Drill Results Routine +

Ero Confirms High-Grade Continuity and Extends Known Mineralization at Furnas with Significant New Step-Out Intercepts

Ero’s Furnas exploration advances on schedule while H1 production weighting lowers near-term cost guidance.

By The Northwire Desk — AI Analysis Jun 10, 2026 · 06:00 ERO · 36.5 Ero Copper Corp.

Executive Summary

Ero Copper released Q1 2026 drilling results for the Furnas Copper-Gold Project in Brazil, reporting 24,000 meters of exploration drilling completed.
Total drilling stands at over 75,000 meters, with approximately 52,000 meters assayed. Ten drill rigs are currently active on site.
Significant step-out intercepts in the SE Zone extend mineralization ~115 meters down-dip, including 90m @ 0.74% Cu, 0.50 g/t Au, 3.18 g/t Ag (1.13% CuEq) and 45m @ 0.98% Cu, 0.36 g/t Au, 1.72 g/t Ag (1.25% CuEq).
Central Zone exploration returned 41m @ 0.94% Cu, 0.44 g/t Au, 1.58 g/t Ag (1.28% CuEq), drilled ~220 meters down-dip of the inferred resource limit.
Infill drilling in SE and NW zones demonstrates high-grade continuity, supporting ongoing resource conversion efforts.
The company is advancing approximately two years ahead of schedule on its earn-in agreement milestones with Vale Base Metals, targeting completion of three contractual drill programs by year-end 2026.
A Pre-Feasibility Study (PFS) is targeted for 2027, with engineering contracts expected in mid-2026. Preliminary License application for permitting is targeted for year-end 2026.
Metallurgical testwork validates PEA assumptions; the company is evaluating magnetic separation and gravity circuits to improve gold recoveries.

Material Impact

The June 10, 2026 release is a routine exploration update that confirms high-grade continuity and schedule adherence at Furnas.
It does not introduce new financial metrics, alter near-term production/cost guidance, or change the capital allocation framework.
The market's reaction has been muted relative to the PEA release in February 2026, indicating this drill update is largely priced in as expected project progression.
Rating: Routine - Positive. The news validates long-term optionality but lacks near-term financial catalysts.

ERO · Price

Company Overview

Ero Copper Corp. is a producing mining company operating copper and gold assets in Brazil.
Caraíba and Tucumã are the primary copper operations, located in the Carajás Mineral Province (Pará State).
Xavantina is a producing gold operation in Mato Grosso State.
Furnas is a large-scale copper-gold development project in Pará, advanced under an earn-in agreement with Vale Base Metals.
The company is transitioning from a heavy investment cycle (Tucumã construction, Caraíba shaft) toward declining capital requirements and increasing cash generation.

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