Ero Copper Reports First Quarter 2023 Operating and Financial Results – Ero Copp… – Press Release

VANCOUVER, British Columbia, May 08, 2023 (GLOBE NEWSWIRE) — Ero Copper Corp. EROERO (“Ero” or the “Company”) is pleased to announce its operating and financial results for the three months ended March 31, 2023. Management will host a conference call tomorrow, Tuesday, May 9, 2023, at 11:30 a.m. eastern time to discuss the results. Dial-in details for the call can be found near the end of this press release.

HIGHLIGHTS

• Copper production of 9,327 tonnes at C1 cash costs^(*) of $1.70 per pound of copper produced
• Record gold production of 12,443 ounces at C1 cash costs^(*) and All-in Sustaining Costs (“AISC”)^(*) of $436 and $946, respectively, per ounce of gold produced
• Strong quarterly financial results included:
  • Net income attributable to the owners of the Company of $24.2 million ($0.26 per share on a diluted basis)
  • Adjusted net income attributable to the owners of the Company^(*) of $22.5 million ($0.24 per share on a diluted basis)
  • Adjusted EBITDA^(*) of $48.2 million

• Available liquidity at quarter-end of $386.6 million included cash and cash equivalents of $209.9 million, short-term investments of $26.7 million, and $150.0 million of undrawn availability under the Company’s senior secured revolving credit facility
• Execution of strategic initiatives continues to position the Company for significant near-term organic growth
  • Construction of the Tucumã Project reached nearly 30% physical completion as of quarter-end with over 85% of planned capital expenditures under contract
  • At the Xavantina Operations, development of the Matinha vein remains on schedule with production expected to commence in H2 2023
  • The Caraíba Operations’ Pilar 3.0 initiative on track with shaft pre-sink activities commencing on schedule subsequent to quarter-end

• 2023 production, operating cost, and capital expenditure guidance reaffirmed

*These are non-IFRS measures and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other…

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