Ero Copper (ERO) Company Report

Analyst Coverage

Research analysts who have asked questions during Ero Copper earnings calls.

Dalton Baretto

Canaccord Genuity Group Inc.

6 questions for ERO

Also covers: HBM, HL, SVM +1 more

Orest Wowkodaw

Scotiabank

6 questions for ERO

Also covers: CCJ, FCX, HBM +2 more

Craig Hutchison

TD Securities

5 questions for ERO

Also covers: CCJ, EXK, HBM +3 more

Guilherme Rosito

Bank of America

5 questions for ERO

Bryce Adams

CIBC Capital Markets

4 questions for ERO

Also covers: CCJ, HBM, ORLA +2 more

Ralph Profiti

8 Capital

4 questions for ERO

Also covers: AEM, BTG, CCJ +6 more

Anita Soni

CIBC Capital Markets

3 questions for ERO

Also covers: AEM, BTG, BTO +9 more

Fahad Tariq

Jefferies Financial Group

3 questions for ERO

Also covers: AEM, BTO, FNV +8 more

Matthew Murphy

BMO Capital Markets

3 questions for ERO

Also covers: FNV, HBM, IAG +3 more

Gordon Lawson

Paradigm Capital

1 question for ERO

Also covers: LGO, NXE

Kate Nakagawa

CIBC

1 question for ERO

Marcio Farid Filho

Goldman Sachs

1 question for ERO

Also covers: CSNA3.SA, GGB, SCCO +5 more

Roald Ross

Clarkson Securities

1 question for ERO

Stefan Ioannou

Cormark Securities

1 question for ERO

Also covers: HBM

Latest news

Recent press releases and 8-K filings for ERO.

Ero Copper Announces Inaugural PEA for Furnas Copper-Gold Project

ERO

New Projects/Investments

Guidance Update

Ero Copper Corp. announced the results of a Preliminary Economic Assessment (PEA) for its Furnas Copper-Gold Project, outlining a 24-year initial mine life.
The PEA projects an after-tax net present value (NPV) (8%) of $2.0 billion and an after-tax internal rate of return (IRR) of 27.0%.
Initial capital expenditures are estimated at approximately $1.3 billion, with life-of-mine C1 cash costs of about $0.30 per pound of copper produced.
The project is expected to achieve average annual copper equivalent production of approximately 108,000 tonnes over the first 15 years of operation.
Ero will earn a 60% interest in the Furnas project through an earn-in agreement with Vale Base Metals.

4 days ago

6-K

Ero Copper Announces Inaugural PEA for Furnas Project

ERO

New Projects/Investments

Ero Copper Corp. announced the results of a Preliminary Economic Assessment (PEA) for its Furnas Copper-Gold Project, projecting a 24-year initial mine life and average annual copper equivalent production of approximately 108,000 tonnes over the first 15 years.
The PEA outlines robust economics with an after-tax net present value (NPV) (8%) of $2.0 billion and an after-tax internal rate of return (IRR) of 27.0%.
Initial capital expenditures are estimated at approximately $1.3 billion, with life-of-mine (LOM) C1 cash costs of approximately $0.30 per pound of copper produced.
Ero Copper is advancing the Furnas project through an earn-in agreement with Vale Base Metals to acquire a 60% interest.

4 days ago

Press Release

Ero Copper Corp. Announces Record 2025 Production and Provides 2026 Guidance

ERO

Earnings

Guidance Update

New Projects/Investments

Ero Copper Corp. reported record full-year consolidated copper production of 64,307 tonnes and total gold production of 52,290 ounces in 2025, with year-end liquidity totaling approximately $150 million.
For 2026, the company expects consolidated copper production to be between 67,500 and 77,500 tonnes, with consolidated C1 cash costs for copper ranging from $2.15 to $2.35 per pound.
Xavantina Operations are projected to produce 40,000 to 50,000 ounces of gold from mine operations in 2026, with C1 cash costs between $1,000 and $1,250 per ounce and all-in sustaining costs (AISC) between $2,000 and $2,500 per ounce. Gold concentrate sales are also expected to continue through mid-2027.
Total capital expenditures for 2026 are guided between $275 and $320 million, including $245 to $280 million for operating assets and $30 to $40 million for the Furnas Copper-Gold Project and other exploration.
The company's three-year outlook anticipates consolidated copper production growing to 80,000 to 90,000 tonnes by 2028, and Xavantina gold production reaching 50,000 to 60,000 ounces in 2027 and 2028.

Feb 5, 2026, 12:40 PM

6-K

Ero Copper Reports Record 2025 Production and Provides 2026 Guidance and Three-Year Outlook

ERO

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Ero Copper reported record full-year 2025 consolidated copper production of 64,307 tonnes and 52,290 ounces of gold (including concentrate sales), ending the year with approximately $150 million in liquidity.
For 2026, the company provides guidance for consolidated copper production of 67,500 to 77,500 tonnes and Xavantina gold production of 40,000 to 50,000 ounces from mine operations.
Consolidated C1 cash costs for copper are projected at $2.15 to $2.35 per pound, with total capital expenditures for 2026 expected to be between $275 and $320 million.
The company's three-year outlook forecasts consolidated copper production to grow to 80,000 to 90,000 tonnes by 2028, with gold concentrate sales expected to continue through mid-2027.

Feb 5, 2026, 12:30 PM

Press Release

Ero Copper Corp. Files Technical Report for Xavantina Operations

ERO

New Projects/Investments

Guidance Update

Ero Copper Corp. announced the filing of a Technical Report for its Xavantina Operations on December 19, 2025, which updates its National Instrument 43-101 compliant mineral reserve and resource estimate.
The Xavantina Operations is a producing gold mine in Mato Grosso State, Brazil, that has been in continuous production since May 2012.
As of June 30, 2025, the operation had a cumulative gold production of 422,404 oz Au from approximately 2.2 Mt of ore.
For the first six months of 2025, the average realized selling price for gold was US$2,945 per troy ounce, with Mineral Reserves determined at US$2,100 per troy ounce.
The Life of Mine (LOM) production plan for Xavantina considers a rate of approximately 280,000 t/a based on the 2026 budget.

Dec 22, 2025, 11:00 AM

6-K

Ero Copper Reports Strong Q3 2025 Results and Operational Records

ERO

Earnings

Guidance Update

New Projects/Investments

Ero Copper reported Q3 2025 revenue of $177 million and adjusted EBITDA of $77.1 million, with adjusted net income attributable to owners at $27.9 million or $0.27 per share.
The company achieved record consolidated copper production in Q3 2025 and all-time monthly production records across all operations in October.
A maiden-inferred resource of 29,000 ounces of gold from stockpiled concentrates at Xavantina was announced, with sales commencing in Q4 2025 at an estimated operating cost of $300-$500 per ounce.
The net debt leverage ratio improved to 1.9 times at the end of Q3 2025, down from 2.1 times in Q2, with expectations for accelerated deleveraging.
Ero anticipates Q4 2025 to be the strongest production quarter of the year, expecting to achieve the low end of its annual production guidance for both copper and gold.

Nov 5, 2025, 4:30 PM

Transcript

Ero Copper Corp. reports Q3 2025 financial and operating results

ERO

Earnings

Guidance Update

New Projects/Investments

Ero Copper Corp. achieved record consolidated copper production of 16,664 tonnes in Q3 2025 at a blended C1 cash cost of $2.00 per pound, driven by increased production at Tucumã and consistent output at Caraíba.
For Q3 2025, the company reported net income attributable to owners of $36.0 million ($0.35 per diluted share) and adjusted net income of $27.9 million ($0.27 per diluted share).
Quarterly gold production increased 17% to 9,073 ounces, with the Xavantina Operations benefiting from a transition to mechanized mining.
The company ended Q3 2025 with $111.3 million in available liquidity, including $66.3 million in cash and cash equivalents.
Ero Copper Corp. reaffirmed its full-year production and capital expenditure guidance for all assets, while increasing cost guidance for the Tucumã Operation and anticipates Q4 2025 to be the strongest production quarter of the year.

Nov 4, 2025, 10:06 PM

6-K

Ero Copper Reports Record Q3 2025 Copper Production and Financial Results

ERO

Earnings

Guidance Update

Revenue Acceleration/Inflection

Ero Copper reported net income attributable to owners of $36.0 million ($0.35 per diluted share) and adjusted net income of $27.9 million ($0.27 per diluted share) for Q3 2025, with Adjusted EBITDA of $77.1 million.
Consolidated copper production reached a record 16,664 tonnes in Q3 2025, driven by a 19% quarter-on-quarter increase at the Tucumã Operation to 7,579 tonnes, while gold production increased by 17% to 9,073 ounces.
The company reaffirmed its full-year production and capital expenditure guidance but increased the cost guidance for the Tucumã Operation to reflect higher maintenance and freight costs.
Ero Copper expects Q4 2025 to be its strongest production quarter and anticipates selling 10,000 to 15,000 tonnes of stockpiled gold concentrates from Xavantina during Q4 2025.

Nov 4, 2025, 10:05 PM

Press Release

Ero Copper Announces Xavantina Value-Creation Initiative Results and Q4 2025 Gold Concentrate Sales

ERO

New Projects/Investments

Guidance Update

Ero Copper Corp. announced the successful completion of a year-long value-creation initiative at its Xavantina Operations, commencing first gold concentrate sales in Q4 2025.
The Company has a maiden inferred mineral resource estimate of approximately 29,000 ounces (24,000 tonnes at 37.4 grams per tonne) in high-grade gold concentrate within the sampled stockpile volume.
Initial shipments of approximately 3,000 tonnes of gold concentrate were completed in October 2025, with expected Q4 2025 sales ranging from 10,000 to 15,000 tonnes.
The sales contract for 2025 gold concentrate volumes projects a net payability between 90% and 95%, with operating costs estimated at approximately $300 to $500 per ounce.
The updated mineral reserve and resource estimate for Xavantina Operations, effective June 30, 2025, shows total measured and indicated resources of 664,000 ounces and an inferred mineral resource of 365,000 ounces.

Nov 4, 2025, 12:10 PM

6-K

Ero Copper Announces Maiden Gold Concentrate Resource and Q4 2025 Sales Commencement

ERO

New Projects/Investments

Revenue Acceleration/Inflection

Ero Copper announced a maiden inferred mineral resource estimate of approximately 29,000 ounces (24,000 tonnes at 37.4 grams per tonne) of high-grade, marketable gold concentrate at its Xavantina Operations, derived from sampling about 20% of the total stockpile volume.
In October 2025, the Company completed initial shipments of approximately 3,000 tonnes of gold concentrate and anticipates selling 10,000 to 15,000 tonnes during Q4 2025.
The sales contract for 2025 gold concentrate volumes projects a net payability between 90% and 95%, with operating costs estimated at $300 to $500 per ounce.
The 2025 mineral reserve and resource estimate for Xavantina Operations, effective June 30, 2025, indicates an increase in overall measured and indicated resources to 664,000 ounces and inferred mineral resources to 365,000 ounces.