(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 ...
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