ERONYSEMetal MiningUS GAAP · USD

Ero Copper Corp.

Ero Copper Corp. is a copper and gold mining company with its operating assets concentrated in Brazil. Its portfolio includes the Caraíba copper operations in Bahia, the Tucumã copper operation in Pará, the Xavantina gold operation in Mato Grosso, and development of the Furnas copper-gold project in Pará.

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Revenue786m USD
+67.1 %y/y
Operating profit (EBIT)346m USD
+570.4 %y/y
EBIT margin44.1%
+59.7 ppy/y
Net income264m USD
+485.1 %y/y
Free cash flow113m USD
+158.6 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

-2000200400600800m USD2022: 426 m USD2022: EBIT 148 m USD20222023: 427 m USD2023: EBIT 125 m USD20232024: 470 m USD2024: EBIT -74 m USD20242025: 786 m USD2025: EBIT 346 m USD2025786346
RevenueOperating profit (EBIT)

Business

Share of revenue
Copper production70 %

Mining and processing of copper ore into saleable concentrate.

Gold production20 %

Production of gold from the Xavantina Operations in Brazil.

Project development5 %

Advancement of the Furnas copper-gold project and related studies.

Exploration and resource growth5 %

Near-mine and district exploration to expand mineral resources.

Customers

Ero sells mined copper and gold products into commodity markets, so its direct customers are typically smelters, refiners, traders, and other industrial buyers that can take concentrate or dore. Demand is driven by buyers seeking physical metal supply tied to global industrial and precious-metals markets, rather than by end-user branding or retail demand.

Copper smelters and refiners

Buy copper concentrate from the Brazilian mines to process into refined copper products.

Commodity traders

Purchase and market copper and gold production, often for logistics and offtake execution.

Gold buyers

Acquire gold production from Xavantina through bullion or intermediate metal channels.

Project partners and earn-in counterparties

Support development of Furnas through technical, ownership, and funding arrangements.

Strategy

Ero’s strategy centers on growing a Brazil-focused copper and gold platform through operating asset performance and project advancement. The company is also building longer-term value by moving Furnas through technical evaluation and earn-in arrangements that can add future copper-gold production.

Operate and optimize existing minesShort term

Stable output from Caraíba, Tucumã, and Xavantina underpins cash generation and portfolio value.

Advance Furnas developmentMedium term

Furnas can expand the company’s copper-gold production base and resource optionality.

Replace and expand mineral inventoryLong term

Exploration and technical studies are needed to sustain production over time.

Geography

Ero is headquartered in Vancouver but its operating footprint is heavily concentrated in Brazil, where it runs mines in Bahia, Pará, and Mato Grosso. The company’s future production mix and development pipeline are tied to Brazilian geology, infrastructure, permitting, and operating conditions.

Risks

The business is exposed to operating, geology, and permitting risks typical of hard-rock mining, with performance dependent on ore grades, mine plans, and project execution. Because the portfolio is concentrated in Brazil, the company also faces country-specific exposure to logistics, regulation, labor, and community relations.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Commodity price volatility1Brazil operating concentration2Geological and operational variability3Project development risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Commodity price volatilityImpact: HighLikelihood: High

    Copper and gold are sold at market-linked prices, so revenue is sensitive to global metal cycles.

    Exposure: Copper and gold sales

  2. Brazil operating concentrationImpact: HighLikelihood: High

    Most assets and production are located in Brazil, increasing exposure to local legal, labor, and infrastructure conditions.

    ExposureOperationsPermittingTransport
  3. Geological and operational variabilityImpact: HighLikelihood: High

    Ore grades, dilution, recovery, and mine sequencing can differ from plan and affect production.

    Exposure: All mines

  4. Project development riskImpact: HighLikelihood: Medium

    Furnas is still being advanced through technical and development work, which can face delays or cost changes.

    Exposure: Furnas project

Accounting

Judgemental items
Mineral reserves and resources

Estimates drive mine-life, unit-of-production depreciation, and impairment testing.

Impact: Changes can materially affect asset values and expense timing.

Decommissioning and rehabilitation provisions

Mining sites require future closure and remediation obligations estimated over long periods.

Impact: Provision changes affect liabilities and earnings.

Share-based compensation

Equity awards create recurring non-cash expense and dilution.

Impact: Impacts operating costs and shareholder equity.

Foreign currency translation

Brazilian operating entities generate local-currency costs and cash flows.

Impact: Can create translation gains or losses in equity and income.

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Last updated: 28/09/2026