11:24 AM EDT, 09/18/2025 (MT Newswires) -- Ero Copper ( ERO ) Thursday reported the remaining assays from its 28,000-meter phase 1 drill program at the Furnas copper-gold project in Brazil.

Ero maintained its sector perform rating and $23.50 price target at National Bank of Canada following the news. The bank based the rating on its cautious long-term outlook for the company, while it derived the price target on a multiple of 1.10x NAV (50%) + 6.0x EV/2026E CF (50%).

Drill results include 115 meters grading 0.98% copper equivalent, including 46 meters at 1.11% and 28 meters at 1.25% copper equivalent.

The company said step-out drilling during the program extended the known limits of mineralization to about 950 meters down-dip from surface.

"The phase 1 program has not only confirmed continuity of high- grade mineralization, but also exceeded our expectations in demonstrating high-grade mineralization well beyond the down-dip limits of the last published mineral resource estimate," president and chief executive officer Makko DeFilippo said.

Ero expects to complete the 17,000-m phase 2 drill program early in the fourth quarter, about three months ahead of schedule.

Ero traded at $22.84 per share at last look on the TSX.

Price: 22.84, Change: -0.13, Percent Change: -0.57