Ero Copper Posts $348 Million in Q3 Revenue, Cuts Mined-Gold Guidance

Ero Copper Corp. reported $348.0 million in revenue for the third quarter and lowered its 2026 mined-gold forecast for Xavantina, pairing higher year-over-year earnings with a reduced production expectation for the operation.

Adjusted net income attributable to owners was $129.3 million, or $1.22 per diluted share, compared with $27.9 million, or $0.27 per diluted share, in the year-earlier quarter. Reported net income attributable to owners totaled $116.2 million, or $1.10 per diluted share. Revenue was $284.3 million in the second quarter and $177.1 million in the third quarter of 2025.

Cash flow from operations reached $191.2 million, and adjusted EBITDA was $200.6 million. As of Sept. 30, Ero Copper had net debt of $353.5 million and available liquidity of $264.1 million.

Copper production in concentrate totaled 18,345 tonnes, up 6% from the previous quarter. Gold from the Xavantina Operations totaled 25,258 ounces, a 23% sequential increase. That total included 17,414 ounces recovered from historic concentrate stockpiles.

Ero Copper lowered its 2026 mined-gold guidance for Xavantina to 30,000–35,000 ounces from 40,000–50,000 ounces. It kept its total gold production guidance for the operation at 75,000–80,000 ounces, including about 45,000 ounces expected from historic stockpiles. Consolidated copper production guidance remained 67,500–77,500 tonnes.

“Ero delivered record financial results in Q3,” President and CEO Makko DeFilippo said.

Adjusted figures are non-IFRS measures without standardized meaning under IFRS, which may limit comparisons with similar measures used by other companies.