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Ero Copper Maintained at Hold at Stifel Canada After Q1 Results; Price Target Kept at C$52.00

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-- Stifel Canada on Tuesday maintained its hold rating on the shares of Ero Copper (ERO.TO) and its C$52.00 price target following the miner's first-quarter results.

"Ero reported Q1/26 adjusted EPS of $0.69 vs. our $0.60 (consensus $0.58) and adjusted EBITDA of $125Mln vs. our $107Mln (consensus $118Mln) on copper production of 17.3Kt (higher vs. our 16.5Kt) at C1 cash cost of $2.39/lb (in-line vs. our $2.41/lb) and gold production of 5.5Koz at gold cash cost and AISC of $2,120/oz and $4,441/oz, respectively. Strong results were partly offset by higher costs at Xavantina due to scheduled ventilation, cooling and ground-support installation (substantially complete at end of April). FY26 production, cost and capex guidance is reaffirmed, including consolidated copper of 67.5-77.5Kt at C1 of $2.15-2.35/lb, gold of 40-50Koz at AISC of $2,000-2,500/oz, and capex of $275-320Mln. At Q1/26, Ero held total liquidity of $146.2Mln, including cash of $91.2Mln (-$14Mln QoQ) and $55Mln undrawn revolving credit facility, with net debt declining to $490.7Mln (-$11Mln QoQ) and ND/EBITDA reduced to 1.04x (from 1.22x at YE25)," analyst Ralph Profiti wrote.

(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Price: $35.14, Change: $+1.79, Percent Change: +5.37%

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