Ero Copper Corp. Investor Day 2026

Welcome, everybody. Thank you for joining us this afternoon. I'm very excited to be hosting what is our first official Capital Markets Day here in São Paulo. We have an exciting week ahead. We're starting here in São Paulo with this event, our Capital Markets Day, and then throughout the week, many of you will be joining us across our operations to see the transformation that's taking place at Ero Copper. I think just to start quickly on what I see as the four main themes from today's presentation and as we transition the week at operations. Number 1, transformation. I have a lot of our leadership team here from around the world to talk about the transformation that's happening in people, culture, and our operations, and something that we call One Ero. We'll talk a little bit about what that means all throughout this week.

The second is the performance against our stated objectives back in 2025. I'm incredibly proud of the work that our teams are doing, particularly around deleveraging, and Wayne will speak to that in more detail. The third thing is the quality of our operating portfolio and some of the technology that we're implementing across all of our assets to improve safety and improve performance. Gelson will speak to that in more detail. Last, but certainly not least, and I don't want to steal too much of Mike's thunder, we'll be talking about the portfolio that we've put together at Ero that includes development asset, producing mines, development assets in a variety of early-stage exploration opportunities that complements what I think is a portfolio that's going to continue to create shareholder value for a long period of time to come. Just quickly, we're here in São Paulo.

We had the option, thank you, as a company to host this event anywhere in the world, and we chose São Paulo for a couple of different reasons. Number 1, our Brazilian heritage, clearly. It's convenient for starting an analyst tour here. More fundamentally, I think there's few places in the world today where you have such a strong intersection of public equity markets, venture capital, particularly around technology, and also in Brazil, a big push on critical minerals. All those things are important to Ero, and we'll explain why that is as we go forward here. Some of these statistics might be more familiar to those in this room, but for those of you who are dialing in, a couple of quick interesting facts about São Paulo. São Paulo features Latin America's largest exchange, over $1 trillion of combined market cap.

It's home to more than 12,000 startup companies that last year raised over $5 billion in venture capital, primarily in forward-facing technologies like artificial intelligence and automation. Last but not least, talking about critical minerals. IBRAM, the National Mining Agency of Brazil, anticipates that over the next 5 years, there'll be $80 billion invested in Brazil in mining projects, 20 billion of which will be critical minerals projects. You have all these things happening in São Paulo, and that's why you're here today. Again, thank you for joining. Very excited about today and this week. Starting quickly here with disclaimer language. Everyone on the stage will for sure be making forward-looking statements. Please, this is posted on our website. Please read those forward-looking statements when you have the opportunity. The agenda for today, again, starting with myself to provide some context on today's events.

We'll continue with Gelson, who will walk through some of the operations. We'll talk a little about Furnas as well. Gelson will speak to Furnas and some of the progress we're making there. Mike will talk about some of the exciting things that are happening in the exploration side of our portfolio, as I said, building out a really strong portfolio of assets all throughout Brazil. Wayne will talk about our financial performance. Then myself, Eduardo, and Courtney will talk a little bit about Brazil and what's happening here. A very topical time to be talking about critical minerals and obviously politics as well. In addition to the speakers, I just want to acknowledge that we have quite a few members of our global leadership team here today. Their names are listed here. You have the opportunity to meet them. They're in the front row.

Please, after or during the coffee break, introduce. We've been able to attract some incredible talent to our organization, really build out what I see as the future building blocks for our company, and you'll have the opportunity to talk to them in more detail. Getting going here. I think what makes Ero particularly unique in today's environment, we have a history of unlocking value. If you go back to 2016, I was the first employee at Ero Copper in those days when it was just a few of us, and we've been able to build out a portfolio of operating mines, development projects, executing on our organic growth strategy. We also put in place an action plan to really accelerate the growth of our company.

These were conversations that started back in 2020 and 2021 about working with Vale at that time, now Vale Base Metals, to start on a combined work on a project we call Furnas. Really, when you look at our performance since 2017 in terms of copper growth, we see a very clear pathway today to grow the company to more than 150,000 tonnes of copper equivalent production. We're very excited about that. I think today's presentation this week is about showcasing the work that we've done and the work that we are doing to realize that value for our shareholders and for our stakeholders.

I think one of the things that's also important to keep in mind, again, one of the things that I'm extremely proud of and that we've worked really hard to do, is throughout the execution of that organic growth strategy, is really protect our share count and the shares outstanding. What that's translated to is obviously a lot of production growth, but also revenue growth and resource growth on a relatively stable share count outstanding. We've really protected our shareholders, and created value while doing that. Obviously, that's reflected in the value that you see in the company today. When I think about culture, and this is something that we will talk a lot about, and we talked a little bit about on our Q2 conference call, is the around One Ero.

Aligning standards, processes, people, operating philosophy across all of our sites, all of our offices. This comes down to behaviors, processes, and capabilities. Fundamentally, driven by a focus on a relentless commitment to safety and a relentless commitment to continuous improvement. I am going to show a video here that we produced internally back in 2025, when we talked about OneEro for the first time, so that all of you can see the work that went into the transformation that you will see throughout this week.

[Foreign language] A Ero é uma das principais produtoras de cobre e ouro do Brasil. Fazemos parte de um grupo global com sede no Canadá e com operações no Brasil. Nossas duas operações de cobre incluem Caraíba, localizada no estado da Bahia, e Tucumã, no estado do Pará. Nosso terceiro ativo em operação é a mina de ouro de Xavantina, localizada no Mato Grosso. Uma parte importante da nossa estratégia de crescimento aproveita nossa expertise em exploração, visando a extensão da vida útil das minas já existentes e o avanço de projetos em estágio de exploração no Brasil, incluindo o Projeto Furnas, no estado do Pará. Na Ero, somos movidos por um compromisso comum, que nos conecta e inspira: a visão OneEro. Ela nos guia a agir com cuidado e absoluto respeito à segurança individual e coletiva.

[Foreign language] Em todas as nossas operações, a missão é clara: produzir de forma responsável os minerais essenciais para um futuro melhor. Na Ero, a segurança da nossa força de trabalho e das comunidades é a nossa maior prioridade. Para nós, produção e resultados operacionais só são satisfatórios quando todos voltam para casa em segurança ao fim do dia. É mais que um protocolo, é um compromisso com a vida. Nós nos importamos profundamente com o bem-estar das pessoas e comunidades, porque sabemos que cuidar uns dos outros é um dos nossos maiores valores. Além do cuidado, valorizamos e cultivamos a coragem. Temos coragem para inovar, evoluir e enfrentar os desafios que estão por vir. Temos coragem para desafiar o status quo, abraçar a inovação e buscar a melhoria contínua em todas as áreas do nosso negócio.

[Foreign language] No coração do OneEro está a honestidade, e esse é um compromisso que vivemos todos os dias. Acolhemos feedbacks oportunos, diretos e construtivos. Valorizamos conversas corajosas que colocam a empresa acima do indivíduo. Fortalecemos a confiança e encorajamos o diálogo aberto e respeitoso. Na Ero, temos o compromisso de compartilhar informações de forma transparente e verdadeira. Valorizamos também a colaboração, porque sabemos que somos mais fortes como um só time. O verdadeiro progresso acontece quando nossas unidades trabalham juntas, integrando forças para transformar a forma como operamos. Através da visão OneEro, a cooperação com nossos parceiros e comunidades nos impulsiona a ir mais longe a cada dia. Com cuidado, coragem, honestidade e colaboração, buscamos a excelência em tudo o que fazemos. Nossa missão é entregar alta performance, tornando-nos cada vez mais competitivos e eficientes.

[Foreign language] Nós somos a Ero, uma empresa que une nossas operações no Brasil com expertise global. Juntos, estamos crescendo mais fortes a cada dia, construindo um legado que nos aproxima diariamente do nosso objetivo de nos tornarmos a melhor empresa de mineração do país. Uma empresa, uma visão, uma Ero.

Obrigado. More than just a cultural experiment, this philosophy around integrating our operations for safety and performance has led to some really incredible things that we talked about on our Q2 conference call. Starting out, as you saw in the video, extreme focus on health and safety. Gelson will speak to some of the transformation that happened across our organization the last 18 months to 2 years, culminating in 2025, one of the lowest LTIFRs that we've had at Ero.