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VANCOUVER, British Columbia, Nov. 04, 2025 (GLOBE NEWSWIRE) — Ero Copper Corp. (TSX: ERO, NYSE: ERO) (“Ero” or the “Company”) is pleased to announce its operating and financial results for the three and nine months ended September 30, 2025. Management will host a conference call tomorrow, Wednesday, November 5, 2025, 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.
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HIGHLIGHTS
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- Consolidated copper production grew to a record 16,664 tonnes in concentrate at a blended C1 cash cost(1) of $2.00 per pound in Q3 2025, reflecting higher quarter-on-quarter production at Tucumã and consistent quarterly production at Caraíba.
- The Caraíba Operations produced 9,085 tonnes of copper in concentrate at an average C1 cash cost(*) of $2.32 per pound.
- The Tucumã Operation produced 7,579 tonnes of copper in concentrate, representing a quarter-on-quarter increase of 19%, at an average C1 cash cost(*) of $1.62 per pound.
- Quarterly gold production totaled 9,073 ounces, an increase of 17% compared to the prior period, at an average C1 cash cost(*) and All-in Sustaining Cost (“AISC”)(*) of $1,086 and $2,425 per ounce, respectively.
- Quarterly financial performance reflected higher copper concentrate sales at the Tucumã Operation and strengthening copper and gold prices toward the end of the quarter as well as higher operating expenses at Tucumã following the declaration of commercial production on July 1, 2025.
- Net income attributable to the owners of the Company for the quarter was $36.0 million ($0.35 per share on a diluted basis).
- Adjusted net income attributable to the owners of the Company(1) for the quarter was $27.9 million ($0.27 per share on a diluted basis).
- Adjusted EBITDA(1) was $77.1 million.
- At quarter-end, available liquidity(1) was $111.3 million, including $66.3 million in cash and cash equivalents and $45.0 million of undrawn availability under the Company’s senior secured revolving credit facility (“Senior Credit Facility”).
- At Xavantina, the Company launched a value-creation initiative in 2024 aimed at capturing value from stockpiled gold concentrates produced in small but high-grade quantities since processing operations began in 2012. During Q3 2025, these efforts culminated in an initial sales agreement, with shipments commencing in October. The Company expects to sell between 10,000 to 15,000 tonnes at an approximate gold grade of 30 to 40 grams per tonne during Q4 2025, and to complete sampling, shipments, and sales of the remaining volume over the next 12 to 18 months, which is expected to significantly bolster gold sales from the Xavantina Operations.
- The sales contract for expected 2025 gold concentrate volumes has a net payability, prior to streaming adjustments and after deductions, treatment and refining charges, ranging between 90% and 95% of the prevailing gold price based on the final concentrate grade, port of destination, and the prevailing gold price at the time of sale.
- Operating costs for excavating, drying, loading, transportation and seaborne freight are expected to be approximately $300 to $500 per ounce.
- Subsequent to quarter-end, the Company published an updated mineral reserve and resource estimate for the Xavantina Operations, which includes a maiden inferred mineral resource estimate for the gold concentrates. The maiden inferred resource estimate contains approximately 29,000 ounces of gold in high-grade, marketable concentrates and is based on sampling of approximately 20% of the total available volume of approximately 60,000 cubic meters. Sampling of the remaining concentrate volume is ongoing.
- The Company is reaffirming full-year production and capital expenditure guidance for all assets, as well as full-year cost guidance for Caraíba and Xavantina, while increasing cost guidance for the Tucumã Operation to reflect higher-than-expected maintenance and freight costs. The Company continues to expect Q4 2025 to be the strongest production quarter of the year across its operations.
- During Q3 2025, the Company received full assay results for the 28,000-meter Phase 1 drill program at the Furnas Copper-Gold Project (“Furnas” or the “Project”), completed in July. Results from the program continue to demonstrate high-grade continuity throughout the deposit and significantly extend the known limits of mineralization within the high-grade zones (greater than 1% CuEq(2)) to depth.
- Step-out drilling during Phase 1 extended the known limits of mineralization to approximately 950 meters down-dip from surface, representing a significant increase relative to the Project’s National Instrument 43-101 (“NI 43-101”) compliant mineral resource estimate, which is based on an average historical depth of drilling of 300 meters (vertical), with a maximum localized down-dip depth from surface of 580 meters. Phase 1 assay results, will support a preliminary economic assessment on the Project, including an updated NI 43-101 mineral resource estimate, which the Company plans to publish in H1 2026.
- Subsequent to quarter-end, the Company completed the 17,000-metre Phase 2 drill program at Furnas. The Phase 2 program was completed approximately three months ahead of schedule, and the Company has commenced the Phase 3 drill program with 8 drill rigs currently operating on site.
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“We are pleased with the continued progress across our operations, where the effort and investment we’ve made in optimization initiatives are driving sequential copper and gold production growth in the second half of 2025,” said Makko DeFilippo, President and Chief Executive Officer. “Highlights include the transition from manual to mechanized mining at Xavantina that provides us with the opportunity to enhance our health and safety efforts at the mine while also increasing our development and exploration opportunities, the continued ramp-up at Tucumã, and encouraging results from Phase 1 and early completion of the Phase 2 drill program at Furnas. While Q3 represented another record consolidated copper production quarter, we are excited for how all of our operations are aligned heading into Q4, which we expect to be our strongest operating quarter of the year.”
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“We also announced a maiden inferred resource of gold concentrates at Xavantina, an important milestone from an initiative launched late last year to capture value from high-grade gold concentrates produced in small quantities and stockpiled at site over the past decade. This maiden inferred mineral resource estimate, which we published earlier today, was based on drilling and sampling of only a portion of the gold concentrate volumes. With further sampling underway to quantify the tonnage and grades of the remaining concentrate volume, we are excited for the potential opportunity this gold concentrate material represents.”
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THIRD QUARTER REVIEW
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The Caraíba Operations
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- Quarterly copper production totaled 9,085 tonnes of copper in concentrate, with an average C1 cash cost(*) of $2.32 per pound.
- Plant throughput increased 26% compared to Q2 2025, reaching record volumes of nearly 1.0 million tonnes for the period, supported by higher mining rates across all three mines and a successful multi-quarter mill debottlenecking program that enabled increased processing rates.
- Higher tonnes mined and processed during the period were offset by lower planned grades at both Vermelhos and Pilar. Consequently, C1 cash costs(1) increased 12% quarter-on-quarter.
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The Tucumã Operation
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- The Tucumã Operation produced 7,579 tonnes of copper in concentrate at an average C1 cash cost(1) of $1.62 per pound during the quarter.
- The quarter-on-quarter increase in production of 19% was driven by higher plant throughput as processing performance continued to improve through the period, partially offset by lower planned grades. Mining operations continued to perform well with over 1.3 million tonnes of ore mined during the period.
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The Xavantina Operations
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- Quarterly gold production totaled 9,073 ounces of gold, at C1 cash cost(*) and AISC(*) of $1,086 and $2,425, respectively, per ounce.
- The 17% quarter-on-quarter increase in production reflects higher throughput and processed grades as the transition to mechanized mining advanced in several key production areas of Santo Antônio. This resulted in more than 50,000 tonnes of ore mined during the quarter, a mine production rate last achieved in Q2 2022.
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(*) 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 issuers. Please refer to the Company’s discussion of Non-IFRS measures in its Management’s Discussion and Analysis for the three and nine months ended September 30, 2025 and the Reconciliation of Non-IFRS Measures section at the end of this press release.
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| OPERATING HIGHLIGHTS | ||||||||||||||
| 2025 – Q3 | 2025 – Q2 | 2024 – Q3 | 2025 – YTD | 2024 – YTD | ||||||||||
| Copper (Caraíba Operations) | ||||||||||||||
| Ore Mined (tonnes) | 1,018,972 | 792,764 | 874,937 | 2,507,975 | 2,560,430 | |||||||||
| Ore Processed (tonnes) | 996,661 | 791,946 | 900,289 | 2,481,508 | 2,711,352 | |||||||||
| Grade (% Cu) | 1.01 | 1.27 | 1.20 | 1.14 | 1.10 | |||||||||
| Recovery (%) | 90.4 | 91.1 | 91.9 | 90.6 | 90.2 | |||||||||
| Cu Production (tonnes) | 9,085 | 9,162 | 9,920 | 25,604 | 26,878 | |||||||||
| Cu Production (000 lbs) | 20,030 | 20,199 | 21,871 | 56,448 | 59,257 | |||||||||
| Cu Sold in Concentrate (tonnes) | 9,080 | 9,387 | 9,970 | 25,416 | 28,137 | |||||||||
| Cu Sold in Concentrate (000 lbs) | 20,017 | 20,697 | 21,980 | 56,031 | 62,031 | |||||||||
| Cu C1 cash cost(1)(2) | $ | 2.32 | $ | 2.07 | $ | 1.63 | $ | 2.20 | $ | 2.01 | ||||
| Copper (Tucumã Operation) | ||||||||||||||
| Ore Mined (tonnes) | 1,333,748 | 798,811 | 867,315 | 2,460,850 | 867,315 | |||||||||
| Ore Processed (tonnes) | 575,041 | 418,699 | 110,778 | 1,288,054 | 110,778 | |||||||||
| Grade (% Cu) | 1.51 | 1.74 | 1.00 | 1.74 | 1.00 | |||||||||
| Recovery (%) | 89.2 | 85.4 | 75.70 | 88.0 | 75.70 | |||||||||
| Cu Production (tonnes) | 7,579 | 6,351 | 839 | 18,997 | 839 | |||||||||
| Cu Production (000 lbs) | 16,707 | 14,002 | 1,850 | 41,880 | 1,850 | |||||||||
| Cu Sold in Concentrate (tonnes) | 6,622 | 5,968 | 357 | 17,758 | 357 | |||||||||
| Cu Sold in Concentrate (000 lbs) | 14,598 | 13,158 | 787 | 39,149 | 787 | |||||||||
| Cu C1 cash cost(1)(2) | $ | 1.62 | $ | — | $ | — | $ | 1.62 | $ | — | ||||
| Gold (Xavantina Operations) | ||||||||||||||
| Ore Mined (tonnes) | 50,268 | 37,829 | 41,761 | 121,325 | 120,041 | |||||||||
| Ore Processed (tonnes) | 47,865 | 37,829 | 41,761 | 118,922 | 120,041 | |||||||||
| Grade (g / tonne) | 8.15 | 7.11 | 11.41 | 7.46 | 13.85 | |||||||||
| Recovery (%) | 78.4 | 88.7 | 92.5 | 84.7 | 91.8 | |||||||||
| Au Production (oz) | 9,073 | 7,743 | 13,485 | 23,454 | 48,274 | |||||||||
| Au Sold (oz) | 8,439 | 8,276 | 14,615 | 22,549 | 49,089 | |||||||||
| Au C1 cash cost(1) | $ | 1,086 | $ | 1,115 | $ | 539 | $ | 1,100 | $ | 447 | ||||
| Au AISC(1) | $ | 2,425 | $ | 2,234 | $ | 1,034 | $ | 2,307 | $ | 879 | ||||
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| (1) | EBITDA, adjusted EBITDA, adjusted net income (loss) attributable to owners of the Company, adjusted net income (loss) per share attributable to owners of the Company, net (cash) debt, working capital, copper C1 cash cost, copper C1 cash cost including foreign exchange hedges, gold C1 cash cost and gold AISC are non-IFRS measures. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its Management’s Discussion and Analysis for the three and nine months ended September 30, 2025 and the Reconciliation of Non-IFRS Measures section at the end of this press release. |
| (2) | Copper C1 cash cost including foreign exchange hedges was $2.25 in Q3 2025 (Q3 2024 – $1.72) for the Caraíba Operations, and $1.58 in Q3 2025 for the Tucumã Operation. |
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| FINANCIAL HIGHLIGHTS ($ in millions, except per share amounts) | |||||||||||||||||||
| 2025 – Q3 | 2025 – Q2 | 2024 – Q3 | 2025 – YTD | 2024 – YTD | |||||||||||||||
| Revenues | $ | 177.1 | $ | 163.5 | $ | 124.8 | $ | 465.7 | $ | 347.7 | |||||||||
| Gross profit | 57.4 | 67.3 | 53.7 | 180.2 | 128.2 | ||||||||||||||
| EBITDA(1) | 90.8 | 114.2 | 74.5 | 322.8 | 56.1 | ||||||||||||||
| Adjusted EBITDA(1) | 77.1 | 82.7 | 62.2 | 223.0 | 157.0 | ||||||||||||||
| Cash flow from operations | 110.3 | 90.3 | 52.7 | 266.0 | 84.6 | ||||||||||||||
| Net income (loss) | 36.5 | 71.0 | 41.4 | 188.2 | (18.9 | ) | |||||||||||||
| Net income (loss) attributable to owners of the Company | 36.0 | 70.5 | 40.9 | 186.8 | (19.5 | ) | |||||||||||||
| Per share (basic) | 0.35 | 0.68 | 0.40 | 1.80 | (0.19 | ) | |||||||||||||
| Per share (diluted) | 0.35 | 0.68 | 0.39 | 1.80 | (0.19 | ) | |||||||||||||
| Adjusted net income attributable to owners of the Company(1) | 27.9 | 48.1 | 27.6 | 111.9 | 63.0 | ||||||||||||||
| Per share (basic) | 0.27 | 0.46 | 0.27 | 1.08 | 0.61 | ||||||||||||||
| Per share (diluted) | 0.27 | 0.46 | 0.27 | 1.08 | 0.61 | ||||||||||||||
| Cash, cash equivalents, and short-term investments | 66.3 | 68.3 | 20.2 | 66.3 | 20.2 | ||||||||||||||
| Working deficit(1) | (45.2 | ) | (33.5 | ) | (60.9 | ) | (45.2 | ) | (60.9 | ) | |||||||||
| Net debt(1) | 545.5 | 559.1 | 518.7 | 545.5 | 518.7 | ||||||||||||||
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| (1) | EBITDA, adjusted EBITDA, adjusted net income (loss) attributable to owners of the Company, adjusted net income (loss) per share attributable to owners of the Company, net (cash) debt, working capital, copper C1 cash cost, copper C1 cash cost including foreign exchange hedges, gold C1 cash cost and gold AISC are non-IFRS measures. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its Management’s Discussion and Analysis for the three and nine months ended September 30, 2025 and the Reconciliation of Non-IFRS Measures section at the end of this press release. |
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2025 PRODUCTION AND COST GUIDANCE
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Consolidated copper production guidance for 2025 is maintained with overall production expected at the low end of the 67,500 to 80,000-tonne range. Production in Q4 2025 is expected to improve due to increased plant throughput at both the Caraíba and Tucumã Operations, with Tucumã also expected to benefit from mine sequencing in higher grade blocks of the open pit. At the Caraíba Operations, C1 cash costs(1) are expected to be in the lower half of the guidance range of $2.15 to $2.35 per pound of copper produced, while at Tucumã, C1 cash costs(1) are now expected to be in the range of $1.35 to $1.55 per pound (from $1.10 to $1.30 per pound previously), reflecting higher-than-expected maintenance and freight costs experienced in Q3 2025.
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At the Xavantina Operations, gold production is expected to be toward the lower end of the 40,000 to 50,000-ounce guidance range, with production projected to be highest in Q4 2025 due to higher mined and processed tonnage following the transition to mechanized mining. Full-year C1 cash cost(1) guidance of $850 to $1,000 per ounce of gold produced and AISC(1) guidance of $1,800 to $2,000 per ounce are maintained. In addition, the Company also expects to sell 10,000 to 15,000 tonnes of gold concentrate at an approximate gold grade of 30 to 40 grams per tonne during Q4 2025.
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| Previous Guidance | Current Guidance | |||
| Copper Production (tonnes) | ||||
| Caraíba Operations | 37,500 – 42,500 | 37,500 – 42,500 | ||
| Tucumã Operation | 30,000 – 37,500 | 30,000 – 37,500 | ||
| Total Copper | 67,500 – 80,000 | 67,500 – 80,000 | ||
| Copper C1 Cash Cost(1)Guidance | ||||
| Caraíba Operations | $2.15 – $2.35 | $2.15 – $2.35 | ||
| Tucumã Operation | $1.10 – $1.30 | $1.35 – $1.55 | ||
| The Xavantina Operations | ||||
| Au Production (ounces) | 40,000 – 50,000 | 40,000 – 50,000 | ||
| Gold C1 Cash Cost(1)Guidance | $850 – $1,000 | $850 – $1,000 | ||
| Gold AISC(1)Guidance | $1,800 – $2,000 | $1,800 – $2,000 |
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| Note: | Guidance is based on estimates and assumptions including, but not limited to, mineral reserve estimates, grade and continuity of interpreted geological formations and metallurgical recovery performance. Please refer to the Company’s SEDAR+ and EDGAR filings, including the most recent Annual Information Form (“AIF”), for a detailed summary of risk factors. |
| (1) | Please refer to the section titled “Alternative Performance (Non-IFRS) Measures” within the MD&A. |
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2025 CAPITAL EXPENDITURE GUIDANCE
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Capital expenditure guidance remains unchanged at a range of $230 to $270 million, excluding capitalized ramp-up costs prior to the declaration of commercial production at the Tucumã Operation.
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Figures presented in the table below are in USD millions.
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| Caraíba Operations | $165 – $180 |
| Tucumã Operation(1) | $30 – $40 |
| Xavantina Operations | $25 – $35 |
| Furnas Copper-Gold Project and Other Exploration | $10 – $15 |
| Total | $230 – $270 |
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| Note: | Guidance is based on certain estimates and assumptions, including but not limited to, mineral reserve estimates, grade and continuity of interpreted geological formations and metallurgical performance. Please refer to the Company’s most recent Annual Information Form and Management of Risks and Uncertainties in the MD&A for complete risk factors. |
| (1) | Excludes capitalized ramp-up costs prior to the declaration of commercial production at the Tucumã Operation. |
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CONFERENCE CALL DETAILS
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The Company will hold a conference call on Wednesday, November 5, 2025 at 11:30 am Eastern time (8:30 am Pacific time) to discuss these results. A results presentation will be available for download via the webcast link and in the Presentations section of the Company’s website on the day of the conference call.
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| Date: | Wednesday, November 5, 2025 |
| Time: | 11:30 am Eastern time (8:30 am Pacific time) |
| Dial in: | Canada/USA Toll Free: 1-833-752-3380 International: +1-647-846-2821 Please dial in 5-10 minutes prior to the start of the call or pre-register using this link to bypass the live operator queue. (https://dpregister.com/sreg/10202684/ffdaf70798) |
| Webcast: | To access the webcast, click here. (https://event.choruscall.com/mediaframe/webcast.html?webcastid=8rQ1Un71) |
| Replay: | Canada/USA: 1-855-669-9658, International: +1-412-317-0088 For country-specific dial-in numbers, click here. (https://services.choruscall.com/ccforms/replay.html) |
| Replay Passcode: | 1606784 |
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Reconciliation of Non-IFRS Measures
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Financial results of the Company are presented in accordance with IFRS. The Company utilizes certain alternative performance (non-IFRS) measures to monitor its performance, including copper C1 cash cost, copper C1 cash cost including foreign exchange hedges, gold C1 cash cost, gold AISC, EBITDA, adjusted EBITDA, adjusted net income attributable to owners of the Company, adjusted net income per share, net (cash) debt, working capital and available liquidity. These performance measures have no standardized meaning prescribed within generally accepted accounting principles under IFRS and, therefore, amounts presented may not be comparable to similar measures presented by other mining companies. These non-IFRS measures are intended to provide supplemental information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
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For additional details please refer to the Company’s discussion of non-IFRS and other performance measures in its Management’s Discussion and Analysis for the three and nine months ended September 30, 2025 which is available on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov.
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Copper C1 cash cost and copper C1 cash cost including foreign exchange hedges
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The following table provides a reconciliation of copper C1 cash cost to cost of production, its most directly comparable IFRS measure.
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The Caraíba Operations
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| Reconciliation: | 2025 – Q3 | 2025 – Q2 | 2024 – Q3 | 2025 – YTD | 2024 – YTD | ||||||||||||||
| Cost of production | $ | 50,261 | $ | 46,890 | $ | 40,149 | $ | 132,870 | $ | 124,321 | |||||||||
| Add (less): | |||||||||||||||||||
| Transportation costs & other | 1,731 | 1,792 | 1,283 | 4,845 | 3,818 | ||||||||||||||
| Treatment, refining, and other | 2,508 | 2,340 | 3,170 | 7,258 | 12,398 | ||||||||||||||
| By-product credits | (6,693 | ) | (6,205 | ) | (6,584 | ) | (17,597 | ) | (12,455 | ) | |||||||||
| Incentive payments | (1,425 | ) | (1,457 | ) | (1,138 | ) | (4,171 | ) | (3,511 | ) | |||||||||
| Net change in inventory | 199 | (1,611 | ) | (1,220 | ) | 1,247 | (5,581 | ) | |||||||||||
| Foreign exchange translation and other | (46 | ) | 16 | 3 | (177 | ) | 17 | ||||||||||||
| C1 cash costs(1) | 46,535 | 41,765 | 35,663 | 124,275 | 119,007 | ||||||||||||||
| (Gain) loss on foreign exchange hedges | (1,460 | ) | (217 | ) | 1,965 | 539 | 1,735 | ||||||||||||
| C1 cash costs including foreign exchange hedges | $ | 45,075 | $ | 41,548 | $ | 37,628 | $ | 124,814 | $ | 120,742 | |||||||||
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| Mining | $ | 33,943 | $ | 31,442 | $ | 26,529 | $ | 91,181 | $ | 79,666 | |||||||||
| Processing | 8,222 | 6,549 | 7,069 | 21,123 | 22,173 | ||||||||||||||
| Indirect | 8,555 | 7,639 | 5,479 | 22,310 | 17,225 | ||||||||||||||
| Production costs | 50,720 | 45,630 | 39,077 | 134,614 | 119,064 | ||||||||||||||
| By-product credits | (6,693 | ) | (6,205 | ) | (6,584 | ) | (17,597 | ) | (12,455 | ) | |||||||||
| Treatment, refining and other | 2,508 | 2,340 | 3,170 | 7,258 | 12,398 | ||||||||||||||
| C1 cash costs(1) | 46,535 | 41,765 | 35,663 | 124,275 | 119,007 | ||||||||||||||
| (Gain) loss on foreign exchange hedges | (1,460 | ) | (217 | ) | 1,965 | 539 | 1,735 | ||||||||||||
| C1 cash costs including foreign exchange hedges | $ | 45,075 | $ | 41,548 | $ | 37,628 | $ | 124,814 | $ | 120,742 | |||||||||
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| 2025 – Q3 | 2025 – Q2 | 2024 – Q3 | 2025 – YTD | 2024 – YTD | |||||||||||||||
| Costs per pound | |||||||||||||||||||
| Total copper produced (lbs, 000) | 20,030 | 20,199 | 21,871 | 56,448 | 59,257 | ||||||||||||||
| Mining | $ | 1.69 | $ | 1.56 | $ | 1.22 | $ | 1.62 | $ | 1.34 | |||||||||
| Processing | $ | 0.41 | $ | 0.32 | $ | 0.32 | $ | 0.37 | $ | 0.38 | |||||||||
| Indirect | $ | 0.43 | $ | 0.38 | $ | 0.25 | $ | 0.40 | $ | 0.29 | |||||||||
| By-product credits | $ | (0.33 | ) | $ | (0.31 | ) | $ | (0.30 | ) | $ | (0.31 | ) | $ | (0.21 | ) | ||||
| Treatment, refining and other | $ | 0.12 | $ | 0.12 | $ | 0.14 | $ | 0.12 | $ | 0.21 | |||||||||
| Copper C1 cash costs(1) | $ | 2.32 | $ | 2.07 | $ | 1.63 | $ | 2.20 | $ | 2.01 | |||||||||
| (Gain) loss on foreign exchange hedges | $ | (0.07 | ) | $ | (0.01 | ) | $ | 0.09 | $ | 0.01 | $ | 0.03 | |||||||
| Copper C1 cash costs including foreign exchange hedges | $ | 2.25 | $ | 2.06 | $ | 1.72 | $ | 2.21 | $ | 2.04 | |||||||||
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The Tucumã Operation
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| Reconciliation: | 2025 – Q3 | ||
| Cost of production | $ | 18,308 | |
| Add (less): | |||
| Transportation costs & other | 4,880 | ||
| Treatment, refining, and other | 1,486 | ||
| By-product credits | — | ||
| Incentive payments | (401 | ) | |
| Net change in inventory | 2,783 | ||
| Foreign exchange translation and other | — | ||
| C1 cash costs(1) | 27,056 | ||
| (Gain) loss on foreign exchange hedges | (586 | ) | |
| C1 cash costs including foreign exchange hedges | $ | 26,470 | |
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| Mining | $ | 4,552 | |
| Processing | 12,455 | ||
| Indirect | 3,698 | ||
| Production costs | 20,705 | ||
| By-product credits | — | ||
| Treatment, refining and other | 6,351 | ||
| C1 cash costs(1) | 27,056 | ||
| (Gain) loss on foreign exchange hedges | (586 | ) | |
| C1 cash costs including foreign exchange hedges | $ | 26,470 | |
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| 2025 – Q3 | |||
| Costs per pound | |||
| Total copper produced (lbs, 000) | 16,707 | ||
| Mining | $ | 0.27 | |
| Processing | $ | 0.75 | |
| Indirect | $ | 0.22 | |
| By-product credits | $ | — | |
| Treatment, refining and other | $ | 0.38 | |
| Copper C1 cash costs(1) | $ | 1.62 | |
| (Gain) loss on foreign exchange hedges | $ | (0.04 | ) |
| Copper C1 cash costs including foreign exchange hedges | $ | 1.58 | |
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Gold C1 cash cost and gold AISC
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The following table provides a reconciliation of gold C1 cash cost and gold AISC to cost of production, its most directly comparable IFRS measure.
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| Reconciliation: | 2025 – Q3 | 2025 – Q2 | 2024 – Q3 | 2025 – YTD | 2024 – YTD | ||||||||||||||
| Cost of production | $ | 10,032 | $ | 8,761 | $ | 6,220 | $ | 25,018 | $ | 21,055 | |||||||||
| Add (less): | |||||||||||||||||||
| Incentive payments | (364 | ) | (209 | ) | (378 | ) | (842 | ) | (1,047 | ) | |||||||||
| Net change in inventory | 191 | 63 | 1,378 | 1,593 | 1,320 | ||||||||||||||
| By-product credits | (208 | ) | (159 | ) | (232 | ) | (478 | ) | (680 | ) | |||||||||
| Smelting and refining | 49 | 42 | 79 | 126 | 266 | ||||||||||||||
| Foreign exchange translation, transportation and other | 156 | 133 | 203 | 373 | 650 | ||||||||||||||
| C1 cash costs | $ | 9,856 | $ | 8,631 | $ | 7,270 | $ | 25,790 | $ | 21,564 | |||||||||
| Site general and administrative | 1,602 | 1,264 | 1,321 | 3,954 | 4,024 | ||||||||||||||
| Accretion of mine closure and rehabilitation provision | 151 | 145 | 82 | 437 | 262 | ||||||||||||||
| Sustaining capital expenditure | 7,307 | 4,435 | 2,784 | 15,651 | 8,691 | ||||||||||||||
| Sustaining lease payments | 2,524 | 2,313 | 1,801 | 6,858 | 5,831 | ||||||||||||||
| Royalties and production taxes | 566 | 511 | 686 | 1,415 | 2,058 | ||||||||||||||
| AISC | $ | 22,006 | $ | 17,299 | $ | 13,944 | $ | 54,105 | $ | 42,430 | |||||||||
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| 2025 – Q3 | 2025 – Q2 | 2024 – Q3 | 2025 – YTD | 2024 – YTD | |||||||||||||||
| Costs | |||||||||||||||||||
| Mining | $ | 4,871 | $ | 4,552 | $ | 3,852 | $ | 13,183 | $ | 11,377 | |||||||||
| Processing | 2,787 | 2,472 | 2,419 | 7,465 | 6,955 | ||||||||||||||
| Indirect | 2,357 | 1,724 | 1,152 | 5,494 | 3,646 | ||||||||||||||
| Production costs | 10,015 | 8,748 | 7,423 | 26,142 | 21,978 | ||||||||||||||
| Smelting and refining costs | &
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