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Ero Copper (ERO.TO, ERO) on Tuesday reported an increase in reserves and resources at its Xavantina gold operations in Brazil.

Ero said proven and probable mineral reserves rose 19% from the 2023 estimate, while measured and indicated resources rose 26%.

"Our ongoing exploration program at the Xavantina operations continues to deliver exceptional results," Chief Executive David Strang said.

The project now hosts proven and probable reserves of 459,200 ounces of gold contained within 1.5 million tonnes of ore grading 9.71 grams per tonne (g/t) of gold.

Measured and indicated resources stood at 597,800 ounces of gold contained within 1.7 million tonnes of ore grading 10.99 g/t gold.

"The successful completion of our NX 60 Initiative in 2023, highlighted by first production from the Matinha Vein, was a major milestone, positioning Xavantina to sustain annual production of approximately 55,000 to 60,000 ounces in the years ahead," Strang said.

National Bank of Canada maintained its sector-perform rating and $31.50 price target for the company following the news.

The bank said its rating considers the company's near-term growth profile, incremental exploration potential and expansion opportunities.

Ero shares were last seen up $0.24 to $21.60 on the Toronto Stock Exchange.