SCHEDULE: FIL Limited Boosts Ero Copper Stake to 11.1%

FIL Limited and its affiliates have increased their beneficial ownership in Ero Copper Corp. to 11.1% of common stock, as disclosed in an amended Schedule 13G filing.

Summary

• FIL Limited, Pandanus Partners, L.P., and Pandanus Associates, Inc. are the reporting persons for this Schedule 13G Amendment No. 1.
• The reporting persons collectively beneficially own 11,471,710 shares of ERO COPPER CORP common stock.
• This aggregate amount represents 11.1% of the total outstanding common stock of ERO COPPER CORP.
• The event requiring this filing occurred on October 31, 2025.
• FIL Limited holds sole voting power over 10,220,016 shares and sole dispositive power over 11,471,710 shares.
• Pandanus Partners, L.P. and Pandanus Associates, Inc. each hold sole dispositive power over 11,471,710 shares, with no sole voting power.

Sentiment

Score: 7

Explanation: The filing indicates a significant institutional investor, FIL Limited and its affiliates, has increased its beneficial ownership in Ero Copper Corp. to 11.1%. This increased stake by a major financial institution can be interpreted as a vote of confidence in the company's prospects.

Positives

• A significant institutional investor, FIL Limited and its affiliates, has increased its beneficial ownership in Ero Copper Corp. to 11.1% of common stock, which can be interpreted as a vote of confidence in the company's prospects.

Negatives

• No negative information is disclosed in this ownership report.

Future Outlook

This Schedule 13G filing is an ownership disclosure and does not contain forward-looking statements or guidance regarding the issuer's future performance or outlook.

Industry Context

The increased stake by a major financial institution like FIL Limited in Ero Copper Corp., a company in the copper mining industry, could signal institutional confidence in the company's specific assets or the broader copper market outlook.

Related Party Transactions

• Pandanus Partners, L.P. owns voting stock of FIL Limited, representing more than 25% and less than 48.5% of total voting power.
• Pandanus Associates, Inc. acts as the general partner of Pandanus Partners, L.P.
• Pandanus Partners, L.P. is owned by trusts for the benefit of members of the Johnson family, including FIL's Chairman Abigail P. Johnson.

Stakeholder Impact

• Shareholders may view the increased institutional ownership as a positive signal, potentially leading to increased investor confidence and stability in the share register.

Key Dates

Recommendation

The filing indicates a substantial increase in beneficial ownership by FIL Limited and its affiliates, reaching 11.1% of Ero Copper Corp.'s common stock. This suggests a strong vote of confidence from a major institutional investor. However, as a Schedule 13G primarily reports ownership changes and does not provide detailed financial or operational updates, a definitive 'buy' or 'sell' recommendation cannot be solely based on this filing. Investors should consider this increased institutional interest as a positive signal and a reason to hold, while conducting further due diligence on the company's fundamentals and market conditions.

Keywords

ERO COPPER CORP, common stock, Schedule 13G, beneficial ownership, institutional investor, FIL Limited, Pandanus Partners, Pandanus Associates, copper mining, investment