Ero Copper Announces Initial NI 43-101 Mineral Resource Estimate for the Furnas

VANCOUVER, British Columbia, Oct. 02, 2024 (GLOBE NEWSWIRE) — Ero Copper Corp. (TSX: ERO, NYSE: ERO) (“Ero” or the “Company”) is pleased to announce an initial National Instrument 43-101 (“NI 43-101”) compliant mineral resource estimate for the Furnas Copper-Gold Project (“Furnas” or the “Project”), located in the Carajás Mineral Province (“Carajás”) in Pará State, Brazil.

The initial mineral resource estimate highlights significant potential for the Project. At a 1.00% copper equivalent (“CuEq”) cut-off grade, the mineral resource estimate, effective June 30, 2024, totals:

• Indicated Mineral Resource: 35.2 million tonnes grading 1.04% copper and 0.69 grams per tonne (“gpt”) gold (1.36% CuEq¹), containing an estimated 364,700 tonnes of copper and 775,300 ounces of gold

• Inferred Mineral Resource: 61.3 million tonnes grading 1.06% copper and 0.63 gpt gold (1.36% CuEq¹), containing an estimated 647,400 tonnes of copper and 1,235,600 ounces of gold

This estimate is supported by more than 90,000 meters of historic drilling on the Project, conducted by Vale S.A. and Anglo American plc, as well as a resampling and database validation program undertaken by the Company.

“We are extremely pleased with this initial mineral resource estimate for Furnas. It provides a solid foundation upon which we can focus, over the coming months, on unlocking further potential,” said David Strang, Chief Executive Officer. “Our Phase 1 drill program will target two key objectives: improving the definition of high-grade zones through infill drilling and extending known mineralization within these zones beyond the historically drilled depth of approximately 300 vertical meters from surface.

“Furnas presents a tremendous opportunity to define a major copper-gold mineral resource capable of supporting a large-scale underground mine. Our experience in underground mining in Brazil, coupled with the successful construction of our new Tucumã mine and processing plant in the Carajás, positions us well to advance this Project.

“Together with our partners at Vale Base Metals, we are committed to progressing Furnas in a manner that delivers sustainable benefits for all stakeholders and reinforces Brazil’s position as a global leader in the responsible, low-carbon production of critical minerals.”

^{1. CuEq grade calculated as Cu grade + (Au grade x 0.03215 x ($1,900 gold price x 61.50% gold metallurgical recovery / (0.01 x $9,259/tonne copper price x 85.00% copper metallurgical recovery)).}

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MINERAL RESOURCE ESTIMATE AND CUT-OFF GRADE SENSITIVITY

<sup>Note: The Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards (2014) were used for reporting Mineral Resources, which are effective as at June 30, 2024 and presented on a 100% ownership basis. All figures have been rounded to reflect the relative accuracy of the estimates. Summed amounts may not add due to rounding. Mineral resources that are not mineral reserves do not have a demonstrated economic viability. See “Notes on Mineral Resources” below for additional technical and scientific information.
1. CuEq grade calculated as Cu grade + (Au grade x 0.03215 x ($1,900 gold price x 61.50% gold metallurgical recovery / (0.01 x $9,259/tonne copper price x 85.00% copper metallurgical recovery)).</sup>

In September 2024, the Company received drilling permits from the Pará State environmental agency, allowing for the commencement of the Phase 1 drill program in October 2024. This minimum 28,000-meter program will focus on two identified high-grade zones – the NW and SE Zones – within the broader deposit. The program is designed to support a preliminary economic assessment on the Project. The drill plan comprises:

• Infill drilling to upgrade inferred mineral resources and increase continuity of the high- grade zones

• Extensional drilling to depth, where limited prior drilling suggests increasing grade and thickness

FURNAS COPPER-GOLD PROJECT DETAILS AND EARN-IN AGREEMENT

Furnas is an iron oxide copper-gold deposit located approximately 50 kilometers southeast of Vale Base Metal’s (“VBM”) Salobo operations and approximately 190 kilometers northeast of Ero’s Tucumã Operations. Covering an area of approximately 2,400 hectares, the Project sits within fifteen kilometers of…