Execution, FCF Inflection, and a Growth Project Kicker

Research evidence excerpt

Execution, FCF Inflection, and a Growth Project Kicker

Disclosure 16: A research analyst has extensively viewed the material operations of Vale S.A..

Disclosure 17: Vale S.A. has provided at its expense some or all of the itinerant travel for the research analyst related to facilitating a material

site visit.

Disclosure 19: BMO Capital Markets ("BMO CM") is acting as financial advisor to Vale Base Metals (‘VBM") in connection with the formation of a

new consortium of owners for VBM's Thompson Nickel Operation ("Thompson") in Thompson, Manitoba. Vale Base Metals is 90 percent owned

by Vale S.A. and 10 percent by Manara Minerals Investment Company. BMO CM will be paid a fee. BMO CM follows information control procedures

which prevent its research analysts who are issuing research from having access to non-public information received by BMO CM investment

banking personnel in connection with the transaction. Accordingly, it is possible that individual employees at BMO CM may have material non-

public information or opinions which are not included in, and may not be consistent with, the information and advice in this research report.

Methodology and Risks to Target Price/Valuation for Ero Copper (ERO-TSX)

Methodology: We value our mining companies with detailed asset-level discounted cash flow models, aggregated to the corporate level,

and then adjusted for net corporate assets/liabilities. Our share price targets also take into account near term operating cash flow. Our stock

recommendations are based on returns to target plus yield on a one-year forward basis, as well as recognition of catalysts.

Risks: Downside to ERO's stock price versus our target price can arise from either adverse movements in NAV, negative revisions to forward

earnings, or erosion of multiples.