VANCOUVER, British Columbia, Jan. 16, 2024 (GLOBE NEWSWIRE) — Ero Copper Corp. (TSX: ERO, NYSE: ERO) (the “Company”) is pleased to provide an update on the structure of the Tucumã Project (the “Project”), highlighting significant progress since October 2023. With the physical finishing touch now at over 85% and copper production expected to commence in the second part of 2024, the Company has begun the transition from structure to commissioning, as defined in the 2024 Commissioning Plan.
STRONG ARGUMENTS
“As we move from structure to commissioning, the most important thing about Tucumã is the remarkable protection functionality of our structure equipment. Marking a significant milestone, we surpassed 3 million hours of work with no lost time incidents. I would like to extend my sincere congratulations to our task control. “We would like to thank the team, as well as the 2,200 painters and subcontractors on site, for their continued diligence and thoughtful execution in bringing Tucumã into production,” said David Strang, President and CEO.
“This is an exciting phase for Ero Copper as we prepare to bring Tucumã into operation later this year and anticipate consolidated copper production reaching over 100,000 tonnes in 2025. With the recent shift in copper supply-demand fundamentals signaling supply deficits in 2024 and 2025, the timing of our growth trajectory couldn’t be better.”
Figure 1: January 2024 aerial view of complex pre-dismantling activities, which are 10% ahead of schedule and on track to finalize the final touch by the end of the first quarter of 2024.
Figure 2: Ball mill and hydrocyclone battery as of January 2024.
Figure 3: Flotation cells and tailings thickener as of January 2024.
Figure 4: Primary and secondary crushing, screening and conveyance systems.
Figure 5: Main substation and completed line with connection to the national grid in January 2024.
ABOUT ERO COPPER CORP
Ero is a low-carbon, high-margin, high-margin copper manufacturer operating in Brazil and headquartered in Vancouver, British Columbia. The Company’s main asset is a 99. 6% stake in the Brazilian copper mining company, Mineração Caraíba S. A. (“MCSA”), owns one hundred percent of the Company’s operations in Caraíba (previously known as the MCSA Mining Complex), which are located in the Curaçá Valley. Array State of Bahia, Brazil and comes with underground mines Pilar y Vermelhos and the Surubim open pit mine, as well as the Tucumã assignment (previously known as Boa Esperança), an IOCG copper assignment located in Pará, BrazilArray The Company also owns 97. 6% of NX Gold S. A. (“NX Gold”), the owner of the Xavantina operations (previously known as NX Gold Mine), an operating gold and silver mine located in Mato Grosso, Brazil. Additional data on the Company and its operations, including technical reports on the Caraíba Operations, the Xavantina Operations and the Tucumã Project, can be found on SEDAR+ at www. sedarplus. ca/landingpage/ and on EDGAR (wwwArraysec. gov). The Company’s shares are traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol “ERO. “
FOR MORE INFORMATION, PLEASE CONTACT
Courtney Lynn, Senior Vice President, Corporate Development, Investor Relations & Sustainability (604) 335-7504info@erocopper. com
CAUTION REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS
This press release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”). Forward-looking statements include statements that use forward-looking terminology such as “may”, “could”, “would”, “will”, “should”, “intend”, “target”, “plan”, “expect”, “budget”, “estimate”, “forecast”, “schedule”, “anticipate”, “believe”, “continue”, “potential”, “view” or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Forward-looking statements may include, but are not limited to, statements with respect to the timing of energizing the power line at the Project, the expected timing of completion of pre-stripping activities, the expected completion of construction activities and transition to commissioning as detailed in the 2024 Commissioning Plan, the timing of initial copper concentrate production, estimated Project capital to be spent, the projected copper supply deficit in 2024, and any other statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results, performance or achievements.
in this document and in the Annual Information Form under the heading “Risk Factors”.
The Company’s forward-looking statements are based on assumptions, beliefs, expectations and controls reviews as of the date the statements are made, many of which would likely be difficult to expect and beyond the Company’s control. In connection with the forward-looking statements contained in this press release and the Annual Information Form, the Company has made confident assumptions regarding, among other things: the continued effectiveness of measures taken by the Company to mitigate the conceivable impact in COVID-19 in their activity. hard work and operations; favorable equity and debt markets; the ability to raise any additional required capital on moderate terms to advance the production, progress and exploration of the Company’s properties and assets; long-term securities of copper, gold and other metals; the timing and effects of exploration and drilling programs; the accuracy of any estimates of mineral reserves and mineral resources; the geology of the Caraíba Operations, Xavantina Operations and Tucumã Project being that described in the respective technical report of each property; production costs; the accuracy of budgeted scouting, progression and structure costs and expenditures; the value of other products such as fuel; exchange rates and long-term interest rates; that operating situations are favorable, so that the Company can operate safely, successfully and effectively; The workforce continues to stay fit in the face of epidemics, pandemics or other health hazards (including COVID-19), as well as political and regulatory skills; receipt of governmental, regulatory and third-party approvals, licenses and leases on favorable terms; download required renewals for existing approvals, licenses and permits on favorable terms; needs under applicable laws; sustainable painting skills; ability of money and capital goods markets; equipment availability; positive relationships with local teams and the Company’s ability to meet its obligations under its agreements with those teams; and satisfy the terms and conditions of the Company’s existing loan agreements. Although the Company believes that the assumptions inherent in the forward-looking statements are conservative as of the date of this press release, such assumptions are subject to business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and risks. significant. others. points that may also cause actual actions, occasions, situations, effects, functionality or achievements to be materially different from those projected in the forward-looking statements. The Company cautions that the above list of assumptions is not exhaustive. Other occasions or instances may also cause actual effects to differ materially from those estimated or projected and expressed or implied by the forward-looking statements contained in this press release. There can be no assurance that forward-looking statements will prove to be accurate, as actual effects and long-term events may also differ materially from those anticipated in such statements. Therefore, readers are advised not to place undue reliance on forward-looking statements.
Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or results or otherwise, except as and to the extent required by applicable securities laws.
CAUTIONARY NOTES ON MINERAL RESOURCE AND RESERVE ESTIMATES
Unless otherwise indicated, all reserve and resource estimates included in this presentation and documents incorporated by reference herein have been prepared in accordance with National Instrument 43-101 on Disclosure of Mineral Projects (“NI 43- 101”) and with the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Defining Standards for Mineral Resources and Mineral Reserves, followed by the CIM Council, as amended (the “CIM”) Standards ICD”). National Instrument 43-101 is a rule developed through the Canadian Securities Administrators that establishes criteria for any public disclosure by an issuer of clinical and technical data related to mining projects. The Canadian criteria, adding the National Instrument 43-101, differ materially from the needs of the United States Securities and Exchange Commission (the “SEC”), and the reserves and resources data included herein may not be comparable to similar data disclosed through of American companies. In particular, and without restricting the generality of the foregoing, this presentation and the documents incorporated by reference herein use the terms “measured resources”, “indicated resources” and “inferred resources” as explained in accordance with National Instrument 43 -101 and CIM. . Standards.
As a result of recent amendments, the disclosure needs for mining housing in the United States (the “U. S. Rules”) have been amended to increase the number of mining companies. “U. S. Securities and Exchange Regulations” are governed by Subpart 1300 of Regulation S-K of the U. S. Securities Act. UU. de 1933, as amended (the “U. S. Values”). “We are not going to be able to do anything As a legal foreign personal issuer to file reports with the SEC pursuant to the Multi-Jurisdictional Disclosure System (the “MJDS”), Ero is required to provide data on its mineral homes under U. S. regulations. The U. S. Department of Agriculture and Human Services will continue to provide data under Regulation 43-101 and CIM standards. If Ero ceases to be a foreign personal issuer or loses its eligibility to file its annual report on Form 40-F in accordance with the MJDS, then Ero will be subject to U. S. regulations, which differ from the requirements of NI 43-101 and the CIM Standards.
Pursuant to the new U.S. Rules, the SEC recognizes estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources.” In addition, the definitions of “proven mineral reserves” and “probable mineral reserves” under the U.S. Rules are now “substantially similar” to the corresponding standards under NI 43-101. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that Ero reports are or will be economically or legally mineable. Further, “inferred mineral resources” have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Under Canadian securities laws, estimates of “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies, except in rare cases. While the above terms under the U.S. Rules are “substantially similar” to the standards under NI 43-101 and CIM Standards, there are differences in the definitions under the U.S. Rules and CIM Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that Ero may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had Ero prepared the reserve or resource estimates under the standards adopted under the U.S. Rules.
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