6-K - ERO - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

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

under the Securities Exchange Act of 1934

For the month of November 2022

Commission File Number 001-40459

ERO COPPER CORP.

(Translation of registrant's name into English)

625 Howe Street, Suite 1050

Vancouver, British Columbia V6C 2T6

Canada

(Address of principal executive office)

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

Form 20-F ☐ Form 40-F ☒

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

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

Signatures

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

	ERO Copper Corp.
	By:	/s/ Deepk Hundal
		Name: Deepk Hundal
		Title: SVP, General Counsel and Corporate Secretary
Date: November 1, 2022

Exhibit Index

Exhibit Number	Description of Document
99.1	Management’s Discussion and Analysis for the three and nine months ended September 30, 2022
99.2	Condensed Consolidated Interim Financial Statements for the three and nine months ended September 30, 2022
99.3	Press Release dated November 1, 2022

Document

MANAGEMENT’S DISCUSSION

AND ANALYSIS

FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2022

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

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

MANAGEMENT’S DISCUSSION AND ANALYSIS

This Management’s Discussion and Analysis (“MD&A”) has been prepared as at November 1, 2022 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, 2022, and related notes thereto, which are prepared in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting as permitted by the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (the “IASB”). All references in this MD&A to “Q3 2022” and “Q3 2021” are to the three months ended September 30, 2022 and September 30, 2021, respectively, and all references in this MD&A to “YTD 2022” and “YTD 2021” are to the nine months ended September 30, 2022 and September 30, 2021, respectively. As well, this MD&A should be read in conjunction with the Company’s December 31, 2021 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.

Ero Copper Corp. September 30, 2022 MD&A | Page 1

HIGHLIGHTS

		2022 - Q2		2021 - Q3		2022 - YTD		2021 - YTD
Operating Information
Copper (Caraíba Operations)
Ore Processed (tonnes)		801,425		572,666		2,118,380		1,724,252
Grade (% Cu)		1.74		1.90		1.73		2.11
Cu Production (tonnes)		12,734		10,057		33,707		33,593
Cu Production (lbs)		28,072,691		22,170,355		74,311,647		74,058,876
Cu Sold in Concentrate (tonnes)(1)		12,948		10,762		33,515		33,324
Cu Sold in Concentrate (lbs)(1)		28,546,045		23,726,561		73,888,346		73,467,617
C1 Cash Cost of Cu Produced (per lb)(2)	1.46	$	1.24	$	0.94	$	1.34	$	0.70
Gold (Xavantina Operations)
Ore Processed (tonnes)		57,291		42,874		150,028		124,422
Au Production (oz)		11,122		9,426		30,883		29,254
Realized Au price (per oz)(2)(3)	1,739	$	1,865	$	1,746	$	1,827	$	1,783
C1 Cash Cost of Au Produced (per oz)(2)	537	$	643	$	538	$	604	$	508
AISC of Au produced (per oz)(2)	1,135	$	1,169	$	741	$	1,135	$	681
Financial information ( in millions, except per share amounts)
Revenues	85.9	$	114.9	$	111.8	$	309.7	$	355.0
Gross profit		50.7		68.0		134.5		234.5
EBITDA(1)		53.9		48.5		159.9		215.7
Adjusted EBITDA(1)		55.8		72.9		150.3		245.1
Cash flow from operations		22.4		150.7		109.4		297.9
Net income		24.1		26.4		80.6		142.4
Net income attributable to owners of the Company		23.8		26.1		79.7		141.2
- Per share (Basic)		0.26		0.29		0.88		1.60
- Per share (Diluted)		0.26		0.28		0.87		1.52
Adjusted net income attributable to owners of the Company(1)		24.4		41.2		61.3		154.4
- Per share (Basic)		0.27		0.47		0.68		1.75
- Per share (Diluted)		0.27		0.44		0.67		1.66
Cash, cash equivalents and short-term investments		429.9		119.1		359.8		119.1
Working capital(1)		417.7		81.4		343.2		81.4
Net debt (cash)(1)		(10.2)		(63.7)		51.5		(63.7)

All values are in US Dollars.

(1) Copper sold in Q3 2022 and YTD 2022 includes 905 tonnes or 1,996,065 lbs of copper from concentrates acquired from one of the Company's customers to settle accounts receivables in arrears.

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

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

Ero Copper Corp. September 30, 2022 MD&A | Page 2

Q3 2022 Highlights

Strong Q3 2022 operating performance and robust balance sheet continue to support ramp-up of growth initiatives

•Caraíba Operations processed 720,725 tonnes of ore grading 1.68% copper, producing 11,189 tonnes of copper in concentrate during the quarter after metallurgical recoveries of 92.2%. YTD 2022 copper production totaled 33,707 tonnes based on approximately 2.1 million tonnes processed grading 1.73% copper and metallurgical recoveries of 91.8%.

•Strong copper grades during the quarter were supported by continued mining within Project Honeypot at the Pilar Mine. Processed tonnage was lower compared to the second quarter due to planned maintenance on the Pilar Mine's material handling and transport system.

•C1 cash costs at the Caraíba Operations during the quarter were $1.46 per pound of copper produced, bringing YTD 2022 C1 cash costs to $1.34 per pound of copper produced. Operating costs increased in Q3 2022 due to (i) increased trucking of ore and waste to surface at the Pilar Mine to accommodate temporarily reduced shaft availability related to material handling and transport system maintenance, (ii) a higher allocation of concentrate sales to the international market, and (iii) the continued influence of inflation on the cost of key consumables despite slight moderation relative to the second quarter (see Non-IFRS Measures).

•Xavantina Operations processed 42,747 tonnes at an average gold grade of 8.55 grams per tonne during the quarter, resulting in gold production of 10,965 ounces and 7,487 ounces of silver (as by-product) after metallurgical recoveries of 93.3%. YTD 2022 tonnes processed totaled 150,028 at an average grade of 6.93 grams per tonne, producing 30,883 ounces of gold after metallurgical recoveries of 92.4% and 20,835 ounces of silver produced as by-product.

•C1 cash costs and AISC at the Xavantina Operations during the quarter were $537 and $1,135, respectively, per ounce of gold produced, resulting in YTD 2022 C1 cash costs and AISC of $604 and $1,135, respectively, per ounce of gold produced (see Non-IFRS Measures).

•Financial results during the period were impacted by continued metal price weakness, including the impact of $10.3 million in final settlements on provisionally priced copper concentrate sales from the first half of 2022, combined with increased unit operating costs at the Caraíba Operations.

•Quarterly cash flows from operations remained strong at $43.0 million.

•Capital expenditures accelerated during the quarter as construction activity related the Company's growth initiatives continued to progress.

•Available liquidity at quarter-end was $434.8 million, including cash and cash equivalents of $210.2 million, short-term investments of $149.6 million, and $75.0 million of undrawn availability under the Company's senior revolving credit facility.

Reaffirming production, operating cost and capital expenditure guidance

•The Company is reaffirming its full-year production guidance with both copper and gold production levels expected to be similar in Q4 relative to Q3 production levels.

•The Company is reiterating its revised 2022 capital expenditure guidance of $308-$354 million. As previously noted, capital expenditures are expected to be H2 2022 weighted as the Company's growth initiatives continue to ramp up.

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

◦C1 cash costs at the Caraíba Operations are trending towards the high-end of the guidance range of $1.20 to $1.35 per pound of copper produced.

Ero Copper Corp. September 30, 2022 MD&A | Page 3

◦At the Xavantina Operations, costs are trending towards the low-end of the full-year C1 cash cost guidance range of $600 to $700 per ounce of gold produced and the high-end of the 2022 AISC range of $1,000 to $1,100 per ounce of gold produced.

Key organic growth projects accelerated during the quarter

•At the Tucumã Project, engineering, contracting efforts and construction activities continued to progress during the quarter.

◦Critical path earthworks, site drainage and road upgrades required ahead of the rainy season are finished. Mine pre-stripping, waste and tailings dump construction, and plant site earthworks are underway. Total project engineering and construction approximately 40% and 8% complete, respectively, on-track with the Feasibility Study schedule;

◦Approximately 30% of planned capital expenditures were under contract as of quarter-end and within 10% of pre-contingency Feasibility Study estimates; and,

◦Approximately 80% of Feasibility Study capital expenditures have now been contracted or are in various stages of tendering or negotiation. Based upon prevailing foreign exchange rates, labour costs and diesel prices, and subject to final contract negotiations, these expenditures are currently forecast to be within 12% of pre-contingency Feasibility Study estimates.

•The Company continued to advance its Pilar 3.0 initiative, comprised of several projects that together are expected to enable the creation of a two-mine system at the Pilar Mine. These projects include (i) Project Honeypot, an engineering initiative focused on recovering higher-grade material in the upper levels of the Pilar Mine, (ii) construction of a new external shaft to access the Deepening Extension Zone, and (iii) an expansion of the Caraíba Mill to 4.2 million tonnes per annum.

◦Incorporation of Project Honeypot into the Caraíba strategic life-of-mine production plan was completed subsequent to quarter-end and is expected to be released in November 2022;

◦Construction of the new external shaft continues to track on schedule and on budget with physical completion currently at approximately 10% with approximately 30% of planned capital expenditures under contract as of quarter-end; and,

◦Caraíba Mill expansion is advancing as planned with the ball mill installation contract finalized during the quarter.

Ero Copper Corp. September 30, 2022 MD&A | Page 4

Exploration Highlights

•In early 2022, the Company formed a dedicated nickel exploration team to accelerate the identification and testing of nickel targets throughout the Curaçá Valley. This effort resulted in the announced discovery of a new nickel sulphide system, known as the "Umburana System", located approximately 20 kilometers from the Caraíba processing facilities. The system, which has an initial strike length of five kilometers, remains open in all directions and is highlighted by multiple surface expressions of nickel mineralization. Drilling of additional targets within the system remains ongoing with four dedicated drill rigs. For additional information on the Umburana System, including drill results, please see the Company's press release dated September 29, 2022.

•Exploration at the Tucumã Project during the quarter was focused on extensional drilling of high-grade mineralization to depth in the south and southwestern portions of the deposit, beneath the designed pit shell.

•Exploration activities at the Xavantina Operations during the quarter continued to focus on testing extensions of the Matinha and Santo Antônio veins. Step-out drilling continues to confirm thick, high-grade extensions at depth within the Santo Antônio vein, which remains open.

Ero Copper Corp. September 30, 2022 MD&A | Page 5

REVIEW OF OPERATIONS

The Caraíba Operations

Copper	2022 - Q3		2022 - Q2		2021 - Q3		2022 - YTD		2021 - YTD
Ore processed (tonnes)	720,725		801,425		572,666		2,118,380		1,724,252
Grade (% Cu)	1.68		1.74		1.90		1.73		2.11
Recovery (%)	92.2		91.2		92.4		91.8		92.3
Cu Production (tonnes)	11,189		12,734		10,057		33,707		33,593
Cu Production (lbs)	24,668,985		28,072,691		22,170,355		74,311,647		74,058,876
Concentrate grade (% Cu)	33.6		32.9		33.5		33.2		34.3
Concentrate sales (tonnes)	32,143		41,919		31,369		103,268		97,126
Cu Sold in concentrate (tonnes)	10,522		12,948		10,762		33,515		33,324
Cu Sold in concentrate (lbs)	23,197,347		28,546,045		23,726,561		73,888,346		73,467,617
C1 cash cost of copper produced (per lb)	$	1.46	$	1.24	$	0.94	$	1.34	$	0.70

The Caraíba Operations delivered solid Q3 2022 copper production of 11,189 tonnes, bringing YTD 2022 copper production to 33,707 tonnes. Processed copper grades during the quarter of 1.68% remained above full-year copper grade guidance of 1.60%, supported by continued mining of higher grade material identified in the upper levels of the mine from Project Honeypot. Processed tonnage decreased compared to the second quarter due to planned maintenance on the Pilar Mine's material handling and transport system.

Mined ore production in Q3 2022 included:

•Pilar: 433,245 tonnes grading 1.74% copper (vs. 436,746 tonnes grading 1.84% copper in Q2 2022)

•Vermelhos: 238,217 tonnes grading 1.96% copper (vs. 219,249 tonnes grading 2.15% copper in Q2 2022)

•Surubim: 24,119 tonnes grading 0.68% copper (vs. 80,133 tonnes grading 0.51% copper in Q2 2022)

Contributions from the three mines resulted in total ore mined during the period of 695,581 tonnes grading 1.77% copper (as compared to 736,128 tonnes grading 1.79% copper in Q2 2022). During Q3 2022, 720,725 tonnes of ore grading 1.68% copper were processed, resulting in production of 11,189 tonnes of copper after average metallurgical recoveries of 92.2%. Total YTD 2022 processed volumes of 2,118,380 tonnes grading 1.73% copper resulted in copper production of 33,707 tonnes after average metallurgical recoveries of 91.8%.

The Company is reaffirming its 2022 copper production guidance range of 43,000 to 46,000 tonnes with copper production in the fourth quarter expected to be similar to third quarter production levels.

C1 cash costs at the Caraíba Operations during the quarter were $1.46 per pound of copper produced, bringing YTD 2022 C1 cash costs to $1.34 per pound of copper produced. Operating costs were higher in the third quarter due to (i) increased trucking of ore and waste to surface at the Pilar Mine to

Ero Copper Corp. September 30, 2022 MD&A | Page 6

accommodate temporarily reduced shaft availability related to material handling and transport system maintenance, (ii) a higher allocation of concentrate sales to the international market, and (iii) the continued influence of inflation on the cost of key consumables despite slight moderation compared to the second quarter.

Earlier this year, the Company formed a dedicated nickel exploration team to accelerate the identification and testing of nickel targets throughout the Curaçá Valley. This strategy culminated in the announced discovery of a nickel sulphide system, known as the "Umburana System", located approximately 20 kilometers from the Caraíba processing facilities. The system, which has an initial strike length of five kilometers, remains open in all directions and is highlighted by multiple surface expressions of nickel mineralization. Drilling of additional nickel targets located [along strike of] the Umburana System remains ongoing. For additional information on the Umburana System, including drill results, please see the Company's press release dated September 29, 2022.

Additional exploration activity within the Curaçá Valley during the quarter focused on infill drilling and resource conversion to support year-end mineral reserve and resource estimate updates as well as the ongoing identification and testing of (i) targets near the Pilar and Vermelhos Mines and (ii) regional copper targets.

The Xavantina Operations

Gold	2022 - Q3		2022 - Q2		2021 - Q3		2022 - YTD		2021 - YTD
Ore mined (tonnes)	42,747		57,291		41,654		150,028		124,422
Ore processed (tonnes)	42,747		57,291		42,874		150,028		124,422
Head grade (grams per tonne Au)	8.55		6.59		7.37		6.93		7.67
Recovery (%)(1)	93.3		91.6		92.7		92.4		95.4
Gold ounces produced (oz)	10,965		11,122		9,426		30,883		29,254
Silver ounces produced (oz)	7,487		7,306		6,575		20,835		19,172
Gold sold (oz)	12,907		10,448		9,685		31,368		29,658
Silver sold (oz)	8,246		7,018		6,805		20,753		19,347
Realized gold price (per oz)(2)	$	1,739	$	1,865	$	1,746	$	1,827	$	1,783
C1 cash cost of gold produced (per oz)	$	537	$	643	$	538	$	604	$	508
AISC of gold produced (per oz)	$	1,135	$	1,169	$	741	$	1,135	$	681

(1) Metallurgical recoveries during H1 2021 included gold recovered through the Company’s “Zero Loss” campaign, including reprocessed mill and foundry scrap, and therefore may not be representative of metallurgical recoveries from mined ore during the period.

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

The Xavantina Operations achieved Q3 2022 production of 10,965 ounces of gold and 7,487 ounces of silver (as by-product) from total mill feed of 42,747 tonnes grading 8.55 grams per tonne gold after metallurgical recoveries of 93.3%. YTD 2022 tonnes processed totaled 150,028 at an average grade

Ero Copper Corp. September 30, 2022 MD&A | Page 7

of 6.93 grams per tonne, producing 30,883 ounces of gold after metallurgical recoveries of 92.4% and 20,835 ounces of silver produced at by-product.

The Company continues to guide to the high-end of its full-year gold production guidance range of 39,000 to 42,000 ounces with Q4 2022 expected to deliver similar gold production levels relative to Q3 2022, resulting from higher anticipated gold grades and lower expected tonnes processed.

C1 cash costs and AISC at the Xavantina Operations during the period were $537 and $1,135, respectively, per ounce of gold produced, bringing YTD 2022 C1 cash costs and AISC to $604 and $1,135, respectively, per ounce of gold produced (see Non-IFRS Measures).

A continuation of strong gold grades is expected to drive strong unit cost performance for the remainder of the year. As a result, full-year operating costs are expected to trend to the low-end of the Company's C1 cash cost and AISC guidance ranges of $600 to $700 and $1,000 to $1,100, respectively, per ounce of gold produced.

Exploration activities at the Xavantina Operations during the quarter continued to focus on testing extensions of the Matinha and Santo Antônio veins. Step-out drilling confirmed thick, high-grade extensions at depth at the Santo Antônio vein, which remains open for further extension. Infill drilling during the quarter also confirmed continuity of high grades across thick intercepts within mining areas planned for the next three years.

Ero Copper Corp. September 30, 2022 MD&A | Page 8

2022 Guidance

The Company is reaffirming its full-year production guidance as well as its revised 2022 operating cost and capital expenditure guidance. At the Caraíba Operations, copper production in Q4 2022 is expected to be similar to Q3 2022 production levels. At the Xavantina Operations, the Company also expects to achieve similar Q4 2022 gold production levels relative to Q3 2022, resulting from higher anticipated gold grades and lower expected tonnes processed.

Due primarily to a higher allocation of concentrate sales to the international market and the continued influence of inflation on the cost of key consumables, C1 cash costs at the Caraíba Operations are trending towards the high-end of the guidance range of $1.20 to $1.35 per pound of copper produced. At the Xavantina Operations, costs are trending towards the low-end of the full-year C1 cash cost guidance range of $600 to $700 per ounce of gold produced and the high-end of the 2022 AISC range of $1,000 to $1,100 per ounce of gold produced.

2022 Production and Cost Guidance

The Company's cost guidance for 2022 assumes a USD:BRL foreign exchange rate of 5.30, a gold price of $1,725 per ounce and a silver price of $20.00 per ounce for Q4 2022.

	2022 Guidance
The Caraíba Operations
Copper Production (tonnes)	43,000 - 46,000
C1 Cash Cost Guidance (US$/lb)(1)	$1.20 - $1.35
The Xavantina Operations
Au Production (ounces)	39,000 - 42,000
C1 Cash Cost Guidance (US$/oz)(1)	$600 - $700
All-in Sustaining Cost (AISC) Guidance (US$/oz)(1)	$1,000 - $1,100

Note: Guidance is based on certain estimates and assumptions, including but not limited to, mineral reserve estimates, grade and continuity of interpreted geological formations and metallurgical performance. Please refer to the Company’s Annual Information Form for the year ended December 31, 2021 (the "AIF") and Management of Risks and Uncertainties in this MD&A for complete risk factors.

(1) C1 cash costs of copper produced (per lb), C1 cash costs of gold produced (per ounce), and AISC are non-IFRS measures – Please refer to the section titled "Alternative Performance (Non-IFRS) Measures" within this MD&A for a discussion of non-IFRS measures. 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.

Ero Copper Corp. September 30, 2022 MD&A | Page 9

2022 Capital Expenditure Guidance

The Company's capital expenditure guidance for 2022 assumes a USD:BRL foreign exchange rate of 5.30 for Q4 2022 and has been presented below in USD millions.

	2022 Guidance
Caraíba Operations
Growth	$95 - $110
Sustaining	$85 - $95
Exploration	$25 - $30
Total, Caraíba Operations	$205 - $235
Tucumã Project
Growth	$70 - $80
Sustaining	$0
Exploration	$5 - $6
Total, Tucumã Project	$75 - $86
Xavantina Operations
Growth	$2 - $4
Sustaining	$16 - $18
Exploration	$10 - $11
Total, Xavantina Operations	$28 - $33
Company Total
Growth	$167 - $194
Sustaining	$101 - $113
Exploration	$40 - $47
Total, Company	$308 - $354

Ero Copper Corp. September 30, 2022 MD&A | Page 10

REVIEW OF FINANCIAL RESULTS

The following table provides a summary of the financial results of the Company for Q3 2022 and Q3 2021. Tabular amounts are in thousands of US dollars, except share and per share amounts.

		Three months ended September 30,
	Notes	2022		2021
Revenue	1	$	85,911	$	111,797
Cost of sales	2	(63,101)		(43,770)
Gross profit		22,810		68,027
Expenses
General and administrative	3	(11,726)		(8,587)
Share-based compensation		(4,151)		(2,041)
Income before the undernoted		6,933		57,399
Finance income		2,997		739
Finance expense	4	(7,283)		(3,787)
Foreign exchange loss	5	(65)		(19,642)
NX Gold PMPA transaction fees		—		(1,219)
Other income (expenses)		3,304		(1,037)
Income before income taxes		5,886		32,453
Income tax expense
Current		(1,727)		(4,250)
Deferred		(160)		(1,819)
	6	(1,887)		(6,069)
Net income for the period		$	3,999	$	26,384
Other comprehensive loss
Foreign currency translation loss	7	(20,063)		(34,022)
Comprehensive loss		$	(16,064)	$	(7,638)
Net loss per share attributable to owners of the Company
Basic		$	0.04	$	0.29
Diluted		$	0.04	$	0.28
Weighted average number of common shares outstanding
Basic		90,845,229		88,449,567
Diluted		91,797,437		93,255,615

Ero Copper Corp. September 30, 2022 MD&A | Page 11

Notes:

1. Revenues from copper sales in Q3 2022 was $63.7 million (Q3 2021 - $96.3 million), which included the sale of 23.2 million lbs of copper as compared to 23.7 million lbs of copper in Q3 2021. The decrease in revenues was primarily attributed to lower realized coppers prices including $4.4 million in provisional price adjustments on copper concentrate sold to customers in the third quarters and lower sales volume. Revenue in Q3 2022 also included $6.0 million of copper concentrates acquired from one of the Company's customers to settle accounts receivables in arrears and sold to a different customer.

Revenues from gold sales in Q3 2022 was $22.2 million (Q3 2021 - $15.5 million), which included the sale of 12,907 ounces of gold at a realized price of $1,739 per ounce, compared to 9,685 ounces of gold at a realized price of $1,746 per ounce in Q3 2021. The increase in revenues was primarily attributable to higher sales volume, partially offset by lower realized prices than in the comparative quarter.

2. Cost of sales for Q3 2022 from copper sales was $52.3 million (Q3 2021 - $36.5 million) which primarily comprised of $11.3 million (Q3 2021 - $10.0 million) in depreciation and depletion, $9.8 million (Q3 2021 - $7.9 million) in salaries and benefits, $8.5 million (Q3 2021 - $6.3 million) in materials and consumables, $5.8 million (Q3 2021 - $4.3 million) in maintenance costs, $6.0 million (Q3 2021 - $3.7 million) in contracted services, $2.5 million (Q3 2021 - $2.4 million) in utilities, and $1.9 million (Q3 2021 - $1.8 million) in sales expenses. Cost of sales in Q3 2022 also included $6.1 million of copper concentrates acquired from one of the Company's customers to settle accounts receivables in arrears. The increase in cost of sales in Q3 2022 as compared to Q3 2021 was primarily attributable to overall inflationary pressure on costs, and higher depreciation and depletion due to an increase in asset base compared to the same quarter of the prior year.

Cost of sales for Q3 2022 from gold sales was $10.8 million (Q3 2021 - $7.3 million) which primarily comprised of $3.3 million (Q3 2021 - $2.2 million) in depreciation and depletion, $1.9 million (Q3 2021 - $1.6 million) in contracted services, $2.3 million (Q3 2021 - $1.6 million) in salaries and benefits, $1.9 million (Q3 2021 - $0.7 million) in materials and consumables, $0.7 million (Q3 2021 - $0.6 million) in utilities, and $0.5 million (Q3 2021 - $0.4 million) in maintenance costs. The increase in cost of sales in Q3 2022 as compared to Q3 2021 is primarily attributable to a 33% increase in gold ounces sold, and overall inflationary pressure on costs.

3. General and administrative expenses for Q3 2022 was primarily comprised of $5.5 million (Q3 2021 - $4.7 million) in salaries and consulting fees, $2.1 million (Q3 2021 - $1.9 million) in office and administration expenses, $1.5 million (Q3 2021 - $1.0 million) in incentive payments, $0.6 million (Q3 2021 - $0.2 million) in accounting and legal costs, and $1.9 million (Q3 2021 - $0.7 million) in other costs. The increase in general and administrative expenses was attributed to an increase in salaries and consulting fees, travelling, training and administrative activities to support overall growth in operations.

4. Finance expense for Q3 2022 was $7.3 million (Q3 2021 - $3.8 million) and is primarily comprised of interest on loans and borrowings of $5.2 million (Q3 2021 - $1.4 million), accretion of deferred revenue of $0.8 million (Q3 2021 - $0.6 million), accretion of asset retirement obligations of $0.5 million (Q3 2021 - $0.3 million), lease interest of $0.2 million (Q3 2021 - $0.1 million), and other finance expense of $0.5 million (Q3 2021 - $1.5 million). In addition, $2.0 million (Q3 2021 - $nil) in interest was capitalized to projects in progress. The overall increase in finance expense in Q3 2022 as compared to Q3 2021 is primarily attributable to overall higher debt levels with the issuance of Senior Notes in February 2022.

5. Foreign exchange loss for Q3 2022 was $0.1 million (Q3 2021 - $19.6 million loss). This amount is primarily comprised of realized foreign exchange loss on derivative contracts of $5.0 million (Q3 2021 - $4.4 million loss) and foreign exchange loss on USD denominated debt of $1.9 million (Q3 2021 - $5.9 million loss) in MCSA for which the functional currency is the BRL, partially offset by unrealized foreign exchange gain on derivative contracts of $6.8 million (Q3 2021 - $12.4 million loss) and other foreign exchange gains of $0.1 million (Q3 2021 - $3.0 million gains). The foreign exchange losses were primarily a result of a weakening of BRL against USD in Q3 2022 as compared to Q2 2022. The foreign exchange gain on unrealized derivative contracts are a result of mark-to-market calculations at period end.

6. In Q3 2022, the Company recognized $1.9 million in income tax expense (Q3 2021 - $6.1 million), primarily as a result of a decrease in income before income taxes.

7. The foreign currency translation loss is a result of a weakening of the BRL against the USD during Q3 2022, which weakened from approximately 5.24 BRL per US dollar at the beginning of Q3 2022 to approximately 5.41 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, 2022 MD&A | Page 12

The following table provides a summary of the financial results of the Company for YTD 2022 and 2021. Tabular amounts are in thousands of US dollars, except share and per share amounts.

		Nine months ended September 30,
	Notes	2022		2021
Revenue	1	$	309,725	$	355,046
Cost of sales	2	(175,264)		(120,551)
Gross profit		134,461		234,495
Expenses
General and administrative	3	(35,410)		(26,594)
Share-based compensation		(3,808)		(6,867)
Income (loss) before the undernoted		95,243		201,034
Finance income		5,254		2,027
Finance expense	4	(20,933)		(9,863)
Foreign exchange gain (loss)	5	15,341		(17,549)
NX Gold Stream transaction fees		—		(1,219)
Other income (expenses)		1,466		(2,250)
Income (loss) before income taxes		96,371		172,180
Income tax expense
Current		(7,897)		(16,056)
Deferred		(7,879)		(13,704)
	6	(15,776)		(29,760)
Net income (loss) for the period		$	80,595	$	142,420
Other comprehensive gain (loss)
Foreign currency translation gain (loss)	7	6,499		(13,778)
Comprehensive income (loss)		$	87,094	$	128,642
Net income (loss) per share attributable to owners of the Company
Basic		$	0.88	$	1.60
Diluted		$	0.87	$	1.52
Weighted average number of common shares outstanding
Basic		90,543,185		88,256,703
Diluted		91,950,181		93,217,714

Ero Copper Corp. September 30, 2022 MD&A | Page 13

Notes:

1. Revenues from copper sales in YTD 2022 was $253.1 million (YTD 2021 - $304.0 million), which included the sale of 73,888,346 lbs of copper compared to 73,467,617 lbs of copper for YTD 2021. The decrease in revenues is primarily attributed to lower realized copper prices. Revenue in YTD 2022 also included $6.0 million of copper concentrates acquired from one of the Company's customers to settle accounts receivables in arrears and sold to a different customer.

Revenues from gold sales in YTD 2022 was $56.6 million (YTD 2021 - $51.0 million), which included the sale of 31,368 ounces of gold at a realized price of $1,827 per ounce, compared to 29,658 ounces of gold sold at a realized price of $1,783 per ounce in for YTD 2021. The increase in revenues was primarily attributable to higher sales volume and higher realized prices compared to the prior year.

2. Cost of sales for YTD 2022 from copper sales was $146.8 million (YTD 2021 - $99.3 million) which consisted of $34.3 million (YTD 2021 - $27.6 million) in depreciation and depletion, $30.5 million (YTD 2021 - $22.0 million) in salaries and benefits, $25.3 million (YTD 2021 - $15.9 million) in materials and consumables, $17.4 million (YTD 2021 - $11.6 million) in maintenance costs, $18.3 million (YTD 2021 - $10.8 million) in contracted services, $7.9 million (YTD 2021 - $6.2 million) in utilities and $6.3 million (YTD 2021 - $4.7 million) in sales expenses. Cost of sales in YTD 2022 also included $6.1 million of copper concentrates acquired from one of the Company's customers to settle accounts receivables in arrears. The increase in cost of sales was primarily attributed to overall inflationary pressure on costs, an increase in salaries and benefits as a result of contracting temporary labour during the height of COVID-19 and seasonal influenza in the early part of the year, a 3.9% stronger BRL against the USD compared to last year, and higher copper tonnes sold.

Cost of sales for YTD 2022 from gold sales was $28.5 million (YTD 2021- $21.3 million) which primarily comprised of $8.1 million (YTD 2021 - $5.8 million) in depreciation and depletion, $6.5 million (YTD 2021 - $4.7 million) in salaries and benefits, $4.9 million (YTD 2021 - $4.5 million) in contracted services, $4.9 million (YTD 2021 - $2.8 million) in materials and consumables, $1.9 million (YTD 2021 - $1.7 million) in utilities, and $1.7 million (YTD 2021 - $1.3 million) in maintenance costs. The increase in cost of sales was primarily attributed to strengthening of the BRL against the USD and overall inflationary pressure on costs.

3. General and administrative expenses for YTD 2022 was primarily comprised of $18.0 million (YTD 2021 - $14.2 million) with respect to salaries and consulting fees, $6.8 million (YTD 2021 - $4.0 million) in office and administrative expenses, $4.9 million (YTD 2021 - $4.1 million) in incentive payments, $3.7 million (YTD 2021 - $2.8 million) in other general and administrative expenses, and $1.7 million (YTD 2021 - $1.3 million) in accounting and legal fees. The increase in general and administrative expenses in YTD 2022 was primarily attributable to an increase in salaries and consulting fees and administrative activities to support overall growth in operations.

4. Finance expense for YTD 2022 was $20.9 million (YTD 2021 - $9.9 million) and was primarily comprised of interest on loans at the corporate head office of $15.2 million (YTD 2021 - $4.6 million), accretion of the asset retirement obligations of $1.7 million (YTD 2021 - $0.7 million), accretion of deferred revenue of $2.6 million (YTD 2021 - $0.6 million), lease interest of $0.5 million (YTD 2021 - $0.3 million), and other finance expense of $1.9 million (YTD 2021 - $3.6 million), partially offset by gain on interest rate swap derivatives of $0.9 million (YTD 2021 - $0.1 million loss). In addition, $4.3 million (YTD 2021 - nil) in interest was capitalized to projects in progress. The overall increase in finance expense was primarily attributable to overall higher debt levels with the issuance of Senior Notes in February 2022.

5. Foreign exchange gain for YTD 2022 was $15.3 million (YTD 2021 - $17.5 million loss). This amount was primarily comprised of a foreign exchange gain on unrealized derivative contracts of $30.1 million (YTD 2021 - $0.6 million gain) and a foreign exchange gain on USD denominated debt of $2.9 million (YTD 2021 - $3.7 million loss) in MCSA for which the functional currency is the BRL, partially offset by realized foreign exchange loss on derivative contracts of $12.6 million (YTD 2021 - $16.1 million loss) and other foreign exchange losses of $5.0 million (YTD 2021 - $1.6 million). The fluctuation in foreign exchange gains/losses were primarily a result of increased volatility of the USD/BRL foreign exchange rates. During YTD 2022, the BRL strengthened 3.2% against the USD. The foreign exchange gains/losses on unrealized derivative contracts are a result of mark-to-market calculations at period end and may not represent the amount that will ultimately be realized, which will depend on future changes to the USD/BRL foreign exchange rates.

6. In YTD 2022, the Company recognized a $15.8 million income tax expense (YTD 2021 - income tax expense of $29.8 million), The decrease was primarily as a result of a decrease in income before income taxes.

Ero Copper Corp. September 30, 2022 MD&A | Page 14

7. The foreign currency translation income is a result of the strengthening of the BRL against the USD during YTD 2022 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.

	Sep. 30,(1)		Jun. 30,(2)		Mar. 31,(3)		Dec. 31,(4)		Sep. 30,(5)		Jun. 30,(6)		Mar. 31,		Dec. 31,(7)
Selected Financial Information	2022		2022		2022		2021		2021		2021		2021		2020
Revenue	$	85.9	$	114.9	$	108.9	$	134.9	$	111.8	$	120.7	$	122.5	$	91.2
Cost of sales	$	(63.1)	$	(64.3)	$	(47.9)	$	(50.5)	$	(43.8)	$	(39.7)	$	(38.4)	$	(32.9)
Gross profit	$	22.8	$	50.7	$	61.0	$	84.4	$	68.0	$	83.7	$	82.8	$	58.3
Net income for period	$	4.0	$	24.1	$	52.5	$	60.2	$	26.4	$	84.0	$	32.1	$	66.3
Income per share attributable to the owners of the Company
- Basic	$	0.04	$	0.26	$	0.58	$	0.67	$	0.29	$	0.95	$	0.36	$	0.75
- Diluted	$	0.04	$	0.26	$	0.57	$	0.65	$	0.28	$	0.89	$	0.34	$	0.71
Weighted average number of common shares outstanding
- Basic	90,845,229		90,539,647		90,238,008		89,637,768		88,449,567		88,251,995		88,064,312		87,321,832
- Diluted	91,797,437		91,850,321		92,050,104		91,727,452		93,255,615		93,314,274		92,902,306		92,642,103

Notes:

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

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

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

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

Ero Copper Corp. September 30, 2022 MD&A | Page 15

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

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

7.During Q4 2020, the Company recognized $27.1 million in foreign exchange gains. The foreign exchange gains were primarily comprised of foreign exchange gain on unrealized derivative contracts of $27.7 million and a foreign exchange gain on USD denominated debt of $7.7 million in MCSA for which the functional currency is the BRL, partially offset by a realized foreign exchange loss on derivative contracts of $7.8 million and other foreign losses of $0.4 million. The foreign exchange gains were primarily a result of a strengthening of BRL against USD in Q4 2020. The foreign exchange gains on unrealized derivative contracts are a result of mark-to-market calculations at period end and may not represent the amount that will ultimately be realized, which will depend on future changes to the USD/BRL foreign exchange rates.

During the quarter ended December 31, 2020, the Company recognized a recovery of $8.9 million in net income related to value added taxes. The recovery was recognized as a result of a study conducted to revisit certain tax positions which concluded that it is probable that additional tax credits are available to be used to offset a variety of taxes.

LIQUIDITY, CAPITAL RESOURCES, AND CONTRACTUAL OBLIGATIONS

Liquidity

As at September 30, 2022, the Company held cash and cash equivalents of $210.2 million which were primarily comprised of cash held with reputable financial institutions and are invested in highly liquid short-term investments with maturities of three months or less. In addition, the Company held short-term investments of $149.6 million with reputable financial institutions with maturities greater than three months and less than one year. The funds are not exposed to liquidity risk and there are no restrictions on the ability of the Company to use these funds to meet its obligations.

Cash and cash equivalents have increased by $80.1 million since December 31, 2021. The Company’s cash flows from operating, investing, and financing activities during 2022 are summarized as follows:

•Cash from financing activities of $327.2 million, primarily consists of:

◦$392.0 million of net proceeds from the issuance of $400.0 million in senior unsecured notes and other loans;

◦$8.3 million of proceeds from equipment financings;

net of:

◦$54.2 million of repayment in Senior Credit Facility.

•Cash from operating activities of $109.4 million, primarily consists of:

◦$159.9 million of EBITDA (see Non-IFRS Measures);

◦$3.2 million of additional advances from the NX Gold Precious Metal Purchase Agreement;

Ero Copper Corp. September 30, 2022 MD&A | Page 16

net of:

◦$30.1 million of unrealized gain on foreign exchange hedges;

◦$12.6 million of derivative contract settlements;

◦$3.7 million of income taxes paid; and

◦$3.0 million of net change in non-cash working capital items.

Partially offset by:

•Cash used in investing activities of $357.0 million, including:

◦$196.2 million of additions to mineral property, plant and equipment;

◦$148.3 million in short-term investments; and

◦$12.6 million of additions to exploration and evaluation assets.

In February 2022, the Company issued $400 million aggregate principal amount of senior unsecured 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.

As at September 30, 2022, the Company had working capital of $343.2 million and available liquidity of $434.8 million.

Capital Resources

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

At September 30, 2022, the Company had available liquidity of $434.8 million, including $210.2 million in cash and cash equivalents, $149.6 million in short-term investments and $75.0 million of undrawn availability under its senior secured revolving credit facility ("Senior Credit Facility").

The Senior Credit Facility with a syndicate of Canadian financial institutions has a maturity date of March 31, 2025 and include an accordion feature to increase limit to $100.0 million. The Senior Credit Facility bears interest on a sliding scale at a rate of LIBOR plus 2.25% to 4.25% depending on the Company’s consolidated leverage ratio. Commitment fees for any undrawn portion of the Senior Credit Facility are on a sliding scale between 0.56% to 1.06%.

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

Ero Copper Corp. September 30, 2022 MD&A | Page 17

Contractual Obligations and Commitments

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

MANAGEMENT OF RISKS AND UNCERTAINTIES

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

COVID-19 Pandemic risk

COVID-19 continues to have a significant impact on the volatility of commodity prices and USD/BRL exchange rates, and governmental actions to contain COVID-19 and mutations thereto may impact our ability to transport or market our concentrate or cause disruptions in our supply chains or interruption of production. A material spread of COVID-19 and mutations thereto in jurisdictions where we operate could impact our ability to staff operations. A reduction in production or other COVID-19 related impacts, including but not limited to, low copper prices could cause a significant reduction in profitability of ongoing operations.

New waves of COVID-19 and mutations thereto could cause temporary closure of businesses in regions that are significantly impacted by the health crises, or cause governments to take or continue to take preventative measures such as imposing entry restrictions at or the closure of points of entry, including ports and borders.

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, 2022 and December 31, 2021:

	September 30, 2022		December 31, 2021
Cash and cash equivalents	$	210,244	$	130,129
Short-term investments	149,554		—
Accounts receivable	26,438		30,704
Deposits and other non-current assets	5,003		1,295
	$	391,239	$	162,128

The Company invests cash and cash equivalents and short-term investments with financial institutions that are financially sound based on their credit rating. The Company’s exposure to credit risk associated with accounts receivable is influenced mainly by the individual characteristics of each customer. The Company currently has five significant customers, all of which have no history of credit

Ero Copper Corp. September 30, 2022 MD&A | Page 18

default with the Company. The Company has not incurred credit losses during the three and nine months ended September 30, 2022 and 2021 nor recognized a provision for credit losses.

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, 2022 relates to $11.5 million (December 31, 2021 – $7.8 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, 2022on $49.5 million of intercompany loan balances (December 31, 2021 - $63.8 million) which have contractual repayment terms. Strengthening (weakening) in the Brazilian Real against the US dollar at September 30, 2022 by 10% and 20%, would have increased (decreased) pre-tax net income by $6.0 million and $11.9 million, respectively (September 30, 2021 – $6.2 million and $16.9 million. This analysis is based on the foreign currency exchange variation rate that the Company considered to be reasonably possible at the end of the period. The analysis assumes that all other variables, especially interest rates, are held constant.

The Company may use derivatives, including forward contracts, collars and swap contracts, to manage market risks. At September 30, 2022, the Company has entered into foreign exchange collar contracts at zero cost for notional amounts of $315.0 million (December 31, 2021 - notional amount of $179.5 million) with an average floor rate of 5.06 BRL to US Dollar and an average cap rate of 6.26 BRL to US Dollar. The maturity dates of these contracts are from October 31, 2022 to December 31, 2023 and are financially settled on a net basis. As of September 30, 2022 the Company had contracts with three different counterparties and the fair value of these contracts was a net liability of $0.1 million, (December 31, 2021 - $28.7 million), consisting of an asset of $0.4 million included in other current assets and a liability of $0.5 million, which is included in derivatives in the statement of financial position. The fair value of these forward contracts as at September 30, 2022 was determined using an option pricing model with the following assumptions: discount rate of 2.77% - 9.09%, foreign exchange rate of approximately 5.40—5.82, and volatility of 20.04% - 24.77%.

The change in fair value of foreign exchange collar contracts was a gain of $6.8 million and a gain of $30.1 million for the three and nine months ended September 30, 2022 (a gain of $12.3 million and a $0.6 million for the three and nine months ended September 30, 2021), respectively, which have been recognized in foreign exchange (loss) gain.

In addition, during the three and nine months ended September 30, 2022, the Company recognized a realized loss of $5.0 million and $12.6 million (realized loss of $4.4 million and $16.1 million for the three and nine months ended September 30, 2021), respectively, related to the settlement of foreign currency forward collar contracts.

Interest rate risk

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

Ero Copper Corp. September 30, 2022 MD&A | Page 19

The Company is principally exposed to interest rate risk through Brazilian Real denominated bank loans of $3.0 million. Based on the Company’s net exposure at September 30, 2022, a 1% change in the variable rates would not materially impact its pre-tax annual net income.

Price risk

The Company may use derivatives, including forward contracts, collars and swap contracts, to manage commodity price risks. At September 30, 2022, the Company has provisionally priced sales that are exposed to commodity price changes. Based on the Company’s net exposure at September 30, 2022, a 10% change in the price of copper would have an impact of $0.8 million on pre-tax net income.

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, 2022, the Company had no material off-balance sheet arrangements.

Outstanding Share Data

As of November 1, 2022, the Company had 91,112,735 common shares issued and outstanding.

ACCOUNTING POLICIES, JUDGMENTS AND ESTIMATES

Critical Accounting Judgments and Estimates

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

The Company’s significant accounting policies and accounting estimates are contained in the Company’s consolidated financial statements for the year ended December 31, 2021. Certain of these policies, such as deferred revenue, capitalization and depreciation of property, plant and equipment and mining interests, derivative instruments, provision for rehabilitation and closure costs, decommissioning liabilities provisions, and income taxes, involve critical accounting estimates because they require management of the Company to make subjective or complex judgments about matters that are inherently uncertain, and because of the likelihood that materially different amounts could be reported under different conditions or using different assumptions. Actual results may differ from these estimates.

Ero Copper Corp. September 30, 2022 MD&A | Page 20

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

Capital Expenditures

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

	2022 - Q3		2022 - Q2		2022 - Q1		2022 - YTD
Caraíba Operations
Growth	$	8,129	$	7,538	$	14,457	$	30,124
Sustaining	29,403		27,598		19,537		76,538
Exploration	10,029		9,068		6,157		25,254
Total, Caraíba Operations	$	47,561	$	44,204	$	40,151	$	131,916
Tucumã Project
Growth	9,665		4,258		5,457		19,380
Exploration	2,131		2,243		1,574		5,948
Total, Tucumã Project	$	11,796	$	6,501	$	7,031	$	25,328
Xavantina Operations
Growth	695		624		813		2,132
Sustaining	4,124		3,664		2,272		10,060
Exploration	3,438		3,763		3,037		10,238
Total, Xavantina Operations	$	8,257	$	8,051	$	6,122	$	22,430
Corporate and Other
Exploration	2,161		20		2,750		4,931
Total, Corporate and Other	$	2,161	$	20	$	2,750	$	4,931
Consolidated
Growth	18,489		12,420		20,727		51,636
Sustaining	33,527		31,262		21,809		86,598
Exploration	17,759		15,094		13,518		46,371
Total, Consolidated	$	69,775	$	58,776	$	56,054	$	184,605

Ero Copper Corp. September 30, 2022 MD&A | Page 21

ALTERNATIVE PERFORMANCE (NON-IFRS) MEASURES

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

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

C1 Cash Cost of Copper Produced (per lb)

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

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

Reconciliation:	2022 - Q3		2022 - Q2		2021 - Q3		2022 - YTD		2021 - YTD
Cost of production	$	39,047	$	38,015	$	24,693	$	106,225	$	66,959
Add (less):
Transportation costs & other	2,209		2,579		1,842		6,657		4,333
Treatment, refining, and other	4,198		3,893		277		10,137		1,448
By-product credits	(4,929)		(6,438)		(5,011)		(16,179)		(16,733)
Incentive payments	(902)		(1,016)		(663)		(2,822)		(2,045)
Net change in inventory(1)	(3,849)		(1,907)		(384)		(5,179)		(2,351)
Foreign exchange translation and other	212		(178)		(3)		420		196
C1 cash costs	$	35,986	$	34,948	$	20,751	$	99,259	$	51,807

(1) Net change in inventory in the three and nine months ended September 30, 2022 included $6.1 million of copper concentrates acquired from one of the Company's customers to settle accounts receivables in arrears.

Ero Copper Corp. September 30, 2022 MD&A | Page 22

	2022 - Q3		2022 - Q2		2021 - Q3		2022 - YTD		2021 - YTD
Costs
Mining	$	23,594	$	23,933	$	15,706	$	67,653	$	41,307
Processing	7,687		7,988		5,282		22,122		15,220
Indirect	5,436		5,572		4,497		15,526		10,565
Production costs	36,717		37,493		25,485		105,301		67,092
By-product credits	(4,929)		(6,438)		(5,011)		(16,179)		(16,733)
Treatment, refining and other	4,198		3,893		277		10,137		1,448
C1 cash costs	$	35,986	$	34,948	$	20,751	$	99,259	$	51,807
Costs per pound
Payable copper produced (lb, 000)	24,669		28,073		22,170		74,312		74,059
Mining	$	0.96	$	0.85	$	0.71	$	0.91	$	0.56
Processing	$	0.31	$	0.28	$	0.24	$	0.30	$	0.21
Indirect	$	0.22	$	0.20	$	0.20	$	0.21	$	0.14
By-product credits	$	(0.20)	$	(0.23)	$	(0.23)	$	(0.22)	$	(0.23)
Treatment, refining and other	$	0.17	$	0.14	$	0.02	$	0.14	$	0.02
C1 cash costs of copper produced (per lb)	$	1.46	$	1.24	$	0.94	$	1.34	$	0.70

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

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

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

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

Ero Copper Corp. September 30, 2022 MD&A | Page 23

Reconciliation:	2022 - Q3		2022 - Q2		2021 - Q3		2022 - YTD		2021 - YTD
Cost of production	$	7,317	$	7,225	$	4,936	$	19,934	$	15,100
Add (less):
Incentive payments	(177)		(188)		(145)		(950)		(638)
Net change in inventory	(1,031)		(73)		(176)		(377)		(11)
By-product credits	(145)		(145)		(153)		(414)		(458)
Foreign exchange translation and other	(80)		327		608		453		865
C1 cash costs	$	5,884	$	7,146	$	5,070	$	18,646	$	14,858
Site general and administrative	1,011		882		601		2,452		1,277
Accretion of mine closure and rehabilitation provision	106		112		285		330		173
Sustaining capital expenditure	4,105		3,690		552		10,091		1,564
Sustaining leases	1,036		894		216		2,752		1,243
Royalties and production taxes	298		277		261		779		801
AISC	$	12,440	$	13,001	$	6,985	$	35,050	$	19,916

Ero Copper Corp. September 30, 2022 MD&A | Page 24

	2022 - Q3		2022 - Q2		2021 - Q3		2022 - YTD		2021 - YTD
Costs
Mining	$	3,071	$	3,929	$	2,247	$	10,218	$	6,991
Processing	1,867		2,285		2,005		5,850		5,622
Indirect	1,091		1,077		971		2,992		2,703
Production costs	6,029		7,291		5,223		19,060		15,316
By-product credits	(145)		(145)		(153)		(414)		(458)
C1 cash costs	$	5,884	$	7,146	$	5,070	$	18,646	$	14,858
Site general and administrative	1,011		882		601		2,452		1,277
Accretion of mine closure and rehabilitation provision	106		112		285		330		173
Sustaining capital expenditure	4,105		3,690		552		10,091		1,564
Sustaining leases	1,036		894		216		2,752		1,243
Royalties and production taxes	298		277		261		779		801
AISC	$	12,440	$	13,001	$	6,985	$	35,050	$	19,916
Costs per ounce
Payable gold produced (ounces)	10,965		11,122		9,426		30,883		29,254
Mining	$	280	$	353	$	238	$	331	$	239
Processing	$	170	$	205	$	213	$	189	$	192
Indirect	$	99	$	97	$	103	$	97	$	92
By-product credits	$	(12)	$	(12)	$	(16)	$	(13)	$	(15)
C1 cash costs of gold produced (per ounce)	$	537	$	643	$	538	$	604	$	508
AISC of gold produced (per ounce)	$	1,135	$	1,169	$	741	$	1,135	$	681

Ero Copper Corp. September 30, 2022 MD&A | Page 25

Realized Gold Price (per ounce)

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

(in '000s except for ounces and price per ounce)	2022 - Q3		2022 - Q2		2021 - Q3		2022 - YTD		2021 - YTD
NX Gold revenue	$	22,172	$	19,249	$	15,535	$	56,636	$	51,037
less: by-product credits	(145)		(145)		(153)		(414)		(458)
Gold revenue, net	$	22,027	$	19,104	$	15,382	$	56,222	$	50,579
add: royalty taxes	298		277		261		779		802
add: smelting and refining charges	69		62		81		173		214
add: metal discounts	49		44		35		126		114
Gold revenue, gross	$	22,443	$	19,487	$	15,759	$	57,300	$	51,709
- spot (cash)	$	16,572	$	15,244	$	10,058	$	43,025	$	46,008
- stream (cash)	$	1,169	$	864	$	1,143	$	2,836	$	1,143
- stream (amortization of deferred revenue)	$	4,702	$	3,379	$	4,558	$	11,439	$	4,558
Total gold ounces sold(1)	12,907		10,448		9,027		31,368		29,000
- spot	9,532		8,153		5,774		23,548		25,747
- stream	3,375		2,295		3,253		7,820		3,253
Realized gold price (per ounce)	$	1,739	$	1,865	$	1,746	$	1,827	$	1,783
- spot	$	1,739	$	1,870	$	1,742	$	1,827	$	1,787
- stream (cash + amort. of deferred revenue)	$	1,740	$	1,849	$	1,753	$	1,825	$	1,753
- cash (spot cash + stream cash)	$	1,375	$	1,542	$	1,241	$	1,462	$	1,626

(1) Gold ounces delivered under the stream during 2021 Q3 included May and June production based on effective date of the NX Gold metal stream transaction.

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

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

Ero Copper Corp. September 30, 2022 MD&A | Page 26

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

Reconciliation:	2022 - Q3		2022 - Q2		2021 - Q3		2022 - YTD		2021 - YTD
Net Income	$	3,999	$	24,110	$	26,384	$	80,595	$	142,420
Adjustments:
Finance expense	7,283		8,154		3,787		20,933		9,863
Income tax expense	1,887		5,283		6,069		15,776		29,760
Amortization and depreciation	14,743		16,360		12,233		42,608		33,615
EBITDA	$	27,912	$	53,907	$	48,473	$	159,912	$	215,658
Foreign exchange loss (gain)	65		3,303		19,642		(15,341)		17,549
Share based compensation	4,151		(2,333)		2,041		3,808		6,867
Incremental COVID-19 costs	—		952		1,485		1,956		3,790
NX Gold stream transaction fees	—		—		1,219		—		1,219
Adjusted EBITDA	$	32,128	$	55,829	$	72,860	$	150,335	$	245,083

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

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

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

Ero Copper Corp. September 30, 2022 MD&A | Page 27

Reconciliation:	2022 - Q3		2022 - Q2		2021 - Q3		2022 - YTD		2021 - YTD
Net income as reported attributable to the owners of the Company	$	3,745	$	23,820	$	26,081	$	79,672	$	141,249
Adjustments:
Share based compensation	4,151		(2,333)		2,041		3,808		6,867
Unrealized foreign exchange loss on USD denominated balances in MCSA	2,106		1,038		4,618		1,807		3,706
Unrealized foreign exchange (gain) loss on foreign exchange derivative contracts	(6,733)		1,405		10,417		(29,943)		(637)
Incremental COVID-19 costs	—		946		1,479		1,944		3,770
NX Gold stream transaction fees	—		—		1,219		—		1,219
Unrealized gain on interest rate derivative contracts	—		—		(147)		—		(556)
Tax effect on the above adjustments	706		(519)		(4,511)		3,995		(1,222)
Adjusted net income attributable to owners of the Company	$	3,975	$	24,357	$	41,197	$	61,283	$	154,396
Weighted average number of common shares
Basic	90,845,229		90,539,647		88,449,567		90,543,185		88,256,703
Diluted	91,797,437		91,850,321		93,255,615		91,950,181		93,217,714
Adjusted EPS
Basic	$	0.04	$	0.27	$	0.47	$	0.68	$	1.75
Diluted	$	0.04	$	0.27	$	0.44	$	0.67	$	1.66

Net (Cash) Debt

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

	September 30, 2022		June 30, 2022		December 31, 2021		September 30, 2021
Current portion of loans and borrowings	$	9,049	$	16,219	$	4,344	$	3,713
Long-term portion of loans and borrowings	402,275		403,492		54,906		51,667
Less:
Cash and cash equivalents	(210,244)		(329,292)		(130,129)		(92,646)
Short-term investments	(149,554)		(100,589)		—		(26,408)
Net debt (cash)	$	51,526	$	(10,170)	$	(70,879)	$	(63,674)

Ero Copper Corp. September 30, 2022 MD&A | Page 28

Working Capital and Available Liquidity

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

	September 30, 2022		June 30, 2022		December 31, 2021		September 30, 2021
Current assets	$	444,188	$	523,201	$	208,686	$	187,042
Less: Current liabilities	(100,943)		(105,527)		(122,660)		(105,683)
Working capital	$	343,245	$	417,674	$	86,026	$	81,359
Cash and cash equivalents	210,244		329,292		130,129		92,646
Short-term investments	149,554		100,589		—		26,408
Available undrawn revolving credit facilities	75,000		75,000		100,000		100,000
Available liquidity	$	434,798	$	504,881	$	230,129	$	219,054

Disclosure Controls and Procedures and Internal Control over Financial Reporting

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

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

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

There were no changes in the Company’s DC&P and ICFR that materially affected, or are reasonably likely to materially affect, ICFR during the three and nine months ended September 30, 2022.

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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 “2020 Updated Mineral Resources and Mineral Reserves Statements of Mineração Caraíba’s Vale do Curaçá Mineral Assets, Curaçá Valley”, dated January 14, 2021 with an effective date of October 1, 2020, prepared by Porfirio Cabaleiro Rodrigues, MAIG, Bernardo Horta de Cerqueira Viana, MAIG, Paulo Roberto Bergmann, FAusIMM, Fábio Valério Câmara Xavier, MAIG, Dr. Augusto Ferreira Mendonça, RM SME, all of GE21 Consultoria Mineral Ltda. (“GE21”), and Dr. Beck (Alizeibek) Nader, FAIG, of BNA Mining Solutions, and each a “qualified person” and “independent” of the Company within the meanings of NI 43-101 (the “Caraíba Operations Technical Report”).

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

The report prepared in accordance with NI 43-101 and entitled “Boa Esperança Project NI 43-101 Technical Report on Feasibility Study Update”, dated November 12, 2021 with an effective date of August 31, 2021, prepared by Kevin Murray, P. Eng., Erin L. Patterson, P.E. and Scott C. Elfen, P.E. all of Ausenco Engineering Canada Inc. (or its affiliate Ausenco Engineering USA South Inc. in the case of Ms. Patterson), Carlos Guzmán, FAusIMM RM CMC of NCL Ingeniería y Construcción SpA who are each a “qualified person” and “independent” of the Company within the meanings of NI 43-101, and Ricardo Emerson Re, MSc, MBA, MAusIMM (CP) (No. 305892), Registered Member (No. 0138) (Chilean Mining Commission) and Resource Manager of the Company as at the date of the report (now at HCM Consultoria Geologica Eireli) who is a “qualified person” within the meanings of NI 43-101 (the “Tucumã Project Technical Report”).

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

The disclosure of Technical Information in this MD&A was reviewed and approved by Emerson Ricardo Re, MSc, MBA, MAusIMM (CP) (No. 305892), Registered Member (No. 0138) (Chilean Mining Commission), of HCM Consultoria Geologica Eireli. Mr. Emerson 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, 2022 MD&A | Page 30

looking statements include statements that use forward-looking terminology such as “may”, “could”, “would”, “will”, “should”, “intend”, “target”, “plan”, “expect”, “budget”, “estimate”, “forecast”, “schedule”, “anticipate”, “believe”, “continue”, “potential”, “view” or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Forward-looking statements may include, but are not limited to, statements with respect to the Company’s production, operating cost and capital expenditure guidance, mineral reserve and mineral resource estimates; targeting additional mineral resources and expansion of deposits; capital and operating cost estimates and economic analyses (including cash flow projections), including those from the Caraíba Operations Technical Report, the Xavantina Operations Technical Report and the Tucumã Project Technical Report; the Company’s expectations, strategies and plans for the Caraíba Operations, the Xavantina Operations and the Tucumã Project, including the Company’s planned exploration, development, construction and production activities; the results of future exploration and drilling; estimated completion dates for certain milestones; successfully adding or upgrading mineral resources and successfully developing new deposits; the costs and timing of future exploration, development and construction including but not limited to the Deepening Extension Project at the Caraíba Operations and the Tucumã Project; the timing and amount of future production at the Caraíba Operations, the Xavantina Operations and the Tucumã Project; the impacts of COVID-19 on the Company’s business and operations; the Company's expectations regarding planned capital expenditures for the Tucumã Project, the Deepening Extension Project and/or the Caraíba Mill expansion project falling within contingency levels; expectations regarding the Company's ability to manage risks related to future copper price fluctuations and volatility; future financial or operating performance and condition of the Company and its business, operations and properties, including expectations regarding liquidity, capital structure, competitive position and payment of dividends; expectations regarding future currency exchange rates; and any other statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results, performance or achievements.

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

Forward-looking statements are not a guarantee of future performance. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involves 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”.

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

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

Cautionary Notes Regarding Mineral Resource and Reserve Estimates

In accordance with applicable Canadian securities regulatory requirements, all mineral reserve and mineral resource estimates of the Company disclosed or incorporated by reference in this MD&A have been prepared in accordance with NI 43-101 and are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10, 2014 (the “CIM Standards”). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 differs significantly from the disclosure requirements of the Securities and Exchange Commission (the “SEC”) generally applicable to U.S. companies. For example, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in NI 43-101. These definitions differ from the definitions in the disclosure requirements promulgated by the SEC. Accordingly, information contained in this MD&A may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.

Mineral resources which are not mineral reserves do not have demonstrated economic viability. Pursuant to the CIM Standards, mineral resources have a higher degree of uncertainty than mineral

Ero Copper Corp. September 30, 2022 MD&A | Page 32

reserves as to their existence as well as their economic and legal feasibility. Inferred mineral resources, when compared with measured or indicated mineral resources, have the least certainty as to their existence, and it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Pursuant to NI 43-101, inferred mineral resources may not form the basis of any economic analysis. Accordingly, readers are cautioned not to assume that all or any part of a mineral resource exists, will ever be converted into a mineral reserve, or is or will ever be economically or legally mineable or recovered.

ADDITIONAL INFORMATION

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

Ero Copper Corp. September 30, 2022 MD&A | Page 33

Document

CONDENSED CONSOLIDATED INTERIM

FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2022 AND 2021

Ero Copper Corp.
Table of Contents
CONSOLIDATED FINANCIAL STATEMENTS
---	---
Condensed Consolidated Statements of Financial Position	1
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income	2
Condensed Consolidated Statements of Cash Flow	3
Condensed Consolidated Statements of Changes in Shareholders' Equity	4
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
General
Note 1. Nature of Operations	5
Note 2. Basis of Preparation	5
Note 3. Segment Disclosure	6
Statements of Financial Position
Note 4. Inventories	11
Note 5. Other Current Assets	11
Note 6. Mineral, Property, Plant and Equipment	12
Note 7. Exploration and Evaluation Assets	13
Note 8. Accounts Payable and Accrued Liabilities	13
Note 9. Loans and Borrowings	13
Note 10. Deferred Revenue	15
Note 11. Other Non-current Liabilities	16
Note 12. Share Capital	16
Statements of Earnings
Note 13. Revenue	20
Note 14. Cost of Sales	21
Note 15. General and Administrative Expenses	21
Note 16. Finance Expense	22
Note 17. Foreign Exchange (Loss) Gain	22
Other Items
Note 18. Financial Instruments	22
Note 19. Capital Management	25
Note 20. Supplemental Cash Flow Information	26
Ero Copper Corp.
---
Condensed Consolidated Statements of Financial Position
(Unaudited, Amounts in thousands of US Dollars)
	Notes	September 30, 2022		December 31, 2021
---	---	---	---	---	---
ASSETS
Current
Cash and cash equivalents		$	210,244	$	130,129
Short-term investments		149,554		—
Accounts receivable		26,438		30,704
Inventories	4	31,176		26,019
Other current assets	5	26,776		21,834
		444,188		208,686
Non-Current
Mineral, property, plant and equipment	6	641,370		445,428
Exploration and evaluation assets	7	11,648		32,038
Deferred income tax assets		—		2,315
Deposits and other non-current assets		6,881		1,295
		659,899		481,076
Total Assets		$	1,104,087	$	689,762
LIABILITIES
Current
Accounts payable and accrued liabilities	8	$	70,733	$	66,546
Current portion of loans and borrowings	9	9,049		4,344
Current portion of deferred revenue	10	15,144		10,511
Income taxes payable		896		7,191
Current portion of derivatives	18	300		29,357
Current portion of lease liabilities		4,821		4,711
		100,943		122,660
Non-Current
Loans and borrowings	9	402,275		54,906
Deferred revenue	10	73,439		83,711
Provision for rehabilitation and closure costs		19,733		19,037
Deferred income tax liabilities		4,861		—
Lease liabilities		2,104		2,399
Other non-current liabilities	11	12,381		11,559
		514,793		171,612
Total Liabilities		615,736		294,272
SHAREHOLDERS’ EQUITY
Share capital	12	137,972		133,072
Equity reserves		(87,456)		(94,910)
Retained earnings		434,567		354,895
Equity attributable to owners of the Company		485,083		393,057
Non-controlling interests		3,268		2,433
		488,351		395,490
Total Liabilities and Equity		$	1,104,087	$	689,762
Commitments (Notes 7 and 10);
---	---	---	---	---
APPROVED ON BEHALF OF THE BOARD:
	"David Strang"	, CEO and Director	"Matthew Wubs"	, Director

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

Ero Copper Corp.
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income
(Unaudited, Amounts in thousands of US Dollars, except share and per share amounts)				Three months ended September 30,				Nine months ended September 30,
---	---	---	---	---	---	---	---	---	---
	Notes	2022		2021		2022		2021
Revenue	13	$	85,911	$	111,797	$	309,725	$	355,046
Cost of sales	14	(63,101)		(43,770)		(175,264)		(120,551)
Gross profit		22,810		68,027		134,461		234,495
Expenses
General and administrative	15	(11,726)		(8,587)		(35,410)		(26,594)
Share-based compensation	12 (e)	(4,151)		(2,041)		(3,808)		(6,867)
Income before the undernoted		6,933		57,399		95,243		201,034
Finance income		2,997		739		5,254		2,027
Finance expense	16	(7,283)		(3,787)		(20,933)		(9,863)
Foreign exchange (loss) gain	17	(65)		(19,642)		15,341		(17,549)
NX Gold PMPA transaction fees		—		(1,219)		—		(1,219)
Other income (expenses)		3,304		(1,037)		1,466		(2,250)
Income before income taxes		5,886		32,453		96,371		172,180
Income tax expense
Current		(1,727)		(4,250)		(7,897)		(16,056)
Deferred		(160)		(1,819)		(7,879)		(13,704)
		(1,887)		(6,069)		(15,776)		(29,760)
Net income for the period		$	3,999	$	26,384	$	80,595	$	142,420
Other comprehensive (loss) gain
Foreign currency translation (loss) gain		(20,063)		(34,022)		6,499		(13,778)
Comprehensive (loss) income		$	(16,064)	$	(7,638)	$	87,094	$	128,642
Net income attributable to:
Owners of the Company		3,745		26,081		79,672		141,249
Non-controlling interests		254		303		923		1,171
		$	3,999	$	26,384	$	80,595	$	142,420
Comprehensive (loss) income attributable to:
Owners of the Company		(16,188)		(7,805)		86,134		127,526
Non-controlling interests		124		167		960		1,116
		$	(16,064)	$	(7,638)	$	87,094	$	128,642
Net income per share attributable to owners of the Company
Basic	12 (f)	$	0.04	$	0.29	$	0.88	$	1.60
Diluted	12 (f)	$	0.04	$	0.28	$	0.87	$	1.52
Weighted average number of common shares outstanding
Basic	12 (f)	90,845,229		88,449,567		90,543,185		88,256,703
Diluted	12 (f)	91,797,437		93,255,615		91,950,181		93,217,714

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	2022		2021		2022		2021
Cash Flows from Operating Activities
Net income for the period		$	3,999	$	26,384	$	80,595	$	142,420
Adjustments for:
Amortization and depreciation		14,743		12,233		42,608		33,615
Income tax expense		1,887		6,069		15,776		29,760
Amortization of deferred revenue	13	(4,702)		(4,558)		(11,439)		(4,558)
Share-based compensation	12 (e)	4,151		2,041		3,808		6,867
Finance income		(2,997)		(739)		(5,254)		(2,027)
Finance expenses	16	7,283		3,787		20,933		9,863
Foreign exchange loss (gain)		90		22,725		(18,181)		20,632
Other		(2,950)		(97)		(1,768)		3
Changes in non-cash working capital items	20	27,028		(9,567)		(3,042)		(14,712)
		48,532		58,278		124,036		221,863
Advance from NX Gold PMPA	10	—		100,000		3,207		100,000
Derivative contract settlements	17	(4,994)		(4,232)		(12,576)		(15,940)
Provision settlements		(546)		(469)		(1,569)		(1,264)
Income taxes paid		—		(2,866)		(3,691)		(6,734)
		42,992		150,711		109,407		297,925
Cash Flows used in Investing Activities
Additions to mineral property, plant and equipment		(92,830)		(59,179)		(196,166)		(120,291)
Additions to exploration and evaluation assets		(2,506)		(2,663)		(12,615)		(3,964)
Other investments		(48,778)		(24,051)		(148,252)		(23,551)
		(144,114)		(85,893)		(357,033)		(147,806)
Cash Flows (used in) / from Financing Activities
Lease liability payments		(1,596)		(478)		(4,986)		(2,744)
New loans and borrowings, net of finance costs		738		6		400,307		647
Loans and borrowings repaid		(1,742)		(101,529)		(54,180)		(112,305)
Interest paid on loans and borrowings		(14,471)		(657)		(15,106)		(3,979)
Other finance expenses paid		(774)		(642)		(2,160)		(2,745)
Proceeds from exercise of stock options and warrants		1,952		491		3,363		2,692
		(15,893)		(102,809)		327,238		(118,434)
Effect of exchange rate changes on cash and cash equivalents		(2,033)		(7,018)		503		(1,547)
Net (decrease) increase in cash and cash equivalents		(119,048)		(45,009)		80,115		30,138
Cash and cash equivalents - beginning of period		329,292		137,655		130,129		62,508
Cash and cash equivalents - end of period		$	210,244	$	92,646	$	210,244	$	92,646

Supplemental cash flow information (note 20)

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

Ero Copper Corp.
Condensed Consolidated Statements of Changes in Shareholders' Equity
(Unaudited, Amounts in thousands of US Dollars, except share and per share amounts)
		Share Capital			Equity Reserves
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Notes	Number of<br>shares	Amount		Contributed <br>Surplus		Foreign<br>Exchange		Retained<br>Earnings		Total		Non-controlling<br>interest		Total equity
Balance, December 31, 2020		87,879,261	$	126,152	$	15,637	$	(82,928)	$	153,842	$	212,703	$	1,372	$	214,075
Income for the period		—	—		—		—		141,249		141,249		1,171		142,420
Other comprehensive loss for the period		—	—		—		(13,723)		—		(13,723)		(55)		(13,778)
Total comprehensive income (loss) for the period		—	—		—		(13,723)		141,249		127,526		1,116		128,642
Shares issued for:
Exercise of options and warrants		890,415	3,527		(835)		—		—		2,692		—		2,692
Share-based compensation	12 (e)	—	—		6,511		—		—		6,511		—		6,511
Dividends to non-controlling interest		—	—		—		—		—		—		(173)		(173)
Balance, September 30, 2021		88,769,676	$	129,679	$	21,313	$	(96,651)	$	295,091	$	349,432	$	2,315	$	351,747
Balance, December 31, 2021		90,204,378	$	133,072	$	12,173	$	(107,083)	$	354,895	$	393,057	$	2,433	$	395,490
Income for the period		—	—		—		—		79,672		79,672		923		80,595
Other comprehensive income for the period		—	—		—		6,462		—		6,462		37		6,499
Total comprehensive income for the period		—	—		—		6,462		79,672		86,134		960		87,094
Shares issued for:
Exercise of options		803,357	4,900		(1,537)		—		—		3,363		—		3,363
Share-based compensation	12 (e)	—	—		2,529		—		—		2,529		—		2,529
Dividends to non-controlling interest		—	—		—		—		—		—		(125)		(125)
Balance, September 30, 2022		91,007,735	$	137,972	$	13,165	$	(100,621)	$	434,567	$	485,083	$	3,268	$	488,351

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

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

1. Nature of Operations

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

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

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

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

2. Basis of Preparation

(a) Statement of Compliance

These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting and follow the same accounting policies and methods of application as the Company’s most recent annual consolidated financial statements for the year ended December 31, 2021.

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, 2021, 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 1, 2022.

(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, 2021.

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)

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

•In September 2019, the IASB issued first phase amendments IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Hedging, and IFRS 7 Financial Instrument Disclosures to address the financial reporting impact of the reform on interest rate benchmarks, such as the discontinuance of the interbank offered rates. Phase 2 of the Interest Rate Benchmark Reform refers to a global reform of interest rate benchmarks, which includes the replacement of some interbank offered rates (“LIBOR”) with alternative benchmark rates. Phase 2 amendments require the effective interest rate to be adjusted when accounting for changes in the basis for determining the contractual cash flows of financial assets and liabilities that relate directly to this reform rather than applying modification accounting. In addition, the Phase 2 amendments require disclosures to assist users in understanding the effect of the reform on the Company’s financial instruments and risk management strategy.

At September 30, 2022, Company had a $75.0 million undrawn senior secured revolving credit facility which bears interest on a sliding scale at a rate of LIBOR plus 2.25% to 4.25% depending on the Company’s consolidated leverage ratio. There is currently no specific timeline on when the use of LIBOR will cease, but the switch to Secured Overnight Financing Rate (SOFR) is not expected to have a significant impact on the consolidated financial statements.

•In May 2021, the IASB issued Deferred Tax related to Assets and Liabilities Arising from a Single Transaction which amended IAS 12, Income Taxes ("IAS 12"). The amendments narrowed the scope of the recognition exemption in IAS 12, relating to the recognition of deferred tax assets and liabilities, so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences such as leases and reclamation and closure cost provisions. The amendments are effective for annual reporting periods beginning on or after January 1, 2023 to transactions that occur on or after the beginning of the earliest comparative period presented. Earlier application is permitted. The Company is currently assessing the impact of the amendments on its consolidated financial statements.

3. Segment Disclosure

Operating segments are determined by the way information is reported and used by the Company's Chief Operating Decision Maker ("CODM") to review operating performance. The Company’s reporting segments include its two operating mines in Brazil, the Caraíba Operations and the Xavantina Operations, and its corporate head office in Canada. The Company monitors the operating results of its operating segments independently for the purpose of making decisions about resource allocation and performance assessment.

Significant information relating to the Company's reportable segments is summarized in the tables below:

Notes to Financial Statements | Page 6

Ero Copper Corp.
Notes to Condensed Consolidated Interim Financial Statements
(Unaudited, Tabular amounts in thousands of US Dollars, except share and per share amounts)
Three months ended September 30, 2022	Caraíba <br>(Brazil)		Xavantina<br>(Brazil)		Corporate and Other		Consolidated
---	---	---	---	---	---	---	---	---
Revenue	$	63,739	$	22,172	$	—	$	85,911
Cost of production	(39,047)		(7,317)		—		(46,364)
Depreciation and depletion	(11,341)		(3,337)		—		(14,678)
Sales expense	(1,894)		(165)		—		(2,059)
Cost of sales	(52,282)		(10,819)		—		(63,101)
Gross profit	11,457		11,353		—		22,810
Expenses
General and administrative	(6,913)		(751)		(4,062)		(11,726)
Share-based compensation	—		—		(4,151)		(4,151)
Finance income	854		471		1,672		2,997
Finance expenses	(1,127)		(1,065)		(5,091)		(7,283)
Foreign exchange (loss) gain	(34)		4		(35)		(65)
Other income (expenses)	3,362		(41)		(17)		3,304
Income (loss) before taxes	7,599		9,971		(11,684)		5,886
Current tax expense	(400)		(853)		(474)		(1,727)
Deferred tax (expense) recovery	(223)		63		—		(160)
Net income (loss)	$	6,976	$	9,181	$	(12,158)	$	3,999

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, 2021	Caraíba <br>(Brazil)		Xavantina<br>(Brazil)		Corporate and Other		Consolidated
---	---	---	---	---	---	---	---	---
Revenue	$	96,262	$	15,535	$	—	$	111,797
Cost of production	(24,693)		(4,936)		—		(29,629)
Depreciation and depletion	(9,986)		(2,201)		—		(12,187)
Sales expense	(1,834)		(120)		—		(1,954)
Cost of sales	(36,513)		(7,257)		—		(43,770)
Gross profit	59,749		8,278		—		68,027
Expenses
General and administrative	(4,889)		(639)		(3,059)		(8,587)
Share-based compensation	—		—		(2,041)		(2,041)
Finance income	365		370		4		739
Finance expenses	(976)		(154)		(2,657)		(3,787)
Foreign exchange loss	(18,896)		(489)		(257)		(19,642)
NX Gold Stream transaction fees	—		(1,219)		—		(1,219)
Other expenses	(929)		(108)		—		(1,037)
Income (loss) before taxes	34,424		6,039		(8,010)		32,453
Current tax expense	(3,108)		(996)		(146)		(4,250)
Deferred tax (expense) recovery	(1,806)		65		(78)		(1,819)
Net income (loss)	$	29,510	$	5,108	$	(8,234)	$	26,384

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, 2022	Caraíba <br>(Brazil)		Xavantina<br>(Brazil)		Corporate and Other		Consolidated
---	---	---	---	---	---	---	---	---
Revenue	$	253,089	$	56,636	$	—	$	309,725
Cost of production	(106,225)		(19,934)		—		(126,159)
Depreciation and depletion	(34,269)		(8,113)		—		(42,382)
Sales expense	(6,320)		(403)		—		(6,723)
Cost of sales	(146,814)		(28,450)		—		(175,264)
Gross profit	106,275		28,186		—		134,461
Expenses
General and administrative	(19,878)		(2,852)		(12,680)		(35,410)
Share-based compensation	—		—		(3,808)		(3,808)
Finance income	1,283		1,199		2,772		5,254
Finance expenses	(4,247)		(3,155)		(13,531)		(20,933)
Foreign exchange gain (loss)	15,258		233		(150)		15,341
Other income (expenses)	1,631		(148)		(17)		1,466
Income (loss) before taxes	100,322		23,463		(27,414)		96,371
Current tax expense	(3,801)		(1,945)		(2,151)		(7,897)
Deferred tax (expense) recovery	(7,885)		6		—		(7,879)
Net income (loss)	$	88,636	$	21,524	$	(29,565)	$	80,595
Assets
Current	$	118,854	$	40,395	$	284,939	444,188
Non-current	592,875		62,302		4,722		659,899
Total Assets	$	711,729	$	102,697	$	289,661	$	1,104,087
Total Liabilities	$	91,021	$	102,364	$	422,350	615,735

During the nine months ended September 30, 2022, Caraíba earned revenues from four customers (September 30, 2021 - two) while Xavantina earned revenues from two customers (September 30, 2021 - one).

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, 2021	Caraíba <br>(Brazil)		Xavantina<br>(Brazil)		Corporate and Other		Consolidated
---	---	---	---	---	---	---	---	---
Revenue	$	304,009	$	51,037	$	—	$	355,046
Cost of production	(66,959)		(15,100)		—		(82,059)
Depreciation and depletion	(27,610)		(5,807)		—		(33,417)
Sales expenses	(4,701)		(374)		—		(5,075)
Cost of sales	(99,270)		(21,281)		—		(120,551)
Gross profit	204,739		29,756		—		234,495
Expenses
General and administrative	(13,669)		(1,696)		(11,230)		(26,595)
Share-based compensation	—		—		(6,867)		(6,867)
Finance income	550		615		862		2,027
Finance expenses	(4,400)		(767)		(4,696)		(9,863)
Foreign exchange loss	(16,881)		(299)		(368)		(17,548)
Other expenses	(1,739)		(511)		—		(2,250)
Income (loss) before taxes	168,600		25,879		(22,299)		172,180
Current tax expense	(9,810)		(3,454)		(2,792)		(16,056)
Deferred tax (expense) recovery	(13,642)		16		(78)		(13,704)
Net income (loss)	$	145,148	$	22,441	$	(25,169)	$	142,420
Assets
Current	$	126,572	$	41,696	$	18,774	187,042
Non-current	389,567		39,847		8,599		438,013
Total Assets	$	516,139	$	81,543	$	27,373	$	625,055
Total Liabilities	$	130,051	$	112,766	$	30,491	273,308

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, 2022		December 31, 2021
Supplies and consumables	$	22,989	$	19,144
Stockpiles	900		2,880
Work in progress	826		1,658
Finished goods	6,461		2,337
	$	31,176	$	26,019

5. Other Current Assets

	September 30, 2022		December 31, 2021
Advances to suppliers	$	1,137	$	402
Prepaid expenses and other	4,325		5,865
Derivatives	977		—
Advances to employees	968		458
Value added taxes recoverable	19,369		15,109
	$	26,776	$	21,834

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, Property, Plant and Equipment

	Buildings		Mining Equipment(1)		Mineral<br><br>Properties(2)		Projects in<br><br>Progress(3)		Equipment & Other Assets		Mine Closure Costs		Right-of-Use Assets		Total
Cost:
Balance, December 31, 2021	18,352		124,775		394,017		19,190		20,307		12,010		17,298		605,949
Additions	316		20,180		44,888		92,097		35,290		—		4,882		197,653
Capitalized borrowing costs	—		—		—		4,324		—		—		—		4,324
Disposals	—		(1,828)		—		(1,569)		(8)		—		(185)		(3,590)
Transfers	1,796		2,521		48,175		(4,445)		(11,440)		—		—		36,607
Foreign exchange	488		2,898		8,220		(5,760)		(568)		389		275		5,942
Balance, September 30, 2022	$	20,952	$	148,546	$	495,300	$	103,837	$	43,581	$	12,399	$	22,270	$	846,885
Accumulated depreciation:
Balance, December 31, 2021	(4,428)		(25,943)		(109,889)		—		(5,733)		(4,040)		(10,488)		(160,521)
Depreciation expense	(785)		(12,088)		(24,351)		—		(551)		(656)		(5,219)		(43,650)
Disposals	—		1,628		—		—		68		—		50		1,746
Foreign exchange	(104)		(314)		(2,347)		—		(143)		(98)		(84)		(3,090)
Balance, September 30, 2022	$	(5,317)	$	(36,717)	$	(136,587)	$	—	$	(6,359)	$	(4,794)	$	(15,741)	$	(205,515)
Net book value, December 31, 2021	$	13,924	$	98,832	$	284,128	$	19,190	$	14,574	$	7,970	$	6,810	$	445,428
Net book value, September 30, 2022	$	15,635	$	111,829	$	358,713	$	103,837	$	37,222	$	7,605	$	6,529	$	641,370

(1) Certain equipment has been provided as security for the equipment finance loans.

(2) Mineral properties include $75.1 million (2021 - $67.1 million) of development costs which are not currently being depreciated.

(3) In February 2022, the Board approved the construction of the Tucumã Project. As a result, $36.6 million of exploration and evaluation assets were reclassified to Mineral, Property and Plant and Equipment during the period.

Page 12

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

7. Exploration and Evaluation Assets

In February 2022, the Board approved the construction of the Tucumã Project located in Tucumã, State of Pará, Brazil. Accordingly, $36.6 million of costs related to the project was reclassified from Exploration and Evaluation Assets to Mineral, Property, Plant and Equipment during the nine months ended September 30, 2022.

During the nine months ended September 30, 2022, the Company also paid $2.8 million in relation to two property option agreements. In order for the Company to acquire 100% of these properties, the Company will be required to incur $7.2 million in exploration costs before the end of 2023 and, depending on results of these exploration programs, further option payments to complete the acquisitions is required. In the event that the Company exercise its option to acquire 100% interest in these properties, the optioners are expected to retain net smelter royalties between 0.5% to 1.5%.

8. Accounts Payable and Accrued Liabilities

	September 30, 2022		December 31, 2021
Trade suppliers	$	31,800	$	25,404
Payroll and labour related liabilities	20,475		22,950
Value added tax and other tax payable	7,010		9,664
Cash-settled equity awards (Note 12(b) and (c))	4,960		5,285
Other accrued liabilities	6,488		3,243
	$	70,733	$	66,546

9. Loans and Borrowings

							Carrying value, <br>including accrued interest
Description	Denomination	Security	Time to <br>Maturity	Coupon rate	Principal to be repaid		September 30, <br>2022		December 31,<br>2021
Senior Note	USD	Unsecured	88 months	6.50%	$	400,000	$	395,758	$	—
Senior credit facility	USD	Secured	33 months	LIBOR +<br><br>2.25% - 4.25%	$	—	$	—	$	48,303
Equipment finance loans	USD	Secured	3 months - 39 months	5.00% - 7.95%	10,090		10,150		5,805
Equipment finance loans	EURO	Secured	3 months - 45 months	5.25% - 5.50%	1,376		1,379		2,005
Equipment finance loans	BRL R$	Unsecured	29 months	13.89% - 15.12%	926		995		—
Bank loan (MCSA)	BRL R$	Unsecured	50 months	CDI + 0.50%	3,026		3,042		3,137
Total					$	415,418	$	411,324	$	59,250
Current portion							$	9,049	$	4,344
Non-current portion							$	402,275	$	54,906

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)

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

	Nine months ended September 30, 2022		Year ended December 31, 2021
Balance, beginning of period	$	59,250	$	168,102
Proceeds from issuance of Senior Notes, net	392,006		—
Proceeds from new equipment finance loans	8,301		4,826
Proceeds from new lines of credit	—		645
Principal and interest payments	(69,286)		(117,404)
Interest costs, including interest capitalized	19,516		5,177
Reclassification of deferred transaction costs	1,503		—
Foreign exchange	34		(2,096)
Balance, end of period	$	411,324	$	59,250

(a) Senior Notes

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

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

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

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

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

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

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

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

Notes to Financial Statements | Page 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)

(b) Senior Credit Facility

At December 31, 2021, the Company had a $150.0 million senior secured revolving credit facility ("Senior Credit Facility") with a syndicate of Canadian financial institutions with a maturity date of March 31, 2025. The Senior Credit Facility bears interest on a sliding scale at a rate of LIBOR plus 2.25% to 4.25% depending on the Company’s consolidated leverage ratio. Commitment fees for any undrawn portion of the Senior Credit Facility are on a sliding scale between 0.56% to 1.06%.

During the nine months ended September 30, 2022, the Company paid off the remaining $50.0 million balance on its Senior Credit Facility and terminated its interest rate swap contracts for nominal consideration. The Senior Credit Facility was further amended to reduce its limit from $150.0 million to $75.0 million, with an accordion option to increase the limit to $100.0 million at the election of the Company.

The Senior Credit Facility is secured by the shares of MCSA, NX Gold and Ero Gold. The Company is required to comply with certain financial covenants. As September 30, 2022, the Senior Credit Facility remains undrawn and the Company is in compliance with the financial covenants therein.

Deferred Revenue

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

The movements in deferred revenue during nine months September 30, 2022 are comprised of the following:

	September 30, 2022
Gold ounces delivered(1)	7,820
Balance, beginning of period	$	94,222
Advances received(2)	3,207
Accretion expense	2,593
Amortization of deferred revenue(3)	(11,439)
Balance, end of period	$	88,583
Current portion	$	15,144
Non-current portion	$	73,439

(1) During the nine months ended September 30, 2022, the Company delivered 7,820 ounces of gold to Royal Gold for average consideration of $363 per ounce. At September 30, 2022, a cumulative 12,993 ounces of gold have been delivered under the PMPA.

(2) During the nine months ended September 30, 2022, the Company received $1.7 million in Resource Growth Advance and $1.5 million in Exploration Advance, which were recognized as deferred revenue during the period.

(3) Amortization of deferred revenue during the nine months ended September 30, 2022 includes $0.3 million for change in estimate in relation to additional advances received and the related change in life-of-mine production ounces.

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)

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

Other Non-current Liabilities

	September 30, 2022		December 31, 2021
Cash-settled equity awards (Note 12(b))	$	4,127	$	2,524
Value added tax and other taxes payable	527		861
Withholding and taxes payable	3,405		2,935
Provision for legal and tax matters	1,588		2,331
Other liabilities	2,734		2,908
	$	12,381	$	11,559

Share Capital

As at September 30, 2022, the Company’s authorized share capital consists of an unlimited number of common shares without par value. As at September 30, 2022, 91,007,735 common shares were outstanding.

(a) Options

During the nine months ended September 30, 2022, the Company granted 41,562 (nine months ended September 30, 2021 - 67,514) options to employees of the Company at weighted average exercise price of $13.74 per share (nine months ended September 30, 2021 - $18.97) with a term to expiry of five years. These stock options vest in three equal installments on each annual anniversary date from the date of grant. The total fair value of these options on the grant date was $0.2 million (nine months ended September 30, 2021 - $0.4 million), which is recognized over the vesting period.

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

	Nine Months Ended September 30,
	2022			2021
	Number of <br>Stock Options	Weighted Average Exercise Price		Number of <br>Stock Options			Weighted Average Exercise Price
Outstanding stock options, beginning of period	4,202,389	$	11.36	4,641,763	$	8	$	7.91
Issued	41,562	13.74		67,514			18.97
Exercised	(803,357)	5.23		(417,083)	5		4.24
Cancelled	(58,005)	19.59		—			—
Outstanding stock options, end of period	3,382,589	$	12.70	4,292,194	$	8	$	8.36

The weighted average share price on the date of exercise for options exercised during the nine months ended September 30, 2022 was $12.16 (nine months ended September 30, 2021 - $19.97), respectively.

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)

As at September 30, 2022, the following stock options were outstanding:

Weighted Average Exercise Prices	Number of <br>Stock Options	Vested and Exercisable Number of Stock Options	Weighted Average Remaining Life in Years
$6.74 to $10.00 CAD	2,038,306	2,038,306	0.79
$10.01 to $20.00 CAD	764,137	294,890	3.26
$20.01 to $24.45 CAD	580,146	387,889	2.34
$8.91 USD	3,382,589	2,721,085	1.28

In determining the weighted average exercise price of all outstanding options in the tables above and below, the CAD prices were converted to USD at the September 30, 2022 exchange rate of 1.3707.

The fair value of options granted in the nine months ended September 30, 2022 was determined using the Black-Scholes option pricing model. The weighted average inputs used in the measurement of fair values at grant date of the options are the following:

	Nine Months Ended September 30,
	2022			2021
Expected term (years)	3.0			3.0
Forfeiture rate	—		%	—		%
Volatility	52		%	54		%
Dividend yield	—		%	—		%
Risk-free interest rate	2.02		%	0.77		%
Weighted-average fair value per option	$	5.16		$	6.32

(b) Performance Share Unit Plan

The Company has a performance share unit ("PSU") plan pursuant to which the Compensation Committee may grant PSUs to any director, officer, employee, or consultant of the Company or its subsidiaries. At the time of grant of PSUs, the Compensation Committee, may establish performance conditions for the vesting of the PSUs. The performance conditions may be graduated such that different percentages (which may be greater or lower than 100%) of the PSUs in a grant become vested depending on the satisfaction of one or more performance conditions. Performance conditions may include terms or conditions relating to: (i) the market price of the common shares; (ii) the return to holders of common shares, with or without reference to other comparable companies; (iii) the financial performance or results of the Company or its subsidiaries; (iv) the achievement of performance conditions or other performance criteria relating to the Company or its subsidiaries; (v) any other terms and conditions the Compensation Committee may in its sole discretion determine with respect to vesting or the acceleration of vesting; and (vi) the vesting date of the PSUs. The Compensation Committee may, in its discretion, subsequent to the grant of a PSU, waive any such performance condition or determine that it has been satisfied subject to applicable law, as well as determine the settlement of PSUs in shares or in cash. Each PSU entitles the holder thereof to receive one common share, or its equivalent cash value, on the redemption date selected by the Compensation Committee.

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)

The continuity of PSUs issued and outstanding is as follows:

	Nine Months Ended September 30,
	2022	2021
Outstanding balance, beginning of period	793,043	727,761
Issued	23,911	23,004
Cancelled	(43,039)	—
Outstanding balance, end of period	773,915	750,765

These PSUs will vest three years from the date of grant by the Compensation Committee 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. Each vested PSU entitles 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 by the Compensation Committee in its sole discretion. The Company has elected to settle its PSUs in cash and, therefore, PSUs are 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. As at September 30, 2022, the fair value of the PSU liability was $7.3 million (December 31, 2021 - $7.0 million).

The Deferred Share Unit ("DSU") plan was established by the Board as a component of compensation for the Company's independent directors. Only independent directors are eligible to participate and to receive DSUs under the DSU Plan. DSUs may be awarded by the Board from time to time to provide independent directors with appropriate equity-based compensation for the services they render to the Company and may be subject to terms and conditions with respect to vesting of such DSUs. In addition, independent directors may elect to receive a portion or all of their respective annual cash remuneration in the form of DSUs, which will be fully vested upon such grant. The number of DSUs to be awarded to a participant under the DSU Plan is determined by dividing the portion of that participant’s annual cash remuneration by the fair market value of a common share on the last day of the quarter in which such portion of the annual cash remuneration was earned. 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,
	2022	2021
Outstanding balance, beginning of period	131,085	79,230
Issued	27,036	9,415
Outstanding balance, end of period	158,121	88,645

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)

At September 30, 2022, DSU liabilities had a fair value of $1.8 million (December 31, 2021 - $2.0 million) which has been recognized in accounts payable and accrued liabilities.

(d) Restricted Share Unit Plan

The Company has a restricted share unit ("RSU") plan pursuant to which the Compensation Committee may grant share units to any officer, employee, or consultant of the Company or its subsidiaries. RSUs issued under the plan entitles the holder thereof to receive one common share, without payment of additional consideration, on the redemption date selected by the Compensation Committee following the date of vesting of such share unit, which will be within 30 days of the date of vesting, or at a later deferred date, subject to certain exception and restrictions. RSUs granted will vest in three equal installments on each anniversary date from the date of grant. The fair value of these restricted share units is determined on the date of grant using the market price of the Company’s shares. Each RSU entitles the holder thereof to receive one common share, or its equivalent cash value, on the redemption date selected by the Compensation Committee.

The continuity of RSUs issued and outstanding is as follows:

	Nine months ended September 30,
	2022	2021
Outstanding balance, beginning of period	171,106	—
Issued	16,737	—
Cancelled	(8,429)	—
Outstanding balance, end of period	179,414	—

(e) Share-based compensation

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Stock options	$	545	$	697	$	1,373	$	2,123
Performance share unit plan	2,591		1,488		1,434		4,388
Deferred share unit plan	625		(144)		(155)		356
Restricted share unit plan	390		—		1,156		—
Share-based compensation(1)	$	4,151	$	2,041	$	3,808	$	6,867

(1) For the three and nine months ended September 30, 2022, the Company recorded $0.9 million and $2.5 million (three and nine months ended September 30, 2021 - $2.2 million and $6.5 million), respectively, of share-based compensation in contributed surplus, and the remaining share-based compensation was recorded in liabilities.

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)

(f) Net Income per Share

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Weighted average number of common shares outstanding	90,845,229		88,449,567		90,543,185		88,256,703
Dilutive effects of:
Warrants	—		1,336,293		—		1,409,111
Stock options	772,794		2,343,607		1,227,582		2,425,752
Share units	179,414		1,126,148		179,414		1,126,148
Weighted average number of diluted common shares outstanding(1)	91,797,437		93,255,615		91,950,181		93,217,714
Net income attributable to owners of the Company	$	3,745	$	26,081	$	79,672	$	141,249
Basic net income per share	0.04		0.29		0.88		1.60
Diluted net income per share	0.04		0.28		0.87		1.52

(1) Weighted average number of diluted common shares outstanding for the three and nine months ended September 30, 2022 excluded 1,240,283 and 1,240,283 (three and nine months ended September 30, 2021 - 67,514 and 67,514) stock options, respectively, that were anti-dilutive.

Revenue

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Copper
Sales within Brazil	$	(1,150)	$	39,652	$	47,558	$	112,708
Export sales	69,328		61,070		221,285		192,722
Adjustments on provisionally priced sales(1)	(4,439)		(4,460)		(15,754)		(1,421)
	63,739		96,262		253,089		304,009
Gold
Export sales	17,470		10,977		45,197		46,479
Amortization of deferred revenue(2)	4,702		4,558		11,439		4,558
	$	22,172	$	15,535	$	56,636	$	51,037
	$	85,911	$	111,797	$	309,725	$	355,046

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

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)

(2) During the three and nine months ended September 30, 2022, the Company delivered 3,375 and 7,820 ounces of gold, respectively, under a precious metals purchase agreement with Royal Gold (note 10) for average cash consideration of $347 and $363 per ounce.

Cost of Sales

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Materials	$	10,369	$	6,956	$	30,198	$	18,722
Salaries and benefits	12,066		9,468		36,988		26,706
Depreciation and depletion	14,678		12,188		42,382		33,418
Contracted services	7,878		5,297		23,155		15,301
Maintenance costs	6,279		4,778		19,052		12,931
Utilities	3,221		2,954		9,770		7,920
Sales expense	2,059		1,954		6,723		5,075
Other costs(1)	6,551		175		6,996		478
	$	63,101	$	43,770	$	175,264	$	120,551

(1) Other costs in the three and nine months ended September 30, 2022 included $6.1 million of copper concentrates acquired from one of the Company's customers to settle accounts receivables in arrears. This concentrate was subsequently sold to a different customer for $6.0 million included in revenues.

General and Administrative Expenses

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Accounting and legal	$	581	$	168	$	1,723	$	1,255
Amortization and depreciation	65		45		226		197
Office and administration	2,092		1,881		6,818		4,018
Salaries and consulting fees	5,528		4,737		18,035		14,192
Incentive payments	1,516		1,028		4,929		4,149
Other	1,944		728		3,679		2,783
	$	11,726	$	8,587	$	35,410	$	26,594

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)

16. Finance Expense

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Interest on loans and borrowings	$	5,239	$	1,362	$	15,192	$	4,578
Gain on interest rate swap derivatives	—		(10)		(897)		107
Accretion of deferred revenue	848		614		2,593		614
Accretion of mine closures and rehabilitation provisions	539		250		1,654		723
Interest on lease liabilities	158		110		473		275
Other finance expenses	499		1,461		1,919		3,566
	$	7,283	$	3,787	$	20,934	$	9,863

17. Foreign Exchange (Loss) Gain

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

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Foreign exchange (loss) gain on USD denominated debt in Brazil	$	(1,937)	$	(5,883)	$	2,884	$	(3,721)
Realized foreign exchange loss on derivative contracts (note 18)	(4,994)		(4,381)		(12,576)		(16,089)
Unrealized foreign exchange gain (loss) on derivative contracts (note 18)	6,760		(12,350)		30,063		633
Foreign exchange gain (loss) on other financial assets and liabilities	106		2,972		(5,030)		1,628
	$	(65)	$	(19,642)	$	15,341	$	(17,549)

18. 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. Judgments are required in the interpretation of the market data to produce the most appropriate fair value estimates. The use of different market information and/or evaluation methodologies may have a material effect on the fair value amounts.

As at September 30, 2022, derivatives were measured at fair value based on Level 2 inputs.

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)

The carrying values of cash and cash equivalents, short-term investments, accounts receivable, deposits, and accounts payable and accrued liabilities approximate their fair values due to their short terms to maturity or market rates of interest used to discount amounts. At September 30, 2022, the carrying value of loans and borrowings, including accrued interest, was $411.3 million while the fair value is approximately $315.6 million.

Credit risk

	September 30, 2022		December 31, 2021
Cash and cash equivalents	$	210,244	$	130,129
Short-term investments	149,554		—
Accounts receivable	26,438		30,704
Deposits and other non-current assets	5,003		1,295
	$	391,239	$	162,128

Liquidity risk

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

The table below shows the Company's maturity of non-derivative financial liabilities on September 30, 2022:

Non-derivative financial liabilities	Carrying <br>value		Contractual cash flows		Up to <br>12 months		1 - 2 <br>years		3 - 5 <br>years		More than <br>5 years
Loans and borrowings (including interest)	$	411,324	$	612,050	$	33,206	$	30,927	$	82,916	$	465,001
Accounts payable and accrued liabilities	70,733		70,733		70,733		—		—		—
Other non-current liabilities	6,660		12,246		—		5,665		5,928		653
Leases	6,925		6,772		5,906		351		388		—
Total	$	495,642	$	701,801	$	109,845	$	36,943	$	89,232	$	465,654

Notes to Financial Statements | Page 23

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

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

Market risk

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

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

(i) Foreign exchange currency risk

The Company's exposure to foreign exchange currency risk at September 30, 2022 relates to $11.5 million (December 31, 2021 – $7.8 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, 2022 on $49.5 million of intercompany loan balances (December 31, 2021 - $63.8 million) which have contractual repayment terms. Strengthening (weakening) in the Brazilian Real against the US dollar at September 30, 2022 by 10% and 20%, would have increased (decreased) pre-tax net income by $6.0 million and $11.9 million, respectively (September 30, 2021 – $6.2 million and $16.9 million. This analysis is based on the foreign currency exchange variation rate that the Company considered to be reasonably possible at the end of the period. The analysis assumes that all other variables, especially interest rates, are held constant.

The Company may use derivatives, including forward contracts, collars and swap contracts, to manage market risks. At September 30, 2022, the Company has entered into foreign exchange collar contracts at zero cost for notional amounts of $315.0 million (December 31, 2021 - notional amount of $179.5 million) with an average floor rate of 5.06 BRL to US Dollar and an average cap rate of 6.26 BRL to US Dollar. The maturity dates of these contracts are from October 31, 2022 to December 31, 2023 and are financially settled on a net basis. As of September 30, 2022, the Company had contracts with three different counterparties and the fair value of these contracts was a net liability of $0.1 million (December 31, 2021 - liability of $28.7 million), consisting of an asset of $0.4 million included in other current assets and a liability of $0.5 million, which is included in derivatives in the statement of financial position. The fair value of these forward contracts as at September 30, 2022 was determined using an option pricing model with the following assumptions: discount rate of 2.77% - 9.09%, foreign exchange rate of approximately 5.40—5.82, and volatility of 20.04% - 24.77%.

The change in fair value of foreign exchange collar contracts was a gain of $6.8 million and a gain of $30.1 million for the three and nine months ended September 30, 2022 (a loss of $12.3 million and a gain of $0.6 million for the three and nine months ended September 30, 2021), respectively, which have been recognized in foreign exchange (loss) gain.

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)

(ii) Interest rate risk

(iii) Price risk

The Company may use derivatives, including forward contracts, collars and swap contracts, to manage commodity price risks. At September 30, 2022, the Company has provisionally priced sales that are exposed to commodity price changes (note 13). Based on the Company’s net exposure at September 30, 2022, a 10% change in the price of copper would have an impact of $0.8 million on pre-tax net income.

19. Capital Management

The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue the development and production of its mine properties and to maintain a flexible capital structure for its projects for the benefit of its stakeholders.

The Company's capital consists of items included in shareholders’ equity, debt facilities net of cash and cash equivalents and short-term investments.

Management reviews the capital structure on a regular basis to ensure that the above-noted objectives are met. The Company manages the capital structure and makes adjustments to it considering changes in the economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new loans and borrowings, common shares, or acquire or dispose of assets.

Certain loan agreements contain operating and financial covenants that could restrict the ability of the Company and its subsidiaries. MCSA, Ero Gold, and NX Gold, to, among other things, incur additional indebtedness needed to fund its respective operations, pay dividends or make other distributions, make investments, create liens, sell or transfer assets or enter into transactions with affiliates. There are no other restrictions or externally imposed capital requirements of the Company.

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)

Supplemental Cash Flow Information

	Three months ended September 30,				Nine months ended September 30,
Net change in non-cash working capital items:	2022		2021		2022		2021
Accounts receivable	$	16,317	$	(8,244)	$	5,185	$	(8,801)
Inventories	(1,190)		391		(3,195)		478
Other assets	(5,374)		(6,232)		(9,945)		(2,279)
Accounts payable and accrued liabilities	17,275		4,518		4,913		(4,110)
	$	27,028	$	(9,567)	$	(3,042)	$	(14,712)
Non-cash investing and financing activities:
Change in mineral, property, plant and equipment from change in estimates for provision for rehabilitation and closure costs	—		(12)		$	—	$	(1,244)
Additions to property, plant and equipment by leases	1,815		986		4,882		6,348
Non-cash (decrease) increase in accounts payable in relation to capital expenditures	(5,753)		(1,953)		(3,395)		2,761

Notes to Financial Statements | Page 26

Document

	TSX: ERO
NYSE: ERO

November 1, 2022

Ero Copper Reports Third Quarter 2022 Operating and Financial Results

(all amounts in US dollars, unless otherwise noted)

Vancouver, British Columbia – Ero Copper Corp. (TSX: ERO, NYSE: ERO) (“Ero” or the “Company”) is pleased to announce its operating and financial results for the three and nine months ended September 30, 2022. Management will host a conference call tomorrow, Wednesday, November 2, 2022, at 11:30 a.m. Eastern time to discuss the results. Dial-in details for the call can be found near the end of this press release.

HIGHLIGHTS

•Quarterly copper production of 11,189 tonnes at C1 cash costs(*) of $1.46 per pound of copper produced;

•Quarterly gold production of 10,965 ounces at C1 cash costs(*) and All-in Sustaining Costs ("AISC")(*) of $537 and $1,135, respectively, per ounce of gold produced;

•Adjusted EBITDA(*) of $32.1 million and adjusted net income attributable to owners of the Company(*) of $4.0 million ($0.04 per share on a diluted basis);

•Strong quarterly cash flows from operations of $43.0 million;

•Capital expenditures accelerated during the quarter as construction activities related to the Company's growth initiatives continued to progress;

◦At the Tucumã Project, critical path work packages required ahead of the rainy season have been completed. These include site access and haul road upgrades, major drainage infrastructure, and advancing pre-stripping activities; and,

◦At the Caraíba Operations, the Pilar 3.0 growth initiative continues to progress with surface infrastructure for the new external shaft well-advanced, critical equipment orders for the expansion of the mill contracted, and the integration of Project Honeypot into the life-of-mine production plan completed. The updated strategic life-of-mine production plan for the Caraíba Operations, inclusive of Project Honeypot, is expected to be released ahead of the Company's Annual Operational, Project and Exploration Update on November 8, 2022.

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

•2022 production, operating cost, and capital expenditure guidance reaffirmed; and,

•The Company will host an Annual Operational, Project and Exploration Update on November 8, 2022, during which a more detailed overview will be provided on the Pilar 3.0 growth initiative, including the integration of Project Honeypot, the Company's advancement of the Tucumã Project, and results from exploration programs at each of the Company's operations.

*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, 2022 and the Reconciliation of Non-IFRS Measures section at the end of this press release.

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

“Our operations delivered solid third quarter operating performance against a challenging macroeconomic backdrop that resulted in compressed operating margins during the period,” said David Strang, Chief Executive Officer. “While near-term global economic conditions remain dynamic, we are well-positioned with an experienced team, high-quality operations and a solid balance sheet to continue making progress on our strategic growth initiatives.

"At our Tucumã Project, road upgrades and site drainage are now complete ahead of the rainy season, and our mining contractor mobilized to site and commenced pre-stripping activities and waste rock dump construction during the quarter. All activities on site are advancing in-line with the Feasibility Study schedule. At our Caraíba Operations, shaft civil work, raise-boring and underground development related to our Pilar 3.0 initiative are progressing well, and an updated life-of-mine production plan reflecting the integration of Project Honeypot has also been finalized.

"Despite strong operating performance and successful project execution during the period, our operating costs remain higher than we had forecasted at the beginning of the year due to inflationary pressures and the higher allocation of copper sales to international customers that negate some of the tax benefits we receive when we sell to our domestic customer. As we look ahead to the fourth quarter, we expect to be in line with our revised full-year operating cost guidance but acknowledge we are tracking towards the higher end of the range as a result of these impacts.

"While, like our peers, we continue to navigate challenging near-term market conditions, we remain focused on advancing our growth strategy in anticipation of an unprecedented outlook for copper. The timing of our growth initiatives, now well underway at Tucumã and Caraíba, continues to align well with an expected surge in copper demand that is projected to far outpace supply in the years ahead."

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

THIRD QUARTER REVIEW

•Mining & Milling Operations

◦The Caraíba Operations processed 720,725 tonnes of ore grading 1.68% copper, producing 11,189 tonnes of copper in concentrate during the quarter after metallurgical recoveries of 92.2%.

◦The Xavantina Operations processed 42,747 tonnes of ore grading 8.55 grams per tonne gold, producing 10,965 ounces of gold after metallurgical recoveries of 93.3% and 7,487 ounces of silver as a by-product.

•Organic Growth Projects

◦At the Tucumã Project, engineering, contracting efforts and construction activities continued to progress during the quarter.

–Critical path earthworks, site drainage and road upgrades are finished. Mine pre-stripping, waste and tailings dump construction, and plant site earthworks are underway. Total project engineering and construction are approximately 40% and 8% complete, respectively, on-track with the Feasibility Study schedule;

–Approximately 30% of planned capital expenditures were under contract as of quarter-end and within 10% of pre-contingency Feasibility Study estimates; and,

–Approximately 80% of Feasibility Study capital expenditures have now been contracted or are in various stages of tendering or negotiation. Based upon prevailing foreign exchange rates, labour costs and diesel prices, and subject to final contract negotiations, these expenditures are currently forecast to be within 12% of pre-contingency Feasibility Study estimates.

◦The Company continued to advance its Pilar 3.0 initiative, comprised of several projects that together are expected to enable the creation of a two-mine system at the Pilar Mine. These projects include (i) Project Honeypot, an engineering initiative focused on recovering higher-grade material in the upper levels of the Pilar Mine, (ii) construction of a new external shaft to access the Deepening Extension Zone, and (iii) an expansion of the Caraíba Mill to 4.2 million tonnes per annum.

–Incorporation of Project Honeypot into the Caraíba strategic life-of-mine production plan was completed subsequent to quarter-end and is expected to be released ahead of the Company's Annual Operational, Project and Exploration Update on November 8, 2022;

–Construction of the new external shaft is progressing well with physical completion currently at approximately 10% with approximately 30% of planned capital expenditures under contract as of quarter-end; and,

–Caraíba Mill expansion is advancing as planned with the ball mill installation contract finalized during the quarter.

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

Figure 1: Tucumã Project site in April 2022 (left) and August 2022 (right).

Figure 2: Tucumã Project mine access road and completed drainage infrastructure (left) and waste rock dump with installation of HDPE liner underway in October 2022 (right).

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

•Exploration Highlights

◦In early 2022, the Company formed a dedicated nickel exploration team to accelerate the identification and testing of nickel targets throughout the Curaçá Valley. This effort resulted in the announced discovery of a new nickel sulphide system, known as the "Umburana System", located approximately 20 kilometers from the Caraíba processing facilities. The system, which has an initial strike length of five kilometers, remains open in all directions and is highlighted by multiple surface expressions of nickel mineralization. Drilling of additional targets within the system remains ongoing with four dedicated drill rigs. For additional information on the Umburana System, including drill results, please see the Company's press release dated September 29, 2022.

◦Exploration at the Tucumã Project during the quarter was focused on extensional drilling of high-grade mineralization to depth in the south and southwestern portions of the deposit, beneath the designed pit shell.

◦Exploration activities at the Xavantina Operations during the quarter continued to focus on testing extensions of the Matinha and Santo Antônio veins. Step-out drilling continues to confirm thick, high-grade extensions at depth within the Santo Antônio vein, which remains open.

◦Highlights from these exploration programs will be announced as part of the Company's Annual Operational, Project and Exploration Update planned for November 8, 2022.

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

OPERATING AND FINANCIAL HIGHLIGHTS

		3 months ended<br><br>June 30, 2022		3 months ended<br><br>Sep. 30, 2021		9 months<br>ended<br>Sep. 30, 2022		9 months<br>ended<br>Sep. 30, 2021
Operating Highlights
Copper (Caraíba Operations)
Ore Processed (tonnes)		801,425		572,666		2,118,380		1,724,252
Grade (% Cu)		1.74		1.90		1.73		2.11
Cu Production (tonnes)		12,734		10,057		33,707		33,593
Cu Production (000 lbs)		28,073		22,170		74,312		74,059
Cu Sold in Concentrate (tonnes)		12,948		10,762		33,515		33,324
Cu Sold in Concentrate (000 lbs)		28,546		23,727		73,888		73,468
C1 cash cost of Cu produced (per lb)(1)	1.46	$	1.24	$	0.94	$	1.34	$	0.70
Gold (Xavantina Operations)
Au Production (oz)		11,122		9,426		30,883		29,254
C1 cash cost of Au Produced (per oz)(1)	537	$	643	$	538	$	604	$	508
AISC of Au produced (per oz)(1)	1,135	$	1,169	$	741	$	1,135	$	681
Financial Highlights ( in millions, except per share amounts)
Revenues	85.9	$	114.9	$	111.8	$	309.7	$	355.0
Gross profit		50.7		68.0		134.5		234.5
EBITDA(1)		53.9		48.5		159.9		215.7
Adjusted EBITDA(1)		55.8		72.9		150.3		245.1
Cash flow from operations		22.4		150.7		109.4		297.9
Net income		24.1		26.4		80.6		142.4
Net income attributable to owners of the Company		23.8		26.1		79.7		141.2
Per share (basic)		0.26		0.29		0.88		1.60
Per share (diluted)		0.26		0.28		0.87		1.52
Adjusted net income attributable to owners of the Company(1)		24.4		41.2		61.3		154.4
Per share (basic)		0.27		0.47		0.68		1.75
Per share (diluted)		0.27		0.44		0.67		1.66
Cash, cash equivalents, and short-term investments		429.9		119.1		359.8		119.1
Working capital(1)		417.7		81.4		343.2		81.4
Net (cash) debt(1)		(10.2)		(63.7)		51.5		(63.7)

All values are in US Dollars.

(1) EBITDA, Adjusted EBITDA, Adjusted net income (loss) attributable to owners of the Company, Adjusted net income (loss) per share attributable to owners of the Company, Net (Cash) Debt, Working Capital, C1 cash cost of copper produced (per lb), C1 cash cost of gold produced (per ounce) and AISC of gold produced (per ounce) are non-IFRS measures. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its Management’s Discussion and Analysis for the three and nine months ended September 30, 2022 and the Reconciliation of Non-IFRS Measures section at the end of this press release.

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

2022 GUIDANCE(*)

2022 PRODUCTION AND COST GUIDANCE(*)

The Company's cost guidance for 2022 assumes a USD:BRL foreign exchange rate of 5.30, a gold price of $1,725 per ounce and a silver price of $20.00 per ounce for Q4 2022.

	2022 Guidance
Caraíba Operations
Copper Production (tonnes)	43,000 - 46,000
C1 Cash Cost Guidance (US$/lb)(1)	$1.20 - $1.35
Xavantina Operations
Gold Production (ounces)	39,000 - 42,000
C1 Cash Cost Guidance (US$/oz)(1)	$600 - $700
All-in Sustaining Cost (AISC) Guidance (US$/oz)(1)	$1,000 - $1,100

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

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

2022 CAPITAL EXPENDITURE GUIDANCE(*)

The Company's capital expenditure guidance for 2022 assumes a USD:BRL foreign exchange rate of 5.30 for Q4 2022 and has been presented below in USD millions.

	2022 Guidance
Caraíba Operations
Growth	$95 - $110
Sustaining	$85 - $95
Exploration	$25 - $30
Total, Caraíba Operations	$205 - $235
Tucumã Project
Growth	$70 - $80
Exploration	$5 - $6
Total, Tucumã Project	$75 - $86
Xavantina Operations
Growth	$2 - $4
Sustaining	$16 - $18
Exploration	$10 - $11
Total, Xavantina Operations	$28 - $33
Company Total
Growth	$167 - $194
Sustaining	$101 - $113
Exploration	$40 - $47
Total, Company	$308 - $354

(*) Guidance is based on certain estimates and assumptions, including but not limited to, mineral reserve estimates, grade and continuity of interpreted geological formations and metallurgical performance. Please refer to the Company’s SEDAR and EDGAR filings, including the recent Annual Information Form for the year ended December 31, 2021 and dated March 11, 2022 (the "AIF"), for complete risk factors.

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

CONFERENCE CALL DETAILS

The Company will hold a conference call on Wednesday, November 2, 2022 at 11:30 am Eastern time (8:30 am Pacific time) to discuss these results.

Date:	Wednesday, November 2, 2022
Time:	11:30 am Eastern time (8:30 am Pacific time)
Dial in:	North America: 1-800-319-4610, International: +1-604-638-5340<br><br>please dial in 5-10 minutes prior and ask to join the call
Replay:	North America: 1-800-319-6413, International: +1-604-638-9010
Replay Passcode:	9507

Reconciliation of Non-IFRS Measures

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

For additional details please refer to the Company’s discussion of non-IFRS and other performance measures in its Management’s Discussion and Analysis for the three and nine months ended September 30, 2022 which is available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

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

C1 cash cost of copper produced (per lb.)

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

Reconciliation:	2022 - Q3		2022 - Q2		2021 - Q3		2022 - YTD		2021 - YTD
Cost of production	$	39,047	$	38,015	$	24,693	$	106,225	$	66,959
Add (less):
Transportation costs & other	2,209		2,579		1,842		6,657		4,333
Treatment, refining, and other	4,198		3,893		277		10,137		1,448
By-product credits	(4,929)		(6,438)		(5,011)		(16,179)		(16,733)
Incentive payments	(902)		(1,016)		(663)		(2,822)		(2,045)
Net change in inventory	(3,849)		(1,907)		(384)		(5,179)		(2,351)
Foreign exchange translation and other	212		(178)		(3)		420		196
C1 cash costs	$	35,986	$	34,948	$	20,751	$	99,259	$	51,807
Mining	$	23,594	$	23,933	$	15,706	$	67,653	$	41,307
---	---	---	---	---	---	---	---	---	---	---
Processing	7,687		7,988		5,282		22,122		15,220
Indirect	5,436		5,572		4,497		15,526		10,565
Production costs	36,717		37,493		25,485		105,301		67,092
By-product credits	(4,929)		(6,438)		(5,011)		(16,179)		(16,733)
Treatment, refining and other	4,198		3,893		277		10,137		1,448
C1 cash costs	$	35,986	$	34,948	$	20,751	$	99,259	$	51,807
Payable copper produced (lb, 000)	24,669		28,073		22,170		74,312		74,059
Mining	$	0.96	$	0.85	$	0.71	$	0.91	$	0.56
Processing	$	0.31	$	0.28	$	0.24	$	0.30	$	0.21
Indirect	$	0.22	$	0.20	$	0.20	$	0.21	$	0.14
By-product credits	$	(0.20)	$	(0.23)	$	(0.23)	$	(0.22)	$	(0.23)
Treatment, refining and other	$	0.17	$	0.14	$	0.02	$	0.14	$	0.02
C1 cash costs of copper produced (per lb)	$	1.46	$	1.24	$	0.94	$	1.34	$	0.70
11	Ero Copper Corp
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	625 Howe Street	Suite 1050	Vancouver	BC	V6C 2T6	Canada
	TSX: ERO
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NYSE: ERO

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

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

Reconciliation:	2022 - Q3		2022 - Q2		2021 - Q3		2022 - YTD		2021 - YTD
Cost of production	$	7,317	$	7,225	$	4,936	$	19,934	$	15,100
Add (less):
Incentive payments	(177)		(188)		(145)		(950)		(638)
Net change in inventory	(1,031)		(73)		(176)		(377)		(11)
By-product credits	(145)		(145)		(153)		(414)		(458)
Foreign exchange translation and other	(80)		327		608		453		865
C1 cash costs	$	5,884	$	7,146	$	5,070	$	18,646	$	14,858
Site general and administrative	1,011		882		601		2,452		1,277
Accretion of mine closure and rehabilitation provision	106		112		285		330		173
Sustaining capital expenditure	4,105		3,690		552		10,091		1,564
Sustaining leases	1,036		894		216		2,752		1,243
Royalties and production taxes	298		277		261		779		801
AISC	$	12,440	$	13,001	$	6,985	$	35,050	$	19,916
	2022 - Q3		2022 - Q2		2021 - Q3		2022 - YTD		2021 - YTD
---	---	---	---	---	---	---	---	---	---	---
Costs
Mining	$	3,071	$	3,929	$	2,247	$	10,218	$	6,991
Processing	1,867		2,285		2,005		5,850		5,622
Indirect	1,091		1,077		971		2,992		2,703
Production costs	6,029		7,291		5,223		19,060		15,316
By-product credits	(145)		(145)		(153)		(414)		(458)
C1 cash costs	$	5,884	$	7,146	$	5,070	$	18,646	$	14,858
Site general and administrative	1,011		882		601		2,452		1,277
Accretion of mine closure and rehabilitation provision	106		112		285		330		173
Sustaining capital expenditure	4,105		3,690		552		10,091		1,564
Sustaining leases	1,036		894		216		2,752		1,243
Royalties and production taxes	298		277		261		779		801
AISC	$	12,440	$	13,001	$	6,985	$	35,050	$	19,916
Costs per ounce
Payable gold produced (ounces)	10,965		11,122		9,426		30,883		29,254
Mining	$	280	$	353	$	238	$	331	$	239
Processing	$	170	$	205	$	213	$	189	$	192
Indirect	$	99	$	97	$	103	$	97	$	92
By-product credits	$	(12)	$	(12)	$	(16)	$	(13)	$	(15)
C1 cash costs of gold produced (per ounce)	$	537	$	643	$	538	$	604	$	508
AISC of gold produced (per ounce)	$	1,135	$	1,169	$	741	$	1,135	$	681	12	Ero Copper Corp
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	625 Howe Street	Suite 1050	Vancouver	BC	V6C 2T6	Canada
	TSX: ERO
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NYSE: ERO

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

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

Reconciliation:	2022 - Q3		2022 - Q2		2021 - Q3		2022 - YTD		2021 - YTD
Net Income	$	3,999	$	24,110	$	26,384	$	80,595	$	142,420
Adjustments:
Finance expense	7,283		8,154		3,787		20,933		9,863
Income tax expense	1,887		5,283		6,069		15,776		29,760
Amortization and depreciation	14,743		16,360		12,233		42,608		33,615
EBITDA	$	27,912	$	53,907	$	48,473	$	159,912	$	215,658
Foreign exchange loss (gain)	65		3,303		19,642		(15,341)		17,549
Share based compensation	4,151		(2,333)		2,041		3,808		6,867
Incremental COVID-19 costs	—		952		1,485		1,956		3,790
NX Gold stream transaction fees	—		—		1,219		—		1,219
Adjusted EBITDA	$	32,128	$	55,829	$	72,860	$	150,335	$	245,083
13	Ero Copper Corp
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	625 Howe Street	Suite 1050	Vancouver	BC	V6C 2T6	Canada
	TSX: ERO
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NYSE: ERO

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

Reconciliation:	2022 - Q3		2022 - Q2		2021 - Q3		2022 - YTD		2021 - YTD
Net income as reported attributable to the owners of the Company	$	3,745	$	23,820	$	26,081	$	79,672	$	141,249
Adjustments:
Share based compensation	4,151		(2,333)		2,041		3,808		6,867
Unrealized foreign exchange loss on USD denominated balances in MCSA	2,106		1,038		4,618		1,807		3,706
Unrealized foreign exchange (gain) loss on foreign exchange derivative contracts	(6,733)		1,405		10,417		(29,943)		(637)
Incremental COVID-19 costs	—		946		1,479		1,944		3,770
NX Gold stream transaction fees	—		—		1,219		—		1,219
Unrealized gain on interest rate derivative contracts	—		—		(147)		—		(556)
Tax effect on the above adjustments	706		(519)		(4,511)		3,995		(1,222)
Adjusted net income attributable to owners of the Company	$	3,975	$	24,357	$	41,197	$	61,283	$	154,396
Weighted average number of common shares
Basic	90,845,229		90,539,647		88,449,567		90,543,185		88,256,703
Diluted	91,797,437		91,850,321		93,255,615		91,950,181		93,217,714
Adjusted EPS
Basic	$	0.04	$	0.27	$	0.47	$	0.68	$	1.75
Diluted	$	0.04	$	0.27	$	0.44	$	0.67	$	1.66
14	Ero Copper Corp
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	625 Howe Street	Suite 1050	Vancouver	BC	V6C 2T6	Canada
	TSX: ERO
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NYSE: ERO

Net (Cash) Debt

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

	September 30, 2022		June 30, 2022		December 31, 2021		September 30, 2021
Current portion of loans and borrowings	$	9,049	$	16,219	$	4,344	$	3,713
Long-term portion of loans and borrowings	402,275		403,492		54,906		51,667
Less:
Cash and cash equivalents	(210,244)		(329,292)		(130,129)		(92,646)
Short-term investments	(149,554)		(100,589)		—		(26,408)
Net (cash) debt	$	51,526	$	(10,170)	$	(70,879)	$	(63,674)

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, 2022		June 30, 2022		December 31, 2021		September 30, 2021
Current assets	$	444,188	$	523,201	$	208,686	$	187,042
Less: Current liabilities	(100,943)		(105,527)		(122,660)		(105,683)
Working capital	$	343,245	$	417,674	$	86,026	$	81,359
Cash and cash equivalents	210,244		329,292		130,129		92,646
Short-term investments	149,554		100,589		—		26,408
Available undrawn revolving credit facilities	75,000		75,000		100,000		100,000
Available liquidity	$	434,798	$	504,881	$	230,129	$	219,054
15	Ero Copper Corp
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	625 Howe Street	Suite 1050	Vancouver	BC	V6C 2T6	Canada
	TSX: ERO
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NYSE: ERO

ABOUT ERO COPPER CORP

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

16	Ero Copper Corp
	625 Howe Street	Suite 1050	Vancouver	BC	V6C 2T6	Canada
	TSX: ERO
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NYSE: ERO
ERO COPPER CORP.
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/s/ David Strang	For further information contact:
David Strang, CEO	Courtney Lynn, VP, Corporate Development & Investor Relations
	(604) 335-7504
	info@erocopper.com

CAUTION REGARDING FORWARD LOOKING INFORMATION AND STATEMENTS

This press release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”). Forward-looking statements include statements that use forward-looking terminology such as “may”, “could”, “would”, “will”, “should”, “intend”, “target”, “plan”, “expect”, “budget”, “estimate”, “forecast”, “schedule”, “anticipate”, “believe”, “continue”, “potential”, “view” or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Forward-looking statements may include, but are not limited to, statements with respect to the Company’s production, operating cost and capital expenditure guidance, mineral reserve and mineral resource estimates; targeting additional mineral resources and expansion of deposits; capital and operating cost estimates and economic analyses (including cash flow projections), including those from the Caraíba Operations Technical Report, the Xavantina Operations Technical Report and the Tucumã Project Technical Report; the Company’s expectations, strategies and plans for the Caraíba Operations, the Xavantina Operations and the Tucumã Project, including the Company’s planned exploration, development, construction and production activities; the results of future exploration and drilling; estimated completion dates for certain milestones; successfully adding or upgrading mineral resources and successfully developing new deposits; the costs and timing of future exploration, development and construction including but not limited to the Deepening Extension Project and Caraíba Mill expansion at the Caraíba Operations and the Tucumã Project; the timing and amount of future production at the Caraíba Operations, the Xavantina Operations and the Tucumã Project; the impacts of COVID-19 on the Company’s business and operations; the Company's expectations regarding planned capital expenditures for the Tucumã Project, the Deepening Extension Project and/or the Caraíba Mill expansion project falling within contingency levels; expectations regarding consumption, demand and future price of copper, gold and other metals; future financial or operating performance and condition of the Company and its business, operations and properties, including expectations regarding liquidity, capital structure, competitive position and payment of dividends; expectations regarding future currency exchange rates; and any other statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results, performance or achievements.

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

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

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

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

CAUTIONARY NOTES REGARDING MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES

In accordance with applicable Canadian securities regulatory requirements, all mineral reserve and mineral resource estimates of the Company disclosed or incorporated by reference in this press release have been prepared in accordance with NI 43-101 and are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10, 2014 (the “CIM Standards”). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 differs significantly from the disclosure requirements of the Securities and Exchange Commission (the “SEC”) generally applicable to U.S. companies. For example, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in NI 43-101. These definitions differ from the definitions in the disclosure requirements promulgated by the SEC. Accordingly, information contained in this press release may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.

Mineral resources which are not mineral reserves do not have demonstrated economic viability. Pursuant to the CIM Standards, mineral resources have a higher degree of uncertainty than mineral reserves as to their existence as well as their economic and legal feasibility. Inferred mineral resources, when compared with measured or indicated mineral resources, have the least certainty as to their existence, and it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Pursuant to NI 43-101, inferred mineral resources may not form the basis of any economic analysis. Accordingly, readers are cautioned not to assume that all or any part of a mineral resource exists, will ever be converted into a mineral reserve, or is or will ever be economically or legally mineable or recovered.

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