Ero Copper, Vale Base Metals Seal Earn-In Agreement for Furnas Copper Project

Ero Copper Corp. has announced that it has entered into a definitive Earn-In Agreement with Salobo Metais S.A., a subsidiary of Vale Base Metals Limited (VBM). Ero Copper has secured a 60% ownership stake in the Furnas Copper Project, strategically located within Brazil's Carajás Mineral Province, through a definitive agreement. This strategic move enhances Ero’s portfolio in a highly prospective mining region, promising significant growth and development opportunities in the copper sector.

The terms of the Agreement are consistent with the binding term sheet previously outlined by the company on October 30, 2023. This comprehensive Agreement allows Ero Copper Corp. to advance its stake in the Furnas Copper Project.

Furnas is an IOCG (Iron Oxide Copper Gold) project situated about 50 kilometers southeast of VBM's Salobo operations and around 190 kilometers northeast of Ero's Tucumã Project. Encompassing roughly 2,400 hectares, the project benefits from its proximity to substantial regional infrastructure. This includes paved roads, an industrial-scale cement plant, a power substation, and Vale's railroad loadout facility, all within fifteen kilometers. This strategic location enhances accessibility and supports the efficient development and operation of the project.

Ero Copper Corp. is a dynamic, growth-oriented company specializing in low-carbon copper production. With its operational base in Brazil and corporate headquarters in Vancouver, Canada, Ero is strategically positioned to capitalize on the global demand for sustainable metals. The company's core asset is a controlling interest in Mineração Caraíba S.A. (MCSA), which owns and operates the Caraíba Operations in the resource-rich Curaçá Valley, Bahia State, Brazil.

This complex encompasses a diversified portfolio of mining assets, including the Pilar and Vermelhos underground mines, the Surubim open pit mine, and the exploration-stage Tucumã copper project. To enhance its operational diversity and mitigate risks, Ero also maintains a majority stake in NX Gold S.A., which operates the Xavantina gold and silver mine in Mato Grosso, Brazil. This strategic holding contributes to the company's overall revenue generation and provides a hedge against copper price fluctuations.

Ero's robust asset base, coupled with its commitment to sustainable practices, positions the company as a key player in the global copper market. Ero Copper Corp.’s recent definitive earn-in agreement with Salobo Metais S.A., a Vale Base Metals subsidiary, marks a significant strategic move. By securing a 60% interest in the Furnas Copper Project in Brazil's Carajás Mineral Province, Ero positions itself for substantial growth in the copper sector.