12:07 PM EDT, 05/05/2026 (MT Newswires) -- Stifel Canada on Tuesday maintained its hold rating on the shares of Ero Copper (ERO.TO) and its C$52.00 price target following the miner's first-quarter results.

"Ero reported Q1/26 adjusted EPS of $0.69 vs. our $0.60 (consensus $0.58) and adjusted EBITDA of $125Mln vs. our $107Mln (consensus $118Mln) on copper production of 17.3Kt (higher vs. our 16.5Kt) at C1 cash cost of $2.39/lb (in-line vs. our $2.41/lb) and gold production of 5.5Koz at gold cash cost and AISC of $2,120/oz and $4,441/oz, respectively. Strong results were partly offset by higher costs at Xavantina due to scheduled ventilation, cooling and ground-support installation (substantially complete at end of April). FY26 production, cost and capex guidance is reaffirmed, including consolidated copper of 67.5-77.5Kt at C1 of $2.15-2.35/lb, gold of 40-50Koz at AISC of $2,000-2,500/oz, and capex of $275-320Mln. At Q1/26, Ero held total liquidity of $146.2Mln, including cash of $91.2Mln (-$14Mln QoQ) and $55Mln undrawn revolving credit facility, with net debt declining to $490.7Mln (-$11Mln QoQ) and ND/EBITDA reduced to 1.04x (from 1.22x at YE25),"analyst Ralph Profiti wrote.

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Price: 35.14, Change: +1.79, Percent Change: +5.37