from Q3 2025 onward only.

(3) Gold sold in concentrate includes gold ounces produced in flotation and the historic gold concentrate stockpile.



5			Ero
			733 Seymour Street \| Suite 3100 \| Vancouver \| BC \| V6B 0S6 \| Canada


			TSX: ERO
			NYSE: ERO

FINANCIAL HIGHLIGHTS

($ in millions, except per share amounts)


	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Revenues	$	348.0	$	284.3	$	177.1	$	895.5	$	465.7
Gross profit	169.6		121.4		57.4		396.9		180.2
EBITDA(1)	195.8		159.8		90.8		531.0		322.8
Adjusted EBITDA(1)	200.6		144.0		77.1		469.8		223.0
Cash flow from operations	191.2		137.9		110.3		421.9		266.0
Net income	118.0		90.7		36.5		318.0		188.2
Net income attributable to owners of the Company	116.2		89.5		36.0		314.6		186.8
Per share (basic)	1.11		0.86		0.35		3.02		1.80
Per share (diluted)	1.10		0.85		0.35		2.97		1.80
Adjusted net income attributable to owners of the Company(1)	129.3		87.4		27.9		289.1		111.9
Per share (basic)	1.24		0.84		0.27		2.77		1.08
Per share (diluted)	1.22		0.83		0.27		2.73		1.08

Cash, cash equivalents, and short-term investments	114.1		101.7		66.3		114.1		66.3
Working capital (deficit)(1)	89.4		87.7		(45.2)		89.4		(45.2)
Available liquidity(1)	264.1		181.7		111.3		264.1		111.3
Net debt(1)	353.5		452.7		545.5		353.5		545.5



6			Ero
			733 Seymour Street \| Suite 3100 \| Vancouver \| BC \| V6B 0S6 \| Canada


			TSX: ERO
			NYSE: ERO

2026 GUIDANCE

The cash impact of the stronger BRL has been offset by year-to-date realized gains of $30.3 million from the Company's foreign exchange hedge program. Allocating the year-to-date realized foreign exchange hedge gains across the Company's operations on a pro rata basis would translate to an estimated reduction of approximately $0.15 per pound on full-year consolidated copper C1 cash costs(1), equating to $2.10 to $2.30 per pound produced, generally in line with the Company's original 2026 guidance.

Total capital expenditure guidance is maintained in the range of $285 to $330 million.



7			Ero
			733 Seymour Street \| Suite 3100 \| Vancouver \| BC \| V6B 0S6 \| Canada


			TSX: ERO
			NYSE: ERO

2026 Production and Cost Guidance


	Previous Guidance	Current Guidance	Current Guidance with YTD $30M FX Gain Applied(1)
Consolidated Copper Production (tonnes)
Caraíba Operations	35,000 - 40,000	35,000 - 40,000	35,000 - 40,000
Tucumã Operation	32,500 - 37,500	32,500 - 37,500	32,500 - 37,500
Total Copper	67,500 - 77,500	67,500 - 77,500	67,500 - 77,500

Consolidated Copper C1 Cash Costs ($/lb)(2)
Caraíba Operations	$2.30 - $2.50	$2.55 - $2.75	$2.35 - $2.55
Tucumã Operation	$1.95 - $2.15	$1.95 - $2.15	$1.85 - $2.05
Consolidated Copper Operations	$2.15 - $2.35	$2.25 - $2.45	$2.10 - $2.30

The Xavantina Operations (oz)
Mined Au Production	40,000 - 50,000	30,000 - 35,000	30,000 - 35,000
Au Recovered from Historic Stockpiles	—	Approx. 45,000	Approx. 45,000
Total Gold	40,000 - 50,000	75,000 - 80,000	75,000 - 80,000

Mined Gold Production Costs ($/oz)
C1 Cash Cost(2)	$1,100 - $1,350	$1,650 - $1,800	$1,600 - $1,750
AISC(2)	$2,200 - $2,700	$3,300 - $3,600	$3,250 - $3,550

(1) Assumes $30.3 million realized gains through the end of Q3 from the Company's foreign exchange hedge program, allocated to the operations for the purposes of calculating C1 cash costs as follows: 55% ($16.7 million) to Caraíba, 30% ($9.1 million) to Tucumã, and 15% ($4.6 million) to Xavantina, amounts may not sum due to rounding.

(2) Please refer to the section titled "Reconciliation of Non-IFRS Measures" within this Press Release.

2026 Capital Expenditure Guidance

Figures presented in the table below are in USD millions.


												Current Guidance
Caraíba Operations												$170 - $185
Tucumã Operation												$35 - $45
Xavantina Operations												$50 - $60
Furnas Copper-Gold Project, Other Exploration & Corporate												$30 - $40
Total												$285 - $330

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 most recent AIF and Management of Risks and Uncertainties in the MD&A for complete risk factors.



8			Ero
			733 Seymour Street \| Suite 3100 \| Vancouver \| BC \| V6B 0S6 \| Canada


			TSX: ERO
			NYSE: ERO

CONFERENCE CALL DETAILS

The Company will hold a conference call on Tuesday, November 3, 2026 at 10:30 a.m. Eastern Time to discuss these results. A results presentation will be available for download via the webcast link and in the Presentations section of the Company's website on the day of the conference call.


Date:			Tuesday, November 3, 2026
Time:			10:30 a.m. Eastern Time
Dial in:			Canada/USA Toll Free: 1-833-752-3380 International: +1-647-846-2821 Please dial in 5-10 minutes prior to the start of the call or pre-register using this link to bypass the live operator queue. (https://dpregister.com/sreg/10212017/104e507c7ef)
Webcast:			To access the webcast, click here. (https://event.choruscall.com/mediaframe/webcast.html?webcastid=aGktY9cu)
Replay:			Canada/USA: 1-855-669-9658, International: +1-412-317-0088 For country-specific dial-in numbers, click here. (https://services.choruscall.com/ccforms/replay.html)
Replay Passcode:			1109122



9			Ero
			733 Seymour Street \| Suite 3100 \| Vancouver \| BC \| V6B 0S6 \| Canada


			TSX: ERO
			NYSE: ERO

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

For additional details, please refer to the Company’s discussion of non-IFRS and other performance measures in its Management’s Discussion and Analysis for the three and nine months ended September 30, 2026 which is available on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov.



10			Ero
			733 Seymour Street \| Suite 3100 \| Vancouver \| BC \| V6B 0S6 \| Canada


			TSX: ERO
			NYSE: ERO

Copper C1 cash cost

The following table provides a reconciliation of copper C1 cash cost to cost of production, its most directly comparable IFRS measure. Amounts in US$ thousands, except per-pound amounts and where otherwise indicated.

The Caraíba Operations


Reconciliation:	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Cost of production	$	65,552	$	59,098	$	50,261	$	187,002	$	132,870
Add (less):
Transportation costs & other	4,079		2,895		1,731		9,870		4,845
Treatment, refining, and other	610		(5,225)		2,508		(2,451)		7,258
By-product credits	(8,726)		(8,045)		(6,693)		(26,848)		(17,597)
Incentive payments	(1,607)		(1,700)		(1,425)		(4,841)		(4,171)
Net change in inventory	(71)		3,647		199		2,093		1,247
Foreign exchange and other	(60)		106		(46)		(41)		(177)
C1 cash costs	$	59,777	$	50,776	$	46,535	$	164,784	$	124,275




Mining	$	46,594	$	42,510	$	33,943	$	131,515	$	91,181
Processing	9,098		9,986		8,222		28,186		21,123
Indirect	8,122		8,655		6,824		24,512		17,465
Production costs	63,814		61,151		48,989		184,213		129,769
By-product credits	(8,726)		(8,045)		(6,693)		(26,848)		(17,597)
Treatment, refining and other	4,689		(2,330)		4,239		7,419		12,103
C1 cash costs	$	59,777	$	50,776	$	46,535	$	164,784	$	124,275


	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Costs per pound
Total copper produced (lbs, 000)	20,694		18,411		20,030		58,564		56,448

Mining	$	2.25	$	2.31	$	1.69	$	2.25	$	1.62
Processing	$	0.44	$	0.54	$	0.41	$	0.48	$	0.37
Indirect	$	0.39	$	0.47	$	0.34	$	0.42	$	0.31
By-product credits	$	(0.42)	$	(0.44)	$	(0.33)	$	(0.46)	$	(0.31)
Treatment, refining and other	$	0.23	$	(0.12)	$	0.21	$	0.12	$	0.21
Copper C1 cash costs	$	2.89	$	2.76	$	2.32	$	2.81	$	2.20



11			Ero
			733 Seymour Street \| Suite 3100 \| Vancouver \| BC \| V6B 0S6 \| Canada


			TSX: ERO
			NYSE: ERO

The Tucumã Operation


Reconciliation:	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Cost of production	$	33,646	$	31,632	$	18,308	$	95,016	$	35,504
Add (less):
Transportation costs & other	8,191		9,393		4,880		23,975		4,880
Treatment, refining, and other	163		378		1,486		3,012		1,486
By-product credits	(566)		(425)		—		(1,692)		—
Incentive payments	(552)		(480)		(401)		(1,578)		(401)
Net change in inventory	981		1,021		2,783		1,446		2,783
Pre-commercial cost of production	—		—		—		—		(17,196)
Foreign exchange and other	(6)		4		—		(6)		—
C1 cash costs	$	41,857	$	41,523	$	27,056	$	120,173	$	27,056




Mining	$	10,943	$	8,963	$	4,552	$	26,444	$	4,552
Processing	18,649		18,566		12,455		55,191		12,455
Indirect	4,477		4,648		3,698		13,243		3,698
Production costs	34,069		32,177		20,705		94,878		20,705
By-product credits	(566)		(425)		—		(1,692)		—
Treatment, refining and other	8,354		9,771		6,351		26,987		6,351
C1 cash costs	$	41,857	$	41,523	$	27,056	$	120,173	$	27,056


	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Costs per pound
Total copper produced (lbs, 000)	19,749		19,763		16,707		58,164		16,707

Mining	$	0.55	$	0.45	$	0.27	$	0.45	$	0.27
Processing	$	0.94	$	0.94	$	0.75	$	0.95	$	0.75
Indirect	$	0.23	$	0.24	$	0.22	$	0.23	$	0.22
By-product credits	$	(0.03)	$	(0.02)	$	—	$	(0.03)	$	—
Treatment, refining and other	$	0.43	$	0.49	$	0.38	$	0.47	$	0.38
Copper C1 cash costs	$	2.12	$	2.10	$	1.62	$	2.07	$	1.62



12			Ero
			733 Seymour Street \| Suite 3100 \| Vancouver \| BC \| V6B 0S6 \| Canada


			TSX: ERO
			NYSE: ERO

Gold Production C1 cash cost and gold AISC

The following table provides a reconciliation of gold C1 cash cost and gold AISC to cost of production, its most directly comparable IFRS measure. Amounts in US$ thousands, except per-ounce amounts or where otherwise indicated.


Reconciliation:	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Cost of production	$	16,684	$	16,618	$	10,032	$	47,179	$	25,018
Less: Gold concentrate re-handling costs	(3,793)		(3,682)		—		(9,116)		—
Cost of mine production	$	12,891	$	12,936	$	10,032	$	38,063	$	25,018
Add (less):
Incentive payments	(482)		(427)		(364)		(1,229)		(842)
Net change in inventory	996		357		191		546		1,593
By-product credits	(146)		(284)		(208)		(619)		(478)
Smelting, refining and selling expenses	1,587		1,167		217		3,523		540
Foreign exchange and other	(8)		40		(12)		(6)		(41)
Gold production C1 cash costs	$	14,838	$	13,789	$	9,856	$	40,278	$	25,790
Site general and administrative	1,860		1,647		1,602		4,916		3,954
Accretion of mine closure and rehabilitation provision	149		152		151		446		437
Sustaining capital expenditure	8,046		5,867		7,307		22,049		15,651
Sustaining lease payments	2,958		3,077		2,524		8,657		6,858
Royalties and production taxes	436		516		566		1,386		1,415
Gold production AISC	$	28,287	$	25,048	$	22,006	$	77,732	$	54,105



13			Ero
			733 Seymour Street \| Suite 3100 \| Vancouver \| BC \| V6B 0S6 \| Canada


			TSX: ERO
			NYSE: ERO


	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Costs
Mining	$	7,156	$	6,894	$	4,871	$	19,870	$	13,183
Processing	3,515		3,414		2,787		9,869		7,465
Indirect	2,726		2,598		2,189		7,635		5,080
Production costs	13,397		12,906		9,847		37,374		25,728
Treatment, refining and other	1,587		1,167		217		3,523		540
By-product credits	(146)		(284)		(208)		(619)		(478)
Gold production C1 cash costs	$	14,838	$	13,789	$	9,856	$	40,278	$	25,790
Site general and administrative	1,860		1,647		1,602		4,916		3,954
Accretion of mine closure and rehabilitation provision	149		152		151		446		437
Sustaining capital expenditure	8,046		5,867		7,307		22,049		15,651
Sustaining lease payments	2,958		3,077		2,524		8,657		6,858
Royalties and production taxes	436		516		566		1,386		1,415
Gold production AISC	$	28,287	$	25,048	$	22,006	$	77,732	$	54,105

Costs per ounce
Total gold produced (ounces)	7,844		8,693		9,073		22,032		23,454

Mining	$	912	$	793	$	537	$	902	$	562
Processing	$	448	$	393	$	307	$	448	$	318
Indirect	$	349	$	299	$	241	$	346	$	216
Treatment, refining and other	$	202	$	134	$	24	$	160	$	23
By-product credits	$	(19)	$	(33)	$	(23)	$	(28)	$	(19)
Gold production C1 cash cost	$	1,892	$	1,586	$	1,086	$	1,828	$	1,100
Gold production AISC	$	3,607	$	2,881	$	2,425	$	3,528	$	2,307



14			Ero
			733 Seymour Street \| Suite 3100 \| Vancouver \| BC \| V6B 0S6 \| Canada


			TSX: ERO
			NYSE: ERO

Historic Gold Concentrate C1 cash cost and gold AISC

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


Reconciliation:	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Cost of production	$	16,684	$	16,618	$	10,032	$	47,179	$	25,018
less: Cost of mine production	(12,891)		(12,936)		(10,032)		(38,063)		(25,018)
Gold concentrate re-handling costs	$	3,793	$	3,682	$	—	$	9,116	$	—
Add (less):

Net change in inventory	207		(11)		—		(132)		—
By-product credits	(1,374)		(974)		—		(2,482)		—
Smelting, refining and selling expenses	8,184		4,811		—		13,749		—

Historic gold concentrate C1 cash costs	$	10,810	$	7,508	$	—	$	20,251	$	—




Royalties and production taxes	1,556		967		—		2,769		—
Historic gold concentrate AISC	$	12,366	$	8,475	$	—	$	23,020	$	—


	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Costs



Gold concentrate re-handling costs	4,000		3,671		—		8,984		—
Smelting, refining and selling costs	8,184		4,811		—		13,749		—
By-product credits	(1,374)		(974)		—		(2,482)		—
Historic gold concentrate C1 cash costs	$	10,810	$	7,508	$	—	$	20,251	$	—




Royalties and production taxes	1,556		967		—		2,769		—
Historic gold concentrate AISC	$	12,366	$	8,475	$	—	$	23,020	$	—

Costs per ounce
Historic gold concentrate recovered (ounces)	17,414		11,860		—		31,386		—




Gold concentrate re-handling costs	$	230	$	310	$	—	$	286	$	—
Smelting, refining and selling costs	$	470	$	406	$	—	$	438	$	—
By-product credits	$	(79)	$	(82)	$	—	$	(79)	$	—
Historic gold concentrate C1 cash costs	$	621	$	633	$	—	$	645	$	—
Historic gold concentrate AISC	$	710	$	715	$	—	$	733	$	—



15			Ero
			733 Seymour Street \| Suite 3100 \| Vancouver \| BC \| V6B 0S6 \| 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.Amounts in US$ thousands.


Reconciliation:	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Net Income	$	117,954	$	90,749	$	36,513	$	318,014	$	188,168
Adjustments:
Finance expense	9,952		12,678		11,331		33,694		22,030
Finance income	(825)		(1,443)		(1,208)		(3,389)		(3,176)
Income tax expense	25,564		19,321		12,774		62,770		40,597
Amortization and depreciation	43,117		38,514		31,369		119,950		75,204
EBITDA	$	195,762	$	159,819	$	90,779	$	531,039	$	322,823
Foreign exchange gain	(5,077)		(10,845)		(22,055)		(69,577)		(119,095)
Share-based compensation	7,458		1,063		6,742		11,161		15,671
Unrealized loss (gain) on commodity derivatives	2,462		(6,014)		1,627		(2,801)		3,093



Others	—		—		—		—		458
Adjusted EBITDA	$	200,605	$	144,023	$	77,093	$	469,822	$	222,950



16			Ero
			733 Seymour Street \| Suite 3100 \| Vancouver \| BC \| V6B 0S6 \| 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:	2026 - Q3		2026 - Q2		2025 - Q3		2026 - YTD		2025 - YTD
Net income as reported attributable to the owners of the Company	$	116,237	$	89,543	$	35,978	$	314,551	$	186,753
Adjustments:
Share-based compensation	7,458		1,063		6,742		11,161		15,671
Unrealized foreign exchange loss (gain) on USD denominated balances in MCSA	1,063		(3,267)		(15,057)		(32,464)		(82,889)
Unrealized foreign exchange loss (gain) on foreign exchange derivative contracts	3,042		5,363		(3,964)		(8,059)		(27,309)
Unrealized loss (gain) on commodity derivatives	2,452		(5,870)		1,574		(2,685)		3,020



Others	—		—		—		—		458
Tax effect on the above adjustments	(1,000)		575		2,661		6,589		16,221
Adjusted net income attributable to owners of the Company	$	129,252	$	87,407	$	27,934	$	289,093	$	111,925

Weighted average number of common shares
Basic	104,351,583		104,282,548		103,621,631		104,299,083		103,589,664
Diluted	105,977,099		105,876,946		104,044,755		105,903,492		103,941,295

Adjusted EPS
Basic	$	1.24	$	0.84	$	0.27	$	2.77	$	1.08
Diluted	$	1.22	$	0.83	$	0.27	$	2.73	$	1.08



17			Ero
			733 Seymour Street \| Suite 3100 \| Vancouver \| BC \| V6B 0S6 \| Canada


			TSX: ERO
			NYSE: ERO

Net Debt (Cash)

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


	September 30, 2026		June 30, 2026		December 31, 2025		September 30, 2025
Current portion of loans and borrowings	$	17,966	$	34,578	$	55,711	$	50,590
Long-term portion of loans and borrowings	449,548		519,856		551,403		561,146
Less:
Cash and cash equivalents	(114,053)		(101,742)		(105,442)		(66,257)


Net debt (cash)	$	353,461	$	452,692	$	501,672	$	545,479

Working Capital and Available Liquidity

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


	September 30, 2026		June 30, 2026		December 31, 2025		September 30, 2025
Current assets	$	325,162	$	324,000	$	276,212	$	207,413
Less: Current liabilities	(235,774)		(236,345)		(260,718)		(252,579)
Working capital (deficit)	$	89,388	$	87,655	$	15,494	$	(45,166)

Cash and cash equivalents	114,053		101,742		105,442		66,257

Available undrawn revolving credit facilities	150,000		80,000		45,000		45,000

Available liquidity	$	264,053	$	181,742	$	150,442	$	111,257



18			Ero
			733 Seymour Street \| Suite 3100 \| Vancouver \| BC \| V6B 0S6 \| Canada


			TSX: ERO
			NYSE: ERO

ABOUT ERO

Ero is a Brazil-focused, growth-oriented mining company with a diversified portfolio of copper and gold assets. Headquartered in Vancouver, B.C., the Company operates two copper mines – the Caraíba Operations in Bahia State and the Tucumã Operation in Pará State – as well as the Xavantina Operations, a producing gold mine in Mato Grosso State. In addition to its operating assets, Ero is advancing the Furnas Copper-Gold Project, located in the mineral-rich Carajás Province in Pará State, through a definitive earn-in agreement with Vale Base Metals to acquire a 60% interest in the project.

FOR MORE INFORMATION, PLEASE CONTACT

Farooq Hamed, VP, Investor Relations

info@ero.com



19			Ero
			733 Seymour Street \| Suite 3100 \| Vancouver \| BC \| V6B 0S6 \| 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 Operation and the Xavantina Operations, including the expected timing and weighting of production, plant throughput, mined and processed copper or gold grades, recoveries and unit costs; 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, the Tucumã Project Technical Report and the Furnas Project Technical Report; the estimation of mineral reserves and mineral resources; estimated completion dates for certain milestones, including completion of the Pilar Mine’s new external shaft at the Caraíba Operations; the ability of the Company to maintain improved performance at the Caraíba mill and realize the expected benefits associated with the Pilar Mine’s new external shaft; the expected timing of delivery, installation and commissioning of additional modular tailings filters at the Tucumã Operation and the anticipated impact of such filters on tailings filtration capacity, plant throughput and future production; the expected benefits of the ventilation and cooling infrastructure installed at the Xavantina Operations, including increased mining rates, mill throughput and processed gold grades; expectations regarding gold concentrate sales from the Xavantina Operations, including the expected timing and volume of sales and the anticipated benefits of drier seasonal conditions and the mobile filter press and industrial dryer commissioned on site; the anticipated benefits of the new powerline and processing plant optimization initiatives at the Xavantina Operations; expectations regarding the impact of inflationary pressures, geopolitical conflicts and fluctuations in the Brazilian real on the Company’s operating costs, capital expenditures and financial results; expectations of cost savings related to the OneEro Program; expectations regarding foreign exchange derivative contracts, including expected gains thereon and the exchange rate assumptions underlying such expectations; the Company’s capital allocation priorities, including continued deleveraging of the balance sheet; the Company’s ability to advance work programs under the Furnas earn-in agreement, including exploration, drilling, permitting, engineering, geotechnical, hydrogeological, environmental and metallurgical programs; the expected completion of planned exploration activities at the Furnas Copper-Gold Project; the timing and completion of a pre-feasibility study for the Furnas Copper-Gold Project, currently expected to be published in 2027; the potential to extend known mineralization, upgrade mineral resources to higher-confidence categories or mineral reserves, enhance project economics or increase the potential production profile at the Furnas Copper-Gold Project; the discovery of additional mineralization and the potential impact of exploration results on future production rates at the Company’s mines or processing facilities; the Company’s expectations associated with historic gold concentrate stockpiles at the Xavantina Operations, including operating costs, payability, grades, sales volumes and the timing of sales; 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 Company’s most recent Annual Information Form (“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: 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 metals; 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, the Tucumã Operation and the Furnas Copper-Gold 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, interest rates and tariff rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; workforce continuing to remain healthy in the face of prevailing epidemics, pandemics or other health risks; political and regulatory stability; the receipt of governmental, regulatory and third-party approvals, licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; availability of equipment; positive relations with local groups and the Company’s ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of the Company’s current loan arrangements. Although the Company believes that the assumptions inherent in forward-looking statements are reasonable as of the date of this press release, these assumptions are subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking statements. The Company cautions that the foregoing list of assumptions is not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking statements contained in this press release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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

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.

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.



20			Ero
			733 Seymour Street \| Suite 3100 \| Vancouver \| BC \| V6B 0S6 \| Canada


	Ero Copper Corp.

	By:	/s/ Deepk Hundal
		Name: Deepk Hundal
		Title: EVP, General Counsel and Corporate Secretary
Date: November 2, 2026


Exhibit Number						Description of Document

99.1						Management’s Discussion and Analysis for the three and nine months ended September 30, 2026
99.2						Condensed Consolidated Interim Financial Statements for the three and nine months ended September 30, 2026 and 2025
99.3						Press Release dated November 2, 2026