Name of the Project
Furnas copper/gold project.

Location
Carajás Mineral Province, Pará state, Brazil.

Project Owner/s
Ero Copper Corp, in partnership with Vale Base Metals in an earn-in agreement. Ero can earn a 60% interest on completion of prescribed work programmes.

Project Description
The February 2026 preliminary economic assessment (PEA) outlines the development of Furnas as a large-scale, long-life copper/gold operation combining selective openpit and underground mining in the south-east and north-west zones, feeding a central processing facility designed for 13.5-million tonnes a year over an initial 24-year life-of-mine (LoM). 

Conventional flotation is expected to produce a copper concentrate with significant gold and silver by-product credits. 

Production is proposed to start from the south-east openpit, followed shortly thereafter by the underground mine. 

Development of the north-west openpit is expected to start after steady-state production is achieved in the south-east, with first production from the north-west forecasted for late in Year 4 of operations; underground mining in the north-west is planned to start towards the middle of the mine life. 

Over the first 15 years, average production is estimated at about 108 000 t/y of copper equivalent, including about 70 000 t/y of copper, 111 000 oz/y of gold and 532 000 oz/y of silver.

LoM production is estimated at more than 1.2-million tonnes of copper and about two-million ounces of gold and nine-million ounces of silver. Average processed grades over the LoM are estimated at about 0.58% copper, 0.35 g/t gold and 1.64 g/t silver, with metallurgical recoveries of 90.3% copper, 74.6% gold and 71.0% silver.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The PEA reports an after-tax net present value, at an 8% discount rate, of $2.04-billion and an internal rate of return of 27%, with an after-tax payback period of 3.1 years, based on long-term prices of $4.60/lb copper, $3 300/oz gold and $40/oz silver.

Capital Expenditure
Initial capital is estimated at $1.28-billion, with phased expansion capital of $287-million.

Planned Start/End Date
The PEA contemplates an initial three-year construction period.

Latest Developments
Further drilling is planned at the project throughout 2026. Environmental-impact assessment studies started in 2025 are expected to continue in 2026, alongside engineering, geotechnical, hydrogeological and metallurgical work to optimise mine design, processing configuration and infrastructure layout.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Ero Copper Corp, email info@ero.com.