Why did ERO underperform forecasts in 2024?

Ero Copper Corp. (ERO) underperformed forecasts in 2024 due to a combination of factors: 1. **Operational Challenges**: The company faced operational hurdles, including a multi-week power outage at the Tucumã mine due to an extreme weather event, which impacted production. Additionally, there were material flow constraints and equipment issues during the ramp-up at Tucumã, requiring time and resources to resolve. 2. **Financial Performance**: ERO reported a net loss of $68.5 million for the full year of 2024, with a diluted EPS of -$0.66, and total revenues of $470.26 million, which missed the forecast. The company's financial performance was affected by higher all-in sustaining costs, which rose to $1,691 for the quarter compared to $991 in the fourth quarter of 2023. 3. **Market Volatility and Currency Depreciation**: The company was impacted by market volatility and currency depreciation, particularly the Brazilian Real's depreciation, which affected its cost structure. These factors contributed to the company's financial challenges and underperformance compared to forecasts. In summary, ERO's underperformance in 2024 was due to a combination of operational challenges, financial performance issues, and external factors like market volatility and currency depreciation.