# Ero Announces Inaugural PEA for Furnas, Outlines Low Capital Intensity Project with a 24-Year Initial Mine Life Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/ero-announces-inaugural-pea-for-furnas-outlines-low-capital-intensity-project-wi--359e25c8-6d4d-4ad3-9329-3f106a0487d0 Original source: https://money.tmx.com/en/quote/ERO/news/4985879069136659/ero-announces-inaugural-pea-for-furnas-outlines-low-capital-intensity-project-wi Publisher: tmx Original announcement: 2026-02-23T22:05:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Ero Copper Corp. - Ticker: ERO - Exchange: TSX - Region: Pará State, Brazil - Primary commodity: Copper - Secondary commodities: Gold, Silver - Document categories: Resource update, Metallurgy - Extracted: 2026-09-13 22:46:45 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Ero Copper Corp. announced the inaugural Preliminary Economic Assessment \(PEA\) for its Furnas Copper-Gold Project in Brazil, outlining a low capital intensity project with a 24-year mine life. The PEA highlights robust economics, including an after-tax NPV \(8%\) of $2.0 billion and a 27.0% IRR, supported by significant copper, gold, and silver production. The project benefits from an updated mineral resource estimate and a conventional flotation processing flowsheet, with metallurgical testwork demonstrating strong recoveries. Reasoning: The inaugural PEA for the Furnas project outlines strong economics, a long mine life, and low capital intensity, supported by an updated mineral resource estimate and conventional processing, though it is preliminary and includes inferred resources. - Positive factor: robust production profile - Positive factor: exceptional economics - Positive factor: low capital intensity - Positive factor: 24-year initial mine life - Positive factor: updated mineral resource estimate - Positive factor: conventional flotation processing - Positive factor: QP/CP signed - Positive factor: multi-domain tested metallurgical work - Negative factor: PEA is preliminary in nature - Negative factor: includes inferred mineral resources - Negative factor: value-enhancing opportunities are in early stages and not reflected in current economics Facts used in scoring: 21 ## Classification and evidence **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: The document states this is the 'Inaugural PEA for Furnas' and the 'first ever published on the Project', indicating it's the first formal resource estimate. Evidence · text > Ero Announces Inaugural PEA for Furnas, Outlines Low Capital Intensity Project with a 24-Year Initial Mine Life ... The results of the PEA on Furnas, the first ever published on the Project, reinforce what an exceptional asset it is **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The mineral resource estimate has been prepared in accordance with National Instrument 43-101. Evidence · text > The Canadian Institute of Mining, Metallurgy and Petroleum \("CIM"\) Definition Standards \(2014\) were used for reporting Mineral Resources, which are effective as at November 30, 2025 and presented on a 100% ownership basis. **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Mr. João Estevão Junior, MAIG, of SDPM, an independent qualified person within the meanings of NI 43-101, supervised the preparation and validation of the mineral resource estimate. Evidence · text > Mr. João Estevão Junior, MAIG, of SDPM, an independent qualified person within the meanings of NI 43-101, supervised the preparation and validation of the mineral resource estimate. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The applied copper-equivalent cut-off grades were clearly stated for both underground and open pit mining methods. Evidence · text > The applied copper-equivalent cut-off grades were 0.45% \(break-even\) and 0.43% \(marginal\) for underground, and 0.20% \(break-even\) and 0.17% \(marginal\) for open pit. **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource estimate includes a significant portion classified as Indicated, indicating reasonable geological confidence. Evidence · table > Indicated Context: Category Open Pit **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: A substantial portion of the resource is classified as Inferred, which is a speculative category with lower geological confidence. Evidence · table > Inferred Context: Category Open Pit **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Copper recovery of 90.3% is strong for a conventional flotation process. Evidence · table > 90.3% Context: Copper **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The processing flowsheet is based on conventional crushing, grinding, and flotation. Evidence · text > Mined tonnage will be processed through a centralized sulphide flotation plant with a design capacity of approximately 13.5 million tonnes per annum, or approximately 37,000 tpd. The processing plant is based on a conventional crushing, grinding and flotation flowsheet using proven technologies currently in place across the Company's operations, minimizing operational risk at the contemplated production scale. **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: Metallurgical testwork demonstrates strong and consistent performance across a large variability dataset. Evidence · text > Metallurgical testwork demonstrates strong and consistent performance across a large variability dataset, achieving average copper recoveries of approximately 90%, producing a copper concentrate grading over 30% copper. **Free Milling** Polarity: positive Definition: Simple, clean ore amenable to standard processing without oxidation. Why it applies: The processing plant is based on a conventional crushing, grinding and flotation flowsheet using proven technologies, implying non-refractory ore. Evidence · text > The processing plant is based on a conventional crushing, grinding and flotation flowsheet using proven technologies currently in place across the Company's operations, minimizing operational risk at the contemplated production scale. **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) ## Extracted facts Stored fact records: 21. Some facts used in scoring do not have a stored record. ## Resource Estimates (18) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ero-announces-inaugural-pea-for-furnas-outlines-low-capital-intensity-project-wi--359e25c8-6d4d-4ad3-9329-3f106a0487d0#fact-resource-facts-0) Furnas · copper #### Identity - Project: Furnas - Commodity: copper - Region: brazil - Reported Region: Pará State, Brazil - Ticker: ERO #### Resource scope - Estimate type: resource - Effective date: 2024-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: João Estevão Junior - Resource group id: resource:7f041acc614b1ad844cd - Deposit or zone: Open Pit - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 272200000 - Grade: 0.59 - Grade Unit: % - Contained Metal: 1594 - Contained Unit: kt - Cutoff Grade: 0.2 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-11-30 #### Metal Equivalent - Metal Eq. Grade: 0.83 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The indicated open pit resource shows significant tonnage and a good copper grade, contributing materially to the project's economics. - Positive factor: significant indicated tonnage - Positive factor: good copper grade for open pit - Positive factor: QP/CP signed - Positive factor: NI 43-101 compliant Evidence · table > 0.59 Context: 272.2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ero-announces-inaugural-pea-for-furnas-outlines-low-capital-intensity-project-wi--359e25c8-6d4d-4ad3-9329-3f106a0487d0#fact-resource-facts-1) Furnas · gold #### Identity - Project: Furnas - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: ERO #### Resource scope - Estimate type: resource - Effective date: 2024-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: João Estevão Junior - Resource group id: resource:7f041acc614b1ad844cd - Deposit or zone: Open Pit - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 272200000 - Grade: 0.31 - Grade Unit: g/t - Contained Metal: 2748 - Contained Unit: koz - Cutoff Grade: 0.2 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-11-30 #### Metal Equivalent - Assumptions Disclosed: Yes #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The indicated open pit resource includes a substantial amount of gold, providing valuable byproduct credits to the project. - Positive factor: significant contained gold as byproduct - Positive factor: QP/CP signed - Positive factor: NI 43-101 compliant Evidence · table > 0.31 Context: 272.2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ero-announces-inaugural-pea-for-furnas-outlines-low-capital-intensity-project-wi--359e25c8-6d4d-4ad3-9329-3f106a0487d0#fact-resource-facts-2) Furnas · silver #### Identity - Project: Furnas - Commodity: silver - Region: brazil - Reported Region: Pará State, Brazil - Ticker: ERO #### Resource scope - Estimate type: resource - Effective date: 2024-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: João Estevão Junior - Resource group id: resource:7f041acc614b1ad844cd - Deposit or zone: Open Pit - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 272200000 - Grade: 1.66 - Grade Unit: g/t - Contained Metal: 14546 - Contained Unit: koz - Cutoff Grade: 0.2 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-11-30 #### Metal Equivalent - Assumptions Disclosed: Yes #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The indicated open pit resource includes a substantial amount of silver, providing valuable byproduct credits to the project. - Positive factor: significant contained silver as byproduct - Positive factor: QP/CP signed - Positive factor: NI 43-101 compliant Evidence · table > 1.66 Context: 272.2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/ero-announces-inaugural-pea-for-furnas-outlines-low-capital-intensity-project-wi--359e25c8-6d4d-4ad3-9329-3f106a0487d0#fact-resource-facts-3) Furnas · copper #### Identity - Project: Furnas - Commodity: copper - Region: brazil - Reported Region: Pará State, Brazil - Ticker: ERO #### Resource scope - Estimate type: resource - Effective date: 2024-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: João Estevão Junior - Resource group id: resource:f1fdc16cdee03e25e19e - Deposit or zone: Open Pit - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 117100000 - Grade: 0.51 - Grade Unit: % - Contained Metal: 601 - Contained Unit: kt - Cutoff Grade: 0.2 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-11-30 #### Metal Equivalent - Metal Eq. Grade: 0.75 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The inferred open pit resource adds significant copper tonnage, but its lower confidence category means it is more speculative. - Positive factor: additional copper tonnage - Positive factor: QP/CP signed - Positive factor: NI 43-101 compliant - Negative factor: inferred category has lower confidence Evidence · table > 0.51 Context: 117.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/ero-announces-inaugural-pea-for-furnas-outlines-low-capital-intensity-project-wi--359e25c8-6d4d-4ad3-9329-3f106a0487d0#fact-resource-facts-4) Furnas · gold #### Identity - Project: Furnas - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: ERO #### Resource scope - Estimate type: resource - Effective date: 2024-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: João Estevão Junior - Resource group id: resource:f1fdc16cdee03e25e19e - Deposit or zone: Open Pit - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 117100000 - Grade: 0.31 - Grade Unit: g/t - Contained Metal: 1160 - Contained Unit: koz - Cutoff Grade: 0.2 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-11-30 #### Metal Equivalent - Assumptions Disclosed: Yes #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The inferred open pit resource adds to the contained gold, but its lower confidence category means it is more speculative. - Positive factor: additional contained gold as byproduct - Positive factor: QP/CP signed - Positive factor: NI 43-101 compliant - Negative factor: inferred category has lower confidence Evidence · table > 0.31 Context: 117.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/ero-announces-inaugural-pea-for-furnas-outlines-low-capital-intensity-project-wi--359e25c8-6d4d-4ad3-9329-3f106a0487d0#fact-resource-facts-5) Furnas · silver #### Identity - Project: Furnas - Commodity: silver - Region: brazil - Reported Region: Pará State, Brazil - Ticker: ERO #### Resource scope - Estimate type: resource - Effective date: 2024-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: João Estevão Junior - Resource group id: resource:f1fdc16cdee03e25e19e - Deposit or zone: Open Pit - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 117100000 - Grade: 1.24 - Grade Unit: g/t - Contained Metal: 4662 - Contained Unit: koz - Cutoff Grade: 0.2 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-11-30 #### Metal Equivalent - Assumptions Disclosed: Yes #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The inferred open pit resource adds to the contained silver, but its lower confidence category means it is more speculative. - Positive factor: additional contained silver as byproduct - Positive factor: QP/CP signed - Positive factor: NI 43-101 compliant - Negative factor: inferred category has lower confidence Evidence · table > 1.24 Context: 117.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ero-announces-inaugural-pea-for-furnas-outlines-low-capital-intensity-project-wi--359e25c8-6d4d-4ad3-9329-3f106a0487d0#fact-resource-facts-6) Furnas · copper #### Identity - Project: Furnas - Commodity: copper - Region: brazil - Reported Region: Pará State, Brazil - Ticker: ERO #### Resource scope - Estimate type: resource - Effective date: 2024-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: João Estevão Junior - Resource group id: resource:824afe183fa4dc19578b - Deposit or zone: Underground - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 3400000 - Grade: 0.57 - Grade Unit: % - Contained Metal: 19 - Contained Unit: kt - Cutoff Grade: 0.45 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-11-30 #### Metal Equivalent - Metal Eq. Grade: 0.75 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: A small indicated underground resource provides a high-confidence component for future underground operations. - Positive factor: indicated resource for underground mining - Positive factor: QP/CP signed - Positive factor: NI 43-101 compliant Evidence · table > 0.57 Context: 3.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ero-announces-inaugural-pea-for-furnas-outlines-low-capital-intensity-project-wi--359e25c8-6d4d-4ad3-9329-3f106a0487d0#fact-resource-facts-7) Furnas · gold #### Identity - Project: Furnas - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: ERO #### Resource scope - Estimate type: resource - Effective date: 2024-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: João Estevão Junior - Resource group id: resource:824afe183fa4dc19578b - Deposit or zone: Underground - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 3400000 - Grade: 0.23 - Grade Unit: g/t - Contained Metal: 25 - Contained Unit: koz - Cutoff Grade: 0.45 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-11-30 #### Metal Equivalent - Assumptions Disclosed: Yes #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The indicated underground resource includes gold as a byproduct, contributing to overall project value. - Positive factor: contained gold as byproduct - Positive factor: QP/CP signed - Positive factor: NI 43-101 compliant Evidence · table > 0.23 Context: 3.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ero-announces-inaugural-pea-for-furnas-outlines-low-capital-intensity-project-wi--359e25c8-6d4d-4ad3-9329-3f106a0487d0#fact-resource-facts-8) Furnas · silver #### Identity - Project: Furnas - Commodity: silver - Region: brazil - Reported Region: Pará State, Brazil - Ticker: ERO #### Resource scope - Estimate type: resource - Effective date: 2024-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: João Estevão Junior - Resource group id: resource:824afe183fa4dc19578b - Deposit or zone: Underground - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 3400000 - Grade: 1.44 - Grade Unit: g/t - Contained Metal: 156 - Contained Unit: koz - Cutoff Grade: 0.45 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-11-30 #### Metal Equivalent - Assumptions Disclosed: Yes #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The indicated underground resource includes silver as a byproduct, contributing to overall project value. - Positive factor: contained silver as byproduct - Positive factor: QP/CP signed - Positive factor: NI 43-101 compliant Evidence · table > 1.44 Context: 3.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/ero-announces-inaugural-pea-for-furnas-outlines-low-capital-intensity-project-wi--359e25c8-6d4d-4ad3-9329-3f106a0487d0#fact-resource-facts-9) Furnas · copper #### Identity - Project: Furnas - Commodity: copper - Region: brazil - Reported Region: Pará State, Brazil - Ticker: ERO #### Resource scope - Estimate type: resource - Effective date: 2024-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: João Estevão Junior - Resource group id: resource:cfaeeb1a225665e076fc - Deposit or zone: Underground - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 78800000 - Grade: 0.53 - Grade Unit: % - Contained Metal: 418 - Contained Unit: kt - Cutoff Grade: 0.45 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-11-30 #### Metal Equivalent - Metal Eq. Grade: 0.77 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The inferred underground resource adds significant copper tonnage for potential future underground operations, but its lower confidence category means it is more speculative. - Positive factor: significant inferred tonnage for underground mining - Positive factor: QP/CP signed - Positive factor: NI 43-101 compliant - Negative factor: inferred category has lower confidence Evidence · table > 0.53 Context: 78.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/ero-announces-inaugural-pea-for-furnas-outlines-low-capital-intensity-project-wi--359e25c8-6d4d-4ad3-9329-3f106a0487d0#fact-resource-facts-10) Furnas · gold #### Identity - Project: Furnas - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: ERO #### Resource scope - Estimate type: resource - Effective date: 2024-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: João Estevão Junior - Resource group id: resource:cfaeeb1a225665e076fc - Deposit or zone: Underground - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 78800000 - Grade: 0.31 - Grade Unit: g/t - Contained Metal: 791 - Contained Unit: koz - Cutoff Grade: 0.45 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-11-30 #### Metal Equivalent - Assumptions Disclosed: Yes #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The inferred underground resource adds to the contained gold, but its lower confidence category means it is more speculative. - Positive factor: additional contained gold as byproduct - Positive factor: QP/CP signed - Positive factor: NI 43-101 compliant - Negative factor: inferred category has lower confidence Evidence · table > 0.31 Context: 78.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/ero-announces-inaugural-pea-for-furnas-outlines-low-capital-intensity-project-wi--359e25c8-6d4d-4ad3-9329-3f106a0487d0#fact-resource-facts-11) Furnas · silver #### Identity - Project: Furnas - Commodity: silver - Region: brazil - Reported Region: Pará State, Brazil - Ticker: ERO #### Resource scope - Estimate type: resource - Effective date: 2024-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: João Estevão Junior - Resource group id: resource:cfaeeb1a225665e076fc - Deposit or zone: Underground - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 78800000 - Grade: 1.5 - Grade Unit: g/t - Contained Metal: 3809 - Contained Unit: koz - Cutoff Grade: 0.45 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-11-30 #### Metal Equivalent - Assumptions Disclosed: Yes #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The inferred underground resource adds to the contained silver, but its lower confidence category means it is more speculative. - Positive factor: additional contained silver as byproduct - Positive factor: QP/CP signed - Positive factor: NI 43-101 compliant - Negative factor: inferred category has lower confidence Evidence · table > 1.50 Context: 78.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ero-announces-inaugural-pea-for-furnas-outlines-low-capital-intensity-project-wi--359e25c8-6d4d-4ad3-9329-3f106a0487d0#fact-resource-facts-12) Furnas · copper #### Identity - Project: Furnas - Commodity: copper - Region: brazil - Reported Region: Pará State, Brazil - Ticker: ERO #### Resource scope - Estimate type: resource - Effective date: 2024-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: João Estevão Junior - Resource group id: resource:8a3b2cb9a66bd1726f89 - Deposit or zone: Total - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 275600000 - Grade: 0.59 - Grade Unit: % - Contained Metal: 1613 - Contained Unit: kt #### Prior Estimate - Resource Date: 2025-11-30 #### Metal Equivalent - Metal Eq. Grade: 0.83 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The total indicated resource represents a substantial, high-confidence copper inventory for the project. - Positive factor: significant total indicated tonnage - Positive factor: good copper grade - Positive factor: QP/CP signed - Positive factor: NI 43-101 compliant Evidence · table > 0.59 Context: 275.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ero-announces-inaugural-pea-for-furnas-outlines-low-capital-intensity-project-wi--359e25c8-6d4d-4ad3-9329-3f106a0487d0#fact-resource-facts-13) Furnas · gold #### Identity - Project: Furnas - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: ERO #### Resource scope - Estimate type: resource - Effective date: 2024-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: João Estevão Junior - Resource group id: resource:8a3b2cb9a66bd1726f89 - Deposit or zone: Total - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 275600000 - Grade: 0.31 - Grade Unit: g/t - Contained Metal: 2773 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-11-30 #### Metal Equivalent - Assumptions Disclosed: Yes #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The total indicated resource includes a substantial amount of gold, providing valuable byproduct credits to the project. - Positive factor: significant total contained gold as byproduct - Positive factor: QP/CP signed - Positive factor: NI 43-101 compliant Evidence · table > 0.31 Context: 275.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ero-announces-inaugural-pea-for-furnas-outlines-low-capital-intensity-project-wi--359e25c8-6d4d-4ad3-9329-3f106a0487d0#fact-resource-facts-14) Furnas · silver #### Identity - Project: Furnas - Commodity: silver - Region: brazil - Reported Region: Pará State, Brazil - Ticker: ERO #### Resource scope - Estimate type: resource - Effective date: 2024-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: João Estevão Junior - Resource group id: resource:8a3b2cb9a66bd1726f89 - Deposit or zone: Total - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 275600000 - Grade: 1.66 - Grade Unit: g/t - Contained Metal: 14702 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-11-30 #### Metal Equivalent - Assumptions Disclosed: Yes #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The total indicated resource includes a substantial amount of silver, providing valuable byproduct credits to the project. - Positive factor: significant total contained silver as byproduct - Positive factor: QP/CP signed - Positive factor: NI 43-101 compliant Evidence · table > 1.66 Context: 275.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/ero-announces-inaugural-pea-for-furnas-outlines-low-capital-intensity-project-wi--359e25c8-6d4d-4ad3-9329-3f106a0487d0#fact-resource-facts-15) Furnas · copper #### Identity - Project: Furnas - Commodity: copper - Region: brazil - Reported Region: Pará State, Brazil - Ticker: ERO #### Resource scope - Estimate type: resource - Effective date: 2024-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: João Estevão Junior - Resource group id: resource:52e4be96557a95e46da6 - Deposit or zone: Total - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 195900000 - Grade: 0.52 - Grade Unit: % - Contained Metal: 1020 - Contained Unit: kt #### Prior Estimate - Resource Date: 2025-11-30 #### Metal Equivalent - Metal Eq. Grade: 0.76 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The total inferred resource adds significant copper tonnage, but its lower confidence category means it is more speculative. - Positive factor: additional total copper tonnage - Positive factor: QP/CP signed - Positive factor: NI 43-101 compliant - Negative factor: inferred category has lower confidence Evidence · table > 0.52 Context: 195.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/ero-announces-inaugural-pea-for-furnas-outlines-low-capital-intensity-project-wi--359e25c8-6d4d-4ad3-9329-3f106a0487d0#fact-resource-facts-16) Furnas · gold #### Identity - Project: Furnas - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: ERO #### Resource scope - Estimate type: resource - Effective date: 2024-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: João Estevão Junior - Resource group id: resource:52e4be96557a95e46da6 - Deposit or zone: Total - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 195900000 - Grade: 0.31 - Grade Unit: g/t - Contained Metal: 1952 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-11-30 #### Metal Equivalent - Assumptions Disclosed: Yes #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The total inferred resource adds to the contained gold, but its lower confidence category means it is more speculative. - Positive factor: additional total contained gold as byproduct - Positive factor: QP/CP signed - Positive factor: NI 43-101 compliant - Negative factor: inferred category has lower confidence Evidence · table > 0.31 Context: 195.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/ero-announces-inaugural-pea-for-furnas-outlines-low-capital-intensity-project-wi--359e25c8-6d4d-4ad3-9329-3f106a0487d0#fact-resource-facts-17) Furnas · silver #### Identity - Project: Furnas - Commodity: silver - Region: brazil - Reported Region: Pará State, Brazil - Ticker: ERO #### Resource scope - Estimate type: resource - Effective date: 2024-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: João Estevão Junior - Resource group id: resource:52e4be96557a95e46da6 - Deposit or zone: Total - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 195900000 - Grade: 1.34 - Grade Unit: g/t - Contained Metal: 8470 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-11-30 #### Metal Equivalent - Assumptions Disclosed: Yes #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The total inferred resource adds to the contained silver, but its lower confidence category means it is more speculative. - Positive factor: additional total contained silver as byproduct - Positive factor: QP/CP signed - Positive factor: NI 43-101 compliant - Negative factor: inferred category has lower confidence Evidence · table > 1.34 Context: 195.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (3) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/ero-announces-inaugural-pea-for-furnas-outlines-low-capital-intensity-project-wi--359e25c8-6d4d-4ad3-9329-3f106a0487d0#fact-metallurgical-facts-18) Furnas · copper #### Identity - Project: Furnas - Commodity: copper - Region: brazil - Reported Region: Pará State, Brazil - Ticker: ERO #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: conventional crushing, grinding and flotation #### Recovery - Recovery: 90.3 % - Recovery Basis: actual\_test - Head Grade: 0.58 - Head Grade Unit: % - Conc. Grade: 30 - Conc. Grade Unit: % #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The metallurgical testwork demonstrates strong copper recovery of 90.3% via conventional flotation, producing a high-grade concentrate, which is a key positive for project economics. - Positive factor: high copper recovery for flotation - Positive factor: conventional and proven flowsheet - Positive factor: high concentrate grade - Positive factor: multi-domain tested Evidence · table > 90.3% Context: Copper #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/ero-announces-inaugural-pea-for-furnas-outlines-low-capital-intensity-project-wi--359e25c8-6d4d-4ad3-9329-3f106a0487d0#fact-metallurgical-facts-19) Furnas · gold #### Identity - Project: Furnas - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: ERO #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: conventional crushing, grinding and flotation #### Recovery - Recovery: 74.6 % - Recovery Basis: actual\_test - Head Grade: 0.35 - Head Grade Unit: g/t #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The metallurgical testwork shows good gold recovery of 74.6% as a byproduct within the copper concentrate, contributing to project revenue. - Positive factor: good gold recovery as byproduct - Positive factor: conventional and proven flowsheet - Positive factor: multi-domain tested Evidence · table > 74.6% Context: Gold #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 74.6% is below the weak band \(80%\) **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/ero-announces-inaugural-pea-for-furnas-outlines-low-capital-intensity-project-wi--359e25c8-6d4d-4ad3-9329-3f106a0487d0#fact-metallurgical-facts-20) Furnas · silver #### Identity - Project: Furnas - Commodity: silver - Region: brazil - Reported Region: Pará State, Brazil - Ticker: ERO #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: conventional crushing, grinding and flotation #### Recovery - Recovery: 71 % - Recovery Basis: actual\_test - Head Grade: 1.64 - Head Grade Unit: g/t #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The metallurgical testwork shows good silver recovery of 71.0% as a byproduct within the copper concentrate, contributing to project revenue. - Positive factor: good silver recovery as byproduct - Positive factor: conventional and proven flowsheet - Positive factor: multi-domain tested Evidence · table > 71.0% Context: Silver #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 71% is below the weak band \(75%\) **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.