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    Guilherme Rosito

    Research Analyst at Bank of America

    Guilherme Rosito is an Equity Research Associate at Bank of America Merrill Lynch, specializing in mining and metals with a notable focus on copper producers such as Ero Copper. He provides detailed analysis and maintains ratings for specific companies, recently reaffirming a Buy rating on Ero Copper while adjusting price targets based on operational and financial developments, reflecting rigorous research performance. Rosito began his analyst career at Bank of America and has consistently demonstrated analytical expertise in the metals sector, though detailed third-party rankings or long-term performance metrics are not publicly disclosed. His role requires comprehensive financial modeling and sector insight, and he likely possesses required securities licenses or registrations for equity research at a major financial institution.

    Guilherme Rosito's questions to Ero Copper (ERO) leadership

    Guilherme Rosito's questions to Ero Copper (ERO) leadership • Q2 2025

    Question

    Guilherme Rosito of Bank of America Merrill Lynch asked a strategic question about the lessons learned from recent downward guidance revisions and how this experience might influence the development of the Furnas project. He also inquired about the expected timeline for initiating shareholder returns.

    Answer

    President and CEO Makko Defilippo acknowledged the guidance changes, attributing them to taking extra time to ensure safe and consistent operational transitions, particularly at Javancina, and the impact of significant organizational changes. He stated these learnings are now reflected in the updated guidance. EVP and CFO Wayne Dreyer added that the immediate priority is to continue deleveraging the balance sheet through the end of the year before considering shareholder returns.

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    Guilherme Rosito's questions to Ero Copper (ERO) leadership • Q2 2025

    Question

    Guilherme Rosito from Bank of America Merrill Lynch asked about the key lessons learned from recent downward guidance revisions and the expected timeline for initiating shareholder cash returns now that Tucumã has reached commercial production.

    Answer

    President and CEO Makko Defilippo acknowledged the challenges, citing organizational changes and ramp-up complexities, and stated the new guidance reflects these learnings. EVP & CFO Wayne Drier added that the immediate priority for H2 is deleveraging the balance sheet, with shareholder return discussions to follow.

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    Guilherme Rosito's questions to Ero Copper (ERO) leadership • Q2 2025

    Question

    Guilherme Rosito asked about the key lessons learned from the past two years of downward guidance revisions and how this experience influences the Furnas project strategy. He also asked for a timeline for initiating shareholder returns.

    Answer

    President & CEO Makko Defilippo attributed past revisions to significant organizational changes and project-specific ramp-up timelines, stating the updated guidance reflects these learnings. EVP & CFO Wayne Dreyer added that the immediate priority for the remainder of the year is deleveraging the balance sheet, with shareholder returns to be considered after that goal is advanced.

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    Guilherme Rosito's questions to Ero Copper (ERO) leadership • Q1 2025

    Question

    Guilherme Rosito from Bank of America sought more precise timing on Tucuma's commercial production declaration within the first half of 2025 and asked if Caraiba's C1 costs could remain near the low end of guidance for the year, given strong Q1 performance.

    Answer

    President and CEO Makko DeFilippo reiterated the company is on track for commercial production at Tucuma in the first half but declined to specify between May or June, emphasizing a thoughtful approach. Regarding Caraiba's costs, he noted that while Q1 benefited from favorable FX, ongoing efforts in procurement and operational efficiency are expected to continue supporting strong operating margins.

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    Guilherme Rosito's questions to Ero Copper (ERO) leadership • Q4 2024

    Question

    Guilherme Rosito from Bank of America asked for clarification on the drivers behind the significant increase in the C1 cash cost guidance for the upcoming year and the substantial rise in all-in sustaining costs (AISC) at the Xavantina mine during the fourth quarter.

    Answer

    President and CEO Makko DeFilippo explained that the C1 guidance reflects a conservative assumption for the Brazilian real exchange rate, higher costs from mining deeper sections at Caraíba, and slightly lower consolidated grades. Regarding Xavantina's AISC, he noted that as a small, high-grade operation, its cost metrics are magnified by fluctuations in volume and grade. He added that the 2025 guidance also incorporates significant investments in asset integrity and mechanization at the mine.

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