Mr. David Strang reports

ERO COPPER'S TUCUMA PROJECT REACHES OVER 85% PHYSICAL COMPLETION - ON TRACK FOR FIRST COPPER PRODUCTION IN H2 2024

Ero Copper Corp. has provided a construction update for the Tucuma project, highlighting significant progress since October, 2023. With physical completion now at over 85 per cent and production of copper concentrate scheduled to commence in H2 2024, the company has initiated the transition from construction to commissioning, as outlined below in the 2024 commissioning plan. All amounts are in U.S. dollars, unless otherwise noted.

Highlights:

• Construction -- physical construction of the project is now over 85 per cent complete:
  • Main substation and e-houses installed and commissioned with 16-kilometre power line tie-in to the national grid completed ahead of schedule; line expected to be fully energized by Jan. 20;
  • Prestripping activities are tracking approximately 10 per cent ahead of schedule with completion now expected at the end of Q1 2024. To date, approximately 3,200 tonnes of sulphide ore have been placed on the run-of-mine stockpile for process plant commissioning;
  • Mechanical completion testing and subcomponent commissioning have commenced for key pieces of processing equipment, including the primary crusher, ball mill, secondary and tertiary crushers, vibrating screen decks, and flotation cells;
  • Remaining steel structures, plate work and mechanical equipment installations are tracking on or ahead of schedule. Construction activities through the remainder of Q1 2024 will focus on completing piping, electric cabling, automation and instrumentation system installations.
• 2024 commissioning plan -- expected commissioning milestones in advance of first concentrate production in H2 2024 include:
  • End of Q1 2024: mechanical completion and subcomponent commissioning (lubrication, hydraulic, electrical, instrumentation and automation systems);
  • March, 2024: First ore through the crushing circuit comprising primary and secondary crushers as well as screening and conveyance systems;
  • April, 2024: First ore through the milling circuit;
  • May, 2024: First ore through regrind mill circuit, concentrate and tailings filtering systems;
  • June, 2024: Integrated commissioning with flotation circuit and project ramp-up.
• People and safety -- opportunistic increase in construction workforce mobilization:
  • Recent demobilization of a Brazilian mining project has allowed the company to add approximately 500 trained contractors on site, increasing the total work force of employees and contractors to approximately 2,220 people;
  • To date, there have been no lost-time injuries on the project, with over three million hours of work completed since 2022.
• Project capital estimate -- remaining construction expenditures hedged through expanded foreign exchange hedge program:
  • Direct project capital expenditures have been updated to approximately $310-million (compared with the previous estimate of $305-million) to reflect the impact of a stronger Brazilian real against the U.S. dollar in Q4 2023, which was partially offset by reduced stripping costs;
  • Following the opportunistic expansion of the company's foreign exchange hedge program in late 2023, the project's remaining construction expenditures are hedged at a weighted average floor and ceiling of 5.10 and 5.23 Brazilian real per U.S. dollar, respectively.

"As we transition from construction to commissioning, the paramount achievement at Tucuma is the outstanding safety performance of our construction team. Marking a significant milestone, we have surpassed three million hours of work without a lost-time incident. I extend my heartfelt congratulations to our project leadership team, as well as the 2,200 employees and contractors on site, for their continued diligence and thoughtful execution in advancing Tucuma towards production," said David Strang, chief executive officer.

"This is an exciting phase for Ero Copper as we prepare to bring Tucuma into operation later this year and anticipate consolidated copper production reaching over 100,000 tonnes in 2025. With the recent shift in copper supply-demand fundamentals signalling supply deficits in 2024 and 2025, the timing of our growth trajectory couldn't be better."

About Ero Copper Corp.

Ero is a high-margin, high-growth, low-carbon-intensity copper producer with operations in Brazil and corporate headquarters in Vancouver, B.C. The company's primary asset is a 99.6-per-cent interest in the Brazilian copper mining company, Mineracao Caraiba SA (MCSA), 100-per-cent owner of the company's Caraiba operations (formerly known as the MCSA mining complex), which are located in the Curaca Valley, Bahia state, Brazil, and include the Pilar and Vermelhos underground mines and the Surubim open-pit mine, and the Tucuma project (formerly known as Boa Esperanca), an iron-oxide-copper-gold-type copper project located in Para, Brazil. The company also owns 97.6 per cent of NX Gold SA, which owns the Xavantina operations (formerly known as the NX gold mine), comprising an operating gold and silver mine located in Mato Grosso, Brazil.

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