(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 six
months ended June 30, 2023. Management will host a conference call tomorrow, Friday,
August 4, 2023, at 11:30 a.m. eastern time to discuss the results. Dial-in details for the call
can be found near the end of this press release.
HIGHLIGHTS
• Copper production of 12,004 tonnes at C1 cash costs(*) of $1.52 per pound of copper
produced
• Gold production of 12,333 ounces at C1 cash costs(*) and All-in Sustaining Costs
("AISC")(*) of $492 and $1,081, respectively, per ounce of gold produced
• Meaningful quarter-on-quarter increase in copper production offset lower realized
copper prices and a stronger Brazilian Real (“BRL”) during the period
? Net income attributable to the owners of the Company of $29.6 million ($0.32
per share on a diluted basis)
? Adjusted net income attributable to the owners of the Company(*) of $22.3
million ($0.24 per share on a diluted basis)
? Adjusted EBITDA(*) of $49.1 million
• Available liquidity at quarter-end of $330.4 million included cash and cash equivalents
of $124.4 million, short-term investments of $56.0 million, and $150.0 million of
undrawn availability under the Company's senior secured revolving credit facility
• Major strategic initiatives continue to progress on schedule, positioning the Company
for significant near-term growth
? Construction of the Tucumã Project reached approximately 45% physical
completion as of quarter-end. Total project capital estimate remains unchanged
at approximately $305 million
? At the Caraíba Operations, the pre-sink phase of development at the new
external shaft was completed during the quarter with the headgear and winder
installation on track to commence main sinking prior to year-end. Approximately
80% of planned capital expenditures were under contract or in the final stages
of negotiation at quarter-end and remain within 5% of budget

TSX: ERO
NYSE: ERO
1 Ero Copper Corp
625 Howe Street | Suite 1050 | Vancouver | BC | V6C 2T6 | Canada
? At the Xavantina Operations, horizontal development into the new Matinha vein
was completed during the quarter with first production expected in H2 2023
• Reaffirming 2023 production and C1 cash cost(*) guidance; increasing full-year capital
expenditure guidance by $15 to $20 million to reflect proactive investments at the
Caraíba Operations
? After conducting a detailed review of major projects and support infrastructure
at the Caraíba Operations during the quarter, including infrastructure related to
the Deepening, underground paste fill and tailings, the Company has elected to
invest in various upgrades throughout H2 2023. These enhancements aim to
bolster the Caraíba Operations' ongoing projects and support expanded life-ofmine operating plans at the Pilar Mine
*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 six months ended June 30, 2023 and the Reconciliation of NonIFRS Measures section at the end of this press release.
“We continued to deliver on our full-year operating plan during the second quarter while
making significant progress on our organic growth initiatives,” said David Strang, Chief
Executive Officer. “Despite softer copper prices and a significant strengthening of the BRL,
excellent performance at our operations translated into solid operating margins and financial
results for the quarter.
"Looking ahead, we anticipate a stronger second half of 2023 as we target commissioning of
the new ball mill for our plant expansion project at the Caraíba Operations during the fourth
quarter, and produce first ore from the recently developed Matinha vein at the Xavantina
Operations.
"Construction of the Tucumã Project continues to advance on schedule and is nearing the
halfway mark at approximately 45% physical completion. Electromechanical assembly of the
process plant is now underway, and mine pre-strip remains on track to reach first sulphide
ore in the fourth quarter of this year, as planned. At the Caraíba Operations, we completed
the pre-sink phase of development at the new external shaft, achieving approximately 25%
physical completion as of quarter-end. We are now in the process of hoisting the preassembled headframe to commence main shaft sinking activities prior to year-end.
"As the world's focus on security of critical minerals supply chains grows more urgent, the
timing of our growth trajectory appears increasingly favorable. We are proud to produce
some of the lowest carbon-intensity metals in the world and remain on track to double
copper production to over 100,000 tonnes in 2025 and achieve higher sustained gold
production levels of 55,000 to 60,000 ounces per year beginning in 2024."
TSX: ERO
NYSE: ERO
2 Ero Copper Corp
625 Howe Street | Suite 1050 | Vancouver | BC | V6C 2T6 | Canada
SECOND QUARTER REVIEW
• Mining & Milling Operations
? The Caraíba Operations processed 840,821 tonnes of ore grading 1.55% copper,
producing 12,004 tonnes of copper in concentrate during the quarter after
metallurgical recoveries of 92.0%
– Higher mined tonnage and copper grades due to planned stope sequencing
drove an increase in copper production of nearly 30% quarter-on-quarter
? The Xavantina Operations processed 34,377 tonnes of ore grading 13.20 grams
per tonne, delivering 12,333 ounces of gold production after metallurgical
recoveries of 84.6%
– Processed gold grades increased over 11% quarter-on-quarter and 100%
year-on-year
– Metallurgical recoveries were impacted by elevated in-process inventory at
quarter-end as well as elevated carbon content in several high-grade
stopes mined and processed during the period
– By-product silver production for the period was 8,579 ounces
• Organic Growth Projects
? The Company significantly advanced the construction of its Tucumã Project, which
remains on schedule, achieving physical completion of approximately 45% as of
quarter-end, up from approximately 30% at the end of Q1 2023
– Mine pre-stripping is advancing as planned with over 5 million tonnes, or
approximately 35% of total planned pre-strip volume, completed as of
quarter-end. The mine remains on track to reach first sulphide ore in Q4
2023
– Civil works are also tracking to schedule with foundations for the primary
crusher, ball mill and flotation areas completed during the quarter.
Electromechanical assembly commenced just after quarter-end, as planned
– Total project capital estimate remains unchanged at approximately $305
million based on over 95% visibility of planned capital expenditures
– Workforce training programs, established in partnership with The National
Service for Industrial Training, a Brazilian non-profit organization focused on
improving the competitiveness of Brazil's manufacturing sector through
technical and vocational education, are now well underway with nearly
100% of employees and contractors expected to come from within Brazil,
including approximately two-thirds from communities surrounding the
Tucumã Project

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