Ero Copper Increases Revolving Credit Facility to $150 Million and Extends Maturity to December 2026

(all amounts in US dollars unless otherwise noted)

Vancouver, British Columbia, December 16, 2022 (GLOBE NEWSWIRE) — Ero Copper Corp. (TSX:ERO, NYSE:ERO) (“Ero” or the “Company”) is pleased to announce that it has amended its existing senior secured revolving credit facility (the “Amended Credit Facility”) to increase $75 million to 150 million dollars and extend the term of March 2025 to December 2026. The Amended Credit Facility will bear interest on a sliding scale of SOFR plus an applicable margin of 2.00% to 4.00% depending on the Company’s consolidated leverage ratio. Commitment fees for the undrawn portion of the modified credit facility are also based on a sliding scale of 0.45% to 0.90%. The amended credit facility is expected to close December 23, 2022subject to customary closing conditions.

The Company’s pro forma cash position as of 09/30/2022 is approx $510 millionincluding cash and cash equivalents of approx $210 millionshort-term investments of approx 150 million dollarsand 150 million dollars the undrawn availability under the modified credit facility.

“We are pleased to have achieved improved terms for our senior secured revolving credit facility, including a 25 basis point reduction in our applicable margin on drawn funds, reduced stand-by fees on undrawn commitments and an extended term to the end of 2026.” , explained Wayne Drier, chief financial officer.

The modified credit facility includes standard and customary terms and conditions relating to fees, representations, warranties and financial covenants. The Bank of Montreal acted as Administrator, Joint Lead Arranger and Sole Bookrunner, The Bank of Nova Scotia acted as Joint Lead Arranger and the Canadian Imperial Bank of Commerce acted as Documentation Agent.

A copy of the Amended Credit Facility Agreement will be filed on SEDAR and EDGAR.

OVER ERO COPPER CORP

Ero Copper Corp is a high-margin, high-growth, clean copper producer with operations in Brazil and company headquarters in Vancouver, BC The firms The main asset is a 99.6% interest in Brazilian copper mining company MCSA, 100% owner of the company’s Caraíba operations (formerly known as the MCSA mining complex), which are located in the Curaçá Valley in the state of Bahia, Brazil These include the Pilar and Vermelhos underground mines, the Surubim mine and the Tucumã project (formerly known as Boa Esperança), an IOCG-type copper project located in Para, Brazil. The company also owns 97.6% of NX Gold S.A which the Xavantina Operations (formerly known as the NX gold mine), namely consisting of an operating gold and silver mine in Mato Grosso, Brazil. Additional information about the Company and its activities, including technical reports on the Caraíba Operations, the Xavantina Operations and the Tucumã Project, is available on the Company’s website (www.erocopper.com), on SEDAR (www.sedar. com) and further EDGAR (www.sec.gov). The company’s shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol “ERO”.

FOR MORE INFORMATION, PLEASE CONTACT

Courtney LynnVP, Corporate Development & Investor Relations
(604) 335-7504
[email protected]

_{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 laws (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”, “opinion” or the negative or grammatical variant thereof or other variants thereof or comparable terminology. Forward-looking statements may include, among other things, statements related to the successful completion and closing date associated with the credit facility, the interest rate of the credit facility and future borrowing costs.}

_{Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual results, actions, events, conditions, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including without limitation , risks discussed in this press release and in the Company’s annual information form for the past year December 31, 2021 and dated March 11, 2022 (the “AIF”) under the heading “Risk Factors”.}

_{Forward-looking statements are not guarantees of future performance. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve statements about the future and are inherently uncertain, and the Company’s actual results, achievements or other future events or conditions could differ materially from those projected in the forward-looking statements as a result of a variety of risks, uncertainties and other factors expression, including but not limited to those referred to herein and in the AIF under the heading “Risk Factors”.}

_{The Company’s forward-looking statements are based on management’s assumptions, beliefs, expectations and opinions at the time the statements are made, many of which are difficult to predict and are beyond the Company’s control.}

_{The 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 statements, whether as a result of new information, future events or results or otherwise, except and to the extent required by applicable law securities laws is required.}