Ero Copper achieved consolidated Q4 copper production of 19,706 tonnes in concentrate and 64,307 tonnes for 2025 at C1 cash costs of $2.03 per pound in Q4 and $2.06 per pound for the year. Q4 gold production reached 13,837 ounces at C1 cash cost of $766 and AISC of $1,702 per ounce, contributing to full-year output of 37,291 ounces at C1 $976 and AISC $2,082 per ounce.

The company generated $129.1 million in operating cash flow in Q4 and $395.1 million for the full year, marking a 171.7% increase compared to 2024. Adjusted EBITDA was $186.7 million in Q4 and $409.7 million for 2025, while net income attributable to shareholders totaled $77.0 million ($0.74 per share) in Q4 and $263.7 million ($2.53 per share) for the year. Adjusted net income reached $108.4 million in Q4 and $220.4 million for the full year.

Year-end liquidity stood at $150.4 million, including $105.4 million in cash and $45.0 million of undrawn availability under the senior secured revolving credit facility, up nearly $40 million quarter-on-quarter. The net debt leverage ratio strengthened to 1.2x from 2.6x at the end of 2024, reflecting a $50.1 million reduction in net debt and a $193.5 million increase in adjusted EBITDA.

Ero Copper reaffirmed its 2026 production, operating cost and capital expenditure guidance, forecasting copper output weighted toward the second half and lower Q1 gold volumes as Xavantina advances new development and integrates ventilation upgrades. A preliminary economic assessment for the Furnas Copper-Gold Project highlighted potential for a large-scale, long-life operation with robust economics across a wide range of commodity prices.