Caraíba Operations

Copper mining complex in the Curaçá Valley, Bahia State, held through MCSA (99.6% Ero interest), comprising the Pilar underground mine and the Surubim open pit feeding a conventional mill. A multi-quarter mill debottlenecking program completed in 2025 delivered record plant throughput of ~1.2 Mt in Q4. Construction of the new Pilar shaft continues and is expected to deliver meaningful cost improvements and production growth beginning in 2027. 2026 production is weighted to H2 with higher feed from the Surubim pit; closure activities are projected over 2026-2054. Technical basis: NI 43-101 report '2022 Mineral Resources and Mineral Reserves of the Caraíba Operations' (GE21/BNA/NCL, effective September 30, 2022).