Mr. Makko DeFilippo reports

ERO COPPER EXTENDS PRECIOUS METALS PURCHASE ARRANGEMENTS WITH ROYAL GOLD BY US$50 MILLION AT THE XAVANTINA OPERATIONS

In return for upfront proceeds of $50-million, Ero Copper Corp. has extended the June, 2021, precious metals purchase agreement (the original Xavantina stream) with RGLD Gold AG, a wholly owned subsidiary of Royal Gold Inc., under an additional precious metals purchase agreement (the stream supplement) in relation to a portion of future gold production from the Xavantina operations in Mato Grosso, Brazil (all amounts in U.S. dollars, unless otherwise noted).

The stream supplement is incremental to the original Xavantina stream. Under the terms of the stream supplement, Ero has received a further $50-million in proceeds from Royal Gold, bringing total proceeds from Royal Gold under the Xavantina streaming agreements to $160-million since 2021. In exchange, the company has extended the gold delivery threshold milestones under Stage II (as further defined below) and has agreed to expand the area of influence covered by the stream to incorporate additional tenements acquired by the company since the original Xavantina stream was completed. The delivery of additional ounces under the stream supplement is expected to commence in 2028.

"The performance and growth prospects for the Xavantina operations, combined with recent increases in mineral reserves and resources, creates an opportunity to capitalize on what continues to be a significant dislocation of value for the Xavantina operations with a strong strategic partner in Royal Gold," said Makko DeFilippo, president and chief executive officer.

"Proceeds from the stream supplement will support ongoing growth and asset integrity investment programs at the Xavantina operations, which were included in our 2025 capital expenditure guidance. We continue to see significant potential in the Xavantina operations. With the support of Royal Gold, we are focused on positioning the mine for future growth, improved operating performance and long-term value creation."

Key terms of extended Xavantina stream

• Stage I: Royal Gold will continue to receive 25 per cent of gold produced in exchange for cash payments equal to 20 per cent of the prevailing spot gold price for the first 49,000 ounces delivered. Stage I remains unchanged from the original Xavantina stream, with a cumulative 45,177 ounces delivered as of Dec. 31, 2024.
• Stage II: Royal Gold will receive 25 per cent of gold produced in exchange for cash payments equal to 40 per cent of the prevailing spot gold price until a cumulative 160,000 ounces have been delivered.
• Stage III: Following the completion of Stage II, Royal Gold will receive 10 per cent of gold production for the remaining life of mine in exchange for cash payments equal to 40 per cent of the prevailing spot gold price. The terms of Stage III remain unchanged from the original Xavantina stream.

In effect, the stream supplement equates to an additional 40,200 ounces of gold to be delivered to Royal Gold, for which it will make cash payments equal to 40 per cent of the prevailing spot gold price.

All terms and conditions of the original Xavantina stream remain in place. For more information, please see the company's press release dated June 30, 2021.

GenCap Mining Advisory Ltd. acted as financial adviser to the company.

About Ero Copper Corp.

Ero Copper is a high-margin, high-growth copper producer with operations in Brazil and corporate headquarters in Vancouver, B.C. The company's primary asset is a 99.6-per-cent interest in the Brazilian copper mining company, Mineracao Caraiba SA (MCSA), 100-per-cent owner of the company's Caraiba operations, which are located in the Curaca Valley, Bahia state, Brazil, and the Tucuma operation, an open-pit copper mine located in Para state, Brazil. The company also owns 97.6 per cent of NX Gold SA, which owns the Xavantina operations, an operating gold and silver mine located in Mato Grosso state, Brazil. In July, 2024, the company signed a definitive earn-in agreement with Vale Base Metals for a 60-per-cent interest in the Furnas copper-gold project, located in the Carajas mineral province in Para state, Brazil. For more information on the earn-in agreement, please see the company's press releases dated Oct. 30, 2023, and July 22, 2024.

Additional information on the company and its operations, including technical reports on the Caraiba operations, the Xavantina operations, the Tucuma operation and the Furnas copper-gold project, can be found on the company's website, on SEDAR+ and on EDGAR. The company's shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol ERO.

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