ERO
Ero Copper Corp.

Ero Copper Corp.ERO

Basic Materials · Copper
37.29USD
+7.46%
Sep 23, 2026
ERO overview ready
Brazilian Primary Copper Producer Supporting Critical Minerals Supply Growth
Ero is a copper-focused mine operator expanding and operating Brazilian primary copper production, with gold and silver by-product exposure.
Strong narrative exposure
Exposed to the Critical Minerals Supply Security narrative through Primary Copper Mine Supply Growth — pure play.
Constructive pullback in an uptrend
Longer-term context reads mature trend, with a near-term setup of constructive pullback.
The setup is constructive, but the underlying structure is still poor.
Fair valuation
The price broadly reflects how much growth and cash flow it delivers per turn of revenue multiple, with upside and risk reasonably balanced.
Solid fundamentals
Ev / ebitda is strong.
Primary risk
Commodity price volatility.
Market Sep 22Price action Sep 22Research Sep 1

Conviction Level

NarrativeHeat7.5ThemeHeat7.8PriceAction5.7Valuation3.5CompanyPosition7.3
Price
Loading price history…

Price Action

Constructive pullback in an uptrend
Longer-term context reads mature trend, with a near-term setup of constructive pullback.
The setup is constructive, but the underlying structure is still poor.
EntryConstructive

Structure is constructive, but price remains well extended from the long-term weekly base and the earlier reset has already been partly recovered — a workable rather than ideal entry location.

Key Financials

Market Cap
$3.6B
Avg Volume (60D)
1.4M
60 sessions
Revenue Growth YoY
+94.9%
Trailing twelve months
Gross Margin
+43.0%
Operating Margin
+35.9%
Trailing twelve months
Free Cash Flow Yield
+1.3%
Distance from 200DMA
+26.1%
Next Earnings
2026-11-03
P/E
11.5x
EV / EBITDA
7.8x
EV / Sales
3.9x
Market metrics as of Sep 22, 2026

Fundamentals & Valuation

Both valuation perspectives agree this company is cheap. The published stance is held at fair because cyclical earnings may be at a cycle peak, inflating the earnings the multiple is measured against.
Ero Copper Corp. has a Fair valuation stance because the price broadly reflects how much growth and cash flow it delivers per turn of revenue multiple, with upside and risk reasonably balanced.

What changed

Company Research

Thesis
Ero is a copper-focused mine operator expanding and operating Brazilian primary copper production, with gold and silver by-product exposure. Its economics are directly geared to copper output, realized copper prices, mine throughput, grades, recoveries and operating costs.
Opportunity
High opportunity
Investment in and operation of scalable primary copper mines needed to supply electrification, grid expansion, renewables, industrial power equipment and broader strategic-material demand amid long permitting and development cycles.
Key risk
Commodity price volatility.

Narrative & Theme

Critical Minerals Supply Security
Part of Primary Copper Mine Supply Growth, with strong fit.
ERO has a genuine direct exposure to a multi-company copper-supply story, rather than merely generic mining-sector adjacency.
Narrative HeatHeating up7.5 / 10
Theme HeatHeating up7.8 / 10

Business & Markets

Basic Materials · Copper
What they do

Ero Copper Corp. explores, develops, and produces copper mining projects in Brazil, primarily operating the Caraíba operations in Bahia State. It produces copper concentrates along with gold and silver as by-products.

How it earns

The company generates revenue through the production and sale of copper concentrates and by-product metals.

Products & services
Copper concentrates
Gold
Silver
Customers & end markets
Industrial metal consumers
Metals and mining commodity markets
Market position

Ero Copper is a mid-tier copper producer with a focused asset base in Brazil, competing in the commodity metals sector.

Demand drivers
High cyclicality

Copper prices and mining production are highly sensitive to global economic cycles and commodity demand.

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