Ero Copper is a Vancouver-based copper and gold mining company with all operations in Brazil. Copper is the core business — Ero mines ore at its Brazilian operations, processes it into copper concentrate, and sells that concentrate to traders and smelters globally. Ero does not have its own smelting capacity. Ero's primary asset is the Caraíba Operations in Bahia State, a set of underground and open pit mines feeding a centralized mill that has been operating since 2016. Ero's second copper asset is the Tucumã Operation in Pará State, a new open pit mine that achieved commercial production in mid-2025. In addition to copper, Ero operates the Xavantina Operations in Mato Grosso State, a smaller underground gold mine that produces gold doré. Profitability is driven primarily by the copper price, production volumes, and C1 cash costs (direct mining, processing, and transport costs, net of by-product credits). Because Ero's costs are largely in Brazilian reais but revenues are in USD, BRL depreciation expands margins. Near-term growth priorities include ramping Tucumã to full capacity and deepening the Pilar Mine at Caraíba to access higher-grade ore from 2027. Ero's primary long-term growth initiative is the Furnas Project, an early-stage copper-gold development in the Carajás Mineral Province, where Ero is earning into a 60% interest via an agreement with Vale Base Metals.