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    Guilherme Rosito • Bank of America

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

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

    Question

    Guilherme Rosito asked a strategic question about the lessons learned from recent downward guidance revisions and their impact on the Furnas project development strategy. He also inquired about the expected timeline for initiating shareholder returns.

    Answer

    President and CEO Makko Defilippo acknowledged the guidance challenges, attributing them to significant organizational changes and the complexities of the Javancina transition and Tucuma ramp-up. CFO Wayne Drier added that the immediate priority is to continue deleveraging the balance sheet through year-end, with shareholder returns to be considered after that goal is advanced.

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    Guilherme Rosito's questions to Ero Copper Corp (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 Corp (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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