Furnas Copper-Gold Project

Advanced-stage copper-gold project in the Carajás Mineral Province, Pará State, subject to a July 2024 definitive earn-in agreement with Salobo Metais S.A. (Vale Base Metals) under which Ero can earn a 60% interest by completing three phased work programs (Phase 1: 28,000 m drilling + scoping study, completed; Phase 2: 17,000 m + pre-feasibility study, drilling completed; Phase 3: 45,000 m + definitive feasibility study); VBM retains 100% ownership until JV formation and receives a free carry on certain development capex. ~50,000 m drilled in 2025 across the high-grade Southeast and Northwest Zones supported an updated NI 43-101 mineral resource estimate and the inaugural PEA (February 2026), which contemplates four open pit and underground operating areas feeding a 13.5 Mtpa central plant over an initial 24-year mine life at ~$16,000 capital intensity per CuEq tonne. A further 50,000 m of drilling is planned for 2026; magnetite recovery and gravity pre-concentration circuits are under evaluation.