SCHEDULE: FIL Limited and Affiliates Report 10% Stake in Ero Copper

FIL Limited and its affiliates have disclosed beneficial ownership of 10.0% of Ero Copper Corp's common stock as of March 31, 2026.

Summary

• FIL Limited, along with its subsidiaries and affiliates (collectively, the "FIL Reporters"), has filed a Schedule 13G, indicating beneficial ownership of 10,466,217 shares of Ero Copper Corp's common stock.
• This holding represents 10.0% of the class of securities.
• The filing is an amendment (Amendment No. 2) to a previous filing.
• The reporting persons include FIL Limited, Pandanus Partners, L.P., and Pandanus Associates, Inc.
• FIL Limited is identified as a non-U.S. institution.
• Pandanus Partners, L.P. owns shares of FIL Limited voting stock, which normally represents more than 25% and less than 48.5% of the total votes.
• Pandanus Associates, Inc. acts as the general partner of Pandanus Partners, L.P.
• The filing disclaims beneficial ownership by members of the Johnson family, including Abigail P. Johnson, despite their connection through trusts.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing. It's a standard ownership disclosure and does not provide performance data or strategic insights into Ero Copper Corp's operations, thus having a limited immediate impact on sentiment without further context.

Positives

• FIL Limited and its affiliates have established a significant ownership stake (10.0%) in Ero Copper Corp, suggesting confidence in the company's prospects.
• The joint filing agreement indicates a coordinated approach to reporting beneficial ownership.

Negatives

• The filing does not contain financial performance data or operational updates for Ero Copper Corp, making it difficult to assess the underlying business performance.
• The disclosure is primarily a reporting of ownership, not an analysis of Ero Copper's business operations or strategic direction.

Risks

• The concentration of ownership by FIL Limited and its affiliates could potentially influence corporate control or strategic decisions at Ero Copper Corp.
• While not explicitly stated as a risk in this filing, significant ownership by a single entity can sometimes lead to conflicts of interest or reduced liquidity if the entity decides to divest.

Future Outlook

This filing does not contain forward-looking statements or guidance regarding Ero Copper Corp's future performance. It is a disclosure of ownership as of a past date.

Management Comments

• FIL Limited, Pandanus Partners, L.P., and Pandanus Associates, Inc. certify that the securities were acquired and are held in the ordinary course of business and were not acquired or held for the purpose or effect of changing or influencing the control of the issuer.

Industry Context

StockSavvy.ai notes that significant ownership filings like this Schedule 13G often precede or follow other corporate actions, such as activist investor campaigns, strategic investments, or potential M&A activity within the mining sector. Ero Copper Corp operates in the copper mining industry, a sector currently influenced by global demand for electrification and renewable energy infrastructure.

Related Party Transactions

• Pandanus Partners, L.P. owns shares of FIL Limited voting stock.
• Pandanus is owned by trusts for the benefit of members of the Johnson family, including FIL's Chairman Abigail P. Johnson, though beneficial ownership is disclaimed for these members.

Stakeholder Impact

• Shareholders: The filing indicates a significant institutional investor's interest, which could influence market perception and potentially future share price movements.
• Management of Ero Copper Corp: May need to engage with FIL Limited regarding their investment thesis and strategic direction.
• Competitors: Awareness of FIL Limited's substantial stake may inform competitive strategies.

Next Steps

• Monitor future filings by FIL Limited and its affiliates for any changes in their ownership stake in Ero Copper Corp.
• Observe Ero Copper Corp's subsequent disclosures for any strategic implications arising from this significant ownership position.

Key Dates

Keywords

Ero Copper Corp, Schedule 13G, FIL Limited, Beneficial Ownership, Common Stock, Ownership Stake, SEC Filing, Pandanus Partners, Pandanus Associates