ERO
Ero Copper Corp.

Ero Copper Corp.ERO

Basic Materials · Copper
28.86USD
+2.74%
Nov 08, 2026
ERO overview ready
Brazil-focused copper producer expanding primary mine supply capacity
Brazil-focused copper producer expanding and optimizing operating mine and concentrator capacity at Caraíba and Tucumã, with gold production as a secondary contributor.
Primary theme is lagging
Critical Materials is lagging (-15.2pp vs SPY over 21 sessions; 0 of 14 members ahead of SPY).
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of failed reclaim.
The tactical setup reads failed reclaim, but the weekly structure is broken.
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 Nov 6Price action Nov 7Research Oct 2

Conviction Level

PriceAction3.4BusinessPerformance—BusinessQuality—Valuation3.5ThemeMomentum1.0Business Performance not yet available.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
−15.2pp
Theme return
−20.2%
Beating SPY
0 of 14
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of failed reclaim.
The tactical setup reads failed reclaim, but the weekly structure is broken.
EntryWeak / unconfirmed recovery

The daily chart may be improving, but the weekly fast averages have not been reclaimed — the recovery is not yet confirmed on the higher timeframe.

Key Financials

Market Cap
$3.0B
Avg Volume (60D)
1.4M
60 sessions
Revenue Growth YoY
+106.7%
Trailing twelve months
Gross Margin
+46.2%
Operating Margin
+39.6%
Trailing twelve months
Free Cash Flow Yield
+4.4%
Distance from 200DMA
-5.7%
P/E
7.8x
EV / EBITDA
5.5x
EV / Sales
2.8x
Market metrics as of Nov 7, 2026

Business Performance

Business Quality

Not assessed

Not assessed — the company files under a regime the financial record does not cover yet.

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.

Company Research

Thesis
Brazil-focused copper producer expanding and optimizing operating mine and concentrator capacity at Caraíba and Tucumã, with gold production as a secondary contributor. ERO is a direct operating producer of copper concentrate rather than a speculative downstream beneficiary.
Opportunity
High opportunity
Mine development, expansions, ramp-ups and operational improvements that add primary copper supply into a market facing long lead times, permitting constraints and rising electricity-system demand.
Key risk
Commodity price volatility.

Economic classification

Loading the economic classification…

Business & Markets

Basic Materials · Copper
What they do

Ero Copper Corp. explores, develops, and produces copper mining projects in Brazil, primarily operating the Caraíba mine complex. It extracts copper concentrates and sells by-products including gold and silver.

How it earns

The company generates revenue through the production and sale of copper concentrates and precious metal by-products.

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

A Brazil-focused copper producer positioned as a growing supplier in the primary copper mining sector.

Demand drivers
High cyclicality

Copper prices and mining operations are sensitive to global economic cycles and commodity demand fluctuations.

Peers

Companies validated as economically comparable to ERO — similar business, revenue model and scale.
PRICE ACTIONVALUATIONTHEME
Hudbay Minerals Inc.Trend Under Pressure — Distribution PressureFair8.0HighUnavailableNot in RS poolLocked$20.91+1.60%