(all amounts in US dollars, unless otherwise noted)
. Vancouver, British Columbia – Ero Copper Corp. (the "Company") (TSX: ERO) today is pleased to announce its financial results for the three and six months ended June 30, 2020. Management will host a conference call tomorrow, Friday, August 7, 2020, 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
•Second quarter copper production of 11,178 tonnes of copper;
•New record quarterly C1 cash costs* of $0.65 per pound of copper produced ($0.71 per pound in Q1 2020) contributing to record quarterly cash flow from operations of $42.5 million during the three month period ended June 30, 2020;
•Significant increase in gold and silver production at the NX Gold Mine totalling 8,739 ounces of gold and 5,327 ounces of silver at record C1 cash costs* of $437 per ounce of gold produced during the period;
•Generated a quarterly record $42.4 million in Adjusted EBITDA* during the three month period ended June 30, 2020;
•Adjusted net income attributable to owners of the Company* of $20.3 million ($0.22 per share on a diluted basis) during the three month period ended June 30, 2020;
•Strong liquidity position at June 30, 2020 of $51.6 million; and,
•Reiterating full year production guidance and previously revised capital and operating cost guidance for 2020.

Commenting on the results, David Strang, President & CEO, stated, "While our primary objective shifted at the onset of the COVID-19 pandemic to prioritize the health and well-being of our employees, contractors, their families and local communities, our operational performance, outstanding financial results and execution during the second quarter are testament to the hard work and efforts of our team, particularly in Brazil, during very trying times for them and their families. At our operations and at the corporate level we are committed to prudently managing the business so that we remain as well positioned as possible to withstand any unforeseen challenges that may arise as a result of COVID-19.

I am pleased to report that our operations have and continue to perform well. At MCSA in the Curaçá Valley, we saw quarter-on-quarter increases in both tonnes and grades processed as well as improved metallurgical recoveries contributing to a 5% increase in copper production when compared to the first quarter at record C1 cash costs of $0.65 cents per pound. Similarly, at our NX Gold operations we continued to see quarter-on-quarter improvement in production from the Santo Antonio Vein with a significant increase in tonnes mined and processed as well as improving metallurgical recoveries, contributing to an 11% increase in gold produced when compared to the first quarter, also at record C1 cash costs of $437 per ounce of gold. Continued operational performance and underlying currency tail-winds contributed to record cash flow from operations and Adjusted EBITDA during the period of $42.5 million and $42.4 million, respectively.

With respect to key growth projects, our team was able to complete installation of our new HIG Mill in July, only a few weeks behind schedule. We are currently moving forward with commissioning of the new mill using a combination of on-site and virtual commissioning teams due to COVID-19 travel restrictions and we expect the mill to be operational during the third quarter. Once operational, we expect to see additional improvements in copper recoveries. We also continued to advance the test program for ore-sorting implementation in the Curaçá Valley. To date, we have now tested eight different material sources at varying grade profiles. We are very pleased with the results of this program and continue to view pre-concentration as a potentially significant value-enhancing opportunity to further optimize our operations at MCSA. We expect to provide further clarity on quantifying this potential once we have finalized our review in the coming months. Finally, we completed necessary improvements to our laboratory to allow in-house analysis of platinum group metals ("PGMs"), which will significantly decrease turn-around times and allow our exploration teams to systematically analyze for PGMs throughout the Curaçá Valley for the first time.

On exploration, we are continuing to advance several in-mine growth objectives at both Pilar and Vermelhos, most recently highlighted by our second-quarter Deepening Extension zone results where we continue to intercept thick and high-grade mineralization. We are also evaluating a number of regional exploration targets within the Curaçá Valley, where we expect the majority of our drilling to be allocated during the second half of the year."

*EBITDA, Adjusted EBITDA, Adjusted net income (loss), C1 cash cost of copper produced (per lb) and C1 cash costs of gold produced (per ounce) are non-IFRS measures – see the Notes section of this press release for a discussion on non-IFRS Measures

OPERATIONS & EXPLORATION HIGHLIGHTS
•Mining & Milling Operations – building positive operational momentum with no disruptions to date ?627,071 tonnes processed grading 1.98% copper producing 11,178 tonnes of copper in concentrate after metallurgical recoveries that averaged 90.0% at the Company's Curaçá Valley operations;
?The Company's 97.6% owned NX Gold Mine processed 39,108 tonnes of ore grading 7.75 grams per tonne gold, resulting in the production of 8,739 ounces of gold and 5,327 ounces of silver as by-product after metallurgical recoveries that averaged 89.6% during the second quarter of 2020; and
?Continued to have no disruption to operations, supply chains or sales channels to date as a result of the COVID-19 pandemic.

•Exploration Activities – Continuing to advance priority near-mine targets while shifting to regional exploration focus during the balance of 2020 ?Pilar District ?Exploration activity within the Pilar District, where nine drill rigs are currently operating, is focused on extending the limits of high-grade ‘Superpod' mineralization of the Deepening Extension zone. The Company has now identified a mineralized target area that extends over approximately 800 meters in strike length, over a total depth of approximately 500 meters and over an average thickness of approximately 15 to 20 meters with localized thicknesses of up to 50 meters. The zone remains open to the north and to depth. Results during the period continue to support the potential to meaningfully extend the mine life while maintaining an elevated grade profile from the Pilar Mine.

?Vermelhos District ?Exploration in the Vermelhos District, where eleven drill rigs are currently operating, is focused on both near-mine extensional drilling below the main Vermelhos orebodies and the extension of massive-sulphide mineralization down-plunge within the Siriema conduit.

?NX Gold Mine ?At the NX Gold Mine, five exploration drill rigs are primarily focused on extending mine life through resource upgrade programs within the current inferred mineral resource as well as testing down-plunge extensions of the Santo Antonio Vein.

?Regional Exploration ?Regional work at MCSA comprised of both exploration drilling and ground-based geophysical work is focused on four new and recently interpreted mineral systems within the portfolio of targets defined by the Company's comprehensive targeting work. Each of these new systems has an average strike length of five kilometers and contain multiple priority drill targets. While preliminary results are encouraging, additional detail on these ongoing exploration programs continues to be expected during the second half of the year.
?In addition, the first regional exploration effort within the broader NX Gold Mine property commenced during the first half of 2020.


•Growth Projects Well Advanced – HIG Mill commissioning underway, ore-sorting project test-work near completion, Deepening Extension drilling ongoing, building PGM assay capability in-house ?The Company's new HIG Mill installation was completed in July and commissioning is currently underway. The Company expects the HIG Mill to be fully operational during the third quarter with a resulting improvement in copper recoveries expected during the second half of 2020.
?The full-scale testing of the Company's ore-sorting plant is nearing completion and has been operating according to schedule. Data analysis and review of potential economic impact from this test-program remains ongoing, and the results of the program are expected during the third quarter.
?Five drill rigs continue to systematically drill the Deepening Extension zone of the Pilar Mine, and engineering studies for the inclusion of this zone into the Company's updated mine plan (expected Q4 2020) are progressing on schedule.
?The Company completed the installation and integration of multi-element analysis in its on-site laboratory to analyze internally for PGMs. The unit is expected to reduce turn-around time for PGM sample results and allow for systematic testing for PGMs throughout the Curaçá Valley.

•Corporate Highlights – Continued capital management and improved liquidity position ?Ended the second quarter with strong liquidity position of approximately $51.6 million in cash and cash equivalents.


OPERATING AND FINANCIAL HIGHLIGHTS
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