ERO Copper technical session explores exploration

Exploration Technical Session
March 10th, 2022 | TSX:ERO | NYSE:ERO

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Cautionary Statements
Caution Regarding Forward Looking Information and Statements
This presentation contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking
statements”). Forward-looking statements include statements that use forward-looking terminology such as “may”, “could”, “would”, “will”, “should”, “intend”, “target”, “plan”, “expect”, “budget”, “estimate”, “forecast”, “schedule”, “anticipate”, “believe”, “continue”, “potential”,
“view” or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Forward-looking statements include, but are not limited to, statements with respect to the Company's guidance and/or outlook on future production, costs and capital
expenditures; development plans, costs, timelines and/or approvals for, as well as benefits, production and/or performance expected by, growth projects including development of the Deepening Extension Zone, construction of the new external shaft, and creation of a two-mine system
at the Pilar Mine, construction of the Boa Esperança mine, development of the Matinha Vein at the NX Gold Mine, expansion of the Caraíba Mill, and other infrastructure projects at the MCSA Complex; the Company’s expectations, strategies, objectives and plans for the MCSA Mining
Complex, the NX Gold Property and the Boa Esperança Property, including, but not limited to, the Company’s planned exploration, development and production activities; and the significance and timing of any particular exploration program or result and the Company’s expectations
and objectives for current and future exploration plans including, but not limited to, planned areas of additional exploration, further extensions and expansion of mineralization at the MCSA Mining Complex, the NX Gold Mine and the Boa Esperança Project.
Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors
that management believes to be relevant and reasonable in the circumstances, as of the date of this presentation including, without limitation, assumptions about: continued effectiveness of the measures taken by the Company to mitigate the possible impact of COVID-19 on its
workforce and operations; favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production, development and exploration of the Company's properties and assets; future prices of copper and other metal
prices; the timing and results of exploration and drilling programs; the accuracy of any mineral reserve and mineral resource estimates; the geology of the MCSA Mining Complex, NX Gold Property and the Boa Esperança Property being as described in the technical reports for these
properties; production costs; the accuracy of budgeted exploration and development costs and expenditures; the price of other commodities such as fuel; future currency exchange rates and interest rates; operating conditions being favourable such that the Company is able to
operate in a safe, efficient and effective manner; work force conditions to remain healthy in the face of prevailing epidemics, pandemics or other health risks (including COVID-19), political and regulatory stability; the receipt of governmental, regulatory and third party approvals,
licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; availability of equipment and critical
supplies, spare parts and consumables; positive relations with local groups and the Company's ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of the Company's current loan arrangements. While the Company considers
these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive, global health, and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions,
results, performance or achievements to be materially different from those projected in the forward-looking statements. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.
Furthermore, such forward-looking statements involve a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans,
intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation, the risk factors listed under the heading “Risk Factors” in the Company’s latest Annual Information Form (the “AIF”).
Although the Company has attempted to identify important factors that could cause actual actions, events, conditions, results, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events,
conditions, results, performance or achievements to differ from those anticipated, estimated or intended.
The Company cautions that the foregoing lists of important assumptions and factors are not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking statement
contained herein. There can be no assurance that forward-looking statement will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statement. Accordingly, readers should not place undue reliance on forward-looking
statement.
Forward-looking statements contained herein are made as of the date of this presentation and the Company disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or results or otherwise, except as and to the
extent required by applicable securities laws.
This presentation may also contain future-oriented financial information (“FOFI”) and information which could be considered to be in the nature of a “financial outlook”. Such FOFI or financial outlook was approved by management of the Company as of the date of presentation for the
purpose of providing management’s reasonable estimate of what return investors might expect to earn based on the assumptions set forth in such estimates and the information may not be appropriate for other purposes. Management cautions that such FOFI or financial outlook
reflects the Company’s current beliefs and are based on information currently available to the Company and on assumptions the Company believes are reasonable. Actual results and developments may differ materially from results and developments discussed in the FOFI or financial
outlook as they are subject to a number of significant risks and uncertainties. Certain of these risks and uncertainties are beyond the Company’s control. Consequently, all of the FOFI or financial outlook are qualified by these cautionary statements, and there can be no assurances.
Cautionary Notes Regarding Mineral Resource and Mineral Reserve Estimates
In accordance with applicable Canadian securities regulatory requirements, all mineral reserve and mineral resource estimates of the Company disclosed in this presentation have been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral
Projects (“NI 43-101”) and are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10, 2014 (the "CIM Standards"). NI 43-101 is a rule
developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 differs significantly from the disclosure requirements of the Securities and Exchange
Commission (the "SEC") generally applicable to U.S. companies. For example, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are
defined in NI 43-101. These definitions differ from the definitions in the disclosure requirements promulgated by the SEC. Accordingly, information contained in this presentation may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC
disclosure requirements.
Mineral resources which are not mineral reserves do not have demonstrated economic viability. Pursuant to the CIM Standards, mineral resources have a higher degree of uncertainty than mineral reserves as to their existence as well as their economic and legal feasibility. Inferred
mineral resources, when compared with measured or indicated mineral resources, have the least certainty as to their existence, and it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of
continued exploration. Pursuant to NI 43-101, inferred mineral resources may not form the basis of any economic analysis. Accordingly, readers are cautioned not to assume that all or any part of a mineral resource exists, will ever be converted into a mineral reserve, or is or will ever
be economically or legally mineable or recovered.

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Disclaimer
General
Scientific and technical information contained in this presentation has been reviewed, verified and approved by Emerson Ricardo Re, MSc, MBA, MAusIMM (CP) (No. 305892), Registered Member (No. 0138) (Chilean Mining Commission) and Resource Manager of
the Company. Mr. Re is an employee of Ero and Qualified Person as defined by NI 43-101.
Information of a scientific or technical nature in respect of the MCSA Mining Complex included in this presentation is based on the press release dated January 6, 2022, and where applicable, the technical report dated January 14, 2021 with an effective date of
October 1, 2020 entitled “2020 Updated Mineral Resources and Mineral Reserves Statements of Mineração Caraíba's Vale do Curaçá Mineral Assets, Curaçá Valley”, prepared by Porfirio Cabaleiro Rodrigues, MAIG, Bernardo Horta de Cerqueira Viana, MAIG,
Paulo Roberto Bergmann, FAusIMM, Fábio Valério Câmara Xavier, MAIG and Dr. Augusto Ferreira Mendonça, RM SME all of GE21 Consultoria Mineral Ltda. (“GE21”) and Dr. Beck (Alizeibek) Nader, FAIG of BNA Mining Solutions (“BNA”), who are independent
qualified persons under NI 43-101 (the “2020 MCSA Technical Report”), and where applicable, the technical report dated October 17, 2018 with an effective date of August 1, 2018 entitled “2018 Updated Mineral Resources and Mineral Reserves Statements of
Mineração Caraíba's Vale do Curaçá Mineral Assets, Curaçá Valley”, prepared by Rubens Jose De Mendonça, MAusIMM, of Planminas – Projectos e Consultoria em Mineração Ltd. and Porfirio Cabaleiro Rodrigues, MAIG, Fábio Valério Cãmara Xavier, MAIG, and
Bernardo Horta de Cerqueira Viana, MAIG, all of GE21, who are independent qualified persons under NI 43-101 (the “2018 MCSA Technical Report”).
Information of a scientific or technical nature in respect of the NX Gold Mine included in this presentation is based on the press release dated January 6, 2022, and where applicable, the technical report, dated January 8, 2021 with an effective date of September
30, 2020, entitled “Mineral Resource and Reserve Estimate of the NX Gold Mine, Nova Xavantina”, prepared by Porfírio Cabaleiro Rodriguez, MAIG, Bernardo Horta Cerqueira Viana, MAIG, Paulo Roberto Begmann, FAusIMM and Leonardo de Moraes Soares,
MAIG, all of GE21, who are independent qualified persons under NI 43-101 (the “2020 NX Gold Mine Technical Report”).
Information of a scientific or technical nature in respect of the Boa Esperança Property included in this presentation is based on the technical report dated November 12, 2021 with an effective date of August 31, 2021, entitled “Boa Esperança Project NI 43-101
Technical Report on Feasibility Study Update”, prepared by Kevin Murray, P. Eng., Erin L. Patterson, P. Eng., and Scott C. Elfen, P.E., all of Ausenco Engineering Canada Inc., Carlos Guzmán, FAusIMM RM CMC of NCL Ingeniería y Construcción SpA, who are
independent qualified persons under NI 43-101, and Emerson Ricardo Re, MSc, MBA, MAusIMM (CP) (No. 305892), Registered Member (No. 0138) (Chilean Mining Commission) and Resource Manager of the Company (the “Boa Esperança Technical Report”).
Please see the AIF, 2020 MCSA Technical Report, 2018 MCSA Technical Report (on SEDAR only), the 2020 NX Gold Mine Technical Report, and the Boa Esperança Technical Report, each filed on the Company’s profile at www.sedar.com and www.sec.gov, for
details regarding the data verification undertaken with respect to the scientific and technical information included in this presentation regarding the MCSA Mining Complex, the NX Gold Mine and the Boa Esperança Property, for additional details regarding the
related exploration information, including interpretations, the QA/QC employed, sample, analytical and testing results and for additional details regarding the mineral resource and mineral reserve estimates disclosed herein.
Where applicable, exploration target projection(s) are shown to demonstrate future area of exploration focus within the Company’s operations. These projections are based on data compilation work which includes review of geological controls, structural
analysis and copper mineralization identified during the Company’s technical programs. The interpretation and boundary limits do not imply continuity of mineralization, or actual thickness of mineralization which has yet to be defined.
Third Party Information
This presentation includes market, industry and economic data which was obtained from various publicly available sources and other sources believed by the Company to be true. Although the Company believes it to be reliable, the Company has not
independently verified any of the data from third party sources referred to in this presentation, or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying economic and other assumptions relied upon
by such sources. The Company believes that its market, industry and economic data is accurate and that its estimates and assumptions are reasonable, but there can be no assurance as to the accuracy or completeness thereof. The accuracy and completeness
of the market, industry and economic data used throughout this presentation are not guaranteed and the Company does not make any representation as to the accuracy or completeness of such information.
Non-IFRS Measures
Financial results of the Company are prepared in accordance with IFRS. The Company and MCSA utilize certain non-IFRS measures, including C1 cash cost of copper produced per pound, C1 cash costs of gold produced per ounce, EBITDA and working capital
as more particularly described in the Company's MD&A for the three and twelve months ended December 31, 2021, a copy of which can be found on the Company's website, on SEDAR and on EDGAR. The Company believes that these measures, together with
measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company, the MCSA Mining Complex and the NX Gold Mine. Non-IFRS measures do not have any standardized meaning
prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. C1 cash cost of copper produced (per lb) is the sum of production costs, net of capital expenditure development costs and by-product credits, divided by the copper pounds produced. C1 cash cost reported by the
Company include treatment, refining charges, offsite costs, and certain tax credits relating to sales invoiced to the Company's Brazilian customer on sales. C1 cash cost of copper produced per pound is a non-IFRS measure used by the Company to manage and
evaluate operating performance of the Company’s operating mining unit and is widely reported in the mining industry as benchmarks for performance but does not have a standardized meaning and is disclosed in addition to IFRS measures. C1 cash cost of gold
produced (per ounce) is the sum of production costs, net of capital expenditure development costs and silver by-product credits, divided by the gold ounces produced. C1 cash cost of gold produced per ounce is a non-IFRS measure used by the Company to
manage and evaluate operating performance of the Company's operating mining unit and is widely reported in the mining industry as benchmarks for performance but does not have a standardized meaning and is disclosed in addition to IFRS measures.

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Introduction | Agenda & Objectives
Ero’s
Strategic
Position
 Fully funded organic growth strategy
 A peer leader in low carbon-intensive
copper production
Exploration
Strategy
 Exploration integral to Company
 High-margin growth focused
 Generating low-capital intensity projects
delivering high ROIC
Exploration
& Growth
 Unlocking value across all time-scales in
ongoing life-of-mine planning
Objectives
Delivery of asset potential across portfolio
Agenda
New format: semi-annual exploration webinars
2 Introduction & Company Overview
1
2
2022 Exploration Program Overview &
Recent Results
2
 MCSA Mining Complex
 Near-mine exploration
 Regional program & new areas of interest
 Nickel exploration program
 Boa Esperança
 NX Gold
2 Q&A
3

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Introduction | Today’s Speakers
Makko DeFilippo
President
Mike Richard
Chief Geological Officer
Pablo Mejia
VP Exploration
Filipe Porto
Director, Exploration Brazil
Eduardo Oliveira
Geology Manager, Brazil
Francisco Tomazoni
Senior Geologist, Brazil

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Ero Copper | High-Growth Clean Copper Producer
NX Gold Mine
Production
MCSA Mining
Complex
Production
Boa Esperanҫa
Development Project
(expected construction
start in Q2 2022)
20 kt
46 kt
97 kt
2017A 2021A 2025E
MCSA Boa
Brazil-Focused Clean Copper Producer
With Meaningful Gold Production
Strong Exploration Focus
Driving Organic Growth
Peer-Leading Returns
62% LTM Return on Invested Capital (“ROIC”)(1)
Doubling Copper Production Every 4 Years(2)
1. Source: FactSet Research Systems as of November 29, 2021. Based on last twelve months as of September 30, 2021.
2. Estimated production based on midpoint of production guidance ranges.

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NX Gold Mine
Production
MCSA Mining Complex
Production
Boa Esperanҫa
Mine in Development (expected construction start in Q2 2022)
1
2
3
2
1
3
45-50kt Cu
5-Year Forecasted
Annual Production(1)
$1.12/lb
Wtd. Avg. 5-Year Forecasted
C1 Cash Cost(1)
Bahia
Mato
Grosso
Pará
~35kt Cu
Avg. Annual Production
in First 5 Years(2)
$1.12/lb
Avg. C1 Cash Cost
in First 5 Years(2)
50-60koz Au
5-Year Forecasted
Annual Production(1)
$513/oz
Wtd. Avg. 5-Year Forecasted
C1 Cash Cost(1)
Ero Copper | Asset Portfolio
Note: C1 Cash Cost of Copper Produced, C1 Cash Cost of Gold Produced, and AISC of Gold Produced are non-IFRS measures.
2. Estimated production and unit costs based on
Please refer to the appendix for a discussion and reconciliation on non-IFRS performance measures.
1. Estimated production and unit costs based on 5-year guidance ranges as published on January 11, 2022.
the Boa Esperança Technical Report. Economics use a copper price forecast of $3.80/lb in 2024, $3.95/lb in 2025 and $3.40/lb in 2026 and thereafter, and a BRL:USD exchange rate of 5.00.

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 Management focused on creation of shareholder value through
exploration
 Globally, over 70 geologists across the Company’s exploration team
 Currently 34 drill rigs active across the portfolio
2022 Exploration Objectives:
 MCSA
 Addition of high-grade tonnes in the upper part of the Pilar Mine
 Increase mine life at Vermelhos to 10+ years, improve grade profile
 Continue systematic testing of high-priority regional targets focusing on
high-grade zones
 NX Gold
 Increase reserve life to 10+ years at NX Gold
 Aggressive regional exploration program in partnership with Royal Gold
(17,500m planned for 2022)
 Boa Esperança
 Incorporate results of ‘Gap Zone’ drill program into mine planning
 Test extensions of mineralization beyond pit limits
$28
$10
$6
2022 Exploration Budget
($ million)(1)
MCSA NX Gold Boa Esperanca
Ero Copper | Exploration at a Glance
1. 2022 exploration budget based on midpoint of guidance ranges.

MCSA Mining
Complex
Boa
Esperanҫa
NX Gold
Mine
Broader Brazil
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Near-Term Medium-Term & Long-Term
Gap Zone Exploration Boa Extensions (incl. Underground)
Carajás District Strategic Opportunities
New Regional Systems (i.e. Arapuá)
In-Mine Exploration Near-Mine Exploration Regional Exploration
Nickel, PGM Focused Exploration Program
Pilar Upper Levels
(Exploration & Engineering)
Past Producing Mines
(Lagoa da Mina & Surubim District)
Vermelhos Mine High-Grade Extensions
Pilar Mine Deepening Extension Growth
Vermelhos District Expansion Strategy
Matinha Vein Extensions
Santo Antonio Vein Extensions
New Regional Discoveries
New Strategic Opportunities
Ero Copper | Exploration Portfolio & Potential Life-of-Mine Impact

Placeholder | Placeholder
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M C S A M I N I N G C O M P L E X

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 Ero controls ~170,000 hectares along
a 100 km (62 mi) long belt with
favorable geology and excellent
infrastructure
 Previous owners invested little
capital into the assets; significantly
underexplored
 Multiple discoveries under Ero’s
ownership with 102 targets defined to
date
 36 high priority targets
 13 tested
 4 discoveries (previously announced)
 2 new mineralized systems currently
being tested
 Potential to add value through grade
improvement and utilization of
excess mill capacity (~1.3 million
tonnes per annum available)
MCSA Mining Complex | District-Scale Opportunity

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MCSA Mining Complex | Mineralization Characteristics
Mafic-ultramafic bodies
shown in green
 Copper deposits and occurrences broadly associated with mafic-ultramafic
intrusives
 Mafic-ultramafic intrusions postdate deformation of granulite facies gneissic
host rocks – emplaced in deep structures and utilize gneissic fabrics
 Mafic-ultramafic intrusive suite includes peridotite, orthopyroxenite, websterite,
norite, gabbro, anorthosite
 Associated with hornblende, phlogopite and altered to actinolite, talc, serpentine, carbonate
 Cu-dominant mineralization locally contains concentrations of Ni, Co, Pt, Pd, Au
 Disseminated to massive chalcopyrite +/- bornite, local pyrrhotite-pentlandite,
tellurides, PGE minerals + abundant chromite, magnetite and other
oxides/spinels
 Deposits commonly zoned: chalcopyrite / bornite in the center and pyrrhotite /
pyrite towards the edges

MCSA Mining Complex | Major Ore Types and Signatures
Type Sulphide breccias Sulphide veins and stringers
Disseminated and blebby
sulphides
Key Minerals
Chalcopyrite, bornite-rich,
+/- pentlandite
Chalcopyrite, bornite, pyrrhotite,
pentlandite
Chalcopyrite, bornite-rich,
pentlandite
Geometry
Irregular, flat to vertical, in
mafic-ultramafic bodies and
gneiss
Irregular/planar, various
orientations, in mafic-ultramafic
and gneiss
Irregular zones in mafic-
ultramafic bodies and gneiss
Geochemistry Strong Cu +/- Te +/- Ni, Pt, Pd Strong Cu, Ni, Te, Pt, Pd Strong Cu +/- Te +/- Ni, Pt, Pd
Geophysics
Moderate-high EM conductors;
locally magnetic
Weak EM conductors; IP
response; locally magnetic
Low to high IP response
High grade Low grade
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 Pilar Mine commenced open pit
operations in 1979
 Underground operations
commenced in 1986
 “Pilar 3.0” initiative commenced
2022
 Creation of two mines within a
mine, allowing sustained
production volumes of ~3.0 million
tonnes per annum from Pilar
 Supported by significant
investments in cooling, paste fill
plant and new larger diameter
external shaft
 Shaft construction commenced
construction Q3 2021
MCSA Mining Complex | The New Pilar Mine “3.0”
Phase I & II Cooling Plant
(construction photo December 2021)

N
+100 m
-300 m
-700 m
-1100 m
-1500 m
Plan View
300 Meters
150
MSBS
Deepening
Extension
P1P2
400 Meters
200
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Total Mineralized Envelope (2021)
Existing Infrastructure
New External Shaft
 Aggressive exploration within the
Pilar Mine has resulted in significant
extensions to the known extent of
mineralization since 2018
 Extended ~800m to depth
 Meaningful additions in upper levels of
Pilar Mine (MSBS and P1P2) and
Deepening Extension
MCSA Mining Complex | Exploration Success at Pilar (2018-2021)
472
729
36
225
2018 2021
Measured & Indicated Resource Inferred Resource
24.8 Mt @
1.90% Cu
1.8 Mt @
2.07% Cu
45.1 Mt @
1.62% Cu
15.2 Mt @
1.48% Cu
Pilar Mine Resource Growth(1,2)
(Underground Mine Contained Cu, kt)
2. 2018 Measured Resource comprised of 15.6 Mt @ 1.92% Cu and 2018 Indicated Resources comprised of 9.3 Mt @ 1.85% Cu. 2021 Measured Resource comprised of 22.8 Mt @ 1.63% Cu and 2021
Indicated Resources comprised of 22.3 Mt @ 1.60% Cu.
1. 2018 Measured & Indicated Resources and 2018 Inferred Resources based on the 2018 MCSA Technical Report. 2021 Measured & Indicated Resources and 2021 Inferred
Resources based on the Company’s press release dated January 6, 2022. Please refer to the Appendix for additional information of a scientific or technical nature in respect of the
2021 Mineral Resources for MCSA Mining Complex.

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MCSA Mining Complex | Deepening Extension Overview
N
Deepening Extension
 Large focus since 2018 on growing
resources and reserves in the “Deepening
Extension”
 Zone currently measures ~500m x 500m x 20m
 Remains open with intercepts prior to year-
end including some of the best copper
intercepts published globally
8
217
9
130
2018 2021
Indicated Resource Inferred Resource
1.2 Mt @
0.62% Cu
0.3 Mt @
2.60% Cu
10.4 Mt @
2.08% Cu
6.1 Mt @
2.14% Cu
Level -965
Deepening Extension Resource Growth(1)
2. Previous Highlight Cu Intercepts released are from press releases dated July 7, 2021 and October 14, 2021. Please refer to these press releases for additional information.
1. 2018 Measured & Indicated Resources and 2018 Inferred Resources based on the 2018 MCSA Technical Report. 2021 Measured & Indicated Resources and 2021 Inferred
Resources based on the Company’s press release dated January 6, 2022. Please refer to the Appendix for additional information of a scientific or technical nature in respect of
the 2021 Mineral Resources for MCSA Mining Complex.
(2)

N
FC5196
FC47183
FC47187
FC48193
FC48195
3.0m at 1.78% Cu
12.7m at 1.06% Cu
15.0m at 1.40% Cu
32.0m at 1.51% Cu
42.8m at 1.82% Cu
FC5195
38.2m at 2.48% Cu
E
FC5195
FC5196
FC47183
FC47187
FC48193
FC48195
Level Mine -90
 At P1P2, Pilar Mine,
interpretation of drill
core in 2021 suggests a
fold hinge is a ‘trap’ for
high-grade copper
mineralization
 Fold hinges are repeated
at depth in the Pilar Mine
 The recurrence of these
traps suggests a
potentially important
structural control on
high-grade
mineralization
throughout the Curaçá
Valley
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+460 m
Level Mine -90
+460 m
Inferred Resource 2021
Measured/Indicated Resource 2021
New Cu Intercepts
200 Meters
100
Structural trap
being targeted in 2022
MCSA Mining Complex | P1P2 – Geological Controls and Implications
1. 2021 Measured & Indicated Resources and 2021 Inferred Resources based on the Company’s press release dated January 6, 2022. Please refer to the Appendix for additional
information of a scientific or technical nature in respect of the 2021 Mineral Resources for MCSA Mining Complex.
2. Please refer to the Appendix of this presentation for complete assay results.
Long Section (Looking East)
Cross Section (Looking North)

 Photo of Pilar or Vermelhos interpreted fold and
HG. Pablo screen capture
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• Put slide between pilar and
vermelhos showing what we’ve
learned from Pilar and suggesting
that it applies to Vermelhos
Total Mineralized Envelope (2021)(1)
All Copper Assays >6% Cu
Interpreted Structures
MCSA Mining Complex | The Importance of Structural Traps
N
 Geometries of both Pilar and
Vermelhos indicate a steeply-plunging
long axis of the deposits
 Mafic/ultramafic Intrusions are
generally in the form of lenses and
occur along structures, fold limbs and
within fold hinges
 Thick high-grade deposits commonly
located within fold hinges / structural
traps
 Understanding structural controls
opens window for discovery of
additional mineralization within and
adjacent to existing mine infrastructure
1. 2021 Mineralized Envelope based on the Company’s press release dated January 6, 2022. Please refer to the Appendix for additional information of a scientific or technical nature in respect of the 2021 Mineral Resources for MCSA Mining Complex.
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• Add image
3 - D O V E R V I E W : P I L A R M I N E

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 Located ~60km north of Pilar
Mine & processing facilities
 Construction commenced in
2017, underground operations
commenced Q4 2018
 Discoveries of Siriema,
Vermelhos North and East
Zone Conduit have grown
mineral inventory at
Vermelhos
 First documented occurrences
of concentrated nickel
MCSA Mining Complex | Vermelhos Mine Overview

2. 2018 Measured Resource comprised of 3.0 Mt @ 4.12% Cu and 2018 Indicated Resources comprised of 1.5 Mt @ 1.97% Cu. 2021 Measured Resource comprised of 4.4 Mt @ 2.14% Cu and 2021 Indicated
Resources comprised of 11.6 Mt @ 1.01% Cu. ERO COPPER | 20
MCSA Mining Complex | Exploration Success at Vermelhos Mine (2018-2021)
+300 m
000 m
-300 m
N
500 Meters
250
N7-N8
Sombrero & Toboggan
East Zone
Siriema
500 Meters
250
Plan View
500 Meters
250
 Drill programs within the
Vermelhos Mine targeting
 High-grade extensions at depth
 East Zone Conduit
 N7-N8 Connection
 Improved understanding of control
on high-grade mineralization
through underground mapping
Interpreted Structures
155
212
24
151
2018 2021
Measured & Indicated Resource Inferred Resource
4.6 Mt @
3.40% Cu
2.0 Mt @
1.19% Cu
16.0 Mt @
1.32% Cu
17.1 Mt @
0.88% Cu
Vermelhos Mine Resource Growth(1,2)
1. 2018 Measured & Indicated Resources and 2018 Inferred Resources based on the 2018 MCSA Technical Report. 2021 Measured & Indicated Resources and 2021 Inferred Resources
based on the Company’s press release dated January 6, 2022. Please refer to the Appendix for additional information of a scientific or technical nature in respect of the 2021 Mineral
Resources for MCSA Mining Complex.

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MCSA Mining Complex | New Results Beneath Toboggan and Sombrero
Measured/Indicated Resource 2021
Previously Announced Cu Intercept(2)
 Drilling beneath Toboggan and
Sombrero continues to intercept high-
grade zones following enhanced
structural understanding
 Drilling ongoing to further test extent
of identified structural traps
 Using Pilar Mine as analogue to define
and identify controlling features
New Cu Intercept
W
Interpreted Structural Trap
2. Previously announced Cu intercept from the Company’s press release dated June 20, 2019.
1. 2021 Measured & Indicated Resources and 2021 Inferred Resources based on the Company’s press release dated January 6, 2022. Please refer to the Appendix for
additional information of a scientific or technical nature in respect of the 2021 Mineral Resources for MCSA Mining Complex.
Cross-Section (Looking North)
Fold axis
Foliation
FVS-1152 mineralized interval from 71.4m down hole – drilled from Level +120 of the Vermelhos
Mine. Northing: 8970842m, Easting: 396514m

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3 - D O V E R V I E W : V E R M E L H O S M I N E

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Drilling Program Targets Drilling (m)
Shallow (Above -965L) Resource Conversion & Upgrade 9,000
Shallow (Above -965L) Additions 4,600
Total Shallow (Inferred & Indicated) 13,600
Deepening (Below -965L) Resource Conversion & Upgrade 4,000
Total Shallow & Deepening 17,600
2023-2024 Production Plan Definition Drilling 34,000
Total 51,600
Follow-Up on Previously Mined Areas
within Upper Reaches of Pilar Mine (Above
-965L)
Additions TBD
Baraúna North (Crown Pillar) Resource Conversion & Upgrade 2,000
Baraúna South Resource Conversion & Upgrade 6,600
Baraúna South Additions 5,400
Total Baraúna 14,000
Drilling Program Targets Drilling (m)
Highest Value Inferred Resources Resource Conversion & Upgrade 18,500
High-Grade Resources Beneath Toboggan Additions 9,000
Follow-Up on Positive Results and
Understanding of Ore Controls
Additions & Exploration 7,000
Total Shallow & Deepening 34,500
2023-2024 Production Plan Definition Drilling 18,900
Total 53,400
Pilar
Vermelhos
2022
Budget
Opportunities
2022
Budget
Note: Summed totals may not add due to rounding.
 Approximately 100,000
meters of in-mine drilling
is budgeted at the MCSA
Mining Complex in 2022
MCSA Mining Complex | Pilar & Vermelhos: 2022 Drill Program

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M C S A R E G I O N A L E X P L O R A T I O N

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Exploration Sector
Size
(km x km)
Individual
Targets
Paraíso 14 x 5 3
Vermelhos 20 x 8 20
Cacimba da Torre 13 x 10 4
Barro Vermelho 20 x 10 8
Angicos 33 x 3 12
Surubim 15 x 8 17
Pirulito 33 x 2 3
Sertãozinho 17 x 3 7
Arapuá 38 x 4 18
Gêmeos 19 x 5 5
Bela Vista 10 x 6 1
Santa Fé 42 x 4 2
Caraíba 8 x 10 2
Total 102
 2018:
 56 original target areas
based on geophysics and
geochemistry
 2022:
 102 total individual
targets
 36 top priority targets
 13 tested
 23 remain to be
tested
 6 regional targets have
returned promising results
 4 previously
announced
discoveries
 2 new mineralized
systems of interest
MCSA Mining Complex | Regional Exploration: Work Completed To Date

Induced Polarization
785 km survey
2,031 km Survey
Gravity
21,000 km survey
Airborne TMI
High Res. Geology
1,300 km field mapping
Soil Geochemistry
61,500 soil samples
 Data Layers and
Methodology
 Copper showings
 Soil Geochemistry
 Mapping – trenching
 Ground Geophysics IP,
Gravity
 Airborne EM
 Exploration Criteria
 Copper showings
 Positive Cu / Ni Anomaly
 Presence of mafic-
ultramafic rocks
 Detailed structural
mapping
 IP anomaly – presence of
sulphide
 EM anomaly – massive
sulphide
MCSA Mining Complex | Our Approach to Regional Exploration

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Legend
Lineaments W Corridor
Geology Blocks
Cu ppm
82.8 – 108.6 (X + 2s- 2nd Order Anomaly)
108.6 – 2,630.1 (X + 3s - 1st Order Anomaly)
 Pilar and Vermelhos Mines located within
large sulphide systems (2+ km long
footprint)
 Geometries indicate steeply-plunging deposits
with relatively small near-surface footprints
 Mineralization associated with mafic-
ultramafic intrusions located within the
fold limbs and hinges, or at structural
intersections, are key structural traps
 Key is to identify traps within larger systems
with detailed mapping and trenching
 Mineralization occurs as disseminated to
massive sulphide breccia
MCSA Mining Complex | Regional Exploration: What We Have Learned
Lithology
Silcrete
Quartz Vein
Diabase Dyke
Granite
Mafic
Ultramafic

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FS17-01:
39.38m @ 0.59% Cu
from 38.4m to 77.7m
down hole
Northing: 8921097m
Easting: 394718m
Azimuth: 270°
Dip: -48°
Cu Anomalies (ppm)
S8
S7
FS17-01
FS10-04:
35.00m @ 0.56% Cu
from 88.0m to 123.0m
down hole
Northing: 8908254m
Easting: 402599m
Azimuth: 90°
Dip: -56°
FS10-04
Arapuá
(total strike
length of ~55km)
MCSA Mining Complex | Regional Exploration: Advancing New Mineralized Systems
1. Drill holes were drilled from surface. The length of intercept may not represent the true width of mineralization. From, To and Length are rounded to the nearest tenth of a meter.
S17 System
S10 System
Pilar Mine
82.8 – 108.6 (X + 2s- 2nd Order Anomaly)
108.6 – 2,630.1 (X + 3s - 1st Order Anomaly)

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S10
West
Hole ID From (m) To (m) Length (m) Cu (%)
S10 West
CRS10-13 13.0 28.0 15.0 0.25
and 33.0 43.0 10.0 0.30
CRS10-14 8.0 36.0 28.0 0.42
CRS10-15 1.0 35.0 34.0 0.45
CRS10-16 77.0 131.0 54.0 0.50
including 96.0 100.0 4.0 0.97
and 189.0 199.0 10.0 0.23
FS10-04 87.7 133.5 45.8 0.47
including 100.7 113.7 13.0 0.70
and 148.9 152.9 4.0 0.32
and 181.9 200.4 18.5 0.32
FS10-05 84.7 100.6 15.9 0.34
FS10-06 205.8 240.5 34.7 0.35
and 273.2 277.2 4.0 0.70
FS10-07 148.0 156.3 8.3 0.72
including 153.0 156.3 3.3 1.11
FS10-08 178.9 189.5 10.7 0.50
and 203.8 208.1 4.3 0.53
and 212.8 221.0 8.1 0.70
FS10-09 174.3 199.7 25.3 0.41
FS10-10 NSI NSI NSI NSI
FS10-11 77.7 82.1 4.4 0.54
FS10-12 23.1 34.9 11.8 0.48
FS10-13 110.3 158.1 47.8 0.39
FS10-14 10.4 37.0 26.6 0.50
including 23.6 32.2 8.6 0.70
FS10-15 268.7 298.1 29.4 0.46
and 316.6 336.9 20.3 0.40
 Example of regional exploration result at S10 West target, adjacent to Pilar Mine (part of S10 System)
MCSA Mining Complex | Regional Exploration: S10 System
1. NSI indicates no significant intercept, based on a three-meter mining width and a cut-off grade of 0.18% copper for regional exploration programs to demonstrate geological controls, irrespective of depth. Drill holes were drilled from surface.
The length of intercept may not represent the true width of mineralization. Values may not add up due to rounding. From, To and Length are rounded to the nearest tenth of a meter.
Plan View
S10
South*
S10
East*
*Refer to appendix for S10 East and S10 South drill results
S10 System
Pilar
Mine

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 Core objective for 2022: Delineate new
high margin discovery
 Continue testing known mineralized
systems and test at least 5 high-priority
anomalies
 Arapuá Sector (13km to be tested of ~55km
strike length)
 Surubim Sector (6km to be tested of ~15km
strike length)
 Vermelhos Sector (2.5km to be tested of
~20km strike length)
MCSA Mining Complex | 2022 Regional Objectives

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M C S A : T H E N I C K E L O P P O R T U N I T Y

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Dunite
Harzb.
Opxt
Norite
Hzb/Opxt
Dunite
Hzb
Opxt
Norite
Base
Top
Classic Fractionation
Traditional Nickel-Sulphide Deposit
Classic Fractionation
MCSA Mining Complex
Dunite
Hzb
Ol Opxt
Opxt
Websterite
Gabbronorite
Hzb/Opxt
Dunite
Hzb
Opxt
Norite
MCSA Mining Complex | Regional Nickel and PGE Potential
 Traditional Nickel-
bearing rocks identified
in the Curaçá Valley
 Multiple mafic-
ultramafic rock types
suggest classic
fractionation

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22.9m @ 6.30% Cu + 0.44%Ni
FVS-171 (Vermelhos Mine): 158.4 – 181.3m; Opx+Flog+Chr (Ultramafic)-
Cpy+Pn+Po
OPXT-1 OPXT-2 OPXT-3 Qz+plag-4
Pn
Pn
Cpy
Chalcopyrite
Bornite
Toboggan – Level 208
Pentlandite
(Ni rich
Sulphide)
MCSA Mining Complex | Regional Nickel and PGE Potential (cont’d)
*Nickel mineralization model interpreted based on structural
controls and nickel assay values and does not imply continuity
of grade
*
*
FVS-171
Modeled extent of nickel
mineralization within
Vermelhos Mine
Northing: 8970819m
Easting: 396596m
Azimuth: 90°
Dip: -77°

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FCV-79
11.2m @ 0.24% Cu, 0.49% Ni,
0.57 gpt PGE+Au
FCV 79
Ni Targets
 Delineation of Ni-(PGE)
targets based on:
 Geochemical ratios and factor
analysis
 Airborne Electromagnetic
Survey
 Field mapping and trenching
 Initial drilling of 2 targets to
date (Espírito Santo and C25)
 Identified Pyrrhotite-
Pentlandite with anomalous
nickel
 Evaluation ongoing
 Several additional targets
identified
Hole Northing Easting Dip (°) From (m) To (m) Int (m) Cu (%) Ni (%) Pd (g/t) Pt (g/t) Au (g/t) PGE+Au (g/t)
FCV-79 8948430 413350 -64 86.3 97.5 11.2 0.24 0.49 0.25 0.21 0.06 0.57

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100 Meters
50
PGE+Au intercepts beneath Surubim Open Pit
NW
 Analysis of select samples through the Curaçá Valley
have highly anomalous levels of nickel, Platinum
Group Elements (PGEs) and gold
 Three main styles of PGE mineralization observed at
MCSA:
 High-grade copper-nickel-PGEs (this style of mineralization
shows similarities to footwall zones described within the
Sudbury District)
 High-grade PGE low-sulphide content, reef-style
mineralization (this style of mineralization shows similarities
described in PGE deposits, such as the Bushveld Complex,
South Africa and some zones within the Marathon Intrusion,
Canada)
 Copper-palladium rich (this style of mineralization shows
similarities to zones described within the Sudbury District and
Marathon Intrusion)
 In-house PGE analysis
capabilities are now fully operational
 Recently established a
dedicated team focused on
nickel/PGE
Surubim Measured & Indicated Mineral
Resource, Projected Section
Previously Announced PGE
Intercept(1)
1. Previously announced PGE intercept from the Company’s press release dated December 15, 2020.
Cross Section (Looking Northeast)

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3 - D O V E R V I E W : M C S A R E G I O N A L P O T E N T I A L

B O A E S P E R A N Ç A

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 Iron Oxide Copper Gold (“IOCG”) Deposit
in world-class Carajás Mineral District
 Low capital-intensity, high-return,
construction-permitted copper project
located in Para State, Brazil
 Initial 12-year mine life with average annual
production of 35 kt copper over the first five
years of mine life
 Projected IRR of 41.8% and an after-tax NPV
of $380mm(1)
 Fast payback period of 1.4 years(1)
 Significant exploration potential within
existing open pit
 Currently 5 drill rigs on site
 Positive results from Gap Zone exploration
program highlight opportunities to further
improve project
 Construction to commence in Q2 2022
Boa Esperança | Overview of Carajás Copper District
1. Based on consensus copper prices price forecast used in the Boa Esperança Technical Report. Copper prices of $3.80/lb in 2024, $3.95/lb in 2025 and $3.40/lb in 2026 and thereafter, and a BRL:USD exchange rate of
5.00.

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 Drilling efforts to date focused on
improving quality of data for engineering
purposes and testing of the Gap Zone
 2022 Exploration Objectives:
 Support engineering team with geotechnical,
geometallurgical and condemnation drilling
 Further drill testing of the “Gap Zone”
 First pass wide-spaced drill testing for near-
surface targets and high-grade “underground”
extensions of Boa
 Initiate Regional Exploration program
$4.8
$1.2
2022 Exploration Budget
($ million)
Exploration Condemnation
Boa Esperança | Exploration Objectives for 2022

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BSPD-169*
9241175m N
450159m
E
9242243m N
451223m
E
BSPD-170*
200 Meters
100
BSPD-171
BSPD-172*
BSPD-173*
BSPD-174*
BSPD-182*
BSPD-183*
BSPD-192
BSPD-176*
BSPD-177
BSPD-179*
BSPD-185*
BSPD-186
BSPD-190* BSPD-208
BSPD-175*
BSPD-169
BSPD-190
BSPD-175
BSPD-176
BSPD-192
BSPD-171
BSPD-208
BSPD-186
BSPD-170
BSPD-185
BSPD-174
BSPD-182
+300 m
000 m
100 Meters
50
NW
BSPD-172
BSPD-173
BSPD-177
BSPD-179
BSPD-183
Measured and Indicated Resource 2021
New Cu Intercepts
17.2m at 1.87% Cu
12.6m at 1.30% Cu
37.3m at 1.22% Cu
49.6m at 1.15% Cu
155.7m at 1.09% Cu
Underground Potential
(Open to Depth)
Boa Esperança | New Drill Results
1. 2021 Measured & Indicated Resources and 2021 Inferred Resources based on the 2021 Boa
Esperança Technical Report. Please refer to the Appendix for additional information of a scientific or
technical nature in respect of the 2021 Mineral Resources for the Boa Esperança Project.
Cross Section (Looking Northeast) Plan View
*Refer to appendix for full drill results

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3 - D O V E R V I E W : B O A E S P E R A N Ç A

N X G O L D M I N E

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 Shear-hosted quartz vein gold deposit
 Large land position (~117,000ha)
 The NX Gold Mine is a high-grade, low-cost gold
mine and processing facility located in Mato Grosso
State, Brazil
 Ore is processed at the adjacent Nova Xavantina Mill using
a conventional, three-stage crush, flotation and CIL circuit
 Current mine life to 2026 with significant growth opportunity
driven by a highly prospective land package and
underutilized mill
 Recent discoveries of Santo Antonio Vein (2018) and
new Matinha Vein (2021) suggest high potential for
additional discoveries
 Approximately 25% excess mill capacity
NX Gold Mine | Overview

400 Meters
250
8382950m N
340292m
E
8381322m N
338371m
E
MAT43
MAT37
MAT34
MAT33
MAT30
MAT31
SA104A
SA104B
SA108
Mine Level -215
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Plan View Cross Section (Looking South)
E
400 Meters
250
SA108
SA104A
SA104B
MAT33
MAT43
MAT34
MAT31
MAT30
MAT37
+200 m
-200 m
2.8m at 6.97gpt
3.8m at 19.27gpt
6.5m at 19.74gpt
0.9m at 2.58gpt
6.8m at 2.43gpt
2.5m at 5.66gpt
4.8m at 5.91gpt
3.5m at 7.06gpt
2.9m at 59.06gpt
Indicated Resource 2021
Previously Mined
New Gold Intercepts
NX Gold Mine | New Drill Results
1. 2021 Measured & Indicated Resources and 2021 Inferred Resources based on the 2021 NX Gold Mine Technical Report. Please refer to the Appendix for additional
information of a scientific or technical nature in respect of the 2021 Mineral Resources for the NX Gold Mine.

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3 - D O V E R V I E W : N X G O L D M I N E

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S u m m a r y

MCSA Mining
Complex
Boa
Esperanҫa
NX Gold
Mine
Broader Brazil
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Near-Term Medium-Term & Long-Term
Gap Zone Exploration Boa Extensions (incl. Underground)
Carajás District Strategic Opportunities
New Regional Systems (i.e. Arapuá)
In-Mine Exploration Near-Mine Exploration Regional Exploration
Nickel, PGM Focused Exploration Program
Pilar Upper Levels
(Exploration & Engineering)
Past Producing Mines
(Lagoa da Mina & Surubim District)
Vermelhos Mine High-Grade Extensions
Pilar Mine Deepening Extension Growth
Vermelhos District Expansion Strategy
Matinha Vein Extensions
Santo Antonio Vein Extensions
New Regional Discoveries
New Strategic Opportunities
Ero Copper | Exploration Portfolio & Potential Life-of-Mine Impact

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A P P E N D I X

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A P P E N D I X A : M C S A M I N I N G C O M P L E X

1. NSI indicates no significant intercept based on a three meter mining width and cut-off grade of 0.51% copper. Drill holes were drilled from level -30 and level +130 in the Pilar Mine. The length of intercept may not represent the true width of mineralization.
Values may not add up due to rounding. From, to and mineralized intercepts are rounded to the nearest tenth of a meter.
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MCSA Mining Complex | New Exploration Results – P1P2 (cont’d)
FC47183 4.2 7.2 3.0 1.78
and 36.9 46.3 9.3 1.28
and 50.5 92.4 41.9 1.54
including 67.0 80.0 13.0 3.96
FC47187 4.0 9.3 5.3 1.91
and 41.3 54.0 12.7 1.06
and 133.5 137.5 4.0 0.86
FC48193 15.5 18.7 3.1 0.94
and 25.2 31.3 6.1 1.93
and 35.9 67.9 32.0 1.51
including 54.9 57.9 3.0 3.54
and 74.9 77.9 3.0 0.91
FC48195 6.0 9.0 3.0 1.52
and 14.0 17.0 3.0 0.98
and 24.6 39.6 15.0 1.40
including 30.6 33.6 3.0 2.09
and 47.6 53.6 6.0 1.16
and 95.2 100.9 5.7 1.28
FC5195 93.0 131.2 38.2 2.48
including 99.0 111.2 12.2 3.60
and 185.5 198.7 13.2 1.61
including 194.7 199.5 4.9 2.12
and 220.2 227.2 6.9 1.38
and 236.2 244.6 8.4 1.16
FC5196 53.7 59.2 5.5 1.67
and 70.0 112.8 42.8 1.82
including 98.8 103.8 5.0 3.30
and 183.2 220.2 36.9 1.35
including 200.2 206.2 6.0 2.41
and 228.6 243.9 15.3 1.04
including 240.6 243.9 3.3 2.03
As detailed on slide 16. Please refer to slide 51 for collar locations

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MCSA Mining Complex | New Exploration Results – P1P2 (plan view)
100 Meters
50
FC5195
FC5196
FC47183
FC47187
FC48193
FC48195
Level Mine -90
Plan View
As further detailed on slide 16. Please refer to slide 50 for assay results

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MCSA Mining Complex | New Exploration Results – S10
S10 West
CRS10-13 13.0 28.0 15.0 0.25
and 33.0 43.0 10.0 0.30
CRS10-14 8.0 36.0 28.0 0.42
CRS10-15 1.0 35.0 34.0 0.45
CRS10-16 77.0 131.0 54.0 0.50
including 96.0 100.0 4.0 0.97
and 189.0 199.0 10.0 0.23
FS10-04 87.7 133.5 45.8 0.47
including 100.7 113.7 13.0 0.70
and 148.9 152.9 4.0 0.32
and 181.9 200.4 18.5 0.32
FS10-05 84.7 100.6 15.9 0.34
FS10-06 205.8 240.5 34.7 0.35
and 273.2 277.2 4.0 0.70
S10 West (cont’d)
FS10-07 148.0 156.3 8.3 0.72
including 153.0 156.3 3.3 1.11
FS10-08 178.9 189.5 10.7 0.50
and 203.8 208.1 4.3 0.53
and 212.8 221.0 8.1 0.70
FS10-09 174.3 199.7 25.3 0.41
FS10-11 77.7 82.1 4.4 0.54
FS10-12 23.1 34.9 11.8 0.48
FS10-13 110.3 158.1 47.8 0.39
FS10-14 10.4 37.0 26.6 0.50
including 23.6 32.2 8.6 0.70
FS10-15 268.7 298.1 29.4 0.46
including 316.6 336.9 20.3 0.4
1. NSI indicates no significant intercept, based on a three meter mining width and a cut-off grade of 0.18% copper for regional exploration programs to demonstrate geological controls, irrespective of depth. Drill holes were drilled from surface. Holes not
included are either pending assay results or have been included in a different section of this presentation. The length of intercept may not represent the true width of mineralization. Values may not add up due to rounding. From, To and Length are rounded
to the nearest tenth of a meter.
Please refer to slide 28 and 29 for collar locations

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MCSA Mining Complex | New Exploration Results – S10 (cont’d)
S10 East
CRS10-04 0.0 7.0 7.0 0.21
CRS10-06 73.0 78.0 5.0 0.44
and 134.0 137.0 3.0 0.58
CRS10-07 146.0 156.0 10.0 0.40
CRS10-08 53.0 60.0 7.0 0.29
and 65.0 80.0 15.0 0.26
CRS10-10 NSI NSI NSI NSI
CRS10-11 55.0 77.0 22.0 0.33
including 69.0 74.0 5.0 0.66
and 123.0 138.0 15.0 0.21
CRS10-12 137.0 142.0 5.0 0.30
CRS10-17 67.0 87.0 20.0 0.27
including 81.0 86.0 5.0 0.50
CRS10-18 98.0 102.0 4.0 0.31
CRS10-19 48.0 66.0 18.0 0.20
and 83.0 87.0 4.0 0.25
S10 East (cont’d)
FS10-19 163.8 172.8 9.0 0.27
and 187.7 190.9 3.2 0.27
S10 South
CRS10-37 102.0 109.0 7.0 0.35
CRS10-38 81.0 85.0 4.0 0.27
CRS10-39 92.0 102.0 10.0 0.33
CRS10-43 50.0 73.0 23.0 0.42
FS10-20 57.6 96.6 39.0 0.37
FS10-22 59.5 84.5 25.0 0.47
FS10-24 211.4 216.1 4.7 0.30
FS10-25 64.1 75.1 11.0 0.43
FS10-26 56.7 85.6 28.8 0.35
FS10-27 59.4 62.6 3.2 0.25
and 187.8 199.8 12.0 0.31
1. NSI indicates no significant intercept, based on a three meter mining width and a cut-off grade of 0.18% copper for regional exploration programs to demonstrate geological controls, irrespective of depth. Drill holes were
drilled from surface. Holes not included are either pending assay results or have been included in a different section of this presentation. The length of intercept may not represent the true width of mineralization. Values
may not add up due to rounding. From, To and Length are rounded to the nearest tenth of a meter.
Please refer to slide 28 and 29 for collar locations

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Curaçá Valley
Regional Setting | São Francisco Craton
 Archean to Paleoproterozoic blocks
 Paleo- to Meso-Archean (3.5-2.7 Ga) blocks: Gavião, Jequié and
Serrinha
 Neoarchean (2.7-2.6 Ga) arc: Itabuna-Salvador-Curaçá belt
 Metamorphosed/deformed ~2.35-2.09 Ga
 Peak metamorphism (D3) ~2.1 Ga: 850-900oC & >7 kbar (>30
km)
 ~2.09 Ga: Mafic Jacurici complex and Itiuba syenite
 ~2.05 Ga: G3 granites, pegmatites and mafic-ultramafic
intrusions (orthopyroxenites)
1. Source: Teixeira et al., 2010.

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MCSA Mining Complex | Reserves & Resources
Category
Tonnage
(kt)
Grade
(% Cu)
Contained
Cu (kt)
Underground
Proven 9,177 1.49% 137
Probable 20,797 1.42% 296
Proven & Probable Reserves 29,974 1.44% 432
Measured 30,355 1.63% 494
Indicated 39,005 1.33% 520
Measured & Indicated Resources 69,360 1.46% 1,014
Inferred Resources 40,331 1.14% 458
Open Pit
Proven 15,680 0.59% 92
Probable 13,627 0.61% 83
Measured 16,777 0.61% 103
Indicated 18,563 0.56% 105
Measured & Indicated Resources 35,340 0.59% 208
Total
Proven 24,857 0.92% 229
Probable 34,423 1.10% 378
Measured 47,132 1.27% 597
Indicated 57,568 1.08% 624
Measured & Indicated Resources 104,700 1.17% 1,221
Note: Mineral resources shown inclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Additional Information section of this
presentation for relevant technical and scientific information.

ERO COPPER | 56
A P P E N D I X B : B O A E S P E R A N Ç A

1. Mineralized intercepts below cut-off grade of 0.20% copper not reported. Drill holes were drilled from surface using diamond core drill rigs. The length of the intercept may not represent the true width of mineralization. Values may not add up due to rounding.
From, to and mineralized intercepts are rounded to the nearest tenth of a meter.
ERO COPPER | 57
Boa Esperança | New Exploration Results
BSPD-170 42.7 54.7 12.0 0.22
and 68.5 76.0 7.5 0.26
and 85.0 89.5 4.5 0.33
and 107.5 116.5 9.0 0.24
and 260.6 265.1 4.5 0.39
and 324.1 350.4 26.3 0.53
including 342.2 346.8 4.6 1.34
BSPD-171 59.3 215.0 155.7 1.09
including 118.4 130.7 12.3 2.06
also
including 204.1 207.8 3.7 3.63
BSPD-172 31.0 43.0 12.0 0.29
and 48.7 79.9 31.2 1.01
including 59.8 62.9 3.1 3.79
and 118.5 120.3 1.8 1.13
BSPD-173 16.5 20.2 3.7 0.21
and 28.5 38.0 9.5 0.23
and 44.5 50.3 5.8 2.27
including 47.4 49.6 2.2 5.18
and 60.0 67.0 7.0 0.23
and 79.9 121.0 41.1 0.58
including 109.0 118.5 9.5 0.88
and 307.5 318.1 10.6 0.48
and 345.8 349.5 3.7 0.67
BSPD-174 57.0 79.0 22.0 0.60
including 65.4 67.4 2.1 1.87
BSPD-176 35.5 78.3 42.8 0.31
and 119.2 132.7 13.5 0.35
and 137.9 144.1 6.2 0.43
and 201.1 204.4 3.3 0.43
and 394.5 398.0 3.5 0.96
and 403.5 410.5 7.0 0.83
and 419.0 426.5 7.5 0.73
BSPD-177 45.0 48.0 3.0 0.25
and 65.0 77.0 12.0 0.50
and 84.9 88.8 3.9 0.40
including 100.3 103.6 3.3 2.76
and 112.7 162.0 49.3 1.06
including 125.0 130.9 5.9 2.12
and 171.5 221.1 49.6 1.15
including 195.9 206.6 10.7 2.13
and 227.4 231.5 4.2 1.10
and 256.0 259.0 3.0 0.75
and 264.0 267.0 3.0 0.65
and 270.0 278.5 8.5 0.89
and 314.7 318.3 3.6 0.84
Please refer to slide 40 for collar locations

ERO COPPER | 58
Boa Esperança | New Exploration Results (cont’d)
BSPD-179 49.3 85.0 35.7 0.45
including 51.8 55.6 3.8 1.28
and 89.5 94.7 5.2 0.24
and 137.6 140.5 2.9 0.75
and 155.8 158.5 2.6 1.74
and 215.7 238.8 23.1 0.51
including 230.2 237.8 7.7 0.83
and 258.1 262.1 4.0 0.84
and 318.0 342.6 24.6 0.80
including 318.0 323.0 5.0 2.37
BSPD-182 14.0 20.0 6.0 1.18
and 31.0 34.5 3.5 0.46
and 39.5 47.0 7.5 0.36
and 59.5 77.0 17.5 0.25
and 90.7 146.0 55.4 0.55
including 110.7 125.0 14.3 1.17
also
including 110.7 114.1 3.4 3.42
and 161.4 180.3 18.9 0.43
and 188.0 210.5 22.5 0.35
and 256.0 259.1 3.1 1.09
BSPD-183 9.5 18.5 9.0 0.92
and 22.5 26.6 4.1 0.53
and 46.5 52.8 6.3 0.31
and 58.5 70.5 12.0 0.66
and 96.5 112.8 16.3 0.61
including 97.8 101.0 3.3 1.66
and 119.6 128.6 9.0 0.23
and 162.0 168.0 6.0 0.29
and 172.5 179.0 6.5 0.23
and 204.3 207.5 3.2 0.54
BSPD-185 15.0 43.5 28.5 0.56
including 28.5 38.0 9.5 1.11
and 81.2 85.0 3.8 0.29
and 105.5 119.0 13.6 0.53
and 136.7 186.5 49.9 0.39
and 190.0 193.5 3.4 0.38
and 196.1 202.0 5.9 0.85
and 213.2 236.4 23.2 0.55
including 230.4 235.0 4.6 1.25
and 243.0 253.0 10.0 0.41

ERO COPPER | 59
Boa Esperança | New Exploration Results (cont’d)
BSPD-186 118.6 123.8 5.3 1.10
and 173.9 177.0 3.1 0.37
and 248.0 252.0 4.0 1.60
and 270.6 273.2 2.6 2.53
and 312.0 349.3 37.3 1.22
including 313.5 319.2 5.6 2.80
BSPD-190 151.0 154.2 3.2 0.47
and 223.3 227.0 3.8 0.83
and 249.9 256.1 6.3 0.60
BSPD-192 84.2 98.9 14.7 0.37
and 153.9 159.4 5.6 0.53
and 244.5 261.7 17.2 1.87
including 254.9 259.0 4.2 2.60
and 266.9 272.7 5.8 0.83
BSPD-208 96.2 101.0 4.8 0.77
and 108.9 112.0 3.1 0.88
and 212.4 224.9 12.6 1.30
and 328.9 339.6 10.7 1.32
1. Holes BSPD-169 and BSPD-175 were partially released in the press release dated September 28, 2021. Intercepts shown on this slide represent new intercepts that we previously pending results.
Previously Released Holes (new assay results that were previously pending)(1)
BSPD-169 117.9 120.7 2.8 0.8
and 167.0 176.0 9.0 0.5
and 213.5 224.8 11.3 0.8
BSPD-175 105.6 115.3 9.7 0.4
and 211.6 217.1 5.5 0.4

ERO COPPER | 60
Boa Esperanҫa | Reserves & Resources
Category
Tonnage
(kt)
Grade
(% Cu)
Contained Cu
(kt)
Reserves
Boa Esperanҫa Proven 30,674 0.89% 273
Probable 12,378 0.67% 83
Total Proven & Probable 43,052 0.83% 357
Resources (Inclusive of Reserves)
Open Pit - High Grade Measured 7,117 2.16% 154
Indicated 1,661 2.27% 38
Measured & Indicated 8,778 2.18% 191
Inferred 40 2.69% 1
Open Pit - Low Grade Measured 25,476 0.60% 152
Indicated 13,433 0.51% 68
Inferred 514 0.49% 3
Underground - High Grade Measured 0 0.00% 0
Indicated 0 0.00% 0
Measured & Indicated 0 0.00% 0
Inferred 1,354 2.24% 30
Underground - Low Grade Measured 0 0.00% 0
Indicated 0 0.00% 0
Measured & Indicated 0 0.00% 0
Inferred 9,681 0.60% 58
Total
Measured 32,593 0.94% 306
Indicated 15,095 0.70% 106
Inferred 11,590 0.80% 92
Note: Mineral reserves and resources as outlined in the Boa Esperança Technical Report. Mineral resources shown inclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated
economic viability. Please refer to Additional Information section of this presentation for relevant technical and scientific information.

ERO COPPER | 61
A P P E N D I X C : N X G O L D M I N E

1. Drill holes were drilled from surface. The length of intercept may not represent the true width of mineralization and reported intercepts reflect the entire thickness of the vein. Values may not add up due to rounding. From, to and mineralized intercepts are
rounded to the nearest tenth of a meter.
ERO COPPER | 62
NX Gold | New Exploration Results
Hole ID From (m) To (m) Length (m) Au (gpt)
San Antonio Extension to Depth
SA104A 926.6 933.1 6.5 19.74
SA104B 943.0 946.8 3.8 19.27
SA108 655.1 656.0 0.9 2.58
Matinha Upper Vein
MAT30 576.3 581.1 4.8 5.91
MAT31 630.0 633.5 3.5 7.06
MAT33 711.5 718.3 6.8 2.43
including 711.5 712.5 1.0 11.03
MAT34 499.7 502.5 2.8 6.97
MAT37 523.8 526.3 2.5 5.66
MAT43 490.1 493.0 2.9 59.06

ERO COPPER | 63
NX Gold | Reserves & Resources
Tonnage Grade Contained Au
(kt) (gpt Au) (koz)
Reserves
Santo Antonio Vein Probable 958 9.01 277
Matinha Vein Probable 146 6.26 29
Total Probable 1,104 8.64 307
Resources (Inclusive of Reserves)
Santo Antonio Vein Indicated 950 10.56 322
Inferred 248 2.99 24
Matinha Vein Indicated 124 8.55 34
Inferred 310 10.47 104
Other Indicated 7 3.36 1
Inferred 157 4.71 24
Indicated 1,081 10.28 357
Inferred 714 6.61 152
Category
Total
Note: Mineral resources shown inclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Additional Information section of this presentation for relevant technical and scientific
information.

ERO COPPER | 64
A P P E N D I X D : A D D I T I O N A L I N F O R M A T I O N

ERO COPPER | 65
Additional Information
Curaça Valley Mineral Reserves Notes:
1. Effective Date of September 30, 2021.
2. Mineral reserves included within stated mineral resources. All figures have been rounded to reflect the relative accuracy of the estimates. Summed amounts may not add due to rounding.
3. The mineral reserve estimates are prepared in accordance with the CIM Definition Standards for mineral resources and mineral reserves, adopted by the CIM Council on May 10, 2014 (the “CIM Standards”), and the CIM Estimation of
mineral resources and mineral reserves Best Practice Guidelines, using geostatistical and/or classical methods, plus economic and mining parameters appropriate for the deposit. Mineral reserves are based on a long-term copper price
of US$2.75 per pound (“lb”), and a USD:BRL foreign exchange rate of 5.23. Mineral reserves are the economic portion of the measured and indicated mineral resources. Mining dilution and recovery factors vary for specific reserve
sources and are influenced by factors such as deposit type, deposit shape, stope orientation and selected mining method.
4. A low-grade envelope using a cut-off grade of 0.20% copper for underground deposits was used to develop a dilution envelope and development block model that was included to define the grade of blocks within the dilution envelope in
the planning and design of stopes within the mineral resources and mineral reserve estimate.
Curaça Valley Mineral Resources Notes:
2. Mineral resources have been constrained within newly developed 3D lithology models applying a 0.45% and 0.20% copper grade envelope for high and marginal grade, respectively. Within these envelopes, mineral resources for
underground deposits are constrained using varying stope dimensions of up to 20m by 10m by 35m applying a 0.51% copper cut-off grade, as well as a 0.32% copper marginal cut-off grade for underground deposits.
3. A low-grade envelope using a cut-off grade of 0.20% copper for underground deposits was used to develop a dilution envelope and development block model that was included to define the grade of blocks within the dilution envelope
in the planning and design of stopes within the mineral resources and mineral reserve estimate.
4. Mineral resources have been constrained within newly developed 3D lithology models using a 0.21% copper cut-off grade for open pit deposits.
5. Mineral resources estimated by ordinary kriging inside 5m by 5m by 5m blocks.
NX Gold Mineral Reserves Notes:
2. Mineral reserves included within stated mineral resources. All figures have been rounded to the relative accuracy of the estimates. Summed amounts may not add due to rounding.
3. The mineral reserve estimates are prepared in accordance with the CIM Standards and the CIM Guidelines, using geostatistical and/or classical methods, plus economic and mining parameters appropriate for the deposit. Mineral
reserves are based on a long-term gold price of US$1,650 per ounce (“oz”), and a USD:BRL foreign exchange rate of 5.00. Mineral reserves are the economic portion of the Indicated mineral resources. Mineral reserve estimates
include operational dilution of 17.4% plus planned dilution of approximately 8.5% within each stope for room-and-pillar mining areas and operational dilution of 3.2% plus planned dilution of 21.2% for cut-and-fill mining areas. Assumes
mining recovery of 92.5% and 94.7% for room-and-pillar and cut-and-fill areas, respectively. Practical mining shapes (wireframes) are designed using geological wireframes / mineral resource block models as a guide.
NX Gold Mineral Resources Notes:
2. Presented mineral resources inclusive of mineral reserves. Indicated mineral resource totals are undiluted. All figures have been rounded to the relative accuracy of the estimates. Summed amounts may not add due to rounding.
3. Mineral resources are estimated using ordinary kriging within 2.5 meter by 2.5 meter by 0.5 meter block size.
4. Mineral resource are constrained using a minimum stope dimension of 2.0 meters by 2.0 meters by 1.5 meters and a cut-off of 1.90 gpt based on gold price of US$1,900 per ounce of gold.
5. The mineral resource estimates are prepared in accordance with the CIM Standards and the CIM Guidelines, using geostatistical and/or classical methods, plus economic and mining parameters appropriate for the deposit.

ERO COPPER | 66
Additional Information (cont’d)
Boa Esperança Mineral Reserves Notes:
1. Effective Date of August 31, 2021.
2. Stated mineral resources are inclusive of mineral reserves. All figures have been rounded to the relative accuracy of the estimates. Summed amounts may not add due to rounding. High-grade and low-grade mineral resources defined
as greater than or equal to 1.00% copper and less than 1.00% copper, respectively.
3. A 3D geologic model was developed for the Boa Esperança Project. Geologically constrained copper grade shells are developed using a copper cut-off grade of 0.20% and 0.51% for pit constrained and unconstrained mineral
resources, respectively, to generate a 3D mineralization model of the Boa Esperança Project. Within grade shells, mineral resources are estimated using ordinary kriging within a 2.0 meter by 2.0 meter by 4.0 meter block size. Open
pit constrained, unconstrained and marginal cut-off grades are based upon a copper price of US$6,400 per tonne with cost parameters appropriate to the deposit. The mineral resource estimates are prepared in accordance with the
Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10, 2014 (the “CIM Standards”), and the CIM Estimation of Mineral
Resources and Mineral Reserves Best Practice Guidelines, adopted by CIM Council on November 29, 2019 (the ‘CIM Guidelines”), using geostatistical and/or classical methods, plus economic and mining parameters appropriate to
the deposit.
4. Mineral reserve estimates are prepared in accordance with the CIM Standards and the CIM Guidelines, using geostatistical and/or classical methods, plus economic and mining parameters appropriate for the deposit. Mineral reserves
are based on a long-term copper price of US$6,613 per tonne; concentrate grade of 27% copper; average metallurgical recoveries of 91.3%; copper concentrate logistics costs of US$108.20 per wet metric tonne ("wmt"); transport
losses of 0.2%; copper concentrate treatment charges of US$59.50 per dry metric tonne ("dmt"), refining charges of U$0.0595 per pound of copper; copper payability of 96.3%; average mining cost of US$2.47 per tonne mined;
processing cost of US$7.74 per tonne processed and G&A costs of US$3.83 per tonne processed; average pit slope angles that range from 30º for saprolite to 50º for fresh rock and a 2% CFEM government royalty.
5. Mineral reserves are classified according to the CIM Standards and the CIM Guidelines by Mr. Carlos Guzman, RM CMC (0119) and FAusIMM (229036), an employee of NCL Ingenieria y Construcion SpA ("NCL") and an independent
qualified person as such term is defined under NI 43-101. NCL is independent of the Company. Please refer to the Boa Esperança Technical Report for additional technical information.
Boa Esperança Mineral Resources Notes:
1. Effective Date of August 31, 2021.
2. Presented Mineral Resources inclusive of Mineral Reserves. Summed amounts may not add due to rounding. High-grade and low-grade mineral resources defined as greater than or equal to 1.00% copper and less than 1.00% copper,
respectively.
3. A 3D geologic model was developed for the Project. Geologically constrained grade shells were developed using various copper cut-off grades to generate a 3D mineralization model of the Project. Within the grade shells, mineral
resources were estimated using ordinary kriging within a 2.0 meter by 2.0 meter by 4.0 meter block size. Within the optimized resource open pit limits, a cut-off grade of 0.20% copper was applied based upon a copper price of
US$6,400 per tonne, net smelter return ("NSR") of 94.53%, average metallurgical recoveries of 90.7%, mining recovery of 95.0%, dilution of 5.0%, mining costs of US$3.10 per tonne mined run of mine ("ROM"), processing and
transportation costs of US$5.65 per tonne ROM, and G&A costs of US$2.66 per tonne ROM. Unconstrained inferred mineral resources have been stated at a cut-off grade of 0.51% copper with a marginal cut-off grade of 0.32% copper
based upon a copper price of US$6,400 per tonne, NSR of 94.53%, mining recovery of 100%, average metallurgical recoveries of 90.7%, mining costs of US$14.71 per tonne ROM, processing and transportation costs of US$5.70 per
tonne ROM, and G&A costs of US$2.60 per tonne ROM.
4. Block model tonnage and grade estimates for the Project were classified according to the CIM Standards and the CIM Guidelines by Mr. Emerson Ricardo Re, RM CMC (0138) and MAusIMM (CP) (305892), an employee of Ero
Copper Corp. and a qualified person as such term is defined under NI 43-101. Please refer to the Boa Esperança Technical Report for additional technical information.

Suite 1050, 625 Howe Street, Vancouver, BC, V6C 2T6
www.erocopper.com
Investor Inquiries:
Courtney Lynn, VP Corporate Development & Investor Relations
+1.604.335.7504
info@erocopper.com
ERO COPPER | 67

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