Ero Copper third quarter production and financial results continue to position the Company for growth

(all amounts in US dollars, unless otherwise noted)

VANCOUVER, British Columbia, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Ero Copper Corp. (TSX: ERO, NYSE: ERO) ("Ero" or the "Company") is pleased to announce its financial results for the three and nine months ended September 30, 2021. Management will host a conference call tomorrow, Thursday, November 11, 2021, at 12:30 p.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 10,057 tonnes at the MCSA Mining Complex at C1 cash 
      costs(*) of $0.94 per pound of copper produced during the quarter; 
   -- Gold production of 9,426 ounces at the NX Gold Mine at C1 cash costs(*) 
      of $538 per ounce of gold produced and All-in Sustaining Costs 
      ("AISC")(*) of $741 per ounce of gold produced; 
   -- Strong quarterly adjusted EBITDA(*) of $72.9 million and adjusted net 
      income attributable to owners of the Company(*) of $45.7 million ($0.49 
      per share on a diluted basis); 
   -- Record quarterly cash flows from operations of $150.7 million driven by 
      strong operating performance and a $100.0 million upfront payment related 
      to the August 2021 closing of the $110 million streaming agreement with 
      Royal Gold (as defined below) in relation to gold production from the NX 
      Gold Mine (the "NX Gold Stream"); 
   -- Announced results of optimized Feasibility Study for the Boa 
      Esperança Project, doubling life- of-mine copper production compared 
      to the 2017 Study (as defined below); 
   -- Repaid $100.0 million of principal on the $150.0 million senior secured 
      revolving credit facility, resulting in available liquidity at 
      quarter-end of $219.1 million, including $92.6 million of cash and cash 
      equivalents, $26.4 million in short-term investments, and $100.0 million 
      of undrawn availability under the senior secured revolving credit 
      facility; and, 
   -- Tracking towards the high-end of the Company's reaffirmed 2021 production 
      guidance ranges; lowering full-year AISC guidance for the NX Gold Mine to 
      $650 to $725 per ounce of gold produced and updating 2021 capital 
      expenditure guidance for the MCSA Mining Complex to reflect the 
      acceleration of capital expenditures associated with key projects into Q4 
      2021 as well as the impact of inflationary pressures on capitalized 
      development. 

Commenting on the results, David Strang, CEO, stated, "The third quarter was instrumental in positioning our Company to execute on our growth strategy. We delivered on three important milestones during the quarter including the completion of an optimized Feasibility Study on the Boa Esperança Project, the closing of the previously announced $110 million NX Gold Stream, and the conclusion of mill maintenance at the MCSA Mining Complex in preparation for expanded operations. With the construction of the new external shaft at the Pilar Mine initiated on schedule in September and the planned commencement of early construction activities at the Boa Esperança Project expected to begin in Q2 2022 (subject to approval by the Company's Board of Directors), our team is working to double production while maintaining strong margins over the coming years.

"In preparation of these growth timelines, we have brought forward the second phase of our cooling project and made down payments for long-lead items related to the new external shaft for the Pilar Mine. While we, like the rest of the mining industry, are seeing global inflationary pressures impacting both operating and capital development costs, it remains to be seen whether this cost pressure is transitory or structural in nature. As a result of the acceleration of growth project capital and incorporating increases in development costs, we are updating our capital expenditure guidance for the full-year at the MCSA Mining Complex by approximately $20 million.

"With respect to the Deepening Extension Project, construction of the first phase of the shaft and other early civil works have commenced. Concurrently, we are finalizing the optimization efforts on the project including plans to increase the shaft's diameter. As a result of incorporating exceptional year-to- date drill results from the Deepening Extension and new drilling in the upper levels of the mine, our team has begun working on a longer-term initiative to potentially increased overall production volumes from the Pilar Mine.

"We have an exceptional asset portfolio and our team has worked hard to achieve peer-leading cost performance through optimization and innovation, principles that we are applying to the Deepening Extension and Boa Esperança Projects. While we expect the macro operating environment to remain dynamic, we are staking our success on the core values that have consistently delivered shareholder value: executing upon high-return and low-capital intensity projects."

*Earnings before interest, taxes, depreciation and amortization ("EBITDA"), Adjusted EBITDA, Adjusted net income attributable to owners of the Company, Adjusted net income per share attributable to owners of the Company, C1 cash cost per pound of copper produced, C1 cash cost per ounce of gold produced and All-in Sustaining Costs ("AISC") per ounce of gold produced are non-IFRS measures -- see the Notes section of this press release for additional information. C1 cash cost per pound of copper produced are net of by-product credits from metal produced at the MCSA Mining Complex. AISC per ounce of gold produced are net of by-product credits from metal produced at the NX Gold Mine.

OPERATIONS & EXPLORATION HIGHLIGHTS

   -- Mining & Milling Operations -- on track to achieve high-end of full-year 
      production guidance 
          -- The MCSA Mining Complex processed 572,666 tonnes of ore grading 
             1.90% copper, producing 10,057 tonnes of copper in concentrate 
             during the quarter after metallurgical recoveries of 92.4%; YTD 
             2021 copper production totaled 33,593 tonnes based on 
             approximately 1.7 million tonnes processed at copper grades of 
             2.11% and metallurgical recoveries of 92.3%. 
          -- The second and final phase of scheduled mill maintenance at the 
             MCSA Mining Complex was completed at the end of Q3 2021, 
             positioning the Company for higher mill throughput in Q4 2021. 
          -- The NX Gold Mine processed 42,874 tonnes grading 7.37 grams per 
             tonne, producing 9,426 ounces of gold after metallurgical 
             recoveries of 92.7% and 6,575 ounces of silver produced as 
             by-product; YTD 2021 tonnes processed totaled 124,422 at an 
             average grade of 7.67 grams per tonne, producing 29,254 ounces of 
             gold after metallurgical recoveries of 95.4% and 19,172 ounces of 
             silver produced as by-product. 
          -- Construction of the NX Gold Mine's paste-fill plant concluded in 
             Q3 2021, and commissioning is currently underway. Integration into 
             the operations is anticipated before year-end with implementation 
             expected to improve overhand cut and fill mining operations and 
             enhance pillar recovery throughout the mine. 
   -- Exploration Activities -- strong exploration results expected to drive 
      positive year-end mineral reserve and resource update 
          -- Q3 2021 exploration activities continued to generate exceptional 
             results both in-mine and near-mine at the MCSA Mining Complex and 
             the NX Gold Mine, positioning the Company for a positive year-end 
             mineral reserve and resource update. 
          -- Ongoing exploration efforts are focused on aggressively advancing 
             target zones and new mineral systems within each of the Company's 
             core exploration programs in an effort to meaningfully augment 
             near- to long-term production at both the MCSA Mining Complex and 
             the NX Gold Mine. 
          -- Please refer to the Company's press release dated October 14, 2021 
             for the latest results from the Company's ongoing exploration 
             programs. 
   -- Organic Growth Projects 
          -- Site clearing, early civil works and initial construction for the 
             new external shaft supporting the Deepening Extension Project 
             commenced in September 2021. Concurrent engineering and design 
             efforts are focused on optimizing the 2020 shaft design and 
             evaluating the potential for increased production volumes from the 
             Pilar Mine longer-term. 
          -- On September 28, 2021, the Company announced results for the 
             optimized Feasibility Study on its Boa Esperança Project. 
             Early construction works are expected to commence in Q2 2022, 
             subject to approval by the Company's Board of Directors. Select 
             highlights include: 
                 -- 41.8% after-tax internal rate of return and $380 million 
                    after-tax net present value (8%) based on Consensus Copper 
                    Prices(1) and a 5.00 BRL:USD exchange rate; 
                 -- Doubled life-of-mine ("LOM") copper production to 
                    approximately 326,000 tonnes from 163,000 tonnes in the 
                    2017 Study(2) with increased mine life of twelve years; 
                 -- Average LOM copper production increased to over 27,000 
                    tonnes per annum, with the first five years of production 
                    averaging approximately 35,000 tonnes per annum; and 
                 -- Low capital-intensity of approximately $8,400 per tonne of 
                    average annual copper production for the first 5 years of