Ero Copper

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(cid:393)(cid:396)(cid:381)(cid:336)(cid:396)(cid:258)(cid:373)(cid:400)(cid:3)

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(cid:393)(cid:396)(cid:381)(cid:282)(cid:437)(cid:272)(cid:415)(cid:381)(cid:374)(cid:3)

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(cid:286)(cid:454)(cid:393)(cid:367)(cid:381)(cid:396)(cid:258)(cid:415)(cid:381)(cid:374)(cid:3)(cid:258)(cid:374)(cid:282)(cid:3)(cid:282)(cid:286)(cid:448)(cid:286)(cid:367)(cid:381)(cid:393)(cid:373)(cid:286)(cid:374)(cid:410)(cid:856) 

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(cid:1004)(cid:1005) 

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(cid:1004)(cid:1006) 

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(cid:1008)(cid:1005)(cid:853)(cid:1004)(cid:1004)(cid:1004) 

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(cid:1007)(cid:1007)(cid:1006)(cid:856)(cid:1005) 

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(cid:1010)(cid:1011)(cid:853)(cid:1005)(cid:1011)(cid:1004)  (cid:1004)(cid:856)(cid:1011)(cid:1007)(cid:1081) 

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- 

- 

- 

- 

- 

- 

- 

- 

- 

(cid:1006)(cid:853)(cid:1004)(cid:1009)(cid:1004) 

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(cid:1011)(cid:856)  (cid:38)(cid:381)(cid:396)(cid:3)(cid:258)(cid:282)(cid:282)(cid:349)(cid:415)(cid:381)(cid:374)(cid:258)(cid:367)(cid:3)(cid:282)(cid:286)(cid:410)(cid:258)(cid:349)(cid:367)(cid:400)(cid:853)(cid:3)(cid:393)(cid:367)(cid:286)(cid:258)(cid:400)(cid:286)(cid:3)(cid:396)(cid:286)(cid:296)(cid:286)(cid:396)(cid:3)(cid:410)(cid:381)(cid:3)(cid:28)(cid:396)(cid:381)(cid:859)(cid:400)(cid:3)(cid:302)(cid:367)(cid:349)(cid:374)(cid:336)(cid:400)(cid:3)(cid:381)(cid:374)(cid:3)(cid:449)(cid:449)(cid:449)(cid:856)(cid:400)(cid:286)(cid:282)(cid:258)(cid:396)(cid:856)(cid:272)(cid:381)(cid:373)(cid:3)(cid:296)(cid:381)(cid:396)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:3)(cid:17)(cid:381)(cid:258)(cid:3)(cid:28)(cid:400)(cid:393)(cid:286)(cid:396)(cid:258)(cid:374)(cid:277)(cid:258)(cid:3)(cid:410)(cid:286)(cid:272)(cid:346)(cid:374)(cid:349)(cid:272)(cid:258)(cid:367)(cid:3)(cid:396)(cid:286)(cid:393)(cid:381)(cid:396)(cid:410)(cid:3)(cid:415)(cid:410)(cid:367)(cid:286)(cid:282)(cid:3)(cid:38)(cid:286)(cid:258)(cid:400)(cid:349)(cid:271)(cid:349)(cid:367)(cid:349)(cid:410)(cid:455)(cid:3)(cid:94)(cid:410)(cid:437)(cid:282)(cid:455)(cid:3)(cid:100)(cid:286)(cid:272)(cid:346)(cid:374)(cid:349)(cid:272)(cid:258)(cid:367)(cid:3)(cid:90)(cid:286)(cid:393)(cid:381)(cid:396)(cid:410)(cid:3)(cid:296)(cid:381)(cid:396)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:3)
(cid:17)(cid:381)(cid:258)(cid:3)(cid:28)(cid:400)(cid:393)(cid:286)(cid:396)(cid:258)(cid:374)(cid:277)(cid:258)(cid:3)(cid:18)(cid:381)(cid:393)(cid:393)(cid:286)(cid:396)(cid:3)(cid:87)(cid:396)(cid:381)(cid:361)(cid:286)(cid:272)(cid:410)(cid:853)(cid:3)(cid:87)(cid:258)(cid:396)(cid:260)(cid:3)(cid:94)(cid:410)(cid:258)(cid:410)(cid:286)(cid:853)(cid:3)(cid:17)(cid:396)(cid:258)(cid:460)(cid:349)(cid:367)(cid:853)(cid:3)(cid:282)(cid:258)(cid:410)(cid:286)(cid:282)(cid:3)(cid:94)(cid:286)(cid:393)(cid:410)(cid:286)(cid:373)(cid:271)(cid:286)(cid:396)(cid:3)(cid:1011)(cid:853)(cid:3)(cid:1006)(cid:1004)(cid:1005)(cid:1011)(cid:3)(cid:449)(cid:349)(cid:410)(cid:346)(cid:3)(cid:258)(cid:374)(cid:3)(cid:286)(cid:299)(cid:286)(cid:272)(cid:415)(cid:448)(cid:286)(cid:3)(cid:282)(cid:258)(cid:410)(cid:286)(cid:3)(cid:381)(cid:296)(cid:3)(cid:58)(cid:437)(cid:374)(cid:286)(cid:3)(cid:1005)(cid:853)(cid:3)(cid:1006)(cid:1004)(cid:1005)(cid:1011)(cid:853)(cid:3)(cid:393)(cid:396)(cid:286)(cid:393)(cid:258)(cid:396)(cid:286)(cid:282)(cid:3)(cid:271)(cid:455)(cid:3)(cid:18)(cid:258)(cid:396)(cid:367)(cid:381)(cid:400)(cid:3)(cid:17)(cid:258)(cid:396)(cid:271)(cid:381)(cid:400)(cid:258)(cid:853)(cid:3)(cid:68)(cid:4)(cid:437)(cid:400)(cid:47)(cid:68)(cid:68)(cid:853)(cid:3)
(cid:90)(cid:437)(cid:271)(cid:286)(cid:374)(cid:400)(cid:3)(cid:68)(cid:286)(cid:374)(cid:282)(cid:381)(cid:374)(cid:277)(cid:258)(cid:853)(cid:3)(cid:68)(cid:4)(cid:437)(cid:400)(cid:47)(cid:68)(cid:68)(cid:853)(cid:3)(cid:258)(cid:374)(cid:282)(cid:3)(cid:39)(cid:349)(cid:381)(cid:396)(cid:336)(cid:349)(cid:381)(cid:3)(cid:282)(cid:349)(cid:3)(cid:100)(cid:381)(cid:373)(cid:349)(cid:3)(cid:68)(cid:4)(cid:437)(cid:400)(cid:47)(cid:68)(cid:68)(cid:3)(cid:381)(cid:296)(cid:3)(cid:94)(cid:90)(cid:60)(cid:3)(cid:17)(cid:396)(cid:258)(cid:460)(cid:349)(cid:367)(cid:3)(cid:449)(cid:346)(cid:381)(cid:3)(cid:258)(cid:396)(cid:286)(cid:3)(cid:258)(cid:367)(cid:367)(cid:3)(cid:395)(cid:437)(cid:258)(cid:367)(cid:349)(cid:302)(cid:286)(cid:282)(cid:3)(cid:393)(cid:286)(cid:396)(cid:400)(cid:381)(cid:374)(cid:400)(cid:3)(cid:437)(cid:374)(cid:282)(cid:286)(cid:396)(cid:3)(cid:69)(cid:47)(cid:3)(cid:1008)(cid:1007)-(cid:1005)(cid:1004)(cid:1005)(cid:856) 

(cid:1005)(cid:1009) 

(cid:28)(cid:90)(cid:75)(cid:3)(cid:18)(cid:75)(cid:87)(cid:87)(cid:28)(cid:90)(cid:3)(cid:1006)(cid:1004)(cid:1005)(cid:1011)(cid:3)(cid:4)(cid:69)(cid:69)(cid:104)(cid:4)(cid:62)(cid:3)(cid:90)(cid:28)(cid:115)(cid:47)(cid:28)(cid:116) 

(cid:28)(cid:90)(cid:75)(cid:3)(cid:18)(cid:75)(cid:87)(cid:87)(cid:28)(cid:90)(cid:3)(cid:1006)(cid:1004)(cid:1005)(cid:1011)(cid:3)(cid:4)(cid:69)(cid:69)(cid:104)(cid:4)(cid:62)(cid:3)(cid:90)(cid:28)(cid:115)(cid:47)(cid:28)(cid:116) 

(cid:1005)(cid:1010) 

  
  
  
  
 
  
  
  
  
 
MANAGEMENT’S DISCUSSION AND ANALYSIS 

FOR THE YEAR ENDED DECEMBER 31, 2017 

17 

|   ERO COPPER 2017 ANNUAL REVIEW 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MANAGEMENT’S DISCUSSION AND ANALYSIS  

This Management’s Discussion and Analysis (“MD&A”) has been prepared as at March 28, 2018 for the year ended 
December 31, 2017. This MD&A should be read in conjunction with the audited consolidated financial statements 
of Ero Copper Corp. (“Ero” or “the Company”) as at, and for the year ended December 31, 2017, and related notes 
thereto. The Company’s audited consolidated financial statements are prepared in accordance with International 
Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (the “IASB”). All 
dollar amounts are expressed in US dollars (“US”) and tabular amounts are expressed in thousands of US dollars, 
unless otherwise indicated. References to “$” or “dollars” are to US dollars, references to “C$” are to Canadian 
dollars and references to “R$” are to Brazilian Reais.  

This  MD&A  contains  “forward‐looking information”  that  is  subject  to  risk  factors  set  out  in  a  cautionary  note 
contained at the end of this MD&A.  The Company cannot assure investors that such information will prove to be 
accurate, and actual results and future events may differ materially from those anticipated in such information. 
The results for the periods presented are not necessarily indicative of the results that may be expected for any 
future  period.  Investor  are  cautioned  not  to  place  undue  reliance  on  this  forward‐looking  information.   All 
information contained in this MD&A is current and has been approved by the Board of Directors of the Company 
as of March 28, 2018, unless otherwise stated. 

BUSINESS OVERVIEW 

Ero, headquartered in Vancouver, B.C., is a mining company focused on the production and sale of copper from 
its  Vale do Curaçá Property, located in  Bahia, Brazil.   On October 19, 2017, the Company completed an initial 
public offering (“IPO”)  and its common shares became publicly traded on the Toronto Stock Exchange under the 
symbol “ERO”.  

The Company’s primary asset is a 99.6% interest in the Brazilian copper mining company, Mineração Caraíba S.A. 
(“MCSA”), 100% owner of the Vale do Curaçá Property with over 37 years of operating history in the region.  The 
Company  currently  mines  copper  ore  from  the  Pilar  underground  and  the  Surubim  open  pit  mines  and  is 
completing the construction of the new high‐grade Vermelhos copper mine.  In addition to the Vale do Curaçá 
Property, MCSA owns 100% of the Boa Esperanҫa development project, an IOCG‐type copper project located in 
Pará, Brazil. The Company also owns, directly and indirectly thru MCSA, 97.6% of NX Gold S.A., a small producing 
gold mine in Mato Grosso State, Brazil.  

Additional information on the Company and its operations, including Technical Reports on both the Vale do Curaçá 
and  Boa  Esperanҫa properties,  can  be  found  on  the  Company’s  website  (www.erocopper.com)  and  on  SEDAR 
(www.sedar.com). 

ERO COPPER 2017 ANNUAL REVIEW     | 

18 

 
 
 
 
 
 
 
 
 
 
 
HIGHLIGHTS 

Operating Information

Copper (MCSA Operations)

Ore Processed (tonnes)

Grade (% Cu)

Cu Production (tonnes)

Cu Production (lbs)
Cu Sold in Concentrate (tonnes)
Cu Sold in Concentrate (lbs)

C1 Cash cost of copper produced (per lb)(2)

Financial information ($millions, except per share amounts)

Revenues

Gross profit 

EBITDA

Adjusted EBITDA

Cash flow from (used in) operations

Net income (loss) attributable to owners of the Company
Net income (loss) per share attributable to owners of the 
Company                         

‐ Basic

‐ Diluted

Cash and Cash Equivalents
Working Capital (Deficit)(2)
Net Debt(2)

3 months ended
December 31, 
2017

3 months ended
December 31, 
2016(1)

Year ended
December 31, 
2017

Period ended
December 31, 
2016(1)

452,371

1.36

5,334

11,759,857
5,448
12,010,770

1.54

$37.8

$5.8

$31.4

$12.0

$11.2

$19.5

n/a

n/a

n/a

n/a
n/a
n/a

n/a

 n/a 

 n/a 

($2.2)

($5.4)

($8.6)

($2.7)

1,771,209

1.31

20,133

44,384,986
19,719
43,472,902

1.45

$115.4

$12.9

$52.9

$28.2

$21.2

$22.5

n/a

n/a

n/a

n/a
n/a
n/a

n/a

n/a

n/a

($2.2)

($5.4)

($8.7)

($3.0)

$                     

0.28

$                    

(0.19)

$                     

0.40

$                    

(0.44)

$                     

0.24

$                    

(0.19)

$                     

0.34

$                    

(0.44)

$51.1

$42.6

($85.9)

$18.3

($129.3)

($143.8)

$51.1

$42.6

($85.9)

$18.3

($129.3)

($143.8)

Footnotes
[1] ‐ Ero was incorporated on May 16, 2016.  MCSA was acquired December 12, 2016.  Operations did not commence until 1st quarter of 2017.
[2] ‐ EBITDA, Adjusted EBITDA, Net Debt, Working capital, and C1 Cash cost of copper produced (per lb) are non‐IFRS measures ‐ see page 24 of this MD&A 
for a discussion of non‐IFRS measures.

2017 Annual Highlights 

2017 was a highly transformational year for the Company and its shareholders. Notable highlights of 2017 include: 

Successful execution of key corporate initiatives 

•  Completion of the Company’s IPO on the Toronto Stock Exchange, raising sufficient funds to effect the 

Company’s growth strategy in the Curaçá Valley.  

o 

Issued an aggregate of 13.5 million common shares at C$4.75 per common share, for total gross 
proceeds  of  approximately  $50.9  million  including  the  fully  exercised  over‐allotment  option. 
Proceeds were subject to 6% fee payable to underwriters. 

o  Commenced trading under the stock symbol “ERO” on October 19, 2017. 

19 

|   ERO COPPER 2017 ANNUAL REVIEW 

 
 
  
 
  
 
 
                       
                       
•  Reduced consolidated total debt by $25.6 million via the purchase, at a discount, of senior secured notes 
held by the Company’s subsidiary, MCSA, with a face amount of US$75.6 million. The Company financed 
the purchase with a new $50 million senior secured non‐revolving credit facility.  

Strong full-year operating & financial performance 

•  Successful full restart of MCSA’s mining and processing operations in February of 2017. 

•  Mined a total of 1.8 million tonnes of ore grading 1.30% copper, comprised of 804.8 thousand tonnes 
(“kt”) grading 2.16% copper from the Pilar underground mine and 994.8kt grading 0.60% copper from 
open pit operations. 

•  Processed a total of 1.8 million tonnes of ore grading 1.31% copper, producing 20,133 tonnes of copper 

after average metallurgical recoveries of 86.8%.  

•  Announced accelerated timeline for commissioning the high‐grade Vermelhos Mine to fourth quarter of 

2018 from the previously forecast start‐up during the first quarter of 2019.   

o  Completed 1,717 meters of total development at the Vermelhos Mine during 2017, including 841 

meters of primary ramp development in support of the accelerated schedule. 

•  Achieved C1 Cash Costs of $1.45 per lb. of copper generating $52.9 million in EBITDA and $28.2 million in 

adjusted EBITDA during the twelve month period ended December 31, 2017. 

•  Total  cash  flow  from  operations  of  $21.2  million  and  net  income  attributable  to  the  owners  of  the 

Company of $22.5 million ($0.34  per share on a diluted basis). 

Significant expansion of exploration efforts 

•  Staffed and mobilized 13 drill rigs to the Vale do Curaçá Property as of December 31, 2017 in support of 
our significant and expanding exploration efforts throughout the Curaçá Property (2 additional drill rigs 
staffed and mobilized to site subsequent to December 31, 2017). 

Fourth Quarter Highlights 

Strong operating performance 

•  Mined a total of 444.3 kt of ore grading 1.36% copper, comprised of 225.0 kt grading 2.03% copper from 

the Pilar underground mine and 219.3kt grading 0.68% copper from the Surubim open pit mine. 

•  Processed 452.4 kt of ore grading 1.36% copper at average metallurgical recoveries of 86.9%. 

•  Fourth quarter production of 5,334 tonnes of copper at C1 Cash Costs of $1.54 per lb. of copper generating 

$31.4  million in EBITDA and $12.0 million in adjusted EBITDA during the period. 

Reduction in consolidated total debt 

•  During the fourth quarter, the Company purchased at a discount senior secured notes of the Company’s 
subsidiary, MCSA, with the face amount of $75.6 million. The Company financed the purchase through a 
$50 million senior secured non‐revolving credit facility with The Bank of Nova Scotia and recognized a 
$25.6  million  reduction  in  total  consolidated  debt.  Please  refer  to  the  Company’s  press  release  dated 
December 21, 2017 for additional information. 

•  A significantly improved net debt position from the previous year, now $85.9 million as result of the debt 

repurchase and proceeds from the IPO. 

ERO COPPER 2017 ANNUAL REVIEW     | 

20 

 
 
 
 
Improving operating cash flows, liquidity and working capital positions 

•  Cash flow from operations of $11.2 million and net income attributable to the owners of $19.5 million 

($0.24 net income per share on a diluted basis). 

•  Ended the fourth quarter with strong liquidity position of $51.1 million in cash and cash equivalents, $2.2 

million in restricted cash and working capital of $42.6 million.  

BUSINESS ACQUISITIONS 

On December 12, 2016, the Company obtained control of MCSA and NX Gold by acquiring an approximately 85% 
and a 28% interest therein, respectively (collectively, the “Acquisitions”) .  Although the Company only acquired 
an approximately 28% economic interest in NX Gold, by virtue of a shareholders’ agreement among the Company 
and the shareholder vendors of NX Gold, the composition of the board of directors of NX Gold, and the Articles of 
Incorporation of NX Gold, the Company obtained control over all key operating, financing and investing activities 
of NX Gold.  Accordingly, the Company has consolidated the accounts of NX Gold. Since certain vendors of NX Gold 
were  also  vendors  of  MCSA  with  respect  the  Company’s  acquisitions  of  interests  in  NX  Gold  and  MCSA  on 
December  12,  2016,  and  since  such  acquisitions  were  contemplated  as  part  of  the  same  transaction,  for 
accounting purposes, the acquisitions are considered as a single acquisition and have been accounted for as a 
business combination.  The Company’s acquisition of MCSA is in line with its strategy to become a leading mid‐
tier  copper  producer  through  organic  growth  and  disciplined  acquisitions.  The  cash  consideration  paid  in 
connection with the acquisitions was nominal and the Company agreed to assume all of the loans and borrowing 
and other obligations of MCSA and NX Gold in connection therewith. 

As at December 31, 2016, the allocation of the purchase price to the fair value of the assets and liabilities was 
preliminary.    During  the  year  ended  December  31,  2017,  the  Company  completed  the  final  purchase  price 
allocation,  including  the  valuation  of  its  mineral  resources  beyond  proven  and  probable  reserves  and  the 
assessment of certain deferred tax balances.  As a result of the final assessments, certain comparative information 
as at December 31, 2016 has been recast to reflect the final adjustments.   The final purchase price allocation, 
based on estimated fair value of the identifiable assets acquired and liabilities assumed on December 12, 2016, 
are as follows: 

Cash and cash equivalents
Accounts receivable
Inventories
Other current assets
Mineral property, plant and equipment
Exploration and evaluation assets
Deposits
Other non‐current assets
Assets held for sale
Accounts payable and accrued liabilities
Value added, payroll and other taxes
Loans and borrowings
Provisions
Other non‐current liabilities
Deferred income tax liabilities
Liabilities related to assets held for sale
Net

21 

|   ERO COPPER 2017 ANNUAL REVIEW 

Final
 $            131 
90
4,939
6,145
230,482
25,745
1,975
592
24,711
(27,616)
(34,373)
(160,632)
(28,135)
(928)
(18,415)
(24,711)
 $               -   

 
 
 
 
 
 
       
The majority of the fair value of identifiable assets acquired in respect of NX Gold relate to mineral property, plant 
and equipment and inventory.  The majority of the fair value of identifiable liabilities assumed in respect of NX 
Gold relate to accounts payable and accruals, loans, borrowings and provisions. 

The Company intends to dispose of NX Gold  as it is not within its core copper business.  Accordingly, the assets 
and liabilities of NX Gold acquired by the Company are presented as assets held for sale and liabilities related to 
assets held for sale, and subsequent results of operations as discontinued operations. 

Mineral  properties  were  valued  using  a  discounted  cash  flow  model  using  expected  future  cash  flows  to  be 
generated by the mine over its remaining life, based on proven and probable mineral reserves.  Copper prices 
used to estimate revenues ranged from US$2.35 per pound to US$2.90 per pound for the forecast period. The 
cash flows were discounted using a discount rate of 13.9%.  Mineral resources were valued based on identified 
resources and $0.03 per pound of in situ copper based on market transactions for similar properties. 

The fair value of the majority of the plant and equipment was determined using the depreciated replacement cost 
method  which  estimates  the  current  replacement  costs  and  adjust  this  amount  for  physical  depreciation  and 
functional and technological obsolescence.  Where an active market was available for certain of these assets, the 
fair market value of these assets in active markets was used. 

The fair value of the exploration and evaluation assets acquired was determined based on the identified mineral 
resources and $0.03 per pound of in situ copper based on market transactions for similar properties. 

The fair value of debt facilities and certain other long term liabilities was estimated using the expected cash flows 
discounted at market rates of interest for comparable instruments adjusted for the estimated credit risk of MCSA.  
Such discount rates ranged from 7% – 20% depending on the instrument, the term of the debt, security and other 
factors.  Certain of the creditors of MCSA agreed to split amounts outstanding into Class A and B notes (see note 
10  of  the  Company’s  December  31,  2017  audited  consolidated  financial  statements)  with  the  Class  B  notes 
repayable  only  if,  among  other  things,  the  Class  A  notes  are  not  repaid  in  accordance  with  the  restructured 
agreements. On the date of the Acquisitions, the Company expected that, based on estimated cash flows, it would 
be able to repay the Class A notes and meet the other conditions specified in the restructured agreements and no 
repayment of the Class B notes would be required.  Accordingly, the fair value of the Class B notes was determined 
to be nil.  

As  the  fair  value  of  the  net  assets  and  liabilities  acquired  was  nil,  no  non‐controlling  interest  resulted  on  the 
Acquisitions. 

In  June  2017,  the  Company  acquired  an  additional  10,952,276,044  shares  of  MCSA,  increasing  its  ownership 
interest in MCSA to 99.5%, by subscribing to shares issued from treasury for $34.3 million.  In August 2017, MCSA 
acquired 1,938,143,830 shares of NX Gold, increasing the Company’s direct and indirect ownership  interest in NX 
Gold to 97.6%, by converting their intercompany loans into common shares.  In December 2017, the Company 
acquired an additional 2,496,041,356  shares of MCSA, increasing its ownership interest in MCSA  to 99.6%, by 
subscribing to shares issued from treasury for $22.6 million.   

ERO COPPER 2017 ANNUAL REVIEW     | 

22 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
REVIEW OF OPERATIONS 

Mineração Caraíba S.A. 

          – Vale do Curaça Property, Brazil: 

Operating Information

Copper (MCSA Operations)

Ore Processed (tonnes)

Grade (% Cu)

Cu Production (tonnes)

Cu Production (lbs)

Concentrate Grade (% Cu)

Recovery (%)

Concentrate Sales (tonnes)
Cu Sold in Concentrate (tonnes)
Cu Sold in Concentrate (lbs)

C1 Cash cost of copper produced (per lb)(2)

3 months ended
December 31, 
2017

3 months ended
December 31, 
2016(1)

Year ended
December 31, 
2017

Period ended
December 31, 
2016(1)

452,371

1.36

5,334

11,759,857

                        35.2 

                        86.9 

15,577
5,448
12,010,770

1.54

n/a

n/a

n/a

n/a

n/a

n/a

n/a
n/a
n/a

n/a

1,771,209

1.31

20,133

44,384,986

                        35.2 

                        86.8 

56,341
19,719
43,472,902

1.45

n/a

n/a

n/a

n/a

n/a

n/a

n/a
n/a
n/a

n/a

Footnotes
[1] ‐ Ero was incorporated on May 16, 2016.  MCSA was acquired December 12, 2016.  Operations did not commence until 1st quarter of 2017.
[2] ‐ C1 Cash cost of copper produced (per lb) is a non‐IFRS measure ‐ see page 24 of this MD&A for a discussion of non‐IFRS measures.

Operational Update 

At the Vale do Curaçá Property, within the Pilar District, the Pilar Mine has continued to outperform production 
expectations during the three and twelve‐month periods ended December 31, 2017.  Copper production for the 
three and twelve‐month periods ended December 31, 2017 were 5,334 and 20,133 tonnes at C1 cash costs of 
copper produced of $1.54 and $1.45 per lb., respectively.  The Company exceeded its 2017 production forecasts 
by over 1,100 tonnes of copper while keeping costs largely in‐line with expectations after accounting for additional 
open pit material (reducing blended mill grade) and fluctuations in local currencies. Fourth quarter results reflect 
the third full quarter of production as the mine was re‐commissioned during the first quarter of 2017 and only 
recorded first production in February 2017 (not a full three months). 
In the Vermelhos District, also within the Curaçá Property, the development rate of the Vermelhos Mine continued 
to outpace previously envisioned timelines. Total development during the three‐month period ended December 
31,  2017  was  821  meters  consisting  of  306  meters  of  primary  ramp  development,  445  meters  of  secondary 
development and 71 meters of auxiliary ramp development accessing the UG1 Target.  Development has been 
completed to the top of the first production level of the main Vermelhos ore body.  Key milestones remaining 
prior to first production, consisting predominately of: release of the mining licence, road construction, completion 
of surface infrastructure and equipment delivery for purchased equipment are all anticipated prior to the fourth 
quarter of 2018 

Exploration  drilling  throughout  2017  has  predominately  been  focused  on  known  extensions  of  mineralization 
within the  three primary mineral districts of the Curaçá Valley of Pilar, Surubim and Vermelhos.    At the Pilar 
District,  drilling  is  focused  on  delineating  additional  mineral  resources  within  the  Deepening  Extension  and 
evaluating exploration targets to the north and northwest of current underground mine (the “North Extension”) 
where several significant intercepts, including a new discovery highlighted by the recently announced intercept  

23 

|   ERO COPPER 2017 ANNUAL REVIEW 

 
 
 
 
         
 
 
                       
                       
of 43.1 meters grading 1.70% copper including 19.0 meters at 2.49% copper.  The newly discovered zone is in 
close proximity to the current reserves and scheduled mining area of P1P2NE.  Drilling at the Surubim district, 
located approximately 40 kilometers to the north of the Caraíba mill complex and which includes the Surubim 
open pit mine, is focused on infill and extension drilling adjacent to the Surubim mine.  

Exploration activities at the Vermelhos district, located approximately 80 kilometers to the north of the Caraíba 
mill complex and comprises the high‐grade Vermelhos mine currently under construction, is currently focused on 
upgrading mineral resources and definition drilling for mine planning as well as evaluating copper oxide potential 
of the district. Infill drilling of the Vermelhos mine has continued to confirm the high‐grade nature of the mineral 
resources with several significant results including 15.8 meters grading 8.84% copper.  As the infill drill program 
of the Vermelhos mine nears completion, drilling will refocus towards exploration of new targets to the immediate 
east and west of the known mineral resources and reserves as well as down dip extensions of the main Vermelhos 
ore bodies to the north.  

The  Company is in  the  process  of  initiating  a  24,000 line‐kilometer  airborne  geophysical  survey  of  the  Curaçá 
Valley targeting high‐grade mineralization.  The survey, comprising both electromagnetic and gravity systems, is 
expected to begin during the first quarter of 2018 and be completed within approximately four months.  Data 
processing will begin with the start of the program.   

Please  refer  to  the  Company’s  press  releases  dated  November  9,  2017  and  February  22,  2018  for  additional 
information related to the exploration activities of the Company. 

Financial Update 

During the fourth quarter the Company completed an initial public offering of its common shares, pursuant to 
which  it  issued  an  aggregate  of  13,492,317  common  shares  (including  3,492,317  common  shares  issued  in 
connection with the full exercise of the over‐allotment option by the underwriters of the initial public offering) at 
C$4.75 per common share, for total gross proceeds of approximately $50.9 million. A fee equal to 6% of the gross 
proceeds of the initial public offering was paid to the underwriters and other transaction costs were approximately 
$2.1  million.    In  addition,  a  total  of  9,116,338  warrants  were exercised  for  an equivalent number of common 
shares at $1.20 per common share for gross proceeds of $10.9 million during the quarter. 

During the fourth quarter, the Company purchased at a discount senior secured notes held by the Company’s 
subsidiary,  MCSA,  with  the  face  amount  of  $75.6  million.  The  Company  financed  the  purchase  through  a  $50 
million senior secured non‐revolving credit facility with The Bank of Nova Scotia and recognized a $25.6 million 
reduction in total consolidated debt. Please refer to the Company’s press release dated December 21, 2017 for 
additional information. 

Subsequent to December 31, 2017 the Company issued  a redemption notice  for the $2.75 million convertible 
notes that were outstanding at year‐end.  All of the noteholders elected to convert into common shares, resulting 
in  the  issuance  of  4,059,450  common  shares.  In  addition,  1,014,861  warrants  were  issued  as  a  result  of  the 
conversion and these were exercised for an equivalent number of common shares at $1.20 per common share for 
gross proceeds of $1.2 million. 

ERO COPPER 2017 ANNUAL REVIEW     | 

24 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
2018 Outlook 

The Company’s  production, cash cost and capital expenditure guidance for 2018 is outlined below and detailed 
in the Company’s press release dated January 9, 2018.   

Tonnes Processed Sulphides 
Copper Grade (% Cu) 
Copper Recovery (%) 
Cu Production Guidance (tonnes) 
C1 Cash Cost Guidance (US$/lb)[2] 

2018[1] 
2,000,000 
1.50% 
86.0% 
25,500 – 27,500 
$1.30 – $1.40  

Footnotes: 
[1]  ‐  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  SEDAR  filings  for 
complete risk factors. 

[2] ‐ C1 Cash Costs of copper produced (per lb.) is a non‐IFRS measures – see page 24 of this MD&A for a discussion of non‐IFRS measures. 

Production for the year is heavily weighted towards the second half of the year in part due to the commissioning 
of  the  Vermelhos  Mine,  currently  anticipated  during  the  fourth  quarter,  as  well  as  Pilar  and  Surubim  mine 
sequencing.  Cash cost guidance for 2018 assumes a USD:BRL foreign exchange rate of 3.20, gold price of US$1,250 
per ounce and silver price of US$17.50 per ounce. C1 Cash Cost guidance has been updated to include treatment 
and refining charges (“TC/RCs”), offsite transportation costs and certain tax benefits that are passed through to 
customers on invoicing.  These adjustments were not included in prior C1 Cash Cost disclosure.  

The  Company’s  capital  expenditure  guidance  for  2018  reflect  the  acceleration  of  the  Vermelhos  mine  and  a 
significant  expansion  of  the  Company’s  2017  exploration  programs.    Additional  investments  in  the  Pilar 
underground mine and supporting infrastructure are being made during 2018 in preparation for a longer mine life 
than previously envisioned. 

($US millions) 

Pilar Mine  
Vermelhos 
Exploration & Drilling [1] 
Boa Esperanҫa 
Capital Expenditure Guidance 

2018 
$39.0 
36.0 
20.0 
1.0 
$96.0 

Footnotes: 
[1] ‐ Exploration & drilling capital expenditure guidance is dependent, in part, on future exploration success and subject to further review 

and revision 

25 

|   ERO COPPER 2017 ANNUAL REVIEW 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Boa Esperança, Brazil  

While no significant expenditures were incurred related to the advancement of the Boa Esperanҫa property during 
2017 beyond maintaining permits and licenses in good standing, a full review of the feasibility study is currently 
being performed with a goal of significantly extending the mine life and increasing copper production among other 
desktop optimization initiatives.  

NX Gold S/A, Brazil  

The NX Gold Property, located in Mato Grosso State, Brazil, is comprised of a single mining concession and various 
exploration concessions from which the Company currently produces gold. The Company intends to dispose of its 
interest in NX Gold in the next year as it is not within its core copper business.  Accordingly, the assets and liabilities 
of NX Gold are classified as assets and liabilities held for sale.  

REVIEW OF FINANCIAL RESULTS 

The following table provides a summary of the financial results of the Company for the year ended December 31, 
2017 and for  the period  from incorporation on May 16, 2016 to December 31, 2016.  Tabular  amounts are in 
thousands of US dollars, except share and per share amounts. 

ERO COPPER 2017 ANNUAL REVIEW     | 

26 

 
 
 
 
Revenue
Cost of product sold
Sales expenses
Gross profit

Expenses

General and administrative
Care and maintenance

Loss before the understated

Other income (expenses)

Finance income
Finance expense
Foreign exchange gain (loss)
Gain on debt settlement
Other income 

Loss before income taxes

Income tax recovery
   Current income tax 

Deferred income tax recovery

Net income (loss) from continuing operations

Loss from discontinued operations

Net income (loss) for the period

Other comprehensive income (loss)

Foreign currency translation gain (loss)

Comprehensive income (loss)

Net income (loss) attributable to:

Owners of the Company
Non‐controlling interests

Comprehensive income (loss) attributable to:

Owners of the Company
Non‐controlling interests

Income (loss) per share attributable to owners of the Company

Income (loss) per share from continuing operations

Basic   
Diluted

Income per share from discontinued operations

Basic
Diluted

Net income (loss) per share 

Basic
Diluted

Weighted average number of common shares outstanding

Basic
Diluted

Year ended 
December 31, 2017

Period ended December 
31, 2016(1)

Notes

1
2

3
4

5
6
7

8

9

115,445
$                  
                 ( 100,282 )
                      ( 2,218 )
                       12,945 

‐
$                                  
‐
‐
‐

(20,505)
-

(7,560)

2,080
(18,988)
(4,101)
28,727
1,788
1,946

(269)
16,614
18,291
(807)
17,484

(1,844)
(3,687)

(5,531)

37
(1,409)
3,258
‐
137
(3,508)

‐
121
(3,387)
(65)
(3,452)

$                    

(973)
16,511

$                             

8
(3,444)

22,466
(4,982)
17,484

$                    

(3,046)
(406)
(3,452)

$                             

21,497
(4,986)
16,511

$                    

(3,039)
(405)
(3,444)

$                             

$                         
$                         

0.36
0.31

$                               
$                               

(0.44)
(0.44)

$                         
$                         

0.04
0.03

$                                  
‐
$                                  
‐

$                         
$                         

0.40
0.34

$                               
$                               

(0.44)
(0.44)

56,252,358
66,003,387

6,932,086
6,932,086

(1) Period ended December 31, 2016 covers May 16, 2016, the Company's date of inception, to December 31, 2016

27 

|   ERO COPPER 2017 ANNUAL REVIEW 

 
 
  
 
                                    
                                    
                                    
                             
                        
                               
                         
                                      
                     
                               
                        
                                
                       
                                    
                         
                                   
                         
                               
                           
                                    
                       
                                   
                       
                               
                           
                                    
                       
                               
                                        
                       
                               
                        
                                  
                       
                               
                        
                                  
Notes: 
1.  Revenues for the year ended December 31, 2017 include the sale of 19,719 copper tonnes in concentrate.   

Sales commenced in February 2017. 

2.  Costs  of  product  sold  for  the  year  ended  December  31,  2017  includes  $32.7  million  in  depreciation  and 
depletion, $28.7 million in salaries and benefits, $11.7 million in contractor services, $11.7 million in materials 
and consumables, $8.3 million in maintenance costs, $6.5 million in utilities costs, and $0.7 million in other 
costs. 

3.  General and administrative expenses for the year ended December 31, 2017 include $14.1 million with respect 
to MCSA, and $6.4 million with respect to the corporate head office in Vancouver.  Costs at MCSA primarily 
comprised of $3.0 million in salaries, $2.0 million in professional fees, $4.4 million in office and sundry costs 
and  $4.8  million  in  regards  to  provisions  for  legal,  tax  and  labour  claims.  Corporate  head  office  costs  are 
primarily comprised of $4.3 million in salaries, short term cash incentives and share based compensation, $0.7 
million in professional fees and $0.8 million in travel and conferences, and $0.5 million in office and sundry 
costs.  
In the comparative period the Company incurred $3.7 million in care and maintenance expenses associated 
with MCSA’s mining operations from the date of acquisition to December 31, 2016.  Mining re‐commenced in 
the first quarter of 2017. 

4. 

5.  Finance expense for the year ended December 31, 2017 include $18.1 million with respect to MCSA, and $0.9 
million with respect to the corporate head office in Vancouver.  MCSA costs are primarily comprised of interest 
on loans and borrowings of $14.4 million, accretion of purchase price adjustments to the fair value of certain 
liabilities and accretion of mine closure and rehabilitation provision of $2.7 million, and $1.0 million of  other 
finance related costs.  Corporate head office costs consisted of $0.7 million on financing fees, and $0.2 million 
of interest on loan.  Finance expenses for the comparative period was $1.4 million, reflecting less then one 
months interest. 

6.  The foreign exchange loss is primarily associated with US dollar denominated loans and borrowing in MCSA, 
where the functional currency is the Brazilian Real.  For the year ended December 31, 2017, the loss was  $4.1 
million, whereas in the comparative period a gain of $3.3 million was recorded. 

7.  The gain on settlement of debt for the quarter ended December 2017, resulted when a Canadian financial 
institution purchased certain of MCSA’s secured bank loans with a total carrying value of $76.3 million.  The 
Company then entered into an arrangement with the Canadian financial institution whereby the Company 
acquired  the  rights  to  any  and  all  payments  of  interest  and  principal  that  MCSA  makes  to  the  Canadian 
financial institution over the term of the loans acquired by the Canadian financial institution.  These rights 
that the Company acquired constitute settlement of certain of MCSA’s secured bank loans.  The Company 
acquired these rights for $47.6 million, resulting in a gain on debt settlement of $28.7 million. 

8.  The deferred income tax recovery of $16.6 million is primarily the result of a tax amnesty program in Brazil 
that MCSA gained approval to participate in which allowed MCSA to offset part of certain previous accrued 
taxes payable with the use of non‐capital loss carry‐forward balances.  As the income tax loss carry forwards 
utilized were not previously recognized, the Company recognized a deferred tax recovery of $16.2 million in 
the year related to the losses used.   

9.  Loss from discontinued operations for the year ended December 31, 2017 was $0.8 million from NX Gold, 

compared to a loss of $0.1 million in the prior year.  

ERO COPPER 2017 ANNUAL REVIEW     | 

28 

 
 
 
 
 
 
 
 
 
The following table provides a summary of the financial results of the Company for the three‐month periods ended 
December  31,  2017  and  2016.      Tabular  amounts  are  in  thousands  of  US  dollars,  except  share  and  per  share 
amounts. 

Revenue
Cost of goods sold
Sales expenses
Gross Profit

Expenses
  General and administrative
  Care and maintenance
Loss before the understated

Other income (expenses)
  Finance income
  Finance expense
  Foreign exchange 
  Gain on debt settlement
  Other income
Income (loss) before income taxes
Current income tax
Deferred income tax recovery 
Net income (loss) from continuing operations
Income (loss) from discontinued operations
Net Income (loss ) for the period 

Net Income (loss) attributable:
   Owners of the Company
   Non‐controlling interests

Loss per share attributable to owners of the Company
    Income (loss) per share from continuing operations
         Basic
         Diluted
    Income per share from discontinued operations  
         Basic 
         Diluted
    Net Income (loss) per share
         Basic
         Diluted

Weighted average number of common shares outstanding
         Basic
         Diluted

Cash and cash equivalents
Total assets
Non-current liabilities

29 

|   ERO COPPER 2017 ANNUAL REVIEW 

Three Months ended
December 31, 2017

Three Months ended

December 31, 2016

$                          

37,818
(31,453)
(583)
5,782

(9,044)
‐
(3,262)

696
(1,743)
(9,292)
28,727
416
15,542
(269)
862
16,135
3,346
19,481

$                          

(1)
(2)

(3)

(4)
(5)
(6)

(7)

$                            
‐
‐
‐
-

(1,502)
(3,687)
(5,189)

37
(1,409)
3,258
‐
137
(3,166)
‐
121
(3,045)
(65)
(3,110)

$                      

$                          

$                      

$                          

$                      

19,539
(58)
19,481

(2,704)
(406)
(3,110)

$                              
$                              

0.23
0.20

$                         
$                         

(0.19)
(0.19)

$                              
$                              

0.05
0.05

$                            
‐
$                            
‐

$                              
$                              

0.28
0.24

$                         
$                         

(0.19)
(0.19)

70,929,120
81,448,095

14,211,385
14,211,385

$                          
$                        
$                        

51,098
381,343
196,265

$                     
$                   
$                   

18,318
319,035
110,905

 
 
  
 
 
  
                           
  
                              
                                 
                              
                              
                              
                             
  
                         
                                   
                         
                             
                         
                                  
                                
                             
  
                         
                             
  
                          
                            
  
                              
                                  
                             
                            
                         
                                 
                              
                                  
                             
                            
                         
                               
  
                              
                                   
                            
Notes: 
1.  Revenues for the quarter ended December 31, 2017 include the sale of 5,448 copper tonnes in concentrate. 
2.  Costs  of  goods  sold  for  the  quarter  ended  December  31,  2017  includes  $10.8  million  in  depreciation  and 
depletion, $8.7 million in salaries and benefits, $3.7 million in contractor services, $3.6 million in materials 
and consumables, $3.0 million in maintenance costs, $2.0 million in utilities, and $0.2 in other costs. 

3.  General  and  administrative  expenses  for  the  quarter  ended  December  31,  2017  include  $5.7  million  with 
respect  to  MCSA  for  salaries,  professional  fees,  office  and  sundry  and  provisions  for  tax,  legal  and  labour 
claims, and $3.3 million with respect to the corporate head office in Vancouver.  Corporate head office costs 
are primarily comprised of $2.5 million in salaries, short term cash incentives and share based compensation, 
$0.2 million in professional fees, $0.3 million in office and sundry costs and $0.2 million in travel‐related costs.   
4.  Finance expense for the quarter ended December 31, 2017 was $1.7 million and is primarily comprised of 

interest on loans and borrowings.  

5.  The foreign exchange loss is primarily associated with US dollar‐denominated loans and borrowings in MCSA, 
where the functional currency is the Brazilian Real.  For the three months ended December 31, 2017, the loss 
was $9.3 million which is the result of the strengthing of the US dollar relative to the Brazilian Real in the 
quarter. 

6.  The gain on settlement of debt for the quarter ended December 2017, resulted when a Canadian financial 
institution purchased certain of MCSA’s secured bank loans with a total carrying value of $76.3 million.  The 
Company then entered into an arrangement with the Canadian financial institution whereby the Company 
acquired  the  rights  to  any  and  all  payments  of  interest  and  principal  that  MCSA  makes  to  the  Canadian 
financial institution over the term of the loans acquired by the Canadian financial institution.  These rights 
that the Company acquired constitute settlement of certain of MCSA’s secured bank loans.  The Company 
acquired these rights for $47.6 million, resulting in a gain on debt settlement of $28.7 million. 
Income from discontinued  operations in the quarter ended December 31, 2017 of $3.3 million is from NX 
Gold.   

7. 

SUMMARY OF QUARTERLY RESULTS 

The following table presents selected financial information for each of the most recent eight quarters.  Tabular 
amounts are in millions of US Dollars, except share and per share amounts. 

Selected Financial Information
Revenue
Cost of sales
Gross profit (loss)
Net income (loss) from continuing operations
Net income (loss) from discontinued operations
Net income (loss) for period
Income (loss) per share from continuing 
  operations attributable to owners of the Company

‐ Basic
‐ Diluted
Income (loss) per share attributable to owners 
  of the Company

‐ Basic
‐ Diluted

Weighted average number of
  common shares outstanding

2017

2016

Dec 31 (1)

$               
$              
$                  
$               
$                  
$               

37.8
(31.5)
5.8
16.1
3.3
19.5

Sept 30 (2)
$             
33.0
$            
(26.6)
$               
5.5
$             
18.7
$              
(0.9)
$             
17.8

June 30(3)
$             
32.5
$            
(27.2)
$               
4.4
$               
5.2
$              
(1.6)
$               
3.6

March 31(4)
$             
12.1
$            
(14.7)
$              
(2.8)
$            
(21.8)
$              
(1.6)
$            
(23.4)

Dec 31(5)

Sep 30(6)

Jun 30(6)

n/a
n/a
n/a
(3.0)
(0.1)
(3.1)

$                
$                
$                

n/a
n/a
n/a
$              
(0.2)
$               
‐
$              
(0.2)

n/a
n/a
n/a
$              
(0.1)
$               
‐
$              
(0.1)

March 31(6)
n/a
n/a
n/a
n/a
n/a
n/a

$               
$               

0.23
0.20

$             
$             

0.33
0.29

$             
$             

0.08
0.07

$            
$            

(0.48)
(0.48)

$             
$             

(0.19)
(0.19)

$            
$            

(0.08)
(0.08)

$       
$       

(53,500)
(53,500)

$               
$               

0.28
0.24

$             
$             

0.32
0.29

$             
$             

0.07
0.06

$            
$            

(0.49)
(0.49)

$             
$             

(0.19)
(0.19)

$            
$            

(0.08)
(0.08)

$       
$       

(53,500)
(53,500)

70,929,120

56,772,684

56,772,684

40,191,450

14,211,385

3,043,480

2

n/a
n/a

n/a
n/a

n/a

1.  During the three month period ended December 31, 2017, the Company experienced gross profit of approximately 
$5.8 million from mining operations.  MCSA experienced their third straight full quarter of concentrate sales from 
operations.  Net income from continuing operations for the period was $16.1 million, which included the gross 
profit of $5.8 million, a $28.7 million gain on the successful settlement of certain MCSA debt balances, and $0.6 

ERO COPPER 2017 ANNUAL REVIEW     | 

30 

 
 
 
   
 
 
      
   
   
     
     
million on net income tax recovery.  These income items where partially offset by $9.3 million in foreign exchange 
loss on US dollar denominated debt as the US dollar strengthened compared to the Brazilian Real, $1.7 million of 
finance expense, and $9.0 million in general and administrative expenses. 

2.  During the three month period ended September 30, 2017, the Company experienced gross profit of approximately 
$5.5 million from mining operations.  MCSA experienced a second full quarter of concentrate sales as operations 
continued to ramp up.  Net income from continuing operations for the period was $18.7 million, which included 
the gross profit of $5.5 million, $6.9 million in foreign exchange gains on US dollar denominated debt as the US 
dollar  weakened  compared  to  the  Brazilian  Real,  and  a  $15.0  million  deferred  income  tax  recovery  primarily 
resulting from receipt of approval of MCSA’s inclusion in a tax amnesty program previously discussed in this MD&A.  
These  income  items  were  partially  offset  by  $5.8  million  of  finance  expense  and  $4.0  million  in  general  and 
administrative expenses.   

3.  During the three month period ended June 30, 2017, the Company experienced gross profit of approximately $4.4 
million from mining operations.  MCSA experienced a full quarter of concentrate sales as operations continue to 
ramp up.  Net income from continuing operations for the period was $5.2 million, which included the gross profit 
of $4.4 million and $8.3 million in foreign exchange gains on US dollar denominated debt as the US dollar weakened 
compared to the Brazilian Real, and a $0.8 million deferred income tax recovery partially offset by $6.7 million of 
finance expense and $2.5 million in general and administrative expenses. 

4.  During  the  three  month  period  ended  March 31, 2017, the  Company  experienced  a  loss  of  approximately $2.8 
million from mining operations.  MCSA’s operations at its Vale do Curaçá Property resumed in January of 2017 but 
sales  of  copper  concentrate  sales  did  not  commence  until  the  latter  portion  of  February  2017.  Net  loss  from 
continuing operations for the period was $21.8 million, which included the $2.8 million loss from mining operations, 
$6.7 million of finance expense, $10.4 million foreign exchange loss on US dollar denominated debt as the US dollar 
strengthened compared to the Brazilian Real, and $4.3 million in general and administrative expenses, partially 
offset by $2.6 million in finance and other income.    

5.  On December 12, 2016, the Company acquired an approximate 85% interest in MCSA and an approximate 28% 
interest in NX Gold. In connection with such acquisitions, MCSA and NX Gold withdrew from judicial reorganization 
proceedings.  The loss for the quarter ended December 31, 2016 includes $2.4 million associated with MCSA from 
the date of acquisition. 

6.  The Company was incorporated on May 16, 2016, and consequently, did not have any operations prior to such 

time.  

LIQUIDITY, CAPITAL RESOURCES AND CONTRACTUAL OBLIGATIONS 

Liquidity 

As at December 31, 2017, the Company held cash and cash equivalents of $51.1 million. Cash and cash equivalents 
are primarily comprised of cash held with reputable financial institutions and are invested in highly liquid short‐
term investments with maturities of three months or less. The funds are not exposed to liquidity risk and there 
are no restrictions on the ability of the Company to use these funds to meet its obligations. 

Cash and cash equivalents increased by $32.8 million during the financial year ended December 31, 2017. The 
Company’s cash flows from operating, investing and financing activities during the year are summarized as follows: 

•  Cash flows from financing activities of approximately $72.3 million, including: 

o  $83.7 million proceeds from issuance of share capital;  
o  $47.8 million proceeds from new loans and borrowings, net of finance costs; and 
o  $2.8 million net proceeds on issuance of convertible debentures, 

               net of: 

o  $47.3 million on purchase of participation agreement; 
o  $8.9 million on repayment on loans and borrowings and associated interest; 
o  $3.2 million of other finance related costs; and 
o  $2.2 million move to restricted cash 

31 

|   ERO COPPER 2017 ANNUAL REVIEW 

 
 
 
 
 
 
•  Cash from operating activities of $21.2 million; 

       Offset by: 

•  Cash used in investing activities of $62.3 million, principally related to additions to mineral property, plant 

and equipment; 

As at December 31, 2017, the Company had a working capital surplus of $42.6 million.  During the year ended 
December  31,  2017,  the  Company  raised  gross  proceeds  of  approximately  $30.4  million  by  way  of  a  private 
placement offering of  an aggregate principal amount of $2.75 million of convertible debentures and a private 
placement offering of common shares for gross proceeds of approximately $27.6 million. In addition, the Company 
issued 13,492,317 common shares at C$4.75 per common share (the “Treasury Offering”) pursuant to the IPO for 
total gross proceeds of approximately $50.9 million.  A fee equal to 6% of the gross proceeds of the offering was 
paid to underwriters and related transaction costs were approximately $2.1 million.  9,116,338 warrants with an 
exercise price of $1.20 per common share were exercised for an equivalent number of common shares for gross 
proceeds of $10.9 million. 

The Company does not expect to have any issues with respect to its ability to service its debt obligations. The 
Company has restructured its core debt such that there are no significant principal repayments in the next  12 
months,  at  which  time  the  Company  anticipates  that  the  Vermelhos  Mine  will  have  reached  commercial 
production. The restructured debt repayment obligations are repayable over an eight‐year period commencing at 
the earliest of the date of commercial production at the Vermelhos Mine or, at the latest, 29 months following 
the signing of its restructured loan agreements (May 2019).  The Company expects, based on estimated cash flows, 
that the risk to the Company of being unable to service its debt obligations is largely limited to a significant drop 
in  the  underlying  commodity  price  and  certain  other  factors  that  may  cause  a  delay  with  respect  to  the 
commencement of commercial production at the Vermelhos Mine.    

With the net proceeds from the Treasury Offering and the warrant exercise added to the Company’s estimated 
future cash flows, the Company will have adequate ability to service its ongoing obligations and cover anticipated 
development, exploration, and corporate costs associated with its existing operations for the next 12 months. 

Capital Resources 

The Company’s primary sources of capital resources are comprised of cash and cash equivalents and debt facilities. 
The Company will continuously monitor its capital structure and, based on changes in operations and economic 
conditions,  may  adjust  such  structure  by  issuing  new  common  shares  or  new  debt  as  necessary.  While  the 
Company has been successful in securing financing to date, there are no guarantees that it will be able to secure 
such financing in the future on terms acceptable to the Company, if at all.  As noted above, management believes 
that following the October 2017  Treasury Offering, the Company has sufficient working capital to maintain its 
planned operations and activities for the next fiscal year.   

Certain loan agreements contain operating and financial covenants that could restrict the ability of the Company 
and its subsidiary,  MCSA, to,  among other  things, incur additional indebtedness needed to fund its respective 
operations, pay dividends or make other distributions, make investments, create liens, sell or transfer assets or 
enter into transactions with affiliates. There are no other restrictions or externally imposed capital requirements 
of the Company. 

ERO COPPER 2017 ANNUAL REVIEW     | 

32 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contractual Obligations and Commitments 

As at December 31, 2017, the Company’s contractual obligations and commitments are summarized as follows: 

The Company has entered into agreements for the rental of office space that require minimum payments as 
follows: 

2018
2019
2020
2021
2022
Total Commitments

$                                 

$                              

68
70
71
71
30
310

MANAGEMENT OF RISKS AND UNCERTAINTIES 

The Company thoroughly examines the various financial instruments and risks to which it is exposed and assesses 
the impact and likelihood of those risks. These risks may include credit risk, liquidity risk, currency risk, commodity 
price risk and interest rate risk. Where material, these risks are reviewed and monitored by the Board. 

(a)  Management of financial risks 

The Company is exposed to the following risks arising from financial instruments: 

•  Credit risk; 

• 

Liquidity risk; and 

•  Market risk. 

Credit risk  

Credit risk is the risk of the Company incurring losses from a financial instrument arising from a counterparty’s 
failure to comply with its contractual obligations. 

With regards to the financial investments, the Company aims to invest cash and cash equivalents with financial 
institutions that are financially sound based on their credit ratings. 

The  carrying  value  of  the  financial  assets  below  represents  the  maximum  credit  risk  exposure  as  at 
December 31, 2017 and 2016: 

December 31, 2017

December 31, 2016

Cash and cash equivalents
Restricted cash
Accounts receivable
Deposits
Financal investments

33 

|   ERO COPPER 2017 ANNUAL REVIEW 

$                         

$                         

51,098
2,193
2,217
1,955
753
58,216

$                      
18,318
$                             
‐
76
2,021
598
21,013

$                      

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                   
                                   
                                   
The  Company  invests  cash  and  cash  equivalents  and  restricted  cash  with  financial  institutions  that  are 
financially sound based on their credit rating.  The Company’s exposure to credit risk associated with accounts 
receivable is influenced mainly by the individual characteristics of each customer.  The Company currently has 
only two customers, one of which is considered low risk as it is one of the largest independent commodity 
trading companies in the world.  To limit its exposure to credit risk from the other customer, the Company 
established a credit term of payment due one day after delivery of goods.  The Company has not incurred a 
significant credit loss during the year ended December 31, 2017 nor does it have an allowance for doubtful 
accounts. 

Liquidity risk  

Liquidity risk is the risk associated with the difficulties that the Company may have meeting the obligations 
associated with  financial liabilities  that are settled with cash payments or with another financial  asset. The 
Company's  approach  to  liquidity  risk  management is to  ensure  as  much  as possible  that  sufficient liquidity 
exists to meet its maturity obligations on the expiration dates, under normal and stressful conditions, without 
causing unacceptable losses or with the risk of undermining the normal operation of the Company.  

The table below shows the Company's maturity of financial liabilities as at December 31, 2017: 

Non-derivative Financial Liabilities
Loans and borrowings
Interest on loans and borrowings
Accounts payable and accrued liabilities
Value added, payroll and other taxes

Market risk  

$     

Carrying 
value
139,166
‐
20,968
21,935
182,069

$     

Contractual 
cash flows
$     
145,687
53,278
20,968
29,861
249,794

$     

Up to 12 
months

$          

5,601
11,931
20,968
6,857
45,357

1-2 years
$       

3-5 years
$       

26,938
12,616
‐
8,238
47,792

More than 5 
years

$       

42,283
7,213
‐
8,947
58,443

70,865
21,518
‐
5,819
98,202

$       

$       

$       

$       

Market risk is the risk of loss  that  may arise from changes in market factors  such as interest rates, foreign 
exchange rates, and commodity prices.  The purpose of market risk management is to manage and control 
exposures to market risks, within acceptable parameters, while optimizing return. 

The Company may use derivatives, including forward contracts and swap contracts, to manage market risks.  
At December 31, 2017, the Company has entered into foreign exchange swap contracts to sell $57.0 million 
U.S. dollars into Brazilian Real at rates ranging from 3.2673 to 3.3307.   The maturity dates of these contracts 
range from January 10, 2018 to June 25, 2018.  The fair value of these contracts at December 31, 2017 was a 
$0.9 million liability, which has been included in Derivatives in the statement of financial position. 

(a) Foreign exchange currency risk  

The  Company’s  subsidiaries  in  Brazil  are  exposed  to  exchange  risks  related  to  the  US  dollars.    In  order  to 
minimize  currency  mismatches,  the  Company  monitors  its  cash  flow  projections  considering  future  sales 
expectations indexed to US dollar variation in relation to the cash requirement to settle the existing financings. 
The Company's exposure to foreign exchange currency risk at December 31, 2017 relates primarily to $73.2 
million (December 31, 2016 – $142.5 million) in loans and borrowings of MCSA denominated in US dollars. 
Strengthening (weakening) in the Brazilian Real against the US dollar by 10% and 20%, would have reduced 
(increased) net loss by $7.3 million and $14.6 million, respectively (December 31, 2016 – reduced (increased) 
net loss by $14.3 million and $28.5 million). This analysis is based on the foreign currency exchange variation  

ERO COPPER 2017 ANNUAL REVIEW     | 

34 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
                
          
          
          
          
            
          
          
          
                
                
                
          
          
            
            
            
            
rate that the Company considered to be reasonably possible at the end of the year. The analysis assumes that 
all other variables, especially interest rates, are held constant. 

(b) Interest rate risk  

The  Company  is  exposed  to  the  variation  in  interest  rates  on  loans  and  borrowings  with  variable  rates  of 
interest.   Management reduces interest rate risk exposure by entering into loans and borrowings with fixed 
rates of interest or by entering into derivative instruments that fix the ultimate interest rate paid. 

A majority of the Company’s loans and borrowings are fixed rate.  However, the Company is exposed to interest 
rate risk through its senior non‐revolving credit facility of $47.8 million and one Brazilian Real denominated 
bank loan of $8.0 million.  The Company currently does not engage in any hedging or derivative transactions 
to  manage  interest  rate  risk.    Based  on  the  Company’s  net  exposure  at  December  31,  2017,  a  reasonably 
possible change in the Certificate of Interbank Deposit (“CDI”) rate and the Canada Base Rate (“CBR”) would 
not have a material impact on profit or equity. 

(c) Price risk  

The Company is exposed to price risk with respect to commodity prices related to copper concentrate sales.  
Commodity  price  risk  is  defined  as  the  potential  adverse  impact  on  earnings  and  economic  value  due  to 
commodity  price  movements  and  volatilities.    The  Company  closely  monitors  copper  and  gold  prices  to 
determine the appropriate course of action to be taken by the Company.  The Company’s primary exposure 
related to commodity price risk relates to its sales of copper concentrate, which may be subject to provisional 
pricing.    Accordingly,  the  related  receivables  are  marked  to  market  on  each  balance  sheet  date  based  on 
forward price curves until such time as the sales price is fixed.  Changes in the forward prices affect the amount 
of  revenue  recognized.    As  at  December  31,  2017,  the  Company  had  no  sales  or  receivables  subject  to 
provisional pricing. 

For a discussion of additional risks applicable to the Company and its business and operations, including risks 
related to the Company’s foreign operations, the environment and legal proceedings, see “Risk Factors” in the 
the Company’s Annual Information Form for the year ended December 31, 2017 and dated March 28, 2018 
(the “AIF”). 

OTHER FINANCIAL INFORMATION 

Off-Balance Sheet Arrangements 

As at December 31, 2017, the Company had no material off‐balance sheet arrangements.  

Contingencies 

With the acquisition of MCSA, the Company inherited certain liabilities and MCSA has been subject to a number 
of claims (including claims related to tax, labour and social security matters and civil action) in the course of its 
business  which  individually  are  not  material  and  have  not  been  accrued  for  in  the  Company’s  financial 
statements as it is not probable that a cash outflow will occur. While the Company believes that a significant 
number of these claims are unlikely to be successful, if all such existing claims were decided against it, the 
Company  could  be  exposed  to  liability  of  up  to  approximately  $20.2  million,  which  could  have  an  adverse 
impact on the Company’s business, financial condition, results of operations, cash flows or prospects.  

35 

|   ERO COPPER 2017 ANNUAL REVIEW 

 
 
 
 
 
 
 
 
  
 
 
 
 
 
Outstanding Share Data 

At March 28,  2018,  the  Company had  84,455,650 common shares;  3,678,000 stock options, and  3,333,328 
warrants issued and outstanding. 

Related Party Disclosures 

For the year ended December 31, 2017, amounts paid to related parties were incurred in the normal course of 
business and measured at the exchange amount, which is the amount agreed upon by the transacting parties 
and on terms and conditions similar to non‐related parties.  

Key management personnel consist of the Company’s directors and officers and their compensation includes 
management and consulting fees paid to these individuals, or companies controlled by these individuals, and 
share based compensation.  The aggregate value of compensation paid to key management personnel for the 
year ended December 31, 2017 was $3.3 million ($0.02 million for period from May 16, 2016 to December 31, 
2016).    In  addition,  2,453,000  stock  options  were  issued  to  key  management  personnel  with  $0.6  million 
recognized in share‐based compensation for the year ended December 31, 2017 ($nil for period from May 16, 
2016 to December 31, 2016). 

Key management personnel participated in certain financing activities by purchasing 233,333 common shares 
of  the  Company  for  total  proceeds  of  $0.4  million  and  by  subscribing  to  $1.0  million  of  the  convertible 
debentures (Note 13(b)) during the year ended December 31, 2017.  In addition, key management personnel 
exercised a combined total of 919,996 warrants for common shares.  Key management personnel participated 
in certain financing activities by purchasing 11,710,000 units of the Company for total proceeds of $2,800,000 
during the year ended December 31, 2016. 

As at December 31, 2017, no amounts payable to related parties were included in the consolidated financial 
statements.    As  at  December  31,  2016,  included  in  accounts  payable  and  accrued  liabilities  and  loans  and 
borrowings  were  amounts  payable  to  related  parties  totalling  $60,000  and  $325,000,  respectively.  Such 
amounts were unsecured, non‐interest bearing and were repaid under normal trade terms.   

ACCOUNTING POLICIES, JUDGMENTS AND ESTIMATES 

Critical Accounting Judgments and Estimates 

The preparation of condensed consolidated financial statements in conformity with IFRS requires management 
to make judgments, estimates and assumptions about future events that affect the reported amounts of assets 
and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during 
the reporting period. Although these estimates are based on management’s best knowledge of the amount, 
events or actions, actual results may differ from these estimates.  

The  Company’s  significant  accounting  policies  and  accounting  estimates  are  contained  in  the  Company’s 
December 31, 2017 consolidated  financial statements. Certain of these policies, such as,  capitalization and 
depreciation of property, plant and equipment and mining interests, derivative instruments, decommissioning 
liabilities  provisions,  and  business  combinations  involve  critical  accounting  estimates  because  they  require 
management  of  the  Company  to  make  subjective or complex  judgments about matters that are inherently 
uncertain, and because of the likelihood that materially different amounts could be reported under different 
conditions or using different assumptions.  

In preparing its financial statements, management has made judgments, estimates and assumptions that affect 
the  application  of  the  Company’s  accounting  policies  and  the  reported  amounts  of  the  assets,  liabilities, 
revenues and expenses.  Actual results may differ from these estimates.   

ERO COPPER 2017 ANNUAL REVIEW     | 

36 

 
 
 
 
 
 
 
 
 
The  estimates  and  assumptions  are  reviewed  on  an  ongoing  basis.    Revisions  to  estimates  are  recognized 
prospectively. 

Critical Judgments  

Going concern 

The  preparation  of  these  consolidated  financial  statements  requires  management  to  make  judgments 
regarding its ability to continue as a going concern as discussed in Note 1 of the audited consolidated financial 
statements as at December 31, 2017.  

Functional currency 

The functional currency of the Company and each of its subsidiaries is the currency of the primary economic 
environment in which the entities operate.  The Company has determined that the functional currency for the 
Company is the US dollar while the functional currency for MCSA and NX Gold is the Brazilian Real. Assessment 
of functional currency involves certain judgements to determine the primary economic environment and the 
Company reconsiders the functional currency of its entities if there is a change in events and conditions which 
determined the primary economic environment. 

Key Sources of Estimation Uncertainty  

Business Combinations 

Accounting  for  business  combinations  requires  estimates  with  respect  to  the  fair  value  of  the  assets  and 
liabilities acquired.  Such estimates require valuation methods including discounted cash flows, depreciated 
replacement  costs  and  other  methods.    These  models  use  forecasted  cash  flows,  discount  rates,  current 
replacement costs and other assumptions.  Changes in these assumptions changes the value assigned to the 
acquired assets and liabilities and goodwill, if any.  

Significant assumptions related to the acquisition of MCSA and NX Gold are disclosed in Note 3 of the audited 
consolidated financial statements as at December 31, 2017. 

Impairment of property, plant and equipment 

The Company evaluates each asset or cash generating unit every reporting period to determine whether there 
are any indications of impairment. If any such indication exists, which is often judgmental, a formal estimate 
of  recoverable  amount  is  performed  and  an  impairment  loss  is  recognized  to  the  extent  that  the  carrying 
amount exceeds the recoverable amount. The recoverable amount of an asset or cash generating group of 
assets is measured at the higher of fair value less costs to sell and value in use. The evaluation of asset carrying 
values  for  indications  of  impairment  includes  consideration  of  both  external  and  internal  sources  of 
information, including such factors as market and economic conditions, production budgets and forecasts, and 
life‐of‐mine estimates. 

When required, the determination of fair value and value in use requires management to make estimates and 
assumptions about expected production, sales volumes, commodity prices, mineral reserves, operating costs, 
closure and rehabilitation costs and future capital expenditures. The estimates and assumptions are subject to 
risk and uncertainty; hence, there is the possibility that changes in circumstances will alter these projections, 
which may impact the recoverable amount of the assets. In such circumstances, some or all of the carrying 

37 

|   ERO COPPER 2017 ANNUAL REVIEW 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
value of the assets may be further impaired or the impairment charge reduced with the impact recorded in the 
statement of operations and comprehensive income (loss). 

Mineral reserve estimates including life of mine plan 

The  Company  estimates  its  mineral  reserves  and  mineral  resources  based  on  information  compiled  by 
competent individuals.  Mineral reserves are used in the calculation of depreciation, impairment assessments 
and for forecasting the timing of payment of mine closure and rehabilitation costs. 

There are numerous uncertainties inherent in estimating mineral reserves, and assumptions that are valid at 
the time of estimation  may  change  significantly when new information becomes available.  Changes in the 
estimation methodology, forecasted prices of commodities, exchange rates, production costs or recovery rates 
may  change  the  economic  status  of  mineral  reserves  and  may,  ultimately,  result  in  changes  in  the  mineral 
reserves. 

The  carrying  amounts  of  the  Company’s  mineral  properties,  plant  and  equipment  are  depleted  based  on 
recoverable mineral reserve tonnes processed, depending on the use of the asset.  Changes to estimates of 
recoverable quantities of base metals, mineral reserve tonnes and depletable costs, including changes resulting 
from revisions to the Company’s mine plans and changes in metals prices forecasts, can result in a change to 
future depreciation and depletion rates and may result in impairment charges. 

Mine closure and rehabilitation costs 

Significant  estimates  and  assumptions  are  made  in  determining  the  provision  for  mine  closure  and 
rehabilitation as there are numerous factors that will affect the ultimate liability payable.  These factors include 
estimation of the extent and cost of rehabilitation activities; timing of future cash flows that are also impacted 
by changes in discount rates; inflation rate; and regulatory requirements. 

Changes in the above factors can result in a change to the provision recognized by the Company.  Changes to 
mine closure and rehabilitation costs are recorded with a corresponding change to the carrying amounts of 
related  mineral properties,  plant  and  equipment.    Adjustments  to  the  carrying  amounts  of  related  mineral 
properties, plant and equipment can result in a change to future depreciation and depletion expense. 

Significant assumptions used to determine mine closure and rehabilitation costs are included in Note 12(a) of 
the audited consolidated financial statements as at December 31, 2017.  

Inventory 

The net recoverable value of production in work in progress inventory is based on the quantity of recoverable 
metal inventory which is an estimate based on the tons of ore added and removed from the process, expected 
grade and recovery rates. The quantity of recoverable metal in concentrate inventory is an estimate based on 
initial weights and assay results. 

Fair value of embedded derivatives 

The value of trade receivables from the sale of copper concentrate is measured using quoted forward market 
prices as at the balance sheet date that correspond to the settlement date of the provisional pricing period for 
the estimated metals contained within the concentrate. Fluctuations in the underlying market prices of copper, 
silver and gold, metal content and concentrate weight can cause significant changes to the ultimate final  

ERO COPPER 2017 ANNUAL REVIEW     | 

38 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
settlement value of the receivables and the final revenue recorded can vary significantly as a result. 

Measurement of fair value 

A number of the Company’s accounting policies and disclosures require the measurement of fair values, for 
both financial and non‐financial assets and liabilities. 

When measuring the fair value of an asset or liability, the Company uses observable market data, as much as 
possible. Fair values are classified into different levels in a hierarchy based on the inputs used in the valuation 
techniques, as follows: 

• 

• 

• 

Level 1: quoted prices (without adjustments) in active markets for identical assets or liabilities.    

Level 2: inputs other than Level 1 quoted prices, that are observable for the asset or liability, either directly 
(i.e. as prices) or indirectly (i.e. derived from prices).    

Level  3:  inputs,  for  assets  or  liabilities,  that  are  not  based  on  observable  market  information  (non‐
observable inputs). 

The Company recognizes transfers between levels of the hierarchy of fair value at the end of the reporting 
period during which the change occurred. 

When applicable, additional information on the assumptions used in the fair value calculations are disclosed in 
the specific notes of the corresponding asset or liability.   

Future Changes in Accounting Policies Not Yet Effective as at December 31, 2017 

A number of new standards and amendments to standards are effective for annual periods beginning after 
January 1, 2018.  The standards that may have a significant impact on the consolidated financial statements 
are as follows: 

I) 

IFRS 15 Revenue from Contracts with Customers 

On  May  28,  2014,  the  IASB  issued  IFRS  15  Revenue  from  Contracts  with  Customers  (“IFRS  15”).    The  new 
standard is effective for the Company on January 1, 2018. Earlier application is permitted. IFRS 15 will replace 
IAS 11 Construction Contracts, IAS 18 Revenue, IFRIC 13 Customer Loyalty Programs, IFRIC 15 Agreements for 
the  Construction  of  Real  Estate,  IFRIC  18  Transfer  of  Assets  from  Customers,  and  SIC  31  Revenue  –  Barter 
Transactions  Involving  Advertising  Services.  On  April  12,  2016,  the  IASB  issued  Clarifications  to  IFRS  15, 
Revenue from Contracts with Customers, which is effective at the same time as IFRS 15.   

The  standard  contains  a  single  model  that  applies  to  contracts  with  customers  and  two  approaches  to 
recognizing revenue: at a point in time or over time. The model features a contract‐based five‐step analysis 
of  transactions  to  determine  whether,  how  much  and  when  revenue  is  recognized.    New  estimates  and 
judgmental  thresholds  have  been  introduced,  which  may  affect  the  amount  and/or  timing  of  revenue 
recognized. The new standard applies to contracts with customers. It does not apply to insurance contracts, 
financial instruments or lease contracts, which fall in the scope of other IFRS standards. 

The clarifications to IFRS 15 provide additional guidance with respect to the five‐step analysis, transition, and 
the application of the standard to licenses of intellectual property. 

  While the Company is currently completing its evaluation of the new standard, the Company does not expect 

any significant impact on the consolidated financial statements from the adoption of IFRS 15.  

39 

|   ERO COPPER 2017 ANNUAL REVIEW 

 
 
 
 
 
 
 
 
 
 
 
ii) 

IFRS 9 Financial Instruments 

On July 24, 2014, the IASB issued the complete IFRS 9, Financial Instruments (“IFRS 9”).  IFRS 9 is effective for 
the Company on January 1, 2018 and must be applied retrospectively with some exemptions. Early adoption 
is permitted.  The restatement of prior periods is not required and is only permitted if information is available 
without the use of hindsight. 

IFRS 9 introduces new requirements for the classification and measurement of financial assets. Under IFRS 9, 
financial  assets  are  classified  and  measured  based  on  the  business  model  in  which  they  are  held  and  the 
characteristics of their contractual cash flows.  The standard also introduces additional changes relating to 
financial liabilities and amends the impairment model by introducing a new” expected credit loss” model for 
calculating impairment. 

IFRS 9 also includes a new general hedge accounting standard which aligns hedge accounting more closely 
with risk management. This new standard does not fundamentally change the types of hedging relationships 
or  the  requirement  to  measure  and  recognize  ineffectiveness;  however,  it  will  provide  more  hedging 
strategies that are used for risk management to qualify for hedge accounting and introduce more judgment 
to assess the effectiveness of a hedging relationship. 

       Special transitional requirements have been set for the application of the new general hedging model.  

While the Company is currently completing its evaluation of the new standard, the Company does not expect 
any significant impact on the consolidated financial statements from the adoption of IFRS 9 

iii)  IFRS 16 Leases 

On January 13, 2016, the IASB issued IFRS 16 Leases (“IFRS 16”). The new standard is effective for the Company 
on January 1, 2019. Earlier application is permitted for entities that apply IFRS 15 Revenue from Contracts with 
Customers at or before the date of initial adoption of IFRS 16. IFRS 16 will replace IAS 17 Leases. 

This  standard  introduces  a  single  lessee  accounting  model  and  requires  a  lessee  to  recognize  assets  and 
liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. A 
lessee is required to recognize a right‐of‐use asset representing its right to use the underlying asset and a 
lease liability representing its obligation to make lease payments. 

This  standard  substantially  carries  forward  the  lessor  accounting  requirements  of  IAS  17,  while  requiring 
enhanced disclosures to be provided by lessors. 

Other areas of the lease accounting model have been impacted, including the definition of a lease. Transitional 
provisions have been provided. 

While the Company is currently completing its evaluation of the new standard, the Company does not expect 
any significant impact on the consolidated financial statements from the adoption of IFRS 16. 

ERO COPPER 2017 ANNUAL REVIEW     | 

40 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Local Currency Operating Metrics – Presented in Brazilian reais 

Costs

Mining - UG

              ‐ OP

Processing

Indirect

Production costs

Capex development

By‐product credits

C1 Cash Costs

Breakdown Mined and Processed (tonnes)

   UG Mined

   OP Mined

Total Mined (t):

Total Processed (t)

Cu Production (t)

UG Mining  - R$/tonne mined

OP Mining ‐ R$/tonne mined 

Processing ‐R$/S tonne processed

Indirect ‐R$/S tonne processed

Cash Cost of Copper produced (t)

3 months ended

3 months ended

Year ended

December 31,   
2017

December 31, 
2016(1)

December 31,       

2017

Period ended

December 31, 
2016(1)

 R$ 

R$

R$

39,109

10,504

15,483

5,001

70,098

(7,598)

(3,802)

58,698

292,558

1,130,505

1,423,063

452,371

5,334

133.68

9.29

34.23

11.06

11,004

n/a  R$ 

n/a

n/a

n/a

n/a

n/a

n/a

n/a R$

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a R$

120,701

44,496

54,860

19,680

239,738

(21,032)

(13,265)

205,441

965,626

3,508,430

4,474,056

1,771,209

20,133

125.00

12.68

30.97

11.11

10,204

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Footnotes
[1] ‐ Ero was incorporated on May 16, 2016.  MCSA was acquired December 12, 2016.  Operations did not commence until 1st quarter of 2017.

NON-IFRS MEASURES 

Financial results of the Company are prepared in accordance with IFRS. The Company utilizes certain non‐IFRS 
measures, including C1 cash cost of copper produced (per lb), EBITDA, net debt and working capital, which 
are not measures recognized under IFRS. The Company believes that these measures, together with measures 
determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying 
performance of the Company. Non‐IFRS measures do not have any standardized meaning prescribed under 
IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data 
is intended to provide additional information and should not be considered in isolation or as a substitute for 
measures of performance prepared in accordance  with  IFRS.  The tables below provide a reconciliation of 
these  non‐IFRS  measures  to  the  most  directly  comparable  IFRS  measures  as  contained  in  the  Company’s 
financial statements. 

The non‐IFRS measures presented below have been calculated on a consistent basis for the periods presented. 

C1 Cash Cost of Copper Produced (per lb)  

C1  Cash  cost  of  copper  produced  (per  lb)  is  the  sum  of  production  costs,  net  of  capital  expenditure 
development costs and by‐product credits, divided by the copper pounds produced. C1 cash costs reported 
by the Company exclude treatment, refining charges and offsite costs.  By‐product credits are calculated based 

41 

|   ERO COPPER 2017 ANNUAL REVIEW 

 
 
 
 
 
 
                     
                       
                     
                         
                     
                         
                       
                         
                     
                       
                      
                        
                      
                        
                     
                       
                   
                       
               
                    
               
                    
                   
                    
                       
                         
                     
                         
                         
                           
                       
                           
                       
                           
                     
                         
on actual precious metal sales (net of treatment costs) during the period divided by the total pounds of copper 
produced during the period.  C1 cash cost of copper produced per pound is a non‐IFRS measure used by the 
Company to  manage  and evaluate  operating performance of the Company’s operating mining unit, and is 
widely reported in the mining industry as benchmarks for performance, but does not have a standardized 
meaning and is disclosed in addition to IFRS measures. 

3 months ended

3 months ended

Year ended

December 31,   
2017

December 31, 
2016(1)

December 31,       

2017

Period ended

December 31, 
2016(1)

Costs

Mining

Processing

Indirect

Production costs

Capex development

By‐product credits

C1 Cash Costs 

Costs per pound

Payable copper produced (lb)

Mining

Processing

Indirect

Capex development

By‐product credits

C1 Cash Cost of Copper produced (per lb)

$                   

15,165

5,540

927

21,632

(2,374)

(1,173)

$                   

18,085

11,760

1.29

0.47

0.08

(0.20)

(0.10)

1.54

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

$                       

51,756

17,188

6,166

75,110

(6,589)

(4,156)

$                       

64,365

44,385

1.17

0.39

0.14

(0.15)

(0.09)

1.45

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Footnotes
[1] ‐ Ero was incorporated on May 16, 2016.  MCSA was acquired December 12, 2016.  Operations did not commence until 1st quarter of 2017.

The following table provides a reconciliation of C1 cash cost of copper produced per pound to cost of goods sold, 
its most directly comparable IFRS measure. 

3 months ended 
December 31,
2017

3 months ended 
December 31,
2016(1)

Year ended 
December 31,
2017

Period ended 
December 31,
2016(1)

Reconciliation:

      Cost of Product Sold

      Add (less):  

Depreciation/amortization/depletion

Net Change in Inventory

Transportation costs & other

By‐product credits

Foreign exchange translation adjustments

$                         

31,453

n/a

$                    

100,282

(10,763)

(424)

356

(1,173)

(1,364)

n/a

n/a

n/a

n/a

n/a

n/a

(32,672)

1,009

1,738

(4,156)

(1,836)

64,365

n/a

n/a

n/a

n/a

n/a

n/a

n/a

    C1 Cash costs

$                         

18,085

Footnotes
[1] ‐ Ero was incorporated on May 16, 2016.  MCSA was acquired December 12, 2016.  Operations did not commence until 1st quarter of 2017.

ERO COPPER 2017 ANNUAL REVIEW     | 

42 

 
 
 
   
 
  
    
 
 
 
                       
                         
                           
                           
                     
                         
                      
                          
                      
                          
                     
                         
                         
                              
                         
                              
                         
                              
                        
                            
                        
                            
                         
                              
                          
                       
                               
                           
                                 
                           
                            
                         
                            
                         
                        
Earnings before interest, taxes, depreciation, and amortization (‘EBITDA’) 

EBITDA  represents  earnings  before  interest  expense,  income  taxes,  depreciation,  and  amortization.    Adjusted 
EBITDA  includes  further  adjustments  for  non‐recurring items  and items not  indicative to  the  future  operating 
performance of the Company.  The Company believes EBIDTA and adjusted EBIDTA are appropriate supplemental 
measures of debt service capacity and performance of its operations. 

Adjusted EBIDTA is calculated by removing the following income statement items: 

‐  Gain on debt settlement 
‐ 

Foreign exchange gain (loss) 

Reconciliation:

      Net Income (loss) 

      Adjustments:

Finance expenses

Taxes

Depreciation/amortization/depletion

    EBITDA

         Gain on debt settlement

          Foreign exchange loss (gain)

    Adjusted EBITDA

3 months ended 
December 31,
2017

3 months ended 
December 31,
2016(1)

Year ended 
December 31,
2017

Period ended 
December 31,
2016(1)

$                         

19,481

$                  

(3,110)

$                      

17,484

$                   

(3,452)

1,743

(593)

10,793

31,424

(28,727)

9,292

1,041

(121)

‐

(2,190)

‐

(3,258)

18,988

(16,345)

32,727

52,854

(28,727)

4,101

1,409

(121)

‐

(2,164)

‐

(3,258)

$                         

11,989

$                  

(5,448)

$                      

28,228

$                   

(5,422)

Footnotes
[1] ‐ Ero was incorporated on May 16, 2016.  MCSA was acquired December 12, 2016.  Operations did not commence until 1st quarter of 2017.

      Net Debt 

Net  debt is determined based  on  cash  and  cash  equivalents, restricted  cash and loans  and borrowings  as 
reported in the Company’s consolidated financial statements. The Company uses  net debt as a measure of 
the Company’s ability to pay down it’s debt.  The following table provides a calculation of net debtl based on 
amounts presented in the Company’s consolidated financial statements as at December 31, 2017 and 2016. 

$                       

December 31,
2017
51,098
2,193
(5,601)
(133,565)
(85,875)

December 31,
2016
18,318
$                       
$                             
‐
(108,137)
(53,987)
(143,806)

$                   

$                     

Cash and cash equivalents
Restricted cash
Less: Current portion of loans and borrowings
           Long‐term portion of loans and borrowings
Net Debt

43 

|   ERO COPPER 2017 ANNUAL REVIEW 

 
 
 
 
 
 
 
 
 
 
 
      
 
    
 
 
 
                             
                     
                         
                       
                               
                       
                       
                         
                           
                          
                         
                           
                           
                    
                        
                     
                          
                          
                       
                           
                             
                    
                           
                     
                           
                          
                     
                     
                       
       Working Capital 

Working capital is determined based on current assets and current liabilities as reported in the Company’s 
consolidated financial statements. The Company uses working capital as a measure of the Company’s short‐
term financial health and operating efficiency.  The following table provides a calculation of working capital 
based on amounts presented in the Company’s consolidated financial statements as at December 31, 2017 
and 2016. 

Current Assets
Less: Current Liabilities
Working Capital (Deficit)

$                       

$                       

December 31,
2017
97,892
(55,332)
42,560

December 31,
2016
54,408
(183,757)
(129,349)

$                      

$                   

NOTE REGARDING SCIENTIFIC AND TECHNICAL INFORMATION  

Unless  otherwise  indicated,  Ero  has  prepared  the  technical  information  in  this  MD&A  (“Interim  Technical 
Information”) based on information contained in the report entitled “2017 Updated Mineral Resources and 
Mineral Reserves Statements of Mineração Caraíba’s Vale do Curaçá Mineral Assets, Curaçá Valley”, dated 
September 7, 2017 with an effective date of June 1, 2017, prepared by Rubens Mendonça, MAusIMM, formerly 
of SRK Consultores do Brasil Ltda. (now with Planminas – Projecctos e Consultoria em Mineração Ltda.), and 
Porfirio  Cabaleiro  Rodrigues,  MAIG,  Mário  Conrado  Reinhardt,  MAIG,  Fábio  Valério  Xavier,  MAIG,  and 
Bernardo H.C. Viana, MAIG, all of GE21 Consultoria Mineral (the “Vale do Curaçá Technical Report”). The Vale 
do  Curaçá  Technical  Report  was  prepared  by  or  under  the  supervision  of  a  qualified  person  (a  “Qualified 
Person”) as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). 

The  disclosure  of  Interim  Technical  Information  in  this  MD&A,  including  sampling  procedures  and  monthly 
mass  balance  data  underlying  the  information  contained  therein,  was  reviewed  and  approved  by  Rubens 
Mendonça, a Qualified Person under NI 43-101. 

ERO COPPER 2017 ANNUAL REVIEW     | 

44 

 
 
   
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                       
                     
CONSOLIDATED FINANCIAL STATEMENTS 

DECEMBER 31, 2017 and 2016 

45    |    ERO COPPER 2017 ANNUAL REVIEW 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
KPMG LLP 
PO Box 10426 777 Dunsmuir Street 
Vancouver BC V7Y 1K3 
Canada 
Telephone (604) 691-3000 
Fax (604) 691-3031 

INDEPENDENT AUDITORS’ REPORT 

To the Shareholders of Ero Copper Corp. 

We  have  audited  the  accompanying  consolidated financial  statements  of  Ero  Copper 
Corp., which comprise the consolidated statements of financial position as at December 
31,  2017  and  December  31,  2016,  the  consolidated  statements  of  operations  and 
comprehensive income (loss), changes in shareholders’ equity and cash flows for the year 
ended December 31, 2017 and the period from May 16, 2016 to December 31, 2016, and 
notes,  comprising  a  summary  of  significant  accounting  policies  and  other  explanatory 
information. 

Management’s Responsibility for the Consolidated Financial Statements 

Management is responsible for the preparation and fair presentation of these consolidated 
financial statements in accordance with International Financial Reporting Standards, and 
for such internal control as management determines is necessary to enable the preparation 
of consolidated financial statements that are free from material misstatement, whether due 
to fraud or error. 

Auditors’ Responsibility 

Our  responsibility  is  to  express  an  opinion  on  these  consolidated financial  statements 
based  on  our  audits.  We  conducted  our  audits  in  accordance  with  Canadian  generally 
accepted  auditing  standards.  Those  standards  require  that  we  comply  with  ethical 
requirements  and  plan  and  perform  the  audit  to  obtain  reasonable  assurance  about 
whether the consolidated financial statements are free from material misstatement. 

An audit involves performing procedures to obtain audit evidence about the amounts and 
disclosures in the consolidated financial statements. The procedures selected depend on 
our  judgment,  including  the  assessment  of  the  risks  of  material  misstatement  of  the 
consolidated financial  statements,  whether  due  to  fraud  or  error.  In  making  those  risk 
assessments,  we  consider  internal  control  relevant  to  the  entity’s  preparation  and  fair 
presentation of the consolidated financial statements in order to design audit procedures 
that are appropriate in the circumstances, but not for the purpose of expressing an opinion 
on the effectiveness of the entity’s internal control. An audit also includes evaluating the 
appropriateness  of  accounting  policies  used  and  the  reasonableness  of  accounting 
estimates  made  by  management,  as  well  as  evaluating  the  overall  presentation  of  the 
consolidated financial statements. 

We  believe  that  the  audit  evidence  we  have  obtained  in  our  audits  is  sufficient  and 
appropriate to provide a basis for our audit opinion. 

KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG network of 
independent member firms affiliated with KPMG International Cooperative (“KPMG International”), 
a Swiss entity. KPMG Canada provides services to KPMG LLP. 

 
 
 
 
 
 
Ero Copper Corp. 

Page 2 

Opinion 

In our opinion, the consolidated financial statements present fairly, in all material respects, 
the  consolidated financial  position  of  Ero  Copper  Corp.  as  at  December  31,  2017  and 
December  31,  2016,  and  its  consolidated  financial  performance  and  consolidated  cash 
flows  or  the  year  ended  December  31,  2017  and  the  period  from  May  16,  2016  to 
December 31 2016 in accordance with International Financial Reporting Standards. 

Chartered Professional Accountants 

March 28, 2018 
Vancouver, Canada 

 
 
 
 
Ero Copper Corp. 
Consolidated Statements of Financial Position 
As at December 31 
(Amounts in thousands of US Dollars, except share and per share amounts) 

ASSETS
Current

Cash and cash equivalents
Restricted cash
Accounts receivable
Inventories
Other current assets
Assets held for sale

Non-Current

Mineral property, plant and equipment
Exploration and evaluation assets
Deposits
Other non-current assets

Total Assets

LIABILITIES
Current

Accounts payable and accrued liabilities
Current portion of loans and borrowings
Current portion of value added, payroll and

other taxes payable

Derivatives
Liabilities related to assets held for sale

Non-Current

Loans and borrowings
Provisions
Value added, payroll and other taxes
Other non-current liabilities
Deferred income tax liabilities

Total Liabilities

SHAREHOLDERS’ EQUITY

Share capital
Equity reserves
Convertible debentures
Retained earnings (deficit)

Equity attributable to owners of the Company
Non-controlling interests

Notes

10(a)

4
5
6

7
8
12(b)

9
10

11
21(b)
6

10
12
11

19

14

13(b)

As at 
December 31, 2017

As at 
December 31, 2016
(Recast - Note 3)

$                      

51,098
2,193
2,217
8,478
6,243
27,663
97,892

$                      

18,318
-
76
5,181
5,987
24,846
54,408

254,383
26,278
1,955
835
283,451

235,144
26,351
2,021
1,111
264,627

$                    

381,343

$                    

319,035

$                      

20,968
5,601

$                      

20,054
108,137

6,857
949
20,957
55,332

133,565
30,314
15,078
653
16,655
196,265
251,597

113,050
(83)
3,011
14,011

129,989
(243)

129,746

30,720
-
24,846
183,757

53,987
28,805
8,706
681
18,726
110,905
294,662

27,817
7

-
(3,046)

24,778
(405)

24,373

Total Liabilities and Equity

$                    

381,343

$                    

319,035

Nature of operations (Note 1); Commitments (Note 23); Subsequent events (Notes 13(b) and Note 14(c))  

APPROVED ON BEHALF OF THE BOARD: 

              “David Strang”             ,CEO & Director 

            ”Matthew Wubs” 

        , Director 

The accompanying notes are an integral part of these consolidated financial statements 

Page 1 

 
 
 
 
  
 
 
 
                              
                              
                          
                              
 
 
Ero Copper Corp. 
Consolidated Statements of Operations and Comprehensive Income (Loss) 
(Amounts in thousands of US Dollars, except share and per share amounts) 

Revenue
Cost of product sold
Sales expenses
Gross profit

Expenses

General and administrative
Care and maintenance

Loss before the understated

Other income (expenses)

Finance income
Finance expense
Foreign exchange gain (loss)
Gain on debt settlement
Other

Income (loss) before income taxes

Income tax recovery
Current income tax
Deferred income tax recovery

Net income (loss) from continuing operations

Net loss from discontinued operations

Net income (loss) for the period

Other comprehensive income (loss)

Foreign currency translation gain (loss)

Comprehensive income (loss)

Net income (loss) attributable to:

Owners of the Company
Non-controlling interests

Comprehensive income (loss) attributable to:

Owners of the Company
Non-controlling interests

Year ended 
December 31, 2017

Period ended December 
31, 2016(1)

Notes

15

16
17

18

10(c)

19
19

6

$                 
115,445
                 ( 100,282 )
(2,218)
                       12,945 

$                                 
-
-
-
-

(20,505)
-

(7,560)

2,080
(18,988)
(4,101)
28,727
1,788
1,946

(269)
16,614
16,345
18,291
(807)
17,484

(1,844)
(3,687)

(5,531)

37
(1,409)
3,258
-
137
(3,508)

-
121
121
(3,387)
(65)
(3,452)

$                    

(973)
16,511

$                            

8
(3,444)

$                    

$                            

$                    

$                            

$                    

$                            

$                    

$                            

22,466
(4,982)
17,484

21,497
(4,986)
16,511

(3,046)
(406)
(3,452)

(3,039)
(405)
(3,444)

Income (loss) per share attributable to owners of the Company (Note 14(f))

Income (loss) per share from continuing operations

Basic   
Diluted

Income  per share from discontinued operations

Basic
Diluted

Net income (loss) per share 

Basic
Diluted

Weighted average number of common shares outstanding

Basic
Diluted

$                        
$                        

0.36
0.31

$                              
$                              

(0.44)
(0.44)

$                        
$                        

0.04
0.03

$                                 
-
$                                 
-

$                        
$                        

0.40
0.34

$                              
$                              

(0.44)
(0.44)

56,252,358
66,003,387

6,932,086
6,932,086

(1) Period ended December 31, 2016 covers May 16, 2016, the Company's date of inception, to December 31, 2016

The accompanying notes are an integral part of these consolidated financial statements           

 Page 2 

 
 
 
 
 
                                   
                                   
                                   
                            
                       
                              
                        
                                     
                    
                              
                       
                               
                      
                                   
                        
                                  
                        
                              
                          
                                   
                      
                                  
                      
                                  
                      
                              
                          
                                   
                      
                              
                                       
                       
                                 
                       
                                 
 
 
Ero Copper Corp. 
Consolidated Statement of Changes in Shareholders’ Equity 
(Amounts in thousands of US Dollars, except share and per share amounts) 

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The accompanying notes are an integral part of these consolidated financial statements           

Page 3 

 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ero Copper Corp. 
Consolidated Statements of Cash Flows 
(Amounts in thousands of US Dollars, except share and per share amounts) 

Cash Flows from (used in) Operating Activities
Net income (loss) from continuing operations

Adjustments for:

Amortization and depreciation
Deferred income tax recovery
Gain on debt settlement
Provisions
Share-based compensation
Finance income
Finance expenses
Foreign exchange
Other 

Changes in:

Accounts receivable
Inventories
Other assets
Accounts payable and accrued liabilities
Value added, payroll and other taxes
Other liabilities

Cash Flows used in Investing Activities

Additions to mineral property, plant and equipment, net
Additions to exploration and evaluation assets
Cash acquired on acquisition
Interest received
Advances to NX Gold

Cash Flows from Financing Activities

Convertible debentures
Convertible debentures - facility fee
Restricted cash
Purchase of participation agreement (Note 10(c))
New loans and borrowings, net of finance costs
Loans and borrowings paid
Interest paid on loans and borrowings
Other finance costs paid
Issuance of share capital, net of issuance costs

Effect of exchange rate changes on cash and cash equivalents
Net increase in cash and cash equivalents
Cash and cash equivalents - beginning of period
Cash and cash equivalents - end of period

Year ended December 
31, 2017

Period ended December 
31, 2016(1)

 $                         18,291                                 ( 3,387 )

32,727                                        816 
(16,614)                                    ( 121 )
(28,727)                                          -   
4,803                                          29 
879                                           -   
(2,080)                                      ( 37 )
18,988                                     1,409 
4,101                                 ( 3,258 )
2,643                                           -   

(2,283)                                         15 
(2,400)                                    ( 124 )
(1,512)                                       291 
(5,103)                                ( 4,416 )
(1,937)                                       338 
                              ( 539 )                                    ( 275 )
21,237                                 ( 8,720 )

(57,390)                                    ( 202 )
(798)                                          -   
                                     -                                          131 
832                                           -   
(4,960)                                          -   
(62,316)                                      ( 71 )

2,750                                           -   
(250)                                          -   
(2,193)                                          -   
(47,328)                                          -   
47,773                                        325 
(5,016)                                          -   
(3,919)                                    ( 472 )
(3,182)                                          -   
83,700                                   27,317 
72,335                                   27,170 

1,524                                       ( 61 )
32,780                                   18,318 
18,318                                           -   
51,098                                   18,318 

(1) Period ended December 31, 2016 covers May 16, 2016, the Company's date of inception, to December 31, 2016

The accompanying notes are an integral part of these consolidated financial statements 

Page 4 

 
 
 
 
 
 
 
 
 
 
 
 
Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

1.  Nature of Operations and Going Concern 

Ero Copper Corp. (“Ero" or the "Company") was incorporated on May 16, 2016 under the Business Corporations 
Act (British Columbia) and maintains its head office at Suite 1050, 625 Howe Street, Vancouver, BC, V6C 2T6.  On 
October  19,  2017,  the  Company’s  shares  became  publicly  traded  on  the  Toronto  Stock  Exchange  under  the 
symbol “ERO”. 

The Company’s principal asset is its 99.6% ownership interest in Mineração Caraíba S.A. (“MCSA”).  The Company 
also currently owns, directly and indirectly, a 97.6% ownership interest in NX Gold S.A. (“NX Gold”).  A controlling 
interest in both of these entities was acquired on December 12, 2016 (Note 3), with a further equity interest in 
MCSA acquired in June and December 2017 and a further equity interest in NX Gold acquired in August 2017.   

MCSA is a Brazilian company which holds a 100% interest in the Vale do Curaçá Property and the Boa Esperança 
Property (Note 8).  The Vale do Curaçá Property is located in the Curaçá Valley near the municipality of Jaguarai, 
in northeastern part of the state of Bahai, Brazil, and includes fully integrated processing operations, three active 
mines (including one under construction), and three past producing mines located within the Curaçá Valley.  The 
active operations include the Caraíba Mine, comprised of the underground Pilar Mine (“Pilar UG Mine”) and 
integrated Caraíba Mill, the open pit Surubim Mine (“Surubim OP Mine”) and the underground Vermelhos Mine 
(“Vermelhos UG Mine”), currently under construction. The past producing operations include the historic open 
pit mines of R22W (“R22W Mine”), the Angicos (“Angicos Mine”), and the Suҫuarana (“Suҫuarana Mine”).  The 
Boa Esperança Property is located within the municipality of Tucumã in the southeastern part of the state of 
Pará, Brazil, and consists of a single mineral concession covering an area of 4,033.81 hectares.   

MCSA’s predominant activity is the production and sale of copper concentrate from the Vale do Curaçá Property, 
with  gold  and  silver  produced  and  sold  as  by-products.    The  persistence  of  lower  London  Metal  Exchange 
benchmark copper prices in 2016, coupled with the flooding of MCSA’s Pilar UG Mine on January 22, 2016, led 
MCSA to commence a Judicial Reorganization process on February 3, 2016.  During most of 2016, MCSA operated 
at a reduced capacity and, unable to obtain the necessary funds from its shareholders and creditors, initiated 
negotiations with potential investors to obtain the funds necessary to resume its operations.  On December 12, 
2016, Ero acquired an 85% interest in MCSA and has since contributed capital resources that enabled MCSA to 
resume  the  production  of  copper  concentrate  at  its  Vale  do  Curaçá  Property  in  February  2017.  In  June  and 
December 2017, the Company acquired an additional 14.6% interest in MCSA by subscribing to shares issued 
from MCSA’s treasury.  The Company has consolidated MCSA from the acquisition date and net income (loss) of 
the Company includes the net income (loss) of MCSA from the acquisition date.  

NX Gold is a Brazilian company whose main operational activity is the mining, processing and sale of gold and, 
as a by-product, silver.  The assets of NX Gold are pledged as a guarantee of the debts of MCSA.  Accordingly, NX 
Gold was also part of the court-supervised reorganization granted on February 3, 2016.  On December 12, 2016, 
Ero  acquired  a  28%  economic  interest  in  NX  Gold  in  conjunction  with  the  acquisition  of  MCSA.    However, 
pursuant to a shareholders’ agreement among the Company and the significant shareholders of NX Gold, the 
Articles of Incorporation of NX Gold and the composition of the Board of Directors, the Company had control 
over all key operating, financing and investing activities of NX Gold.  Accordingly, the Company consolidated the 
accounts of NX Gold and net income (loss) of the Company includes the net income (loss) of NX Gold from the 
acquisition date. In August 2017, the Company increased its ownership interest in NX Gold to approximately 
97.6%  by  way  of  a  capital  increase  transaction.  Such  capital  increase  transaction  involved  the  Company’s 
subsidiary,  MCSA,  through  two  of  the  shareholders’  subscription  rights  assigned  to  it  under  the  NX  Gold 
Investment  Agreement,  subscribing  for  R$19.4  million  of  common  shares  of  NX  Gold  in  exchange  for  partial 
repayment and forgiveness of an intercompany loan provided to NX Gold by MCSA.  From the date of acquisition, 
the  Company  intended  to  sell  its  interest  in  NX  Gold.    Accordingly,  the  assets  and  liabilities  of  NX  Gold  are 
classified as assets and liabilities held for sale.  NX Gold continues to guarantee some of the debts of MCSA, but 

ERO COPPER 2017 ANNUAL REVIEW     |    52 

Page 5 

 
 
 
 
 
 
 
 
 
 
 
Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

an agreement is in place with the banks which allows NX Gold to be sold.  The agreement stipulates that should 
NX Gold be sold, 50% of the sales price will be applied toward the payment of MCSA’s debts. 

As at December 31, 2017, the Company has working capital totaling $42.6 million (December 31, 2016 – working 
capital  deficiency  $129.3  million).    During  the  year  ended  December  31,  2017,  the  Company  raised  gross 
financing of $30.4 million in the form of convertible debentures and the private placement issuance of common 
shares (Notes 13 and 14) and reclassified $104.2 million of its current portion of loans and borrowings to non-
current  loans  and  borrowings  following  satisfaction  of  certain  conditions  precedent  related  to  the  debt 
restructuring (note 10).  In addition, the Company raised a further $45.7 million (net of $5.2 million in share 
issuance costs) through a public share offering and $10.9 million through the exercise of warrants (note 14).   

These consolidated financial statements have been prepared on a going concern basis which assumes that the 
Company will be able to realize its assets and discharge its liabilities in the normal course of business for the 
foreseeable  future.    Management  believes  that  the  Company  has  sufficient  working  capital  to  maintain  its 
planned operations and activities for the next fiscal year.  In the long-term, the Company’s ability to continue as 
a  going  concern  is  dependent  upon  profitable  operations  at  MCSA  and  the  successful  development  of  the 
Vermelhos  UG Mine to meet its long-term debt obligations.  The  recoverability of the carrying values of the 
Company’s assets is dependent upon the ability of the Company to successfully complete the development of 
the Vermelhos UG Mine, and maintaining profitable production.  

These  consolidated  financial  statements  do  not  reflect  the  adjustments  to  the  carrying  values  of  assets  and 
liabilities and the reported expenses and statement of financial position classifications that would be necessary 
if the Company was not considered to be a going concern.  These adjustments could be material. 

2.  Significant Accounting Policies 

a)  Statement of Compliance 

These  consolidated  financial  statements  have  been  prepared  in  accordance  with  International  Financial 
Reporting  Standards  (“IFRS”)  as  issued  by  the  International  Accounting  Standards  Board  (“IASB”)  and 
interpretations of the International Financial Reporting Interpretations Committee.   

These consolidated financial statements were authorized for issue by the Board of Directors on March 28, 
2018. 

b)  Basis of Presentation and Principles of Consolidation 

These consolidated financial statements have been prepared on a historical cost basis except for fair-value 
through-profit-or-loss,  available-for-sale  and  derivative  financial  instruments,  which  are  measured  at  fair 
value. 

These  consolidated  financial  statements  include  the  accounts  of  the  Company  and  its  subsidiaries.  
Subsidiaries are entities controlled by the Company.  Control over a subsidiary is defined to exist when the 
Company is exposed to variable returns from involvement with an investee and has the ability to affect the 
returns through power over the investee.  All intercompany balances and transactions are eliminated upon 
consolidation.   

The  Company  applies  the  acquisition  method  to  account  for  business  combinations.  The  consideration 
transferred by the Company to obtain control of a subsidiary is calculated as the sum of the acquisition-date 
fair values of assets transferred, liabilities assumed and the equity interests issued by the Company, which 

53    |    ERO COPPER 2017 ANNUAL REVIEW 

Page 6 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

includes  the  fair  value  of  any  asset  or  liability  arising  from  a  contingent  consideration  arrangement. 
Acquisition costs are expensed as incurred. 

The  Company  recognizes  identifiable  assets  acquired  and  liabilities  assumed  in  a  business  combination 
regardless of whether they have been previously recognized in the acquiree’s financial statements prior to 
the acquisition. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair 
values. 

Goodwill arising from acquisitions, if any, is stated after separate recognition of identifiable intangible assets. 
It is calculated as the excess of the sum of a) fair value of consideration transferred, b) the recognized amount 
of any non-controlling interest in the acquiree and c) acquisition-date fair value of any existing equity interest 
in the acquiree, over the acquisition-date fair values of identifiable net assets. If the fair values of identifiable 
net  assets  exceed  the  sum  calculated  above,  the  excess  amount  would  be  recognized  in  profit  or  loss 
immediately.   

Since the Company does not own 100% of its interests in MCSA and NX Gold, the interest attributable to 
non-controlling  shareholders  is  reflected  in  non-controlling  interests.    Adjustments  to  non-controlling 
interests that do not involve the loss of control are accounted for as equity transactions and adjustments 
and are based on a proportionate amount of the net assets of the subsidiary.   

c)  Foreign Currency Translation 

The functional currency and presentation currency of the Company is the US dollar. The monetary assets and 
liabilities of the Company that are denominated in foreign currencies are translated at the rate of exchange 
at  the  statement  of  financial  position  date  while  non-monetary  assets  and  liabilities  are  translated  at 
historical rates.  Revenues and expenses are translated at the exchange rates approximating those in effect 
on  the  date  of  the  transactions.    Exchange  gains  and  losses  arising  on  translation  are  included  in  the 
statement of operations and comprehensive loss.   

The functional currency of MCSA and NX Gold is the Brazilian Real.  The assets and liabilities of MCSA and NX 
Gold are translated into the US dollar presentation currency using the rate of exchange at the statement of 
financial  position  date  while  revenues  and  expenses  are  translated  at  the  exchange  rates  approximating 
those in effect on the date of the transactions.  Exchange gains and losses arising on translation are included 
in a separate component of equity. 

d)  Use of Estimates and Judgments  

In preparing these financial statements, management has made judgments, estimates and assumptions that 
affect  the  application  of  the  Company’s  accounting  policies  and  the  reported  amounts  of  the  assets, 
liabilities, revenues and expenses.  Actual results may differ from these estimates.   

The estimates and assumptions are reviewed on an ongoing basis.  Revisions to estimates are recognized 
prospectively. 

Critical Judgments  

Going concern 

The  preparation  of  these  consolidated  financial  statements  requires  management  to  make  judgments 
regarding its ability to continue as a going concern as discussed in Note 1.  

ERO COPPER 2017 ANNUAL REVIEW     |    54 

Page 7 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

Functional currency 

The functional currency of the Company and each of its subsidiaries is the currency of the primary economic 
environment in which the entities operate.  The Company has determined that the functional currency for 
the  Company  is  the  US  dollar  while  the  functional  currency  for  MCSA  and  NX  Gold  is  the  Brazilian  Real. 
Assessment  of  functional  currency  involves  certain  judgements  to  determine  the  primary  economic 
environment and the Company reconsiders the functional currency of its entities if there is a change in events 
and conditions which determined the primary economic environment. 

Key Sources of Estimation Uncertainty  

The preparation of financial statements in conformity with IFRS requires management to make estimates 
and assumptions that affect the reported amounts of assets and liabilities and the disclosure of assets and 
liabilities at the date of the consolidated financial statements and the reported amounts of expenses during 
the  reporting  periods.  Actual  results  could  differ  from  those  estimates  and  such  differences  could  be 
significant.  Significant  estimates  made  by  management  affecting  the  consolidated  financial  statements 
include:  

Business Combinations 

Accounting  for  business  combinations  requires  estimates  with  respect  to  the  fair  value  of  the  assets  and 
liabilities acquired.  Such estimates require valuation methods including discounted cash flows, depreciated 
replacement  costs  and  other  methods.    These  models  use  forecasted  cash  flows,  discount  rates,  current 
replacement costs and other assumptions.  Changes in these assumptions changes the value assigned to the 
acquired assets and liabilities and goodwill, if any.  

Significant assumptions related to the acquisition of MCSA and NX Gold are disclosed in Note 3. 

Impairment of property, plant and equipment 

The  Company evaluates each asset or  cash generating unit every reporting period to determine  whether 
there are any indications of impairment. If any such indication exists, which is often judgmental, a formal 
estimate of recoverable amount is performed and an impairment loss is recognized to the extent that the 
carrying amount exceeds the recoverable amount. The recoverable amount of an asset or cash generating 
group of assets is measured at the higher of fair value less costs to sell and value in use. The evaluation of 
asset  carrying  values  for  indications  of  impairment  includes  consideration  of  both  external  and  internal 
sources of information, including such factors as market and economic conditions, production budgets and 
forecasts, and life-of-mine estimates. 

When required, the determination of fair value and value in use requires management to make estimates 
and assumptions about expected production, sales volumes, commodity prices, mineral reserves, operating 
costs, closure and rehabilitation costs and future capital expenditures. The estimates and assumptions are 
subject to risk and uncertainty; hence, there is the possibility that changes in circumstances will alter these 
projections, which may impact the recoverable amount of the assets. In such circumstances, some or all of 
the carrying value of the assets may be further impaired or the impairment charge reduced with the impact 
recorded in the statement of operations and comprehensive income (loss). 

55    |    ERO COPPER 2017 ANNUAL REVIEW 

Page 8 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

Mineral reserve estimates including life of mine plan 

The  Company  estimates  its  mineral  reserves  and  mineral  resources  based  on  information  compiled  by 
competent individuals.  Mineral reserves are used in the calculation of depreciation, impairment assessments 
and for forecasting the timing of payment of mine closure and rehabilitation costs. 
There are numerous uncertainties inherent in estimating mineral reserves, and assumptions that are valid at 
the time of estimation may change significantly when new information becomes available.  Changes in the 
estimation methodology, forecasted prices of commodities, exchange rates, production costs or recovery 
rates  may  change  the  economic  status  of  mineral  reserves  and  may,  ultimately,  result  in  changes  in  the 
mineral reserves. 

The  carrying  amounts  of  the  Company’s  mineral  properties,  plant  and  equipment  are  depleted  based  on 
recoverable mineral reserve tonnes processed, depending on the use of the asset.  Changes to estimates of 
recoverable  quantities  of  base  metals,  mineral  reserve  tonnes  and  depletable  costs,  including  changes 
resulting from revisions to the Company’s mine plans and changes in metals prices forecasts, can result in a 
change to future depreciation and depletion rates and may result in impairment charges. 

Mine closure and rehabilitation costs 

Significant  estimates  and  assumptions  are  made  in  determining  the  provision  for  mine  closure  and 
rehabilitation  as  there  are  numerous  factors  that  will  affect  the  ultimate  liability  payable.    These  factors 
include estimation of the extent and cost of rehabilitation activities; timing of future cash flows that are also 
impacted by changes in discount rates; inflation rate; and regulatory requirements. 

Changes in the above factors can result in a change to the provision recognized by the Company.  Changes 
to mine closure and rehabilitation costs are recorded with a corresponding change to the carrying amounts 
of related mineral properties, plant and equipment.  Adjustments to the carrying amounts of related mineral 
properties, plant and equipment can result in a change to future depreciation and depletion expense. 

Significant assumptions used to determine mine closure and rehabilitation costs are included in Note 12(a).  

Inventory 

The net recoverable value of stockpile inventory and production in work in progress inventory is based on 
the  quantity  of  recoverable  metal  inventory  which  is  an  estimate  based  on  the  tons  of  ore  added  and 
removed from the process, expected grade and recovery rates. The quantity of recoverable metal in finished 
concentrate inventory is an estimate based on initial weights and assay results.  The net recoverable value 
of  these  inventories  also  requires  estimates  of  expected  selling  prices  and,  where  applicable,  costs  to 
complete and selling expenses. 

Fair value of embedded derivatives 

The value of trade receivables from the sale of copper concentrate is measured using quoted forward market 
prices as at the balance sheet date that correspond to the settlement date of the provisional pricing period 
for the estimated metals contained within the concentrate. Fluctuations in the underlying market prices of 
copper, silver and gold, metal content and concentrate weight can cause significant changes to the ultimate 
final settlement value of the receivables and the final revenue recorded can vary significantly as a result. 

ERO COPPER 2017 ANNUAL REVIEW     |    56 

Page 9 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

Measurement of fair value 

A number of the Company’s accounting policies and disclosures require the measurement of fair values, for 
both financial and non-financial assets and liabilities. 

When measuring the fair value of an asset or liability, the Company uses observable market data, as much 
as possible. Fair  values are  classified into different levels in a hierarchy based on the inputs used in the 
valuation techniques, as follows: 

• 

• 

• 

Level 1: quoted prices (without adjustments) in active markets for identical assets or liabilities.    

Level 2: inputs other than Level 1 quoted prices, that are observable for the asset or liability, either 
directly (i.e. as prices) or indirectly (i.e. derived from prices).    

Level 3: inputs, for assets or liabilities, that are not based on observable market information (non-
observable inputs). 

The Company recognizes transfers between levels of the hierarchy of fair value at the end of the reporting 
period during which the change occurred. 

When applicable, additional information on the assumptions used in the fair value calculations are disclosed 
in the specific notes of the corresponding asset or liability.   

e)  Revenue 

Revenue is recognized when  the significant risks and rewards of ownership have been  transferred to the 
customer, recovery of the consideration is probable, there is no continuing management involvement with 
the goods and the amount of revenue to be recognized can be measured reliably. 

The sales amount is based on quoted market prices which may be fixed at the time the shipment is received 
at the customers’ premises or may be determined in a period subsequent to the date of sale (provisionally 
priced sales) based on the terms of specific copper concentrate contracts.  Revenues for sales are recorded 
at the time the shipment is received at the customers’ premises, which is also when the risks and rewards of 
ownership transfer to the customer.  Provisionally priced sales are recognized based on an estimate of metal 
contained using forward market prices corresponding with the expected date that final sales prices will be 
fixed.  The period between provisional pricing and final settlement can be up to four months.  This provisional 
pricing mechanism represents an embedded derivative.  The embedded derivative is recorded at fair value 
each reporting period by reference to forward market prices until the date of final pricing, with the changes 
in fair value recorded as an adjustment to revenue. 

f)  Tax Incentives 

The Company receives certain tax incentives in Brazil.  These tax incentives are recognized in profit or loss in 
the  period  the  incentives  are  received  or  receivable  and  recorded  against  the  expenditure  that  they  are 
intended to compensate. 

g)  Finance Income and Finance Expense 

Finance income includes interest on cash and cash equivalents and restricted cash and financial investments 
and gains related to changes in the fair value of financial assets measured at fair value through profit. Interest 
income is recognized as it accrues in profit or loss, using the effective interest method. 

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Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

Finance  expense  comprise  interest  expense  on  loans  and  borrowings,  unwinding  of  the  discount  on 
provisions and losses related to changes in the fair value of financial assets measured at fair value through 
profit or loss. Borrowing costs that are not directly attributable to the acquisition, construction or production 
of a qualifying asset are recognized in earnings using the effective interest method.   

h)  Employee Benefits 

Short-term employee benefit obligations are recognized as personnel expenses as the corresponding service 
is provided. Liabilities are recognized at the amount that is expected to be paid if the Company has a present 
legal or constructive obligation to pay that amount based on past services rendered by the employee, and 
the obligation can be estimated reliably.  There are no long-term employee benefits. 

i)  Taxation 

Income tax expense comprises current and deferred tax.  Current income tax is the expected tax payable or 
receivable on the taxable income or loss for the year using tax rates enacted or substantively enacted at the 
reporting date.   

Deferred  income  tax  is  recognized  in  respect  of  temporary  differences  between  the  carrying  amounts  of 
assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.  Deferred 
income tax is measured at the tax rates that are expected to be applied to temporary differences when they 
reverse,  based  on  the  tax  laws  that  have  been  enacted  or  substantively  enacted  at  the  reporting  date.  
Deferred income tax assets and liabilities are offset if there is a legally enforceable right to offset current tax 
liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable 
entity.   Deferred income tax is not recognized for the initial recognition of assets or liabilities in a transaction 
that is not a business combination and that effects neither accounting nor taxable income or loss, differences 
related  to  investments  in  subsidiaries  to  the  extent  that  it  is  probable  that  they  will  not  reverse  in  the 
foreseeable future and taxable differences arising from the initial recognition of goodwill. 

A  deferred  income  tax  asset  is  recognized  for  unused  tax  losses,  tax  credits  and  deductible  temporary 
differences, to the extent that it is probable that future taxable profits will be available against which they 
can be utilized.  Deferred income tax assets are reviewed  at each reporting date and are reduced to the 
extent that it is no longer probable that the related tax benefit will be realized. 

j) 

Inventories 

Inventories are measured at the lower of cost and net realizable value. The cost of consumable inventory is 
determined on a weighted average acquisition cost basis.  Cost of stockpile inventory, products in progress 
and finished goods is determined based on a weighted average production cost basis and includes the cost 
of mining and processing ore including direct labour and materials; depreciation and amortization; and an 
appropriate share of production overheads based on normal operating capacity.  

Net realizable value of stockpile inventory, products in progress and finished goods is the estimated selling 
price in the ordinary course of business, less estimated completion costs and selling expenses. 

Provisions for low turnover or obsolete supplies and consumables inventory are established by management 
as deemed necessary. 

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Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

k)  Mineral Property, Plant and Equipment 

Mineral property, plant and equipment is measured at acquisition or construction cost, including capitalized 
borrowing costs, less accumulated depreciation and accumulated impairment losses.   

i)  Acquisition and disposal 

The cost of mineral property, plant and equipment include expenditures directly attributable to an asset’s 
acquisition. The cost of assets constructed by Company includes the cost of materials and direct labor, any 
other costs to bring the asset in the place and conditions required to be operated in the manner intended by 
management, costs of disassembly and restoration of the site and borrowing costs on qualifying assets. 
When parts of mineral property, plant and equipment have different useful lives, they are accounted for as 
separate items (major components) of mineral property, plant and equipment. 

Gains and losses on disposal of mineral property, plant and equipment are determined by comparing the 
proceeds from disposal with the carrying amount of equipment, and are recognized net within other income 
on the statement of operations and comprehensive income (loss).  

ii)  Subsequent costs 

The cost of replacing plant and equipment is recognized in the carrying amount of the item if it is probable 
that the future economic benefits embodied within the item will flow to the Company and its cost can be 
measured reliably.  The carrying amount of the replaced item is derecognized.  The costs of the day-to-day 
servicing of equipment are expensed.   

iii)  Development and construction in progress 

When  economically  viable  mineral  reserves  have  been  determined  and  the  decision  to  proceed  with 
development has been approved, exploration and evaluation assets are first assessed for impairment, then 
reclassified to construction-in-progress or mineral properties. The expenditures related to development and 
construction are capitalized as construction-in-progress and are included within mineral property, plant and 
equipment. Costs associated with the commissioning of new assets incurred before they are operating in the 
way intended by management, including directly attributable costs of testing, are capitalized. Construction in 
progress includes the purchase price and any costs directly attributable to bringing the asset to the location 
and condition necessary for its intended use including advances on long-lead items.  Construction in progress 
is not depreciated.   

Once  the  asset  is  operating  in  the  way  intended  by  management,  construction-in-progress  costs  are 
reclassified to mineral properties or plant and equipment.  

Pre-production  costs  of  removing  overburden  to  access  ore  in  the  open  pit  mines  and  developing  access 
headings  in  the  underground  mines  are  capitalized  as  pre-production  stripping  or  development  costs 
respectively and are included within mineral properties, plant and equipment.  

iv)  Mineral properties 

Mineral properties consist of the cost of acquiring and developing mineral properties.  Once in production, 
mineral properties are amortized on a units-of-production basis over the component of the ore body to which 

they relate.  

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Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

v)  Stripping costs and development in the production phase 

Where  open  pit  production  stripping  or  underground  development  activities  do  not  result  in  inventory 
produced, but does provide improved access to the ore body, the costs are classified as mineral properties 
when these activities meet all of the following criteria: (1) it is probable that the future economic benefit 
associated with the activity will flow to the Company; (2) the Company can estimate the mineral reserve of 
the ore body for which access has been improved; and (3) the costs relating to the activity associated with 
that mineral reserve can be measured reliably.  

For underground mines, costs incurred to access a mineral reserve of the ore body are capitalized to mineral 
properties or construction-in-progress and are depreciated on a units-of-production basis over the expected 
useful life of the identified mineral reserve of the ore body to which access has been improved as a result of 
the  development  activity.    For  open  pit  mines,  stripping  costs  are  capitalized  to  mineral  properties  or 
construction-in-progress  until  an  average  stripping  ratio  is  achieved  (waste/ore)  for  the  mine.    After  the 
stripping ratio is achieved, all stripping costs are classified as production costs.  The capitalized stripping costs 
are depreciated over the related mineral reserves accessed by the stripping activity. 

vi)  Environmental recovery and decommissioning costs 

The  Company’s  provision  for  decommissioning  liabilities  represents  management’s  best  estimate  of  the 
present value of the future cash outflows required to settle estimated reclamation and closure costs at the 
end of a mine’s life. The provision reflects estimates of future costs, inflation, movements in foreign exchange 
rates and assumptions of risks associated with the future cash outflows, and the applicable risk-free interest 
rates for discounting the future cash outflows. Changes in the above factors can result in a change to the 
provision recognized by the Company. 

vii) Depreciation 

Items  of  mineral  property,  plant  and  equipment  are  depreciated  on  a  straight-line  method  based  on  the 
estimated economic useful life of each component as follows: 

Buildings 
Mining equipment 
Mobile equipment & other assets 
Mineral properties 
Mine Closure and rehabilitation costs 
Leasehold improvements 

Up to 25 years 
4 years 
5 years 
Units of production 
Units of production 
Term of lease 

The depletion of mineral properties and mine closure and rehabilitation costs is determined based on the 
ratio of tons of copper contained in the ore mined and total proven and probable mineral reserve tonnes of 
contained copper.   

Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted 
if appropriate.   

l)  Exploration and Evaluation Assets 

Exploration and evaluation costs relate to the initial search for a mineral deposit, the cost of acquisition of a 
mineral property interest or exploration rights and the subsequent evaluation to determine the economic 
potential  of  the  mineral  deposit.  The  exploration  and  evaluation  stage  commences  when  the  Company 
obtains the legal right or license to begin exploration and subsequently exploration and evaluation expenses 

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Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

are capitalized as exploration and evaluation assets.  Costs incurred prior to the Company obtaining the legal 
rights are expensed. 

When  the  exploration  and  evaluation  of  a  mineral  property  indicates  that  development  of  the  mineral 
property  is  technically  and  commercially  feasible,  the  future  economic  benefits  are  probable,  and  the 
Company has the intention and sufficient resources to complete the development and use or sell the asset, 
the  related  costs  are  transferred  from  exploration  and  evaluation  assets  to  mineral  property,  plant  and 
equipment. 

Management reviews the carrying value of capitalized exploration costs for indicators that the carrying value 
is impaired at least annually. The review is based on the Company’s intentions for further exploration and 
development of the undeveloped property, results of drilling, commodity prices and other economic and 
geological factors. Subsequent recovery of the resulting carrying value depends on successful development 
or sale of the undeveloped project. If a property does not prove viable, all non-recoverable costs associated 
with the project, net of any previous impairment provisions, are written off. 

m) Financial Instruments  

The Company classifies non-derivative financial assets into the following categories: financial assets at fair 
value through profit or loss, held-to-maturity financial assets, loans and receivables and available-for-sale 
financial assets.  

The Company classifies non-derivative financial liabilities into the following categories: financial liabilities at 
fair value through profit or loss and other financial liabilities. 

i)  Non-derivative financial assets and liabilities – recognition and derecognition 

The Company initially recognizes loans and receivables and debt securities issued on the date when they are 
originated. All other financial assets and financial liabilities are initially recognized on the trade date when 
the Company becomes a party to the contractual provisions of the instrument.  

The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset 
expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially 
all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor 
retains substantially all of the risks and rewards of ownership and does not retain control over the transferred 
asset.  Any  interest  in  such  derecognized  financial  assets  that  is  created  or  retained  by  the  Company  is 
recognized as a separate asset or liability.  

The Company derecognizes a financial liability when its contractual obligations are discharged, or cancelled, 
or expire. 

Financial assets and financial liabilities are offset and the net amount presented in the statement of financial 
position when, and only when, the Company currently has a legally enforceable right to offset the amounts 
and intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.  

ii)  Non-derivative financial assets – measurement 

Financial assets at fair value through profit or loss 

A  financial  asset  is  classified  at  fair  value  through  profit  or  loss  if  it  is  classified  as  held  for  trading  or  is 
designated as such upon initial recognition.  Financial assets are designated at fair value through profit or 
loss if it eliminates or significantly reduces an accounting mismatch, the Company manages such investments 

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Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

and  makes  purchase  and  sale  decisions  based  on  their  fair  value  in  accordance  with  the  Company’s 
documented risk management or investment strategy or the financial asset contains one or more embedded 
derivatives.    Upon  initial  recognition,  these  financial  assets  are  recognized  at  fair  value  and  attributable 
transaction  costs  are  recognized  in  profit  or  loss  as  incurred.    Subsequent  to  initial  recognition,  financial 
assets at fair value through profit or loss are measured at fair value, and changes therein are recognized in 
profit or loss. 
The Company does not currently have financial assets designated as at fair value through profit or loss. 

Held-to-maturity financial assets 

If the Company has the positive intent and ability to hold debt securities to maturity, then such financial 
assets are classified as held-to-maturity.  Held-to-maturity financial assets are recognized initially at fair value 
plus any directly attributable transaction costs.  Subsequent to initial recognition held-to-maturity financial 
assets are measured at amortized cost using the effective interest method, less any impairment losses.  

Financial investments have been classified as held to maturity as they are directly related to loan agreements 
with a Brazilian financial institution which requires the establishment of a reserve  fund.  Redemptions of 
financial investment are conditional on the Company making the scheduled loan repayments. 

Loans and receivables 

Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an 
active  market.    Such  assets  are  recognized  initially  at  fair  value  plus  any  directly  attributable  transaction 
costs.  Subsequent  to  initial  recognition,  loans  and  receivables  are  measured  at  amortized  cost  using  the 
effective interest method, less any impairment losses. 

Loans and receivables include cash and cash equivalents, restricted cash, deposits and accounts receivable.  

Cash is comprised of  cash on hand and demand deposits.   Cash  equivalents are short-term, highly liquid 
investments with original maturities of three months or less that are readily convertible to known amounts 
of cash and which are subject to an insignificant risk of change in fair value.   

Available-for-sale financial assets 

Available-for-sale financial assets are non-derivative financial assets that are designated as available-for-sale 
and that are not classified in any of the previous categories.  They are measured at fair value and changes 
therein,  other  than  impairment  losses  and  foreign  currency  differences  on  available-for-sale  debt 
instruments, are recognized in other comprehensive income and presented within equity in accumulated 
other comprehensive income.  When an investment is derecognized, the cumulative gain or loss in other 
comprehensive income is transferred to profit or loss. 

The Company does not currently have any financial assets classified as available for sale. 

iii)  Non-derivative financial liabilities - measurement 

Financial liabilities at fair value through profit or loss 

A financial liability is classified as at fair value through profit or loss if it is classified as held for trading or is 
designated as such on initial recognition. Directly attributable transaction costs are recognized in profit or 
loss as incurred. Financial liabilities at fair value through profit or loss are measured at fair value and changes 

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Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

therein, including any interest expense, are recognized in profit or loss. The Company does not currently have 
any liabilities classified as fair value through profit or loss. 

Other financial liabilities 

Other  non-derivative  financial  liabilities  are  recognized  initially  at  fair  value  less  any  directly  attributable 
transaction costs on the trade date on which the Company becomes a party to the contractual provisions of 
the  instrument.    Subsequent  to  initial  recognition,  the  Company’s  financial  liabilities  are  measured  at 
amortized cost using the effective interest method.   

The Company’s non-derivative financial liabilities include accounts payable and accrued liabilities, other non-
current liabilities, and loans and borrowings.     

iv)  Derivative financial instruments 

From time to time, the Company holds derivative financial instruments to mitigate risks related to changes 
in commodity prices, interest rates of its loans and borrowings and foreign currencies.  Embedded derivatives 
are separated from the host contract and accounted for separately if certain criteria are met. 

Derivatives are initially recognized at their fair value and the attributable transaction costs are recognized in 
profit or loss when incurred. After initial recognition, derivatives are measured at fair value and changes in 
fair value are recorded in profit or loss. 

Trade receivables may include embedded derivatives related to provisionally priced sales and are measured 
at fair value with changes recognized in profit or loss. 

v)   Compound instruments 

Equity components of compound instruments, such as convertible debt, are separated from the debt host 
contract  using  the  residual  method.  The  Company  determines  the  fair  value  of  the  debt  component  by 
discounting the expected principal and interest payments using an appropriate discount rate reflective of 
debt instruments with similar risks but without the equity component. The difference between the proceeds 
received and the amount assigned to the debt component is allocated to the equity component. 

vi)  Share capital 

Common shares are classified as equity.  Incremental costs directly attributable to the issuance of common 
shares and share options are recognized as a deduction from equity, net of any tax effects. The Company 
includes the value of share purchase warrants included in the issuance of equity units, which consist of a 
common shares and warrants, in share capital. 

n)  Impairment 

i)  Financial assets 

A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine 
whether there is objective evidence that it is impaired.  A financial asset is impaired if objective evidence 
indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had 
a negative effect on the estimated future cash flows of that asset. 

An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference 
between its carrying amount and the present value of the estimated future cash flows discounted at the 

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Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

asset’s original effective interest rate. Losses are recognized in profit or loss and reflected in an allowance 
account against receivables. When a subsequent event causes the amount of impairment loss to decrease, 
the decrease in impairment loss is reversed through profit or loss.  

Impairment  losses  on  available-for-sale  financial  assets  are  recognized  by  reclassifying  the  losses 
accumulated in the fair value reserve in equity to profit or loss.  The cumulative loss that is reclassified from 
equity to profit or loss is the difference between the acquisition cost, net of any principal repayment and 
amortization, and the current fair value, less any impairment loss recognized previously in profit or loss.  Any 
subsequent recovery in the fair value of an impaired available-for-sale equity security is recognized in other 
comprehensive income (loss). 

ii)  Non-Financial assets 

At each reporting date the carrying amounts of the Company’s mineral properties, plant and equipment and 
exploration  and  evaluation  assets  are  reviewed  to  determine  whether  there  is  any  indication  that  those 
assets are impaired. If such indication exists, the recoverable amount of the asset is estimated in order to 
determine the extent of the impairment, if any. Goodwill is tested annually regardless of whether there is an 
indicator of impairment. The recoverable amount is the higher of fair value less costs to sell and value in use, 
which is the present value of future cash flows expected to be derived from the asset or its related cash 
generating unit.  For purposes of impairment testing, assets are grouped at the lowest levels that generate 
cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups 
of assets (the “cash-generating unit”). 

If the recoverable amount of an asset or cash generating unit is estimated to be less than its carrying amount, 
the carrying amount of the associated assets are reduced to their recoverable amount and the impairment 
loss is recognized in the profit or loss for the period. 

Impairment losses recognized in prior periods are assessed at each reporting date for any indications that 
the loss has decreased or no longer exists.  An impairment charge is reversed through profit or loss only to 
the extent that the asset’s  carrying amount does not  exceed the  carrying amount that would have been 
determined, net of any applicable depreciation, if no impairment loss had been recognized.   An impairment 
loss for goodwill is not reversed.  

o)  Provisions 

i)  Mine closure and rehabilitation provision 

The Company records the present value of estimated costs of legal and constructive obligations related to 
mine closure and rehabilitation in the period in which the obligation occurs.  Mine closure and rehabilitation 
activities include facility decommissioning and dismantling; removal and treatment of waste materials; site 
and land rehabilitation, including compliance with and monitoring of environmental regulations; and related 
costs  required  to  perform  this  work  and/or  operate  equipment  designed  to  reduce  or  eliminate 
environmental effects.  The provision is adjusted each period for new disturbances, and changes in regulatory 
requirements, the estimated amount of future cash flows required to discharge the obligation, the timing of 
such  cash  flows  and  the  pre-tax  discount  rate  specific  to  the  liability.    The  unwinding  of  the  discount  is 
recognized in profit or loss as a finance expense. 

When the provision is initially recognized, the corresponding cost is capitalized by increasing the carrying 
amount of the related asset, and is amortized to profit or loss on a unit-of-production basis.   

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Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

ii)  Other provisions 

Other  provisions  are  recognized,  based  on  a  past  event,  when  the  Company  has  a  legal  or  constructive 
obligation  that  can  be  estimated  reliably,  and  it  is  probable  that  an  economic  mineral  resource  will  be 
required to settle the obligation. Provisions are measured by discounting the expected future cash flows at 
a pre-tax rate that reflects current market assessments of the time value of money and specific risks for the 
liability. The discount is unwound over the period over which the cash flows are expected to be incurred with 
the related expense included in finance expense. 

p)  Share-Based Compensation 

The grant date fair value of share-based payment awards granted to employees and consultants, including 
directors and officers, is recognized as an employee expense, with a corresponding increase in equity, over 
the period that the employees unconditionally become entitled to the awards. The amount recognized as an 
expense is adjusted to reflect the number of awards for which the related service and non-market vesting 
conditions  are  expected  to  be  performed  or  satisfied  such  that  the  amount  ultimately  recognized  as  an 
expense  is  based  on  the  number  of  awards  that  meet  the  related  service  and  non-market  performance 
conditions at the vesting date.  

q)  Leases 

At inception of an arrangement, the Company determines whether the arrangement is or contains a lease.  
Payments made under operating leases are recognized in profit or loss on a straight-line basis over the lease 
term. Lease incentives received, if any, are included in the total lease expense to be recognized over the term 
of the lease.  At the reporting date the Company has no arrangements that contain a finance lease. 

r) 

Income (Loss) per Share 

Basic income (loss) per share is calculated by dividing the profit or loss attributable to common shareholders 
of the Company by the weighted average number of common shares outstanding during the period.  Diluted 
income (loss) per common share is calculated by adjusting the weighted average number of common shares 
outstanding for the effect of conversion of all potentially dilutive share equivalents, such as stock options 
and warrants, and assumes that the receipt of proceeds upon exercise of the options are used to repurchase 
common shares at the average market price during the period.  The net effect of the shares issued less the 
shares  assumed  to  be  repurchased  is  added  to  the  basic  weighted  average  shares  outstanding.    For 
convertible instruments, the common shares to be included in the diluted per share calculation assumes that 
that the instrument is converted at the beginning of the period (or the issue date if later). The profit or loss 
attributable to common shareholders is adjusted to eliminate related interest costs recognized in profit or 
loss for the period. 

s)  Comparative Figures 

Certain of the comparative figures in the statement of financial position have been recast to reflect final 
adjustments to the purchase price allocation and to conform with the current period presentation (see Note 
3). 

t)  Changes in Current and Future Accounting Standards  

A number of new standards and amendments to standards are effective for annual periods beginning after 
January 1, 2018.  The standards that may have a significant impact on the consolidated financial statements 
are as follows: 

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Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

i)  IFRS 15 Revenue from Contracts with Customers 

On May 28, 2014, the IASB issued IFRS 15 Revenue from Contracts with Customers (“IFRS 15”).  The new 
standard is effective for the Company on January 1, 2018. Earlier application is permitted. IFRS 15 will 
replace  IAS  11  Construction  Contracts,  IAS  18  Revenue,  IFRIC  13  Customer  Loyalty  Programs,  IFRIC  15 
Agreements for the Construction of Real Estate, IFRIC 18 Transfer of Assets from Customers, and SIC 31 
Revenue  –  Barter  Transactions  Involving  Advertising  Services.  On  April  12,  2016,  the  IASB  issued 
Clarifications to IFRS 15, Revenue from Contracts with Customers, which is effective at the same time as 
IFRS 15.   

The standard contains a single model that applies to contracts with customers and two approaches to 
recognizing  revenue:  at  a  point  in  time  or  over  time.  The  model  features  a  contract-based  five-step 
analysis  of  transactions  to  determine  whether,  how  much  and  when  revenue  is  recognized.    New 
estimates and judgmental thresholds have been introduced, which may affect the amount and/or timing 
of  revenue  recognized.  The  new  standard  applies  to  contracts  with  customers.  It  does  not  apply  to 
insurance contracts, financial instruments or lease contracts, which fall in the scope of other IFRSs. 

The clarifications to IFRS 15 provide additional guidance with respect to the five-step analysis, transition, 
and the application of the Standard to licenses of intellectual property. 

While the Company is currently completing its evaluation of the new standard, the Company does not 
expect  any  significant  impact  on  the  consolidated  financial  statements  from  the  adoption  of  IFRS  15, 
however does anticipate additional disclosure requirements.  

ii)  IFRS 9 Financial Instruments 

On July 24, 2014, the IASB issued the complete IFRS 9, Financial Instruments (“IFRS 9”).  IFRS 9 is effective 
for the Company on January 1, 2018 and must be applied retrospectively with some exemptions. Early 
adoption  is  permitted.    The  restatement  of  prior  periods  is  not  required  and  is  only  permitted  if 
information is available without the use of hindsight. 

IFRS 9 introduces new requirements for the classification and measurement of financial assets. Under 
IFRS 9, financial assets are classified and measured based on the business model in which they are held 
and the characteristics of their contractual cash flows.  The standard also introduces additional changes 
relating to financial liabilities and amends the impairment model by introducing a new ‘expected credit 
loss’ model for calculating impairment. 

IFRS  9  also  includes  a  new  general  hedge  accounting  standard  which  aligns  hedge  accounting  more 
closely with risk management. This new standard does not fundamentally change the types of hedging 
relationships or the requirement to measure and recognize ineffectiveness, however it will provide more 
hedging strategies that are used  for risk  management to  qualify for hedge accounting  and introduce 
more judgment to assess the effectiveness of a hedging relationship. 

Special transitional requirements have been set for the application of the new general hedging model.  

While the Company is currently completing its evaluation of the new standard, the Company does not 
expect any significant impact on the consolidated financial statements from the adoption of IFRS 9.  

ERO COPPER 2017 ANNUAL REVIEW     |    66 

Page 19 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

iii)  IFRS 16 Leases 

On January 13, 2016, the IASB issued IFRS 16 Leases (“IFRS 16”). The new standard is effective for the 
Company on January 1, 2019. Earlier application is permitted for entities that apply IFRS 15 Revenue from 
Contracts with Customers at or before the date of initial adoption of IFRS 16. IFRS 16 will replace IAS 17 
Leases. 

This standard introduces a single lessee accounting model and requires a lessee to recognize assets and 
liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. 
A lessee is required to recognize a right-of-use asset representing its right to use the underlying asset 
and a lease liability representing its obligation to make lease payments. 

This standard substantially carries forward the lessor accounting requirements of IAS 17, while requiring 
enhanced disclosures to be provided by lessors.  Other areas of the lease accounting model have been 
impacted, including the definition of a lease. Transitional provisions have been provided. 

The  Company  is  currently  evaluating  the  impact  that  IFRS  16  will  have  on  the  consolidated  financial 
statements.   

3.  Business Combination 

On December 12, 2016, the Company obtained control of MCSA and NX Gold by acquiring an 85% and a 28% interest 
in each entity, respectively.  Although the Company only acquired a 28% economic interest in NX Gold, by virtue of 
a shareholders’ agreement with the shareholder vendors of NX Gold, the Articles of Incorporation of NX Gold and 
the composition of the Board of Directors of NX Gold, the Company had control over all key operating, financing 
and investing activities.  Accordingly, the Company consolidated the accounts of NX Gold. As the Company’s 28% 
interest in NX Gold was acquired from one of the same shareholders as MCSA and was contemplated as part of the 
MSCA acquisition, for accounting purposes the acquisitions are considered a single acquisition.  The acquisition of 
MCSA is in line with the Company’s strategy to become a leading mid-tier copper producer though organic growth 
and  disciplined  acquisitions.    The  acquisition  has  been  accounted  for  as  a  business  combination.    The  cash 
consideration  paid  was  nominal  and  the  Company  agreed  to  assume  all  of  the  loans  and  borrowing  and  other 
obligations of MCSA and NX Gold. 

As at December 31,  2016, the allocation of the purchase  price to the  fair  value of the  assets and liabilities was 
preliminary.  During the year ended December 31, 2017, the Company completed the final purchase price allocation 
including the valuation of its mineral resources beyond proven and probable reserves and the assessment of certain 
deferred tax balances.  As a result of the final assessments, certain comparative information as at December 31, 
2016 has been recast to reflect the final adjustments.   The final purchase price allocation, based on estimated fair 
value of the identifiable assets acquired and liabilities assumed on December 12, 2016, and the adjustment made 
to the preliminary purchase price allocation are as follows: 

67    |    ERO COPPER 2017 ANNUAL REVIEW 

Page 20 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

Final

As Reported Adjustments
 $                 -   
 $             131 
-
90
-
4,939
6,145
-
18,415
212,067
-
25,745
-
1,975
592
-
(17,369)
17,369
-
24,711
-
(35,839)
-
(17,566)
-
(160,632)
-
(28,135)
(9,512)
-
(1,046)
(17,369)
-
(24,711)
 $                 -   
 $                -   

Cash and cash equivalents
Accounts receivable
Inventories
Other current assets
Mineral property, plant and equipment
Exploration and evaluation assets
Deposits
Other non-current assets
Goodwill
Assets held for sale
Accounts payable and accrued liabilities
Value added, payroll and other taxes
Loans and borrowings
Provisions
Other non-current liabilities
Deferred income tax liabilities
Liabilities related to assets held for sale
Net
The impact of the above noted adjustments was to increase mineral property, plant and equipment by $18.4 million, 
eliminate goodwill of $17.4 million and increase the deferred income tax liability by $1.0 million.  The impact of the 
reclassifications  was  to  decrease  accounts  payable  and  accrued  liabilities  by  $8.2  million  and  to  increase  value 
added, payroll and other taxes by $8.2 million.  The non-current portion of the value added, payroll and other taxes 
of $8.7 million at December 31, 2016 has now been presented separately in the statement of financial position, 
resulting  in  a  reduction  to  other  non-current  liabilities  previously  reported.    There  was  no  impact  to  net  loss, 
comprehensive loss or cash flows for the period ended December 31, 2016 as a result of finalizing the purchase 
price allocation. 

Reclassifications
 $                         -     $        131 
90
4,939
6,145
230,482
25,745
1,975
592
-
24,711
(27,616)
(34,373)
(160,632)
(28,135)
(928)
(18,415)
(24,711)
 $                         -     $            -   

-
-
-
-
-
-
-
-
-
8,223
(16,807)
-
-
8,584
-
-

Mineral  properties  were  valued  using  a  discounted  cash  flow  model  using  expected  future  cash  flows  to  be 
generated by the mine over its remaining life, based on proven and probable mineral reserves.  Copper prices used 
to estimate revenues ranged from US$2.35 per pound to US$2.90 per pound for the forecast period. The cash flows 
were discounted using a discount rate of 13.9%.  Mineral resources were valued based on identified resources and 
$0.03 per pound of in situ copper based on market transactions for similar properties. 

The fair value of the majority of the plant and equipment was determined using the depreciated replacement cost 
method  which  estimates  the  current  replacement  costs  and  adjust  this  amount  for  physical  depreciation  and 
functional and technological obsolescence.  Where an active market was available for certain of these assets, the 
fair market value of these assets in active markets was used. 

The fair value of the exploration and evaluation assets acquired was determined based on the identified mineral 
resources and $0.03 per pound of in situ copper based on market transactions for similar properties. 

The fair value of debt facilities and certain other long-term liabilities was estimated using the expected cash flows 
discounted at market rates of interest for comparable instruments adjusted for the estimated credit risk of MCSA.  
Such discount rates ranged from 7% – 20% depending on the instrument, the term of the debt, security and other 
factors.  Certain of the creditors of MCSA agreed to split amounts outstanding into Class A and B notes (Note 10) 
with the Class B notes repayable only if, among other things, the Class A notes are not repaid in accordance with 
the restructured agreements. On the acquisition date, the Company expected that, based on estimated cash flows, 
it would be able to repay the Class A notes and meet the other conditions specified in the restructured agreements 

ERO COPPER 2017 ANNUAL REVIEW     |    68 

Page 21 

 
 
 
 
  
 
 
 
 
                      
                              
                      
                              
                      
                              
                              
   
                      
                              
                      
                              
                      
                              
                              
                
          
                      
                              
         
                      
                     
    
         
                      
                 
    
       
                      
                              
  
         
                      
                              
    
           
                      
                     
          
         
            
                              
    
         
                      
                              
    
 
Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

and no repayment of the Class B notes would be required.  Accordingly, the fair value of the Class B notes was 
determined to be Nil.  

The majority of the fair value of identifiable assets acquired in respect of NX Gold relate to mineral property, plant 
and equipment and inventory.  The majority of the fair value of identifiable liabilities assumed in respect of NX Gold 
relate to accounts payable and accruals, loans, borrowings and provisions. 

The Company intends to dispose of its interest in NX Gold as it is not within its core copper business.  Accordingly, 
the assets and liabilities of NX Gold acquired by the Company are presented as assets held for sale and liabilities 
related to assets held for sale, and subsequent results of operations as discontinued operations. 

As the fair value of the net assets and liabilities acquired was Nil, no non-controlling interest results on acquisition. 

In June 2017, the Company acquired an additional 10,952,276,044 shares of MCSA, increasing its ownership interest 
in MCSA to 99.5%, by subscribing to shares issued from treasury for $34.3 million.  In August 2017, MCSA acquired 
1,938,143,830 shares of NX Gold, increasing the Company’s direct and indirect ownership interest in NX Gold to 
97.6%, by converting intercompany loans owing by NX Gold to MCSA into common shares.  In December 2017, the 
Company acquired an additional 2,496,041,356 shares of MCSA, increasing its ownership interest in MCSA to 99.6%, 
by  subscribing  to  shares  issued  from  treasury  for  $22.6  million.    The  resulting  reductions  in  the  non-controlling 
interest have been recorded as a reclassification within equity between accumulated deficit and non-controlling 
interests. 

4.  Inventories 

Supplies and consumables
Stockpile
Work in progress
Finished goods

December 31, 2017
$                           
7,117
127
253
981
8,478

$                           

December 31, 2016
$                            

5,071
-
110
-
5,181

$                            

69    |    ERO COPPER 2017 ANNUAL REVIEW 

Page 22 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                  
                                  
 
Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

5.  Other Current Assets 

Advance to suppliers
Prepaid expenses
Advances to employees (a)
Value added federal taxes recoverable

December 31, 2017
1,447
$                           
3,099
554
1,143
6,243

$                           

December 31, 2016
$                            

2,657
2,179
723
428
5,987

$                            

(a) 

Advances to employees include short term advances of salary, vacation and other benefits granted to employees of the 
Company’s subsidiary MCSA. 

6.  Assets and Liabilities Held for Sale 

As at December 31, 2017, the Company holds a 97.6% interest in NX Gold. The Company intends to dispose of its 
interest  in  NX  Gold  as  it  is  not  within  its  core  copper  business.    The  Company’s  interest  in  NX  Gold  has  been 
measured at fair value less costs to sell at the acquisition date and was classified as a disposal group held for sale. 
Therefore, all its assets are grouped together in assets held for sale and all its liabilities are grouped together in 
liabilities related to assets held for sale. 

NX Gold is classified as a discontinued operation as at December 31, 2017, given that it is a subsidiary that was 
classified as a disposal group and acquired exclusively for resale purposes. 

Assets held for sale
Liabilities held for sale

December 31, 2017
27,663
$                         
(20,957)
6,706

$                           

December 31, 2016
$                          

24,846
(24,846)
$                                
-

Assets held for sale are held at the lower of carrying value and fair value.  The increase in the value of the net assets 
held for sale is the result of investments made by the Company to pay down liabilities and provide working capital 
to NX Gold. 

ERO COPPER 2017 ANNUAL REVIEW     |    70 

Page 23 

 
 
 
 
 
 
 
 
 
 
 
 
 
                           
 
Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

7.  Mineral Property, Plant and Equipment   

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Buildings, equipment and mining rights for the Pilar UG Mine and the integrated Caraíba Mill, the R22W Mine and 
the Vermelhos UG Mine, which comprise mineral properties in the table above, have been pledged as security for 
loans and borrowings (Note 10). 

Included in Mineral Properties is $22.4 million related to the value of mineral resources beyond proven and 
probable reserves not currently being amortized. 
71    |    ERO COPPER 2017 ANNUAL REVIEW 

Page 24 

 
 
 
 
 
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

8.  Exploration and Evaluation Assets 

On  October  26,  2007,  MCSA  acquired  the  copper/gold  Boa  Esperança  Property  located  in  the  Municipality  of 
Tucumã, in the state of Pará, Brazil which consists of a single mineral concession.  This property is in the early stages 
of exploration with various geological mineral resource studies and a completed feasibility study.   

The mining rights of the Boa Esperança Property are pledged as security for certain of the Company’s loans (Note 
10).  

9.  Accounts Payable and Accrued Liabilities 

December 31, 2017

December 31, 2016

Suppliers
Payroll and related charges
Other accrued liabilities

10.  Loans and Borrowings 

$                         

$                      

13,331
6,870
767
20,968

15,276
4,449
329
20,054

$                         

$                      

Description
Bank loans
Bank loan 
Bank loans
Bank loan
Bank loan
Equipment finance loans
Senior non-revolving credit facility
Other

Denomination
USD
USD
USD
BRL R$
BRL R$
BRL R$
USD
USD

Security
Secured
Secured
Unsecured
Secured
Unsecured
Secured
Secured
Unsecured

Time to Maturity
108 months
108 months
16-108 months
108 months
108 months
24 months
60 months
3 months

Coupon rate
8.83%
7.50%
7.50%
7.50%
CDI + 0.5%
6.00%
CBR + 6%
0%-5.19%

Total

Current portion:
Non-current portion:

$              

Principal to 
be repaid
53,397
-
18,418
13,104
10,102
576
50,000
90

$                 

Carrying value 
December 31, 
2017
54,301
-
18,811
9,656
8,004
514
47,790
90

$                 

Carrying value 
December 31, 
2016
89,438
31,950
20,720
9,457
8,036
1,005
-
1,518

$            

145,687

$               

139,166

$               

162,124

$                   
$               

5,601
133,565

$               
$                 

108,137
53,987

The carrying values of the loans and borrowings in the schedule above includes accrued interest, while the principal 
to be repaid does not include accrued interest. 

Changes in loans and borrowings are as follows: 

Balance, beginning of period
Loans acquired
New senior non-revolving credit facility (Note 10(a))
New equipment finance loan
Debt extinguishment (Note 10(c))
Principal and interest payments
Interest accretion
Foreign exchange
Balance, end of period

2017
$                

162,124
-
47,773
261
( 76,282 )
( 8,935 )
14,503
( 278 )
139,166

2016
-
$               
160,632
-
325
-
( 472 )
760
879
162,124

$      

$                

ERO COPPER 2017 ANNUAL REVIEW     |    72 

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Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

(a)  Senior non-revolving credit facility 

In December 2017, the Company entered into a new $50 million senior secured non-revolving credit facility (the 
“Facility”) with a Canadian financial institution.  The new Facility matures on December 21, 2022 and requires equal 
quarterly principal payments of $3.1 million commencing on December 31, 2019.  The Company may prepay all or 
part of the facility at any time without penalty. The Facility bore an interest rate equal to the base rate + 6.0% from 
the inception of the Facility to December 31, 2017.  The base rate is defined in the Facility as the greater of (a) the 
aggregate of (i) weighted average of the rates on overnight federal funds transactions with members of the Federal 
Reserve System as published by the Federal Reserve Bank of New York and (ii) 0.5% per annum and (b) the base 
rate for United States dollar loans as determined by the lender.  At December 31, 2017 the aggregate interest rate 
was 11%.  Subsequent to December 31, 2017, the Company elected to use an interest rate of LIBOR + 7% and will 
pay interest using this rate until the later of December 31, 2018 or commencement of production at the Vermelhos 
UG Mine.  Subsequent to that, the interest rate will be reduced to a rate of between LIBOR + 4.5% and LIBOR + 
5.5%, depending on the Company’s leverage ratio at that time.  The applicable margins are also subject to annual 
increases as defined in the Facility.  The Company incurred transaction costs associated with the Facility of $2.2 
million which have been included in the carrying value of the Facility and are being amortized using an effective 
interest  rate  of  12.8%.    The  Facility  is  secured  by  pledges  of  mineral  rights  relating  to  the  Pilar  UG  Mine,  the 
Vermelhos UG Mine, and the Boa Esperança Property.  The Company is required to comply with certain financial 
covenants.  As of the date of these consolidated financial statements, the Company is in compliance with these 
covenants. 

As per the requirements of the Facility, the Company is required to maintain a separate bank account with sufficient 
funds to cover scheduled principal payments, interest and fees for the next two fiscal quarters.  At December 31, 
2017, $2.2 million was on deposit in the designated debt service account and is presented as restricted cash in the 
statement of financial position.   

(b)  Bank loans 

The banks loans relate to the Company’s subsidiary MCSA and were recognized at the acquisition date (note 3) at 
fair value and have subsequently been recognized at amortized cost.  Interest is being recognized using the effective 
interest rate method at interest rates ranging from 7% - 20%.   

The secured bank loans are secured by buildings and equipment, deposits, and the mining rights of the Pilar UG 
Mine and the integrated Caraíba Mill, the R22W Mine, the Vermelhos UG Mine (Note 7) and the Boa Esperança 
Property (Note 8).  In addition, some of the loans are endorsed by NX Gold, which means that in the event that 
MCSA defaults on the loan, the banks are legally able to request payment from NX Gold (Note 1). 

At the acquisition date MCSA had loans and borrowings totaling $211.8 million which, in accordance with the terms 
of  the  original  loan  agreements,  were  due  in  installments  over  a  four-year  period.    However,  the  agreements 
contained covenants regarding financial ratios and MCSA was not in compliance with such covenants related to 
certain of the debt agreements during 2016 and on the acquisition date nor had waivers been obtained from the 
lenders. 

On  December  2,  2016,  MCSA  restructured  these  arrangements.    Pursuant  to  the  restructuring  agreements,  the 
lenders agreed to split these loans into Class A and Class B notes.  The principal amount of the Class A notes totaled 
$127.9 million and are repayable over an eight-year period commencing at the earliest of the date of commercial 
production of copper concentrates from the Vermelhos UG Mine or May 2019.  The principal amount of the Class 
B notes on the acquisition date totaled $83.9 million and are repayable only if, among other things, the Class A 
notes  are  not  repaid  in  accordance  with  the  restructured  agreements.  On  the  acquisition  date,  the  Company 
expected  that  based  on  estimated  cash  flows,  it  would  be  able  to  repay  the  Class  A  notes  and  meet  the  other 
conditions specified in the restructured agreements and no repayment of the  Class B notes  would be required. 
Accordingly, the Class B notes totaling $83.9 million were determined to have a $Nil fair value at the acquisition 
Page 26 

 
 
 
 
 
 
 
 
 
 
 
 
 
Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

date. As at December 31, 2017, the Company continues to expect that it will repay the Class A notes in accordance 
with the restructured agreement and the remaining principal amount of the Class B notes totaling $35.3 million are 
not included in the loans and borrowings as at December 31, 2017.  The reduction in the principal amount of the 
Class B notes is the result of the Company’s settlement of certain loans as disclosed in Note 10(c). 

Although the debt restructuring agreements were signed on December 2, 2016, they came into effect in May 2017 
following the satisfaction of certain conditions precedent by the Company and MCSA.  As the conditions precedent 
were not satisfied by December 31, 2016, the fair value of those loans totaling $104.2 million, was classified as a 
current liability in the December 31, 2016 consolidated financial statements.  Upon satisfaction of the conditions in 
May 2017, the restructured agreements became effective and the carrying value of these loans are included in the 
long-term portion of loans and borrowings as at December 31, 2017.   

Pursuant to the restructured agreements and agreements  with other lenders, MCSA is  required to comply with 
certain financial covenants.  As of the date of these consolidated financial statements, MCSA was in compliance 
with these covenants. 

(c)  Participation agreement 

In December 2017, a Canadian financial institution purchased certain of MCSA’s secured bank loans with a total 
carrying  value  of  $76.3  million.    The  Company  then  entered  into  an  arrangement  with  the  Canadian  financial 
institution whereby the Company acquired the rights to any and all payments of interest and principal that MCSA 
makes to the Canadian financial institution over the term of the loans acquired by the Canadian financial institution.  
These  rights  that  the  Company  acquired  constitute  settlement  of  certain  of  MCSA’s  secured  bank  loans.    The 
Company acquired these rights for $47.6 million, resulting in a gain on debt settlement of $28.7 million. 

(d)  Debt repayments 

Repayments of the principal portion of loans and borrowings is as follows: 

2018
2019
2020
2021
2022
Beyond 2022

$                     

5,601
26,938
24,985
22,896
22,984
42,283
145,687

$                

The debt repayments are based on the restructured agreements which came into effect in May 2017 (Note 10(a) 
above). 

ERO COPPER 2017 ANNUAL REVIEW     |    74 

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Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

11. Value Added, Payroll and Other Taxes   

December 31, 2017

December 31, 2016

$                      

$                         

Value-added taxes payable (a)
Tax based on net sales of copper and gold
Federal sales tax
Social security installments (b)
Other taxes
Total value added, payroll and other taxes
Less: current portion of value added, payroll and other taxes
Non-current value added, payroll and other taxes
(a)  Pursuant to the Tax Incentive Program of the state of Bahia, the Company’s subsidiary MCSA is able to defer 
payment of $9.9 million of these taxes for two years with repayment over a nine-month period beginning in March 
2019. 
(b)  The Company’s subsidiary MCSA has an agreement with the National Institute of Social Security in Brazil to pay 
outstanding social security contributions in installments over a period to 2024. 

11,324
1,228
604
7,271
1,508
21,935
6,857
15,078

11,350
1,235
3,213
17,810
1,702
35,310
30,720
4,590

$                         

$                        

12.  Provisions and Contingent Liabilities 

Balance at May 16, 2016
Provisions acquired
Additions due to change in estimated cash flows
Foreign exchange
Balance at December 31, 2016
Additions due to change in estimated cash flows
Unwinding of the discount
Settled
Foreign exchange
Balance at December 31, 2017

(a)  Mine closure and rehabilitation 

Mine Closure 
and 
Rehabilitation
-
$                   
22,463
-
529
22,992
233
370
( 520 )
( 387 )
22,688

$            

Legal
Claims

$                   
-
5,672
8
133
5,813
4,803
-
( 2,767 )
( 223 )
7,626

$               

Total

-
$                   
28,135
8
662
28,805
5,036
370
( 3,287 )
( 610 )
30,314

$            

The Company’s provision for mine closure and rehabilitation consists of costs accrued based on the current best 
estimate of mine closure and reclamation activities that will be required upon completion of mining. The Company’s 
provision for future site closure and reclamation costs is based on the level of known disturbance at the reporting 
date, known legal requirements and cost estimates prepared by a third-party specialist.  

Management  used  a  pre-tax  discount  rate  of  8%  (2016  –  9%)  and  an  inflation  factor  of  4.0%  (2016  –  4.5%)  in 
preparing  the  Company’s  provision  for  mine  closure  and  rehabilitation.  Although  the  ultimate  amount  to  be 
incurred is uncertain, based on development, legal requirements and estimated costs as at December 31, 2017, the 
undiscounted  inflation-adjusted  liability  for  provision  for  mine  closure  and  rehabilitation  is  estimated  to  be 
approximately $42.0 million. The cash expenditures are expected to occur over a period of time extending several 
years after the projected closure, which for the Vale do Curaçá Property is currently 2026.   

  75    |    ERO COPPER 2017 ANNUAL REVIEW 

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Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

(b)  Legal claims 

There are various legal actions that are in process against MCSA related to labor, civil and tax matters. Based on 
an analysis of individual judicial and administrative legal claims against MCSA, the following provision has been 
made for probable losses associated with these claims: 

December 31, 2017

December 31, 2016

Labour claims (i)
Tax claims (ii)
Other claims

(i)  Labor claims 

$                           

$                        

4,424
3,121
81
7,626

4,088
1,435
290
5,813

$                           

$                        

The  labor  claims  related  primarily  to  claims  made  by  existing  and  former  employees  for  alleged  travel  time 
reimbursements, overtime and severance payments.  Of the claims made, MCSA has assessed, with the assistance 
of its legal counsel, that the probable loss on such claims is $4.4 million and such amount has been accrued.  No 
amount has been accrued for $2.9 million in additional labour claims for which a loss is not considered probable 
(Note 12 (c)). 

(ii)  Tax claims 

The provisions for tax claims relate to tax assessments, interest and penalties resulting from unpaid income and 
social contribution taxes by MCSA.   

In relation to the above-mentioned claims and those discussed in Note 12(c) below, MCSA was required to place 
a total of $2.0 million in trust as of December 31, 2017 and 2016, which is included in non-current assets on the 
statement of financial position. 

(c)  Contingent liabilities 

As of December 31, 2017, MCSA, based on the opinion of its legal advisers, has not recognized a provision for the 
following claims of MCSA as it is not probable that a cash outflow will occur.   

December 31, 2017

December 31, 2016

Social security tax (i)
Taxes (ii)
Labour and other (refer to note 12(b)(i))

(i) 

Social security tax 

$                           

$                        

4,226
13,089
2,858
20,173

4,019
9,242
6,441
19,702

$                         

$                      

Social security claims relate to potential social security tax payments related to past payments to employees, 
including profit sharing, and payments made to external contractors.  The Company strongly believes that part 
of the claim will be cancelled after administrative and judicial discussions.  The estimated portion of the claim 
expected  to  be  cancelled  of  $4.2  million  is  included  in  the  table  above.    This  understanding  is  based  on 
precedent court case rulings. 

ERO COPPER 2017 ANNUAL REVIEW     |    76 

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Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

(ii)  Tax 

There are 60 tax claims against MCSA which were evaluated as possible losses by external legal counsel.  The main 
subjects under discussion for the tax claims involve the validity of tax credits used to offset federal taxes.   

13.  Convertible Debentures 

(a)  In December 2016, the Company issued 500,000 common shares with a fair value of $500,000 as a facility fee 
in order to secure a convertible debenture facility of up to $15 million at an interest rate of 10% over a period 
of 2 years.  The conversion price of any debentures drawn was $0.75 per unit, with each unit consisting of one 
common  share  and  one-quarter  of  one  common  share  purchase  warrant.    In  July  2017,  the  convertible 
debenture facility was terminated with no amounts having been drawn. 

(b)  In January 2017, the Company issued $2.75 million of convertible debentures with an interest rate of 10% to 
be repaid within two years or to be converted to units, at the option of the holder, at a conversion price of 
$0.75 per unit.  Each unit consisted of one common share and one-quarter of one common share purchase 
warrant.    Each  whole  warrant  entitles  the  holder  to  purchase  one  common  share  at  a  price  of  $1.20  per 
common share until December 12, 2021.  The Company may accelerate the expiry of any warrants issued in 
relation to these convertible debentures if the closing share price on a recognized exchange reaches or exceeds 
$1.70 for 20 consecutive trading days.  On maturity of the convertible debentures, the Company may repay the 
principal amount and the accrued and unpaid interest thereon by way of cash, issuance of units at a price of 
US$0.75 per unit, or a combination thereof, such determination being at the discretion of the Company.  As 
the debentures can be settled at the discretion of the Company in a fixed number of the Company’s own equity 
instruments, the convertible debentures have been classified as equity instruments.  Subsequent to December 
31, 2017, the Company issued a redemption notice for the $2.75 million convertible debentures.  All of the 
convertible debenture holders elected to convert into common shares, resulting in the issuance of 4,059,450 
common  shares.    In  addition,  1,014,861  common  share  purchase  warrants  were  issued  as  a  result  of  the 
conversion and these were exercised for an equivalent number of common shares for gross proceeds received 
by the Company of $1.2 million. 

(c)  In March 2017, the Company paid $250,000 as a facility fee in order to secure a convertible debenture facility 
of up to $5 million at an interest rate of 10% available for draw down until the earlier of March 21, 2018 or the 
date of the Company’s initial public offering.  If during this period, the Company had made a drawdown on the 
debenture, the outstanding amount would have been convertible at the option of the holder into common 
shares at a conversion price of $1.75 per common share, subject to certain adjustments.  In October 2017, the 
convertible debenture facility was terminated with no amounts having been drawn.  The unamortized facility 
fee was expensed during the year ended December 31, 2017.    

14.  Share Capital 

As at December 31, 2017, the Company’s authorized share capital consists of an unlimited number of common 
shares without par value.  As at December 31, 2017, 79,381,339 common shares were outstanding.   

(a)  Private placements 

In September 2016, the Company issued 10,000,000 founder units at a price of $0.01 per founder unit, for gross 
proceeds of $100,000. Each founder unit consisted of one common share of the Company and one-third of one 
common share purchase warrant.  Each whole warrant entitles the holder to purchase one common share at a price 
equal to $1.20 per common share until December 12, 2021.   

  77    |    ERO COPPER 2017 ANNUAL REVIEW 

Page 30 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

In  September  2016,  the  Company  issued  18,400,000  subscription  receipts  at  a  price  of  $1.00  per  subscription 
receipt, for gross proceeds of $18,400,000.  Each subscription receipt was converted into units in December 2016, 
with each unit consisting of  one common share of the Company and one-third of one  common  share purchase 
warrant.  Each whole warrant entitles the holder thereof to purchase one common share at a price of $1.20 per 
common share until December 12, 2021.  The Company may accelerate the expiry of the warrants if the closing 
share price on a recognized exchange reaches or exceeds $1.70 for 20 consecutive trading days.  

In December 2016, the Company issued 500,000 common shares at a deemed price of $1.00 per common share as 
a facility fee in order to secure a convertible debenture facility of up to $15 million at an interest rate of 10% over 
a period of 2 years.  The related cost was deferred and is being amortized over the two-year term that the debt 
facility  is  available  to  the  Company.    Subsequent  to  December  31,  2016,  the  convertible  debenture  facility  was 
cancelled with no amounts having been drawn, and all remaining deferred fees were written off. 

In  December  2016,  the  Company  issued  8,949,089  units  at  a  price  of  $1.00  per  unit,  for  gross  proceeds  of 
$8,949,089.    Each  unit  consisted  of  one  common  share  of  the  Company  and  one-third  of  one  common  share 
purchase warrant.  Each whole warrant entitles the holder thereof to purchase one common share at a price of 
$1.20 per common share until December 12, 2021.  In connection with the offering, the Company may accelerate 
the expiry of the Warrants if the closing share price on a recognized exchange reaches or exceeds $1.70  for 20 
consecutive trading days.  In addition, the Company issued 500,000 common shares at a price of $0.01 per common 
share for gross proceeds of $5,000.  These shares have been recognized at their fair valued of $1.00 per common 
share with the difference recognized as share issuance costs. 

In March 2017, the Company issued 18,423,593 common shares at a price of $1.50 per common share for gross 
proceeds  of  $27,635,390.    In  connection  with  this  financing,  the  Company  paid  $574,000  in  finders’  fees  and 
incurred $59,000 in other share issue costs.  Key management personnel participated in this financing by purchasing 
233,333 common shares of the Company for total proceeds of $0.4 million. 

(b)  Initial Public Offering and exercise of warrants 

On  October  19,  2017,  the  Company  issued  13,492,317  common  shares  at  CAD  $4.75  per  common  share  (the 
“Offering Price”) in a public share offering for gross proceeds of approximately $50.9 million.  A fee equal to 6% of 
the gross proceeds of the offering was paid to underwriters and the Company incurred other transaction costs of 
approximately $2.1 million.  Concurrent with the public share offering, 4,333,027 general warrants were exercised 
for an equivalent number of common shares at $1.20 per common share for gross proceeds of approximately $5.2 
million.   

In December 2017, the closing share price of the Company’s stock on the TSX exceeded $1.70 for 20 consecutive 
trading dates, which allowed the Company to exercise its right to accelerate the expiry of all applicable outstanding 
warrants.  4,783,311 general warrants were exercised for an equivalent number of common shares at $1.20 per 
common share for gross proceeds to the Company of approximately $5.7 million. 

(c)  Options 

In May 2017, the Company adopted a stock option plan (the “Stock Option Plan”).  Pursuant to the Stock Option 
Plan, the Board, at the recommendation of the compensation committee, may grant stock options to any director, 
officer, employee, consultant or other personnel of the Company (including any subsidiary of the Company). The 
vesting and exercise period of a stock option will be determined by the Board at the time of its grant; however, the 
expiry date of a stock option shall be no later than five years from the date of grant.   The total number of common 
shares issuable pursuant to the Stock Option Plan (subject to adjustments under the Stock Option Plan) together 
with all other security based compensation arrangements of the Company (including the Share Unit Plan, defined 
in Note 14(e)) shall not exceed 10% of the Company’s issued and outstanding common shares at the time of the 
grant.   

ERO COPPER 2017 ANNUAL REVIEW     |    78 

Page 31 

 
 
 
 
 
  
 
 
 
 
 
 
 
Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

In  May  2017,  the  Company  granted  1,615,000  options  to  certain  officers  and  employees  of  the  Company  at  an 
exercise price of $1.50 per share with a term to expiry of five years.  The stock options vest on a 1/3 basis at the 
end of each year from the grant date and will be fully vested three years from the grant date. The total fair value of 
options issued was $1.2 million with $0.5 million recognized as an expense during the year ended December 31, 
2017.   

In July 2017, the Company granted 100,000 options to an officer of the Company at an exercise price of $1.50 per 
share with a term to expiry of five years.  The stock options vest on a 1/3 basis at the end of each year from the 
grant date and will be fully vested three years from the grant date.  The total fair value of options issued was $0.1 
million with $0.02 million recognized as an expense during the year ended December 31, 2017.   

In November 2017, the Company granted 318,000 options to certain officers of the Company at an exercise price 
of CAD$6.48 per share with a term to expiry of five years.  The stock options vest on a 1/3 basis at the end of each 
year from the grant date and will be fully vested three years from the grant date.  The total fair value of options 
issued was $0.7 million with $0.04 million recognized as an expense during the year ended December 31, 2017.   

In  December  2017,  the  Company  granted  1,460,000  options  to  certain  officers,  directors  and  employees  of  the 
Company at an exercise price of CAD$6.74 per share with a term to expiry of five years.  1,340,000 of the options 
granted vest on a 1/3 basis at the end of each year from the grant date and will be fully vested three years from the 
grant date.  120,000 of the options granted vested immediately.  The total fair value of options issued was $3.0 
million with $0.4 million recognized as an expense during the year ended December 31, 2017.   

As at December 31, 2017, the following stock options were outstanding: 

Expiry Date
May 15, 2022
July 15, 2022
November 24, 2022
December 7, 2022

Number of 
Stock Options
1,615,000
100,000
318,000
1,460,000
3,493,000

Weighted Average 
Exercise Price

1.50 USD
1.50 USD
6.48 CAD
6.74 CAD
3.45 USD

Vested and 
Exercisable 
Number of 
Stock Options

-
-
-
120,000
120,000

Weighted 
Average 
Remaining 
Life in Years
4.37
4.54
4.90
4.94
4.66

In determining the weighted average exercise price of all outstanding options, the CAD prices were converted to 
USD at the year-end exchange rate of 1.2545. 

The fair value on the grant date is measured based on the Black-Scholes option pricing model.  Expected volatility 
is estimated by considering historic average share price volatility of comparable companies.  The weighted average 
inputs used in the measurement of fair values at grant date of the options are the following: 

Expected term (years)
Forfeiture rate
Volatility
Dividend yield
Risk-free interest rate
Weighted-average fair value per option

3.0
0%
67.2%
0%
1.27%
1.43

$                             

Subsequent to December 31, 2017, the Company granted 60,000 options to an employee of the Company at an 
exercise price of CAD$7.95 per share with a term to expiry of five years.  In addition, the Company granted 125,000 
options to an employee of the Company at an exercise price of CAD$7.76 per share with a term to expiry of five 

  79    |    ERO COPPER 2017 ANNUAL REVIEW 

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Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

years.  These stock options vest on a 1/3 basis at the end of each year from the grant date and will be fully vested 
three years from the grant date. 

(d)  Warrants 

Details of warrant activity are as follows: 

Outstanding warrants, May 16, 2016

Issued

Outstanding warrants, December 31, 2016

Exercised

Outstanding warrants, December 31, 2017

Number of 
Warrants
-

12,449,666
12,449,666
(9,116,338)
3,333,328

Weighted Average 
Exercise Price

-
$                          
1.20
1.20
1.20
1.20

$                        

The weighted average remaining contractual life of all warrants outstanding as at December 31, 2017  was 3.95 
years.     

(e)  Share Unit Plan 

In September 2017, the Company adopted a share unit plan (the “Share Unit Plan”).  Pursuant to the Share Unit 
Plan, the Board, at the compensation committee’s recommendation, may grant share units (“Share Units”) to any 
director, officer, employee, or consultant of the Company or its subsidiaries.  At the time of grant of a Share Unit, 
the  Board,  at  the  compensation  committee’s  recommendations,  may  establish  performance  conditions  for  the 
vesting of the Share Units. The performance conditions may be graduated such that different percentages (which 
may be greater or lesser than 100%) of the Share Units in a grant become vested depending on the satisfaction of 
one or more performance conditions.  The Board may, in its discretion, subsequent to the grant of a Share Unit, 
waive any such performance condition or determine that it has been satisfied subject to applicable law. Each Share 
Unit entitles the holder thereof to receive one common share, without payment of additional consideration, on the 
redemption date selected by the Board following the date of vesting of such Share Unit, which will be within 30 
days of the date of vesting, or at a later deferred date, subject to certain exception and restrictions. The Share Unit 
Plan was approved at the October 10, 2017 annual general meeting.  No Share Units have been granted.   

ERO COPPER 2017 ANNUAL REVIEW     |    80 

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Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

(f) 

Income (loss) per share 

Weighted average number of common shares outstanding
Dilutive effect of warrants
Dilutive effect of share options
Dilutive effect of convertible debentures
Weighted average number of diluted common shares outstanding

Net income (loss) attributable to owners of the Company

 Basic net income (loss) per share attributable to owners of the Company 
 Diluted net income (loss) per share attributable to owners of the Company 

Net income (loss) from discontinued operations attributable to owners of the Company

 Basic net income (loss) from discontinued operations per share attributable to 
owners of the Company 
 Diluted net income (loss) from discontinued operations per share attributable to 
owners of the Company 

Year ended 
December 31, 
2017

Period ended 
December 31, 
2016(1)

56,252,358
5,603,732
262,400
3,884,897
66,003,387

$          

22,466
0.40
0.34

2,161

0.04

0.03

6,932,086

-
-
-

6,932,086

$           

(3,046)
(0.44)
(0.44)

(18)

(0.00)

(0.00)

Net income (loss) from continuing operations attributable to owners of the Company

20,305

(3,028)

 Basic net income (loss) from continuing operations per share attributable to 
owners of the Company 
 Diluted net income (loss) from continuing operations per share attributable to 
owners of the Company 

0.36

0.31

(0.44)

(0.44)

(1) Period ended December 31, 2016 covers May 16, 2016, the Company's date of inception, to December 31, 2016

15. Cost of Product Sold 

Materials
Salaries and benefits
Depreciation and depletion
Contracted services
Maintenance costs
Utilities
Other costs

Year Ended December 
31, 2017
$                           

Period Ended December 
31, 2016(1)
-
$                                  
-
-
-
-
-
-
$                                  
-

11,709
28,727
32,672
11,736
8,284
6,456
698
100,282

$                         

(1) Period ended December 31, 2016 covers May 16, 2016, the Company's date of inception, to December 31, 2016

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Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

16.  General and Administrative Expenses 

Year Ended December 
31, 2017

Period Ended December 
31, 2016(1)
$                                 

$                             

Accounting and legal
Amortization and depreciation
Office and sundry
Provisions
Salaries and consulting fees
Share-based compensation
Transfer agent and filing fees
Travel and conference

774
-
805
29
84
-
14
138
1,844
(1) Period ended December 31, 2016 covers May 16, 2016, the Company's date of inception, to December 31, 2016

2,652
55
4,801
4,803
6,463
879
43
809
20,505

$                              

$                           

17.  Care and Maintenance Expenses 

MCSA’s  mining  operations  (underground  mine  and  open  pit  mine)  were  not  operational  for  the  period  since 
acquisition to December 31, 2016. During this period, the following costs were incurred by MCSA to operate the 
mine on a care and maintenance basis: 

Materials
Personnel
Depreciation and amortization
Services from third parties
Other

Period Ended 
December 31, 2016(1)
                                  132 
                               1,967 
                                  854 
                                  565 
                                  169 
                               3,687 

(1) Period ended December 31, 2016 covers May 16, 2016, the Company's date of inception, to December 31, 2016

18.  Finance Expense 

Year Ended December 
31, 2017
$                           

14,503
2,335
750

Period Ended December 
31, 2016(1)
$                              

1,041
-
-

Interest on loans and borrowings (note 10)
Accretion of purchase price adjustments
Convertible debenture facility fees (note 13)
Accretion of mine closure and rehabilitation 
provision
Other

-
368
1,409
(1) Period ended December 31, 2016 covers May 16, 2016, the Company's date of inception, to December 31, 2016

370
1,030
18,988

$                              

$                           

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Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

19.  Income Taxes 

(a)  Reconciliation of income taxes 

A reconciliation of the income tax expense to the amount calculated using the Company’s combined federal and 
provincial statutory income tax rate of 26% is as follows: 

Year Ended December 
31, 2017

Period Ended December 31, 
2016(1)

$                             

$                                      

$                                 

$                                         

Net income (loss) in the period before tax
Tax rate
Income tax expense (recovery) at statutory rate
Tax effect of:

Difference in rate of foreign jurisdictions
Non-deductible items
Change in temporary differences not recognized

        Utilization of tax losses against other liabilities

Other

1,946
26%
506

1,193
(971)
572
(16,248)
(1,397)
(16,345)

(3,508)
26%
(912)

277
(1,507)
1,309
-
712
(121)

Income tax recovery
(1) Period ended December 31, 2016 covers May 16, 2016, the Company's date of inception, to December 31, 2016

$                          

$                                         

The general movement in the deferred income tax liability is as follows: 

At the beginning of the year/period
Recognized on business combination
Deferred income tax recovery
Amounts recognized in equity
Foreign exchange
At the end of the year/period
(1) Period ended December 31, 2016 covers May 16, 2016, the Company's date of inception, to December 31, 2016

-
366
1,533
172
(16,655)

$                             

Period Ended December 31, 
2016(1)
$                                                    
-
( 18,415 )
121
-
( 432 )
(18,726)

$                                            

Year Ended December 31, 
2017
 $                             (18,726)

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Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

(b)  Deferred income tax liabilities 

Recognized deferred tax and assets and liabilities consist of the following: 

Deferred tax assets:

Non-capital losses - Brazil
Non-capital losses - Canada
Financing fees and other - Canada

Deferred tax liabilities

Mineral property, plant and equipment - Brazil
Loans and borrowings - Brazil
Other - Brazil
Loans and borrowings - Canada

December 31, 2017

December 31, 2016

$                             

6,859
2,081
2,046
10,986

$                                       

7,483
-
-
7,483

( 8,289 )
( 14,575 )
( 298 )
( 4,479 )
(27,641)

( 10,015 )
( 15,596 )
( 598 )
-
(26,209)

Net deferred income tax liabilities

$                          

(16,655)

$                                    

(18,726)

Deferred tax assets of $22.2 million (December 31, 2016 - $34.0 million) have not been recognized for the following 
deductible  temporary  differences  as  it  is  not  probable  that  the  benefits  of  these  temporary  differences  will  be 
realized: 

Year Ended December 31, 2017

Brazil

Canada

Period Ended December 31, 2016(1)

Brazil

Canada

Exploration and evaluation assets
Mineral property, plant and equipment 
Share issuance/Financing costs
Non-capital losses
Other

$                  

$                  

58,372
13,862
-
71,136
47
143,417

-
$                        
-
-
-
2,763
2,763

$                    

59,358
13,566
-
144,477
4,078
221,479

-
$                        
-
545
242
163
950

$                       

$               

$               

(1) Period ended December 31, 2016 covers May 16, 2016, the Company's date of inception, to December 31, 2016

The Company has loss carry forwards in Brazil totalling $116.1 million (December 31, 2016 - $164.0 million) which 
may be carried forward indefinitely to offset future taxable income in Brazil. Use of these losses is limited to 30% 
of taxable income annually.  The Company also has loss carry forwards in Canada totalling $7.7 million (December 
31, 2016 - $0.2 million) which may be carried forward for 20 years to offset future taxable income. 

During  the  year  ended  December  31,  2017,  the  Company  applied  for  and  received  approval  of  an  amnesty  tax 
program in Brazil covering certain commodity, payroll and other taxes owing.  Among other things, the Company 
was permitted to settle certain non-income tax based taxes with existing non-capital loss carry forwards.  As these 
loss carry forwards were not previously recognized, the Company recognized a deferred income tax recovery of 
$16.2 million for the year ended December 31, 2017 related to the losses used. 

In addition, the payment of approximately $10.3 million in value added taxes payable were deferred for a period of 
two years.  Accordingly, these amounts were reclassified to non-current value added, payroll and other taxes.   

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Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

20.  Related Party Transactions 

(a)  Key management compensation 

Key  management  personnel  consist  of  the  Company’s  directors  and  officers  and  their  compensation  includes 
management and consulting fees paid to these individuals, or companies controlled by these individuals, and share 
based compensation.  The aggregate value of compensation paid to key management personnel for the year ended 
December  31,  2017  was  $3.3  million  ($0.02  million  for  period  from  May  16,  2016  to  December  31,  2016).    In 
addition, 2,453,000 options were issued to key management personnel with $0.6 million recognized in share-based 
compensation for the year ended December 31, 2017 ($nil for period from May 16, 2016 to December 31, 2016). 

Key management personnel participated in certain financing activities by purchasing 233,333 common shares of 
the Company for total proceeds of $0.4 million and by subscribing to $1.0 million of the convertible debentures 
(Note  13(b))  during  the  year  ended  December  31,  2017.    In  addition,  key  management  personnel  exercised  a 
combined  total  of  919,996  warrants  for  common  shares.    Key  management  personnel  participated  in  certain 
financing activities by purchasing 11,710,000 units of the Company for total proceeds of $2,800,000 during the year 
ended December 31, 2016. 

(b)  Related party balances 

As  at  December  31,  2017,  no  amounts  payable  to  related  parties  were  included  in  the  consolidated  financial 
statements.  As at December 31, 2016, included in accounts payable and accrued liabilities and loans and borrowings 
were  amounts  payable  to  related  parties  totalling  $60,000  and  $325,000,  respectively.  Such  amounts  were 
unsecured, non-interest bearing and were repaid under normal trade terms.   

21.  Financial Instruments 

(a)  Fair value 

Fair values of financial assets and liabilities are determined based on available market information and valuation 
methodologies appropriate to each situation. However, some judgments are required in the interpretation of the 
market  data  to  produce  the  most  appropriate  realization  value  estimate.  As  a  consequence,  the  estimates 
presented herein do not necessarily indicate the amounts that could be realized in the current exchange market. 
The use of different market information and/or evaluation methodologies may have a material effect on the market 
value amount. 

As at December 31, 2017, derivatives were measured at fair value based on Level 2 inputs.  The Company has no 
sales or receivables subject to provisional pricing. 

The  carrying  values  of  cash  and  cash  equivalents,  restricted  cash,  accounts  receivable,  deposits,  financial 
investments and accounts payable and accrued liabilities approximate their carrying values due to their short terms 
to maturity or market rates of interest used to discount amounts.  The carrying value of value added, payroll and 
other taxes approximate fair value based on the discount rate applied.  At December 31, 2017, the carrying value 
of loans and borrowings is $139 million while the fair value is approximately $141 million.  The effective interest 
rates used to amortize these loans are a close approximation of market rates of interest at December 31, 2017 (level 
2 of the fair value hierarchy).  

  85    |    ERO COPPER 2017 ANNUAL REVIEW 

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Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

(b)  Management of financial risks 

The Company is exposed to the following risks arising from financial instruments: 

•  Credit risk; 

• 

Liquidity risk; and 

•  Market risk. 

Credit risk  

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to 
meet  its  contractual  obligations,  and  arises  principally  from  the  Company’s  receivables  from  customers.  The 
carrying amount of the financial assets below represents the maximum credit risk exposure as at December 31, 
2017 and 2016: 

December 31, 2017

December 31, 2016

Cash and cash equivalents
Restricted cash
Accounts receivable
Deposits
Financal investments

$                         

$                         

51,098
2,193
2,217
1,955
753
58,216

18,318
$                      
-
$                             
76
2,021
598
21,013

$                      

The Company invests cash and cash equivalents and restricted cash with financial institutions that are financially 
sound based on their credit rating.  The Company’s exposure to credit risk associated with accounts receivable is 
influenced  mainly  by  the  individual  characteristics  of  each  customer.    The  Company  currently  has  only  two 
customers, one of which is considered low risk as it is one of the largest independent commodity trading companies 
in the world.  To limit its exposure to credit risk from the other customer, the Company established a credit term of 
payment due one day after delivery of goods.  The Company has not incurred a significant credit loss during the 
year ended December 31, 2017 nor does it have an allowance for doubtful accounts. 

Liquidity risk  

Liquidity  risk  is  the  risk  associated  with  the  difficulties  that  the  Company  may  have  meeting  the  obligations 
associated  with  financial  liabilities  that  are  settled  with  cash  payments  or  with  another  financial  asset.  The 
Company's approach to liquidity management is to ensure as much as possible that sufficient liquidity exists to meet 
their  maturity  obligations  on  the  expiration  dates,  under  normal  and  stressful  conditions,  without  causing 
unacceptable losses or with risk of undermining the normal operation of the Company.  

The table below shows the Company's maturity of financial liabilities on December 31, 2017: 

Non-derivative Financial Liabilities
Loans and borrowings
Interest on loans and borrowings
Accounts payable and accrued liabilities
Value added, payroll and other taxes

$     

Carrying 
value
139,166
-
20,968
21,935
182,069

$     

Contractual 
cash flows
145,687
$     
53,278
20,968
29,861
249,794

$     

Up to 12 
months

$          

5,601
11,931
20,968
6,857
45,357

1-2 years
$       

3-5 years
$       

26,938
12,616
-
8,238
47,792

More than 5 
years

$       

42,283
7,213
-
8,947
58,443

70,865
21,518
-
5,819
98,202

$       

$       

$       

$       

ERO COPPER 2017 ANNUAL REVIEW     |    86 

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Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

Market risk  

Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange 
rates,  and  commodity  prices.    The  purpose  of  market  risk  management  is  to  manage  and  control  exposures  to 
market risks, within acceptable parameters, while optimizing return. 

The Company may use derivatives, including forward contracts and swap contracts, to manage market risks.  At 
December 31, 2017, the Company has entered into foreign exchange swap contracts to sell $57.0 million U.S. dollars 
into Brazilian Real at rates ranging from 3.2673 to 3.3307.   The maturity dates of these contracts range from January 
10, 2018 to June 25, 2018.  The fair value of these contracts at December 31, 2017 was a $0.9 million liability, which 
has been included in Derivatives in the statement of financial position. 

(i) Foreign exchange currency risk  

The Company’s subsidiaries in Brazil are exposed to exchange risks related to the US dollars.  In order to minimize 
currency  mismatches,  the  Company  monitors  its  cash  flow  projections  considering  future  sales  expectations 
indexed to US dollar variation in relation to the cash requirement to settle the existing financings. 

The Company's exposure to foreign exchange currency risk at December 31, 2017 relates primarily to $73.2 million 
(December 31, 2016 – $142.5 million) in loans and borrowings of MCSA denominated in US dollars. Strengthening 
(weakening) in the Brazilian Real against the US dollar by 10% and 20%, would have reduced (increased) net loss by 
$7.3 million and $14.6 million, respectively (December 31, 2016 – reduced (increased) net loss by $14.3 million and 
$28.5 million). This analysis is based on the foreign currency exchange variation rate that the Company considered 
to be reasonably possible at the end of the year. The analysis assumes that all other variables, especially interest 
rates, are held constant. 

(ii) Interest rate risk  

The Company is exposed to the variation in interest rates on loans and borrowings with variable rates of interest.   
Management reduces interest rate risk exposure by entering into loans and borrowings with fixed rates of interest 
or by entering into derivative instruments that fix the ultimate interest rate paid. 

A majority of the Company’s loans and borrowings are fixed rate.  However, the Company is exposed to interest 
rate risk through its senior non-revolving credit facility of $47.8 million and one Brazilian Real denominated bank 
loan of $8.0 million.  The Company currently does not engage in any hedging or derivative transactions to manage 
interest rate risk.  Based on the Company’s net exposure at December 31, 2017, a reasonably possible change in 
the Certificate of Interbank Deposit (“CDI”) rate and the Canada Base Rate (“CBR”) would not have a material impact 
on profit or equity. 

(iii) Price risk  

The  Company  is  exposed  to  price  risk  with  respect  to  commodity  prices  related  to  copper  concentrate  sales.  
Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity 
price  movements  and  volatilities.    The  Company  closely  monitors  copper  and  gold  prices  to  determine  the 
appropriate course of action to be taken by the Company.  The Company’s primary exposure related to commodity 
price risk relates to its sales of copper concentrate, which may be subject to provisional pricing.  Accordingly, the 
related receivables are marked to market on each balance sheet date based on forward price curves until such time 
as the sales price is fixed.  Changes in the forward prices affect the amount of revenue recognized.  As at December 
31, 2017, the Company had no sales or receivables subject to provisional pricing. 

  87    |    ERO COPPER 2017 ANNUAL REVIEW 

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Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

22.  Capital Management 

The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going 
concern in order to pursue the development and production of its mine properties and to maintain a flexible capital 
structure for its projects for the benefit of its stakeholders. 

In the management of capital, the Company includes the components of shareholders’ equity and debt facilities. 

The  Company  manages  the  capital  structure  and  makes  adjustments  to  it  in  light  of  changes  in  the  economic 
conditions and the risk characteristics of the underlying assets.  To maintain or adjust the capital structure, the 
Company may attempt to issue new loans and borrowings, common shares, or acquire or dispose of assets. 

Management reviews the capital structure on a regular basis to ensure that the above-noted objectives are met. 

Certain loan agreements contain operating and financial covenants that could restrict the ability of the Company 
and  its  subsidiary,  MCSA,  to,  among  other  things,  incur  additional  indebtedness  needed  to  fund  its  respective 
operations, pay dividends or make other distributions, make investments, create liens,  sell or transfer assets or 
enter into transactions with affiliates.  There are no other restrictions or externally imposed capital requirements 
of the Company. 

23.  Other Commitments 

The Company has entered into agreements for the rental of office space that require minimum payments as 
follows: 

2018
2019
2020
2021
2022
Total Commitments

$                                 

$                              

68
70
71
71
30
310

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Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

24. Segment Disclosure 

The  Company  is  currently  organized  into  one  reportable  operating  segment,  being  that  of  the  exploration, 
development and mining of mineral properties in Brazil. 

Information about geographic areas of operation is as follows: 

Cash and cash equivalents 

December 31, 2017

December 31, 2016

Brazil
Canada

Non-current assets
Brazil
Canada

$                           

$                         

2,483
48,615
51,098

                           8,515 
                           9,803 
                         18,318 

December 31, 2017
$                       
283,110
341
283,451

$                       

December 31, 2016
                       264,127 
                               500 
                       264,627 

During  the  year  ended  December  31,  2017,  all  of  the  Company’s  sales  were  with  two  customers,  one  of  which 
accounted for 81% of total sales. 

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Ero Copper Corp. 
Notes to Consolidated Financial Statements 
For the Year ended December 31, 2017 and for the Period from Inception on May 16, 2016 to December 31, 2016 
(Tabular amounts in thousands of US Dollars, except share and per share amounts) 

ERO COPPER 2017 ANNUAL REVIEW     |    90 

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Cautionary Note Regarding Forward-Looking Statements  

This annual review  contains  “forward-looking information”  within the meaning of applicable Canadian 
securities laws. Forward-looking information includes 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. Such forward-
looking information includes, without limitation, statements with respect to the Company’s intention to 
dispose of NX Gold in the next year, expected operations at the Pilar Mine, timing of production at the 
Vermelhos Mine, drilling plans, plans for the Company’s electromagnetic survey, the Company’s ability to 
service its ongoing obligations, the Company’s future capital resources and the impact of new accounting 
standards and amendments on the Company’s financial statements. 

Forward-looking information is not a guarantee of future performance and is based upon a number of 
estimates  and  assumptions  of  management  in  light  of  management’s  experience  and  perception  of 
trends, current conditions and expected developments, as well as other factors that management believes 
to be relevant and reasonable in the circumstances, as of the date of this annual review including, without 
limitation,  assumptions  about:  favourable  equity  and  debt  capital  markets;  the  ability  to  raise  any 
necessary  additional  capital  on  reasonable  terms  to  advance  the  production,  development  and 
exploration of the Company’s properties and assets; future prices of copper and other metal prices; the 
timing and results of exploration and drilling programs; the accuracy of any mineral reserve and mineral 
resource estimates; the geology of the Vale do Curaçá Property and the Boa Esperança Property being as 
described  in  the  technical  reports  for  these  properties;  production  costs;  the  accuracy  of  budgeted 
exploration and development costs and expenditures; the price of other commodities such as fuel; future 
currency exchange rates and interest rates; operating conditions being favourable such that the Company 
is able to operate in a safe, efficient and effective manner; political and regulatory stability; the receipt of 
governmental, regulatory and third party approvals, licenses and permits on favourable terms; obtaining 
required renewals for existing approvals, licenses and permits on favourable terms; requirements under 
applicable laws; sustained labour stability; stability in financial and capital goods markets; availability of 
equipment; positive relations with local groups and the Company’s ability to meet its obligations under 
its agreements with such groups; and satisfying the terms and conditions of the Company’s current loan 
arrangements. While the Company considers these assumptions to be reasonable, the assumptions are 
inherently subject to significant business, social, economic, political, regulatory, competitive and other 
risks  and  uncertainties,  contingencies  and  other  factors  that  could  cause  actual  actions,  events, 
conditions, results, performance or achievements to be materially different from those projected in the 
forward-looking information. Many assumptions are based on factors and events that are not within the 
control of the Company and there is no assurance they will prove to be correct. 

Furthermore,  such  forward-looking  information  involves  a  variety  of  known  and  unknown  risks, 
uncertainties  and  other  factors  which  may  cause  the  actual  plans,  intentions,  activities,  results, 
performance or achievements of the Company to be materially different from any future plans, intentions, 
activities,  results,  performance  or  achievements  expressed  or  implied  by  such  forward-looking 
information. Such risks include, without limitation the risk factors listed under the heading “Risk Factors” 
in the Annual Information Form (AIF).  

Although  the  Company  has  attempted  to  identify  important  factors  that  could  cause  actual  actions, 
events,  conditions,  results,  performance  or  achievements  to  differ  materially  from  those  described  in 
forward-looking information, there may be other factors that cause actions, events, conditions, results, 
performance or achievements to differ from those anticipated, estimated or intended. 

91    |    ERO COPPER 2017 ANNUAL REVIEW 

 
 
The Company cautions that the foregoing lists of important assumptions and factors are not exhaustive. 
Other  events  or  circumstances  could  cause  actual  results  to  differ  materially  from  those  estimated  or 
projected and expressed in, or implied by, the forward-looking information contained herein. There can 
be no assurance that forward-looking information will prove to be accurate, as actual results and future 
events could differ materially from those anticipated in such information. Accordingly, readers should not 
place undue reliance on forward-looking information. 

Forward-looking  information  contained  herein  is  made  as  of  the  date  of  this  annual  review  and  the 
Company  disclaims  any  obligation  to  update  or  revise  any  forward-looking  information,  whether  as  a 
result of new information, future events or results or otherwise, except as and to the extent required by 
applicable securities laws. 

ADDITIONAL INFORMATION  

Additional  information  about  Ero  and  its  business  activities,  including  the  AIF,  is  available  under  the 
Company’s profile at www.sedar.com.  

ERO COPPER 2017 ANNUAL REVIEW     |    92 

 
 
 
 
 
 
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