Vancouver, British Columbia – Ero Copper Corp. (TSX: ERO, NYSE: ERO) ("Ero" or the
“Company”) is pleased to provide an updated five-year operating outlook, reflecting the
Company's continued execution of ongoing strategic growth initiatives, including the
forecasted first production from the Tucumã Operation in 2024 and first production utilizing
the new external shaft at the Caraíba Operations' Pilar Mine in 2027.
HIGHLIGHTS
On Track to Deliver Significant Near-Term Growth
• Consolidated copper production expected to increase by approximately 125% from
2022 levels to a range of 100,000 to 110,000 tonnes in 2025, higher than the
Company's previous 2025 production forecast of 92,000 to 102,000 tonnes1
• Gold production on track to grow by approximately 40% from 2022 levels to a range
of 55,000 to 60,000 ounces per year beginning in 2024
Tucumã Production Plan Enhanced by Infill Drilling Program & Stockpile Optimization
• Higher expected mined copper grades at Tucumã during the first three years of
operation driven by positive grade reconciliation from recent infill drilling
• Additional increases to processed copper grades driven by stockpile optimization
associated with a planned increase in mining rates during 2025 and 2026 as compared
to the Company's five-year outlook issued in 20221
(the "2022 5-Year Outlook")
Caraíba Outlook Reflects Success of Project Honeypot
• The Caraíba Operations' improved copper grade projections compared to the 2022 5-
Year Outlook1
driven by the success of Project Honeypot
• The ongoing integration of Project Honeypot into Caraíba's life-of-mine ("LOM")
production plan enabled the deferral of approximately $55 million2
of new external
shaft-related capital from 2022 to subsequent periods
Xavantina Outlook Showcases Ongoing Execution of NX 60 Initiative
• Higher expected gold grades compared to the 2022 5-Year Outlook1
demonstrate
continued value creation through investment in exploration and underground
infrastructure
• Matinha Vein on track to begin production in H2 2023, ahead of original 2024 timeline
1
Please refer to the Company's press release dated January 11, 2022.
2
Assumes high-end of original 2022 growth capital expenditure range of $125 to $140 million for the Caraíba
Operations as announced in the 2022 5-Year Outlook press release dated January 11, 2022.

TSX: ERO
NYSE: ERO
1 Ero Copper Corp
625 Howe Street | Suite 1050 | Vancouver | BC | V6C 2T6 | Canada
Commenting on the Company's updated five-year outlook, David Strang, Chief Executive
Officer, said "I am pleased to share the results of our team's efforts across our portfolio to
continue elevating our mine plans and growth trajectory. The cumulative impact is best
reflected in the considerable improvement to processed grades across our operations over the
projection period, which has helped to meaningfully mitigate the effects of inflation on our
unit operating costs.
"At the Tucumã Project, our production outlook for 2025 has increased by over 15% due
primarily to higher anticipated mined grades in 2024 through 2026 based on recent infill
drilling. Furthermore, by increasing mining rates and optimizing Tucumã's stockpile strategy
in 2025 and 2026, our outlook reflects an additional improvement in processed copper
grades over the same period, with production expected to peak at over 55,000 tonnes at cash
costs in-line with the Tucumã Project Technical Report.
"Similarly, at our Caraíba Operations, the success of Project Honeypot has driven higher
anticipated processed copper grades over the next three years, partially offsetting the
combined impact of inflation and changes in sales channel allocations. Additionally, the
deferral of the new external shaft enabled us to shift approximately $55 million in capital
originally planned for 2022 to subsequent periods, smoothing our consolidated capital profile
over the projection period.
"Higher expected gold grades and sustained gold production of 55,000 to 60,000 ounces at
our Xavantina Operations are a result of the success of our NX 60 initiative as well as ongoing
investments in exploration. With the Matinha Vein on track to begin production earlier than
originally planned, and with 25% excess capacity remaining at the Xavantina mill, our team is
focused on regional exploration opportunities that we hope will be able to offer additional
production upside in the years ahead.
"As we progress through 2023, we have maintained strong momentum on all of our strategic
initiatives and look forward to delivering the peer-leading growth reflected in our updated
five-year outlook."
TSX: ERO
NYSE: ERO
2 Ero Copper Corp
625 Howe Street | Suite 1050 | Vancouver | BC | V6C 2T6 | Canada
5-YEAR OPERATING OUTLOOK
The Company's updated five-year operating outlook reflects the continued execution of
several strategic growth initiatives, including construction of the Tucumã Project as well as
progress on the Company's Pilar 3.0 and NX 60 initiatives at its Caraíba and Xavantina
Operations, respectively. Collectively, these growth initiatives are expected to more than
double forecasted copper production to approximately 100,000 to 110,000 tonnes in 2025
and increase annual gold production by approximately 40% to a range of 55,000 to 60,000
ounces beginning in 2024.
Updated copper production estimates for the Tucumã Project reflect higher expected mined
grades in the first three years of operation driven by positive grade reconciliation from recent
infill drilling. Higher anticipated mining rates and stockpile optimization in 2025 and 2026
have driven additional increases to projected processed copper grades over the same period.
As a result, the Company expects to produce an incremental 15,0003
tonnes of copper at
Tucumã between 2025 and 2026 when compared to the 2022 5-Year Outlook.
As previously announced, the Company's Pilar 3.0 initiative at its Caraíba Operations is
comprised of three ongoing projects that, together, are expected to enable the creation of a
two-mine system at the Pilar Mine capable of supporting sustained annual ore production
levels of 3.0 million tonnes per annum, nearly double the 1.6 million tonnes of ore mined
from the Pilar Mine in 2022. The components of Pilar 3.0 include (i) Project Honeypot, an
engineering initiative focused on recovering higher-grade material in the upper levels of the
Pilar Mine, (ii) an expansion of the Caraíba mill from 3.0 to 4.2 million tonnes of annual
throughput capacity, and (iii) construction of a new external shaft to service the lower levels
of the Pilar Mine, including the Deepening Extension Zone.
In 2022, the success of Project Honeypot drove a significant increase to the Caraíba
Operations' estimated mineral resources, mineral reserves and mine life, allowing the
Company to defer the delivery date of the new external shaft while maintaining strong
production volumes and operating margins4
. As a result, approximately $55 million2
of capital
originally planned for 2022 on the new external shaft was shifted to subsequent periods.
At the Xavantina Operations, the NX 60 initiative is focused on achieving sustained annual
gold production levels of approximately 60,000 ounces, primarily through the development of
a second source of mill feed and utilization of excess capacity at the Xavantina mill. Beginning
in the second half of 2023, production from the Santo Antônio Vein will be supplemented by
production from the Matinha Vein, increasing mill utilization from approximately 60% to
nearly 75% and bringing anticipated annual gold production to a range of 55,000 to 60,000
ounces starting in 2024.
3
Based on the consolidated midpoints of guidance for production at Tucumã in 2025 and 2026 in the updated
five-year outlook compared to the 2022 5-Year Outlook announced on January 11, 2022.
4
Please refer to the Company's press release dated November 7, 2022.
TSX: ERO
NYSE: ERO
3 Ero Copper Corp
625 Howe Street | Suite 1050 | Vancouver | BC | V6C 2T6 | Canada
Anticipated growth milestones over the projection period include:
• Commencement of production from the Matinha Vein at the Xavantina Operations in
H2 2023
• Commissioning of the Caraíba mill expansion from 3.0 to 4.2 million tonnes of annual
throughput capacity in Q4 2023
• Commencement of production at Tucumã in H2 2024
• Delivery of the new external shaft, enabling a two-mine system at the Pilar Mine, in early 2027

COST AND CAPITAL EXPENDITURE OUTLOOKS
The Company's cost and capital expenditure outlooks reflect elevated price assumptions for key consumables, including diesel, steel and cement, when compared to the 2022 5-Year Outlook, and assume a USD:BRL foreign exchange rate of 5.30. Cost guidance assumes gold and silver prices averaging approximately $1,750 per ounce and $22.00 per ounce, respectively, over the projection period. For Caraíba and Tucumã, cost projections also reflect higher treatment and refining charges, in-line with increases seen in global copper treatment and refining charge benchmarks since the 2022 5-Year Outlook.
At the Caraíba Operations, the Company is projecting sales of copper concentrate to its domestic customer to increase from 0% assumed in 2023 to 50% in 2024 and 2025 and 100% thereafter. Changes related to the allocation and negotiated terms of copper concentrate sales, including higher assumed treatment and refining charges for both domestic and international sales, drove an increase in Caraíba's cash costs compared to the 2022 5- Year Outlook of approximately $0.45 in 2023, approximately $0.30 in 2024 and 2025, and approximately $0.15 in 2026.

Blended Copper C1 Cash Cost Outlook
($ per pound of copper produced)
see & read more on
https://erocopper.com/site/assets/files/6364/2023-04-05-ero-nr.pdf