Ero Copper Forecasts $275M–$320M in Capital Spending for 2026 to Boost Operations

Ero Copper Corp. (TSX:ERO, NYSE:ERO) ("Ero" or the "Company") is pleased to announce record 2025 copper production and provide 2026 guidance and an updated three-year production outlook.

 

2026 Guidance

• Consolidated copper production is expected to be in the range of 67,500 to 77,500 tonnes, representing an increase of up to 20% compared to 2025. Guidance reflects higher sustained plant throughput and lower planned grades at both Caraíba and Tucumã. Consolidated C1 cash costs are expected to be between $2.15 and $2.35 per pound of copper produced.
  
  
  
   
• At the Xavantina Operations, gold production from mine operations is expected to total 40,000 to 50,000 ounces representing an increase of up to 34% compared to 2025, with C1 cash costs of $1,000 to $1,250 per ounce of gold produced and all-in sustaining costs ("AISC") of $2,000 to $2,500 per ounce produced. In addition, gold sales from the Xavantina Operations are expected to be significantly bolstered with the continued sale of gold concentrates that commenced in Q4 2025, and which are expected to continue through mid-2027.
  
  
  
   
• Capital expenditures across the Company's operating portfolio are expected to range between $245 and $280 million. This includes capital for additional mine ventilation, development, and equipment to support future growth at the Xavantina Operations, as well as approximately $80 million related to the continued construction of the Pilar Mine's new shaft and ancillary infrastructure at the Caraíba Operations.
  
  
  
   
• The Company expects to spend an additional $30 to $40 million to continue advancing Furnas exploration, engineering, and permitting workstreams, and to further advance several exploration opportunities within the Company's portfolio.
  
  
  
   

Three-Year Production Outlook

• Consolidated copper production is expected to grow over the next three years, reaching between 80,000 and 90,000 tonnes by 2028.
  • At the Caraíba Operations, plant debottlenecking completed in 2025 is expected to support higher sustained throughput levels going forward, accommodating increased ore tonnage from the Surubim Mine in 2026 and from the Pilar Mine's Deepening Extension Zone beginning in 2027.
  • Copper production at the Tucumã Operation is expected to remain relatively steady through 2028, reflecting higher throughput levels, lower planned grades, and an improved stockpile management framework that is expected to reduce rehandle costs over the outlook period.
    
    
    
     
• Xavantina's mining and processing operations are projected to deliver higher sustained production of between 50,000 and 60,000 ounces in 2027 and 2028, driven by the transition to mechanized mining and further utilization of excess plant capacity. The Company also expects sales of gold concentrates to continue through mid-2027.
  
  
  
   

 

2026 PRODUCTION GUIDANCE AND THREE-YEAR PRODUCTION OUTLOOK

The Company's 2026 guidance and three-year production outlook reflect consistent growth relative to 2025. Key drivers in 2026 include higher plant throughput across the operations, supported by the Caraíba mill debottlenecking initiative successfully completed in 2025, and projected increases in throughput at the Tucumã Operation toward steady-state levels. Longer term, copper production growth is expected to be supported by planned increases in tailings filtration capacity at Tucumã and the new shaft at the Caraíba Operations' Pilar Mine, which is expected to become operational in 2027. As a result, consolidated copper production is expected to increase over the next three years to between 80,000 and 90,000 tonnes by 2028.

At the Xavantina Operations, annual gold production is expected to increase from between 40,000 and 50,000 ounces in 2026 to between 50,000 and 60,000 ounces in 2027 and 2028, driven by higher mine production and increased mill throughput supported by the transition to mechanized mining. In addition, gold sales from the Xavantina Operations are expected to be significantly bolstered with the continued sale of gold concentrates that commenced in Q4 2025, and which are expected to continue through mid-2027.

2026	2027	2028
Copper (tonnes)
Caraíba Operations	35,000 - 40,000	40,000 - 45,000	45,000 - 50,000
Tucumã Operation	32,500 - 37,500	35,000 - 40,000	35,000-40,000
Total Copper	67,500 - 77,500	75,000 - 85,000	80,000 - 90,000
Gold (ounces)
Xavantina Operations	40,000 - 50,000	50,000 - 60,000	50,000 - 60,000
Gold in Concentrates(1)	Concentrate sales expected to continue through mid-2027(1)

Note: Guidance is based on estimates and assumptions including, but not limited to, mineral resource and reserve estimates, grade and continuity of interpreted geological formations and metallurgical recovery performance. Please refer to the Company's SEDAR+ and EDGAR filings, including the most recent Annual Information Form ("AIF"), for a detailed summary of risk factors.

(1) Gold concentrate sales over the projection period related to Xavantina's stockpiled gold concentrate remain subject to ongoing sampling.

2026 COST GUIDANCE

2026 copper C1 cash cost guidance on a consolidated basis is $2.15 to $2.35 per pound of copper produced. This is based on C1 cash cost guidance ranges of $2.30 to $2.50 per pound for the Caraíba Operations and $1.95 to $2.15 per pound at the Tucumã Operation.

At the Xavantina Operations, the C1 cash cost guidance range for ounces produced from mining and processing operations is $1,000 to $1,250 per ounce, reflecting lower planned mined and processed gold grades. The AISC guidance range for 2026 is $2,000 to $2,500 per ounce of gold produced.

Copper C1 Cash Cost ($/lb)
Caraíba Operations	$2.30 - $2.50
Tucumã Operation	$1.95 - $2.15
Consolidated Copper Operations	$2.15 - $2.35
Gold C1 Cash Cost ($/oz)	$1,000 - $1,250
Gold All-In Sustaining Cost ($/oz)	$2,000 - $2,500

Note: C1 Cash Costs and AISC are non-IFRS measures. Please see the Notes section of this press release for additional information.

2026 CAPITAL EXPENDITURE GUIDANCE

Total capital expenditures in 2026 are expected to range between $275 to $320 million. Capital expenditures at the existing operations are expected in the range of $245 to $280 million and include growth capital of approximately $80 million related to the continued construction of the Pilar Mine's new shaft and ancillary infrastructure at the Caraíba Operations, as well as investments in additional mine ventilation, development, and equipment to support future growth at the Xavantina Operations. The Company expects to spend an additional $30 to $40 million to continue advancing Furnas exploration, engineering, and permitting workstreams, as well as advancing several exploration opportunities within the Company's portfolio.