The following is a summary of the Ero Copper Corp. (ERO) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Ero Copper reported adjusted EBITDA of $62.2 million and adjusted net income attributable to owners of $27.6 million, or $0.27 per share, in Q3 2024 primarily due to lower unit costs at Caraiba and higher gold prices at Xavantina.

• C1 cash costs decreased at Caraiba by 24.5% to $1.63 per pound of copper.

• Total balance sheet liquidity was reported at $125.2 million at quarter end.

• Revised full-year copper production guidance for Tucama to 8,000 to 11,000 tonnes due to power issues.

Business Progress:

• Completed construction at Tucumã and achieved the first production of salable copper concentrate.

• Began Phase 1 of the 28,000-meter drill program at the Furnas Project.

• Entered into a definitive earnings agreement with Vale Base Metals for the Furnas Copper-Gold Project.

Opportunities:

• The definitive earning agreement with Vale Base Metals presents a partnership opportunity, advancing the Furnas project towards a final investment decision.

• Adjustments in global gold prices enabled beneficial refining and treatment terms, improving operating profitability.

Risks:

• Encountered power supply issues at the Tucuma site, leading to lower than planned mill throughput and copper production.

• Faced operational challenges like underperformance by third-party contractors, affecting underground development rates at Pilar.

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