VANCOUVER, British Columbia, March 05, 2026 (GLOBE NEWSWIRE) -- Ero Copper Corp. (TSX:ERO, NYSE:ERO) ("Ero" or the "Company") is pleased to announce its operating and financial results for the three and twelve months ended December 31, 2025. Management will host a conference call tomorrow, Friday, March 6, 2026, at 11:30 a.m. Eastern time to discuss the results. Dial-in details for the call can be found near the end of this press release.
HIGHLIGHTS
Consolidated Q4 copper production was a record 19,706 tonnes in concentrate, bringing full-year production to 64,307 tonnes. Consolidated copper C1 cash costs(1) for the quarter and year were $2.03 and $2.06, respectively, per pound produced.
Quarterly gold production totaled 13,837 ounces at a C1 cash cost(1) and All-in Sustaining Cost ("AISC")(1) of $766 and $1,702 per ounce, respectively. Full-year gold production was 37,291 ounces at a C1 cash cost(1) and AISC(1) of $976 and $2,082 per ounce, respectively.
During Q4, 14,999 ounces of gold in concentrates were shipped from the Xavantina Operations, bringing total gold , including gold from mining and processing operations as well as from gold concentrate shipments from Xavantina to 28,836 ounces for the quarter and 52,290 ounces for the full year.
Strong operating performance and sequential execution of portfolio-wide initiatives, including the commencement of gold concentrate sales, paired with strong copper and gold prices drove record Q4 and full-year financial results.
Cash flow from operations for the quarter and year were $129.1 million and $395.1 million, respectively, with full-year cash flow from operations increasing $249.7 million, or 171.7%, compared to 2024.
Q4 and full-year adjusted EBITDA(1) were $186.7 million and $409.7 million, respectively, with full-year adjusted EBITDA(1) up nearly 90% year-on-year.
Net income attributable to the owners of the Company was $77.0 million ($0.74 per share on a diluted basis) for the quarter and $263.7 million ($2.53 per share on a diluted basis) for the year.
Adjusted net income attributable to the owners of the Company(1) for the quarter and year were $108.4 million ($1.04 per share on a diluted basis) and $220.4 million ($2.12 per share on a diluted basis), respectively.
(1)
These are non-IFRS measures and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company's discussion of Non-IFRS measures in its Management's Discussion and Analysis for the year ended December 31, 2025 and the Reconciliation of Non-IFRS Measures section at the end of this press release.
Available liquidity(1) at year-end was $150.4 million, including $105.4 million in cash and cash equivalents and $45.0 million of undrawn availability under the Company's senior secured revolving credit facility ("Senior Credit Facility"), representing an increase of nearly $40 million quarter-on-quarter.
The Company's net debt leverage ratio(2) strengthened significantly to 1.2x(2) from 2.6x(2) at the end of 2024, reflecting a $50.1 million decrease in net debt and a $193.5 million increase in adjusted EBITDA(1) year-on-year.
The Company is reaffirming its 2026 production, operating cost and capital expenditure guidance.
Consolidated copper production is projected to be weighted toward H2 2026, driven by mine sequencing and higher expected plant throughput at both the Caraíba and Tucumã Operations.
Gold production is expected to be lowest in Q1 as the Xavantina Operations advances new development headings into the Santo Antonio vein and completes new ventilation circuit integration and upgrades. Full-year gold production is expected to be weighted toward H2 2026. Gold concentrate sales volumes are similarly expected to be lowest in Q1 due to seasonal rainfall impacting drying capacity, with higher volumes projected from Q2 onward as dryer seasonal conditions return.
Subsequent to year-end, the Company announced the results of a preliminary economic assessment ("PEA") for the Furnas Copper-Gold Project ("Furnas"), outlining the potential for a large-scale, long-life operation with strong economics across a wide range of commodity prices.
"We are pleased with our operating trajectory and performance in the fourth quarter, which delivered record quarterly copper production as well as the first tangible benefits of record quarterly gold from the Xavantina Operations following the commencement of our gold concentrate program in Q4," said Makko DeFilippo, President and Chief Executive Officer. "The investments we made across our operations in 2025 translated into higher copper and gold production, stronger cash generation and an improved balance sheet through year-end.
"As we enter 2026, we are building on the momentum established in 2025. The announcement of our inaugural PEA on Furnas in February clearly illustrates its relative positioning as a cornerstone asset in our long-term growth strategy. At the same time, we are completing or advancing various initiatives across our operating portfolio focused on strengthening operating margins and continued growth."
(1)
These are non-IFRS measures and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company's discussion of Non-IFRS measures in its Management's Discussion and Analysis for the year ended December 31, 2025 and the Reconciliation of Non-IFRS Measures section at the end of this press release.
(2)
The Company's net debt leverage ratio as of December 31, 2025 was calculated as net debt of $501.7 million divided by full-year adjusted EBITDA of $409.7 million, equaling 1.2x. The net debt leverage ratio as of December 31, 2024 was 2.6x (net debt of $551.8 million divided by full-year adjusted EBITDA of $216.2 million).
(3)
For additional details, please refer to the Company's press release dated February 23, 2026.
FOURTH QUARTER AND FULL YEAR 2025 REVIEW
The Caraíba Operations
The Caraíba Operations delivered its strongest production quarter of the year, with copper production totaling 10,431 tonnes of copper in concentrate at C1 cash costs(1) of $2.27 per pound, bringing full-year copper production to 36,035 tonnes at C1 cash costs(1) of $2.22 per pound.
Processed volumes reached a record of nearly 1.2 million tonnes during the quarter, a 17.9% increase compared to Q3 2025, following a successful multi-quarter plant debottlenecking initiative. This helped to offset the impact of lower-than-planned mined and processed grades, as well as unplanned downtime in the crushing circuit that occurred late in the year.
The Tucumã Operation
The Tucumã Operation delivered a strong quarter, producing 9,275 tonnes of copper in concentrate at C1 Cash Costs(1) of $1.75 per pound. Full-year production reached 28,272 tonnes, including 16,854 tonnes following the declaration of commercial production effective July 1, 2025 at C1 Cash Costs(1) of $1.69 per pound.
Higher grades and the continued ramp-up of the plant drove quarterly performance, offsetting the impact of extended downtime in December, which was related to the pull-forward of planned Q1 2026 maintenance for the early replacement of mill liners due to quality issues associated with the original equipment manufacturer.
The Xavantina Operations
The Xavantina Operations posted its strongest quarter of the year, producing 13,837 ounces of gold at C1 cash costs(1) and AISC(1) of $766 and $1,702 per ounce, respectively. For the full year, production totaled 37,291 at C1 cash costs(1) of $976 per ounce and AISC(1) of $2,082 per ounce.
Quarterly production increased 52.5% compared to Q3 2025 and more than 100% compared to Q1 2025, driven by higher processed grades and mill throughput, reflecting the transition to mechanized mining, a milestone that is expected to support higher development and mining rates going forward.
The successful completion of a year-long value-creation initiative culminated in 14,999 ounces of gold shipped in concentrates during Q4 2025, including 12,754 ounces sold and 2,245 ounces deliverable under the Xavantina Gold Stream. As a result, gold from Xavantina, including gold from mining and processing operations as well as from concentrate shipments, totaled 28,836 ounces for the quarter and 52,290 ounces for the full year.
(1)
These are non-IFRS measures and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company's discussion of Non-IFRS measures in its Management's Discussion and Analysis for the year ended December 31, 2025 and the Reconciliation of Non-IFRS Measures section at the end of this press release.
OPERATING HIGHLIGHTS
2025 - Q4
2025 - Q3
2024 - Q4
2025
2024
Copper (Caraíba Operations)
Ore Mined (tonnes)
1,225,017
1,018,972
713,980
3,732,992
3,274,410
Ore Processed (tonnes)
1,174,732
996,661
719,942
3,656,240
3,431,294
Grade (% Cu)
1.00
1.01
1.30
1.09
1.14
Recovery (%)
88.7
90.4
91.8
90.0
90.6
Cu Production (tonnes)
10,431
9,085
8,566
36,035
35,444
Cu Production (000 lbs)
22,995
20,030
18,883
79,443
78,140
Cu Sold in Concentrate (tonnes)
10,404
9,080
8,420
35,820
36,557
Cu Sold in Concentrate (000 lbs)
22,938
20,017
18,563
78,969
80,594
Cu C1 cash cost(1)
$
2.27
$
2.32
$
1.85
$
2.22
$
1.97
Copper (Tucumã Operation)
Ore Mined (tonnes)
1,199,067
1,333,748
1,065,108
3,659,917
1,932,423
Ore Processed (tonnes)
517,246
575,041
223,013
1,805,300
333,791
Grade (% Cu)
1.93
1.51
2.17
1.79
1.78
Recovery (%)
90.5
89.2
89.10
88.7
86.60
Cu Production (tonnes)
9,275
7,579
4,317
28,272
5,156
Cu Production (000 lbs)
20,449
16,707
9,516
62,329
11,366
Cu Sold in Concentrate (tonnes)
9,729
6,622
3,750
27,487
4,107
Cu Sold in Concentrate (000 lbs)
21,450
14,598
8,268
60,598
9,055
Cu C1 cash cost(1)(2)
$
1.75
$
1.62
$
—
$
1.69
$
—
Gold (Xavantina Operations)
Ore Mined (tonnes)
55,655
50,268
26,119
176,980
146,160
Ore Processed (tonnes)
53,256
47,865
26,120
172,178
146,161
Grade (g / tonne)
9.98
8.15
11.18
8.24
13.37
Recovery (%)
79.6
78.4
92.8
82.8
92.0
Au Production (oz)
13,837
9,073
8,936
37,291
57,210
Au Sold (oz)
13,401
8,439
11,106
35,950
60,195
Gold Sold in Concentrate (oz)(3)
12,754
—
—
12,754
—
Au C1 cash cost(1)
$
766
$
1,086
$
744
$
976
$
493
Au AISC(1)
$
1,702
$
2,425
$
1,691
$
2,082
$
1,006
(1)
Please refer to the Company's discussion of Non-IFRS measures in its Management's Discussion and Analysis for the year ended December 31, 2025 and the Reconciliation of Non-IFRS Measures section at the end of this press release
(2)
The Company declared commercial production at the Tucumã Operation effective July 1, 2025. As such, YTD 2025 copper C1 cash cost for the Tucumã Operation reflects costs from Q3 2025 onward only. Total YTD 2025 copper C1 cash costs include the Caraíba Operations' YTD costs and Tucumã Operation's costs from Q3 2025 onwards.
(3)
Gold Sold in Concentrate includes 14,999 ounces of gold shipped to customer, net of 2,245 ounces deliverable to Royal Gold under the Xavantina Gold Stream.
FINANCIAL HIGHLIGHTS
($ in millions, except per share amounts)
2025 - Q4
2025 - Q3
2024 - Q4
2025
2024
Revenues
$
320.2
$
177.1
$
122.5
$
785.8
$
470.3
Gross profit
164.4
57.4
52.4
344.6
180.6
EBITDA(1)
151.8
90.8
(31.4
)
474.6
24.8
Adjusted EBITDA(1)
186.7
77.1
59.1
409.7
216.2
Cash flow from operations
129.1
110.3
60.8
395.1
145.4
Net income (loss)
78.7
36.5
(48.9
)
266.9
(67.8
)
Net income (loss) attributable to owners of the Company
77.0
36.0
(48.9
)
263.7
(68.5
)
Per share (basic)
0.74
0.35
(0.47
)
2.54
(0.66
)
Per share (diluted)
0.74
0.35
(0.47
)
2.53
(0.66
)
Adjusted net income attributable to owners of the Company(1)
108.4
27.9
17.4
220.4
80.4
Per share (basic)
1.04
0.27
0.17
2.13
0.78
Per share (diluted)
1.04
0.27
0.17
2.12
0.78
Cash, cash equivalents, and short-term investments
105.4
66.3
50.4
105.4
50.4
Working capital (deficit)(1)
15.5
(45.2
)
(69.9
)
15.5
(69.9
)
Net debt(1)
501.7
545.5
551.8
501.7
551.8
(1)
Please refer to the Company's discussion of Non-IFRS measures in its Management's Discussion and Analysis for the year ended December 31, 2025 and the Reconciliation of Non-IFRS Measures section at the end of this press release.
2026 PRODUCTION AND COST 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 results. Guidance reflects higher sustained plant throughput and lower planned grades at both the Caraíba and Tucumã Operations. Consolidated copper production is expected to be weighed towards H2 2026 due to mine sequencing and higher plant throughput expected throughout the year.
Consequently, consolidated copper C1 cash costs(1), which are expected to range between $2.15 to $2.35 per pound of copper produced for the year, are projected to be higher in H1 2026 and decrease in H2 2026.
At the Xavantina Operations, gold production from mining and processing operations is expected to total 40,000 to 50,000 ounces, reflecting higher total mined and processed volumes with grades returning to long-term block model averages. Gold production is expected to be lowest in Q1 2026 as the mine advances new mechanized development headings in the Santo Antônio orebody and integrates new ventilation circuit upgrades, with full-year production expected to be weighted toward H2 2026.
Full-year 2026 gold C1 cash cost(1) guidance is $1,000 to $1,250 per ounce, with AISC(1) guidance of $2,000 to $2,500 per ounce. Gold unit costs are expected to be highest in Q1 2026 due to lower production volumes, before declining over the remaining quarters as throughput increases. Similarly, gold concentrate sales volumes are expected to be lowest in Q1 due to seasonal rainfall affecting drying times with higher volumes projected in Q2 and into H2 2026 with dryer seasonal conditions.
Consolidated Copper Production (tonnes)
Caraíba Operations
35,000 - 40,000
Tucumã Operation
32,500 - 37,500
Total Copper
67,500 - 77,500
Consolidated Copper C1 Cash Cost(1)
Caraíba Operations
$2.30 - $2.50
Tucumã Operation
$1.95 - $2.15
Consolidated Copper Operations
$2.15 - $2.35
The Xavantina Operations
Au Production (ounces)
40,000 - 50,000
Gold C1 Cash Cost(1)($/oz)
$1,000 - $1,250
Gold AISC(1)($/oz)
$2,000 - $2,500
Note:
Guidance is based on estimates and assumptions including, but not limited to, mineral 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)
Please refer to the section titled "Alternative Performance (Non-IFRS) Measures" within this Press Release.
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.
Figures presented in the table below are in USD millions.
Caraíba Operations
$170 - $185
Tucumã Operation
$35 - $45
Xavantina Operations
$40 - $50
Furnas Copper-Gold Project, Other Exploration & Corporate
$30 - $40
Total
$275 - $320
Note:
Guidance is based on certain estimates and assumptions, including but not limited to, mineral reserve estimates, grade and continuity of interpreted geological formations and metallurgical performance. Please refer to the Company's most recent AIF and Management of Risks and Uncertainties in the MD&A for complete risk factors.
CONFERENCE CALL DETAILS
The Company will hold a conference call on Friday, March 6, 2026 at 11:30 am Eastern time (8:30 am Pacific time) to discuss these results. A results presentation will be available for download via the webcast link and in the Presentations section of the Company's website on the day of the conference call.
Date:
Friday, March 6, 2026
Time:
11:30 am Eastern time (8:30 am Pacific time)
Dial in:
Canada/USA Toll Free: 1-833-752-3380International: +1-647-846-2821Please dial in 5-10 minutes prior to the start of the call or pre-register using this link to bypass the live operator queue.(https://dpregister.com/sreg/10205922/1031835bf76)
Webcast:
To access the webcast, click here.(https://event.choruscall.com/mediaframe/webcast.html?webcastid=ox0mgvwd)
Replay:
Canada/USA: 1-855-669-9658, International: +1-412-317-0088 For country-specific dial-in numbers, click here.(https://services.choruscall.com/ccforms/replay.html)
Replay Passcode:
2120737
Reconciliation of Non-IFRS Measures
Financial results of the Company are presented in accordance with IFRS. The Company utilizes certain alternative performance (non-IFRS) measures to monitor its performance, including copper C1 cash cost, gold C1 cash cost, gold AISC, EBITDA, adjusted EBITDA, adjusted net income attributable to owners of the Company, adjusted net income per share, net (cash) debt, working capital and available liquidity. These performance measures have no standardized meaning prescribed within generally accepted accounting principles under IFRS and, therefore, amounts presented may not be comparable to similar measures presented by other mining companies. These non-IFRS measures are intended to provide supplemental information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
For additional details please refer to the Company's discussion of non-IFRS and other performance measures in its Management's Discussion and Analysis for the year ended December 31, 2025 which is available on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov.
Copper C1 cash cost
The following table provides a reconciliation of copper C1 cash cost to cost of production, its most directly comparable IFRS measure.
The Caraíba Operations
Reconciliation:
2025 - Q4
2025 - Q3
2024 - Q4
2025
2024
Cost of production
$
55,895
$
50,261
$
33,685
$
188,765
$
158,006
Add (less):
Transportation costs & other
1,904
1,731
1,149
6,749
4,967
Treatment, refining, and other
3,328
2,508
