AUGO

Image source: The Motley Fool. Wednesday, Aug. 5, 2026 at 9:30 a.m. ET President and Chief Executive Officer - Rodrigo Barbosa Chief Financial Officer - Kleber Cardoso Chief Operating Officer - Glauber Rosa-Luvizotto Operator: Good morning, ladies and gentlemen. Welcome to Second Quarter 2026 Earnings Call. This conference is being recorded, and the replay will be available at the company's website at auraminerals.com/investidores. The presentation will also be available for download. This call is also available in Portuguese. [Operator Instructions] [Foreign Language] Before proceeding, we would like to clarify that any statements that may be made during this conference call regarding the company's business prospects, operational and financial projections and goals are the beliefs and assumptions of Aura Executive Board and the current information available to the company. These statements may involve risks and uncertainties as they relate to future events and therefore, depend on circumstances that may or may not occur. Investors should be aware of events related to the macroeconomic scenario, the industry and other factors that could cause results to differ materially from those expressed in the respective forward-looking statements. Present at this conference, we have Rodrigo Barbosa, President and CEO; Kleber Cardoso, CFO; and Glauber Rosa-Luvizotto, COO. Now I will turn the conference over to Rodrigo Barbosa begin conference. Rodrigo Barbosa: Thank you very much, and welcome, everybody. Thank you for attending this call again. So, I'll be happy to go through the major milestones of the company during the quarter. And as usual, Kleber is going to go through the details of the results. Then we finally open to Q&A and where we also have here our COO, Glauber. And if you have any more technical questions, he would also be happy to answer. So overall, the quarter, we had a weaker production than the first quarter. Nevertheless, all the necessary works, all the necessary milestones on the background of the results that means we will achieve, has been achieved in order for us to have a much stronger production in Q3 and then Q4 as we happened in the past with a weaker production in the first semester and a stronger production on the second semester. Actually, this year, as we're going to go through on mine by mine, we'll see that this balance between first and second semester can be even bigger than what happened in the past. So overall, we produced on the first half of the year, 158,000 ounces. And as I mentioned to you, we are strong enough to keep the guidance for the second semester, which means that we will produce a total of 182,000 or 232,000 ounces between 182,000, 232,000 ounces during the second half, which means on average, potentially at 100 below one quarter, 100,000 ounces and the other quarter above 100,000 ounces. So that means that we are very much on track to produce a very significant improvement during the Q3 and Q4, and that is a combination of mine sequencing and also the ramp-up of MSG. As the revenues on the quarter reached $336 million, of course, lower gold price and also lower production means lower revenues. When we look on the EBITDA on the other hand, we reached close to $200 million. And I would also highlight that for 12 consecutive quarters, Aura has been increasing the EBITDA. On the last 12 months, we produced $800 million of EBITDA with the current gold price, the average gold price on the last 12 months is exactly what it is right now and with the total ounces of 313,000 ounces. Imagine if then we achieve the production that we are promising for the third and fourth quarter that EBITDA can be significantly also pushed up once we continue to have appreciation at least stable to higher gold prices while significant higher production in our mine. In terms of all-in sustaining cash costs, very much in line with what we planned. The first number that we see close to 2,000 ounces per ounces seems high, but I would invite you the investors and the analysts to understand that this number has been pushed up because of the turnaround of MSG. If you take out the turnaround of MSG, we would have been at $1,600 for gold equivalent ounces, understanding that we have a significant higher production coming in for MSG, we have a significant high production for Apoena, Borborema. So, we still have an improvement on all-in sustaining cash costs coming during the second semester due to mine sequencing and also expansion that is happening in Almas and also in Borborema. In terms of recurring cash flow, we reached $80 million. When you exclude the losses of the gold hedges, which is going to happen this year and also next year, we would have made close to $120 million of recurring cash flows before the gold losses. Out of this $120 million, we used $54 million for expansion CapEx and then additional $68 million between share buybacks and also dividends. which means that Aura continues to grow, to fund its own growth and the dividends and the buybacks with our own cash flows from operations despite, of course, that we leverage when we have expansion that Glauber can also go through a little bit more detail by the end of the presentation. In terms of net income, a record high net income, $218 million. That's the quarter that gold price has depreciated, unfortunately, but the positive impact that we have a market-to-market up on the net income that was positively by $126 million. We just announced as we are producing significant cash flow from the operations being able to fund our growth with the cash flows, we also just announced a new $60 million of dividend, which means $0.72 per share that will be paid during the third quarter related to the second quarter. Together with this dividend that we also approved, a share buyback program of $200 million. So, from now on, investors should see a split between dividend and share buyback coming in, in the next quarters, where we will continue to remunerate our shareholders significantly now through also a share buyback program. In terms of projects at Aura, mostly on time, on budget. I have a slide to give you more details and also the average daily trading volume significantly higher, meaning that we have been achieving the objective when we listed in NASDAQ to push our daily trading volume significantly higher, reminding that a year ago, we were trading $2 million, $1 million per day on the first semester. Now we are close to $100 million per day on average during the last quarter. In terms of safety, as we mentioned last quarter, unfortunately, we had one lost time incident in Borborema in March this year, lost time incident that the person is already fastly recovering and it is already fully recovered at working at site. Although there was a procedure not followed, we revised all the procedures. We revised and made the due diligence in all the operations in order to make sure that we avoid any single lost time incident. If you look at the last two years, we had only one lost time incident, but the objective is to have zero lost time incidents. That's why we are constantly monitoring our internal program to make sure that we have the highest safety standards in the industry and that we make sure that everybody that works with us return home safely. Also, on the stability of the structures, again, we do have constantly monitoring external consultants that monitor our geotechnical structures, not only the tailings, underground pits, pads and all of that is according to satisfactory level. So, in terms of quarterly production on the left side of this slide, you see our quarterly production and on the line is the last 12-month production. As we can see, since Q2 2025, we've been gradually improving quarterly production in the last 12 months. That's because the ramp-up of Borborema that continue we actually continue to increase our production. And now from now on, after the first quarter and the second quarter of weaker production in MSG, although we are planning much higher production for next year, we will see a gradual improvement on MSG on Q3 and in Q4 on the top of other mines also that will improve. So, we will continue to see this last 12 months improving from the 313, of course, then reaching our within our guidance from 340 and 390 by the end of this year. When we look on the right side, the production per quarter per mine we see the first quarter MSG 9,000 ounces. Second quarter, as I already mentioned to the market, the second quarter will be weaker than the first one due to infrastructure investments and infrastructure activities that we had to implement in MSG. Part of that was planned, part was more challenging when we faced the first and started producing in MSG. We faced a more challenging situation in terms of infrastructure and when we deviated all the equipment when we had to make a choice between put our attention equipment to production or to the turnaround to the underground development, we always choose underground development because that's what will structurally change the mine in order for us to be able to produce close to 80,000 ounces per year production and all-in sustaining cash costs nearing down close to $2,000 per ounce. All the background work in MSG has been done, and we will have here a slide also to mention that give us a strong confidence that we will not only improve on Q3 and Q4, but by the end of the year, be prepared to in 2027, be able to produce close to 80,000 ounces of gold with the all-in sustaining cash cost nearing down close to $2,000, $2,200 per ounce. In terms of Borborema, first quarter, 17,000 ounces, second quarter, 14,000 ounces. That is super planned. It's a mine sequencing grades. As we come to Q3 and Q4, we will see a combination of both. Number one, in Q3, we see higher grades coming into the plant. And in Q4, on the top of the higher grades, we are debottleneck the plant once today, the bottleneck is the filters, and we are implementing new filters that should be online by Q4 between Q3 and mostly Q4 so that we will also be able to increase production on the top of higher production. So, we should see higher production in Borborema coming in on the second semester. Almas, it's a slightly improvement in production. This mine, as I mentioned to you, we built this mine at 1.3 million tonnes. We finished the last year running at two million tons, and now we are upgrading to three million tons. So that will gradually improve capacity as we should finish the year close to three million tons per year, and that will also have an impact on the quarter production. Minosa, we had a decrease from 17,000 to 14,000 ounces. We are in an area of the of stacking pad that is more struggled. We had to pile higher than we did in the last few years. That means that the process of recovery takes more time. We have more money going to our working capital and perhaps we lose some recovery. And as we piled all of this already also during the third the second quarter, we should see Minosa with a weaker production on next two quarters and then recovering more production on Q4 for the year where we should be more towards the low end of the guidance for the year in Minosa. Apoena, despite this lower production from 7,000 to 6,000 ounces, all the background activities, all the opening the pits, all the investments on the pushback and also the mine development is being very much in line with what forecasted. So that will allow us to have confidence that we will reach higher grades during Q3 and Q4 that will support a significant higher production during the next semester. In Aranzazu, we also doing the mine sequencing now on the first semester, lower grade. And now on the second semester, we should reach higher grade, which will also provide us an ability to produce a stronger second half of the year. So overall, as you can see, as we happened in last year and this year, a combination of MSG turnaround plus Borborema, debottlenecking in higher grades and also then Apoena with the higher grades, a combination of these three mines give us confidence that we will not only be within the guidance of the year, but not close to the lower end of the guidance. Next slide. In terms of all-in sustaining cash cost, as I mentioned to you, close to $2,000 per ounce when you exclude MSG, then we will be close to $1,500, understanding that also during the second semester where we're going to have higher grades in Borborema, we're going to have higher grades in Apoena, we're going to have higher production in MSG and also higher production, not that high, but continue to slightly improve Almas as we are now upgrading the plant. So, give us a very good confidence that we also will meet the guidance for the year on the all-in sustaining cash cost. And that understanding that when we issued the guidance, the exchange rate in Brazil and also in Mexico was significantly more favorable. For example, in Brazil, close to BRL 5.50 per dollar. Now we are running at close to BRL 5 per dollar. So that's 10% of losses in exchange rent that on the top of higher oil prices and oil chemical prices, we believe that the team is working in order to be able to deliver results within the guidance that we gave to the market. As I was mentioning Era Dorada, moving very much in line with the plan. We recently approved on the third quarter, the full investments. We already spent $15 million, 60% of the close to 60% already of the groundwork has already been done, focusing a lot hiring from local communities that they don't have expertise in mining. We are still training but yet with 53% of the employees coming from Asuncion Mita region, which is where we are located and 93% from Guatemala. So that shows our commitment with the project to provide opportunities for the local labor. We also approved on the project a significant improvement on the water treatment, actually now taking a lot of the water at the potable level. Now we are in agreement with the local authority in order that this water can be once in production, can be distributed to the local communities. Once in that area has happened also in many Central America countries, there's no treatment of water, no sewage treatment and the water they have access from the rivers are somehow contaminated, which means health problems, which is the major problem that they have when we heard from them what are the concerns during 2025. Just open transparency at Era Dorada House, this means that we have a place in the city where we give full transparency and the person that can answer any questions that any people might arise. We are there to answer to show the project impact and everything that is going to happen in the region so that people can have the confidence that this project will not have negative impact, but actually, it will go beyond and have positive impact once we are treating this water at portable level and also has a geothermal project that we are now in final studies in order to have a renewable energy supplying the energy of this project. As we progress in the construction, we should expect negative news here and there. We've done a significant amount of work communicating with the local communities. We have majority of approval from COCODEs. COCODEs are the person elected by the local communities recognized by law to represent them, and they are mostly in favor of this project and supporting us to move on. So, we don't expect any hiccups in implementing this project up to commercial production, although, of course, some negative might happen. Next. For MSG, very happy to share that we are super in line with what we projected in terms of productivity underground when we acquired this project. And actually, we are above what we expected in terms of resources and reserves. Just a quick reminder, this project we acquired with 370,000 ounces of gold equivalent ounces of gold in proven and probable reserves, we already are at 753,000 in six months. We acquired this project with 1 million ounces of measure indica. We are already at 1.8 million ounces in measure indica. And we acquired this project 1.4 million ounces in inferred. We are already at close to 2 million ounces, above 2 million ounces of inferred. So, this project on the long term, despite doing exploration, so which now we are going to do more exploration in order to significantly also increase resources and reserves. Most important is this the mine development, underground speed because that's what's necessary in order to invert the mine sequencing from top down to bottom up. We are 80% to 90% on average above what this mine was performing last year. So, we are definitely being able to improve underground development. Yet we still have room to continue to improve. That give us a lot of confidence that by the end of the year, we'll be able to completely invert the mine methodology in order to 2027 be able to produce close to 80,000 ounces and push down the all-in sustaining cash cost to close to $2,000 per ounce. Of course, during this turnaround, we compromise short-term production in order to have stronger long-term production. But actually, now we are already at the highest speed in production. We should see improvements in Q3 and then Q4, another improvement, but most of the improvement in production will be on 2027. Now I'll turn the floor to Kleber so that he can present the results. João Cardoso: Okay. Good morning, everyone. Yes, we start with a summary of the main financial KPIs for the quarter, the last few reporting quarters and accumulated last 12 months for each reporting period. We're reporting net revenues of $336 million in the second quarter as anticipated by Rodrigo as a combination of lower production due to mine sequencing and also a lower average price in Q2 compared to Q1. However, when we look to the accumulated last 12 months net revenues, we are reporting a record high, close to $1.3 billion now. In terms of adjusted EBITDA, it's a similar story, $197 million. Then when we look at accumulated in the last 12 months, over $800 million already. As Rodrigo anticipated, we have been increasing our accumulated last 12 months EBITDA for now 12 quarters in a row. since Q2 2023. So now three years in which we are increasing our accumulated EBITDA, which shows the direction we are going in terms of when we look to our annual results. In terms of net income, we're reporting strong net income of $218 million as a combination of the results from the operations and also unrealized gains with the outstanding gold derivatives because there was a reduction between the gold prices at the beginning of the quarter and end of the quarter. We recognized the noncash gains. Excluding these noncash impacts, our adjusted net income slightly below last quarter at $97 million this quarter. And then in terms of cash equivalents and net debt, we closed our cash close to $250 million. There was an expected increase in net debt to $168 million. However, that was compensated by the increase in the accumulated net debt over EBITDA, which then translated into our leverage ratio remaining stable between the quarters at 0.2x. Now moving to understand the main items impacting between adjusted EBITDA and adjusted net income. When we look at the breakdown for the adjusted EBITDA, we had four business units that came with strong results, Superiore, Minosa and Almas and Araxa, all reporting adjusted EBITDA in the above $43 million between $43 million and $56 million range. As expected for this quarter, we expect Apoena and MSG to be the weakest quarter in Q2 and then show stronger results from the second half of the year. Amortization and depreciation, amortization of $26 million expenses. pretty much in line with our expectation. This quarter, we're reporting a financial net income of $61 million, which is mainly driven by the no gain related to the gold hedges, which I mentioned in the previous page, partially compensated by the realized losses with the gold hedges. This was a portion of gold collars that expired in the quarter, and we made the payments in which we paid $37 million. Income tax expenses of $20 million as well as expected. Other expenses, we had a gain this quarter of close to $10 million, mainly related to the completion of the sale of the San Francisco mine, which was part of the Apoena complex. We had a nonrecurring provision for contingency liabilities this quarter of $5 million, bringing the net income to $218 million, as we saw, and then excluding the noncash impacts, bringing our adjusted net income to $97 million this quarter. And now understanding the main items that changed our cash position between the beginning and the end of the quarter. We started the quarter with around $207 million. Then the six mines in production, they generated $17 million during the quarter. of which a portion of that was used to pay the hedges that were settled in the quarter. We allocated $37 million for that purpose, invested $58 million for the growth of the company, mainly the expansion CapEx. We had $53 million mostly split between Era Dorada. We announced the Board approval in April and invested already $5 million in the first quarter and also expansion of plant capacity and underground development at Almas also investments in Apoena. Then to the right side, we see the financial items, and we highlight the capital return to the shareholders through dividends and share repurchases of $68 bringing the cash to the end of the period close to 50 million. With this, we end our presentation and open to questions. Operator: [Operator Instructions] Thank you. Our first question comes from Mr. Matheus Moreira from Banco Bradesco BBI Matheus Moreira: My first question on capital allocation. I mean we've seen overall, of course, a very volatile macro environment recently, which has weighed on gold prices. I'm wondering whether this changes your M&A appetite in any way. I mean, would you adopt a more conservative stance on M&A in the near term? And within your broader capital allocation framework, I mean, you've just announced a new buyback program of up to $200 million. How is management thinking about balancing growth CapEx and growth CapEx, buybacks and dividends? What are the main priorities here for management going forward? That's my first question, and then I'll ask the second one. João Cardoso: Thank you, Matt, for the questions. First, in terms of M&A appetite, we continue to have appetite independently from gold price. Actually, when gold price had spiked too high in the short-term period that it happened when reached $5,500. This is where the gap of the seller and the buyer widened. So, it's difficult to do transaction when they have those kind of volatility. And actually, now when gold price came back to $4,200, $4,300, we see a more converging expectations in terms of price from the buyer with the seller. And we are always super conservative and we don't play on gold price. We do our analysis. We put the market average projections for gold and also copper. Rodrigo Barbosa: We don't see why we would change our M&A appetite because of this volatility, and it's a very important step for us in terms of value creation. Just a quick reminder for value creation in Aura it's very clear three avenues. Number one, the execution on greenfield projects, which we are. We just implemented Borborema. We are now doing the turnaround of MSG. We are now also implementing Era Dorada. We are finalizing studies for Matupa. So we are very much in line to deliver the first avenue of value creation in projects that have a significantly high return. Number two is to continue to increase resources and reserves. As I mentioned in MSG in six months of work with the numbers and also adjusting some cutoff grades and inverting the mine sequencing, we could increase significantly, double the reserves and significant increase indicated and also inferred. Actually, when we issued the report on resources and reserves this year, we could see that we actually doubled most of our resources and also reserves. Then the third avenue to complete the first question is they continue to grow through M&As. The sector tends to pay a better price or as you grow, companies that get next to 1 million ounces tend to have a fairer NAV multiple. Where we are today, we are significantly discounted where we feel we should be. And part of this is also that we need to deliver the growth. We know very much how to get and we are in the execution to get the 600,000 ounces in the upcoming years. But we know that the best valuation starts when you get closer to one million ounces, and that will only happen through M&As. Then you also question about the dividends and also how we want to invest the capital. If you look behind materials, take a look at what happened in '21, '22, '23, '24, '25 and now what's happening that I highlight in '26. We've been able to do though, both. This company has such a high payback, right? The payback of our project is one or two years. So the equity will be maybe sometimes less than one year. So, once we sequence those projects, we've been able to, number one, implement the greenfield projects, which we did Almas, we implemented also Borborema. Then we acquired Borborema, we acquired Era Dorada. We acquired MSG. We paid one of the highest dividend yields in the sector in the world. And yet we are 0.2x net debt to EBITDA. So we have not been challenged in order to split out, let's jeopardize growth, let's to pay dividends or the opposite. So we've been able to do a combination of both. This quarter, this semester, as Kleber was mentioned, we produced close to $120 million of recurring cash flow ex the losses of the dividend. And then this cash was enough to support the development of greenfield projects, all the cash flow from all the investment expansion and also the dividend. So -- and we continue to be leveraged. we could even finance and we should finance at least 50% of greenfield project. Aura is in a privileged position in order to have such a strong cash flow from operations that we can do this kind of combination and continue to grow and continue to pay strong dividends to our shareholders. Matheus Moreira: Great. Rodrigo, that's very clear. And then maybe if I may, a second question on MSG specifically. I mean it was good to see the significant step-up you guys had on both PMP and M&I, right, over the past few months. I mean the company, of course, continues to move forward with its turnaround of the asset. production in the second quarter was impacted by significantly lower grades, right? I'm just wondering if you could give us an update on what are the key bottlenecks you have been addressing? I mean, a bit more specific on the key bottlenecks? And what are the operational priorities at this point? And also, how do you see grades and production evolving over the next few quarters? And for MSG specifically, I understand that the guidance was reinforced for the whole company. But for MSG specifically, do you see some risks to guidance on both production and costs? Rodrigo Barbosa: I'll start the answer, and then I'll pass to Glauber that he can go more in details. We had a first and second quarters, I would say, in terms of production, more challenging than we expected, but that doesn't mean that means exactly that we pushed our attention to underground development and the mine preparation infrastructure in order to do the turnaround. So we chose to compromise production in order to maintain a very strong outlook for the medium and long term in this mine. That means that perhaps we might be at the lower end of the guidance. Of course, there's always a risk. We cannot ascertain. But we are very confident that all the groundwork that's been doing will take us to produce at close to 80,000 ounces and close to $2,000 per ounce. But I'll let Glauber to give a little bit more color on what has been doing in the mine and what we should and- why we had a decrease in the grades on the second quarter and why we believe that the third and fourth quarter will continue to improve and put this mine into a very high standard next year. Glauber Rosa-Luvizotto: Yes, of course. So Rodrigo commented, so the year is much more for all the organization housekeeping and prepare the operations for sustainable achieved production around 80,000 ounces and the cost -- the all-in sustaining cost around $2,200 per ounce. But straight to the point, the bottleneck is the mine. So, the challenge is increase the production from the underground mine that we have much higher grade, even considering some contribution from the open pit. The reason for the lower grade in the second quarter is mainly because we pushed down. So, on the priority in the underground is prepare, develop the mine and release reserves for production in a stable way. We use a lot of ore from the old stockpile, lower grade stockpile on surface to keep the plant running, to keep producing and for sure, optimizing the result. Once in the mining, the focus is mining development. So, the great news is that we have been able to increase between 8% and 9% the performance in the underground development compared with the performance last year. The main reason of that is a combination of all the infrastructure that we did the upgrade during the first semester and also the upgrade in the underground fleet. So, if you remember in, when we did the acquisition, the reliability of the fleet is one constraint in that mine. So, we are using this lower production and underground to make some upgrades in the equipment as well and back to the operation in better levels. So we are getting much more higher availability. It's much more reliable equipment, higher productivity. So we are growing this path to increase production. We will see quarter-over-quarter the production grow in MSG in the Q2, in Q3, in Q4 and the Q1 2027. So we will be able to gradually increase grades and throughputs in the plant as well. Operator: Our next question comes from Mr. Lawson Winder from Bank of America. Lawson Winder: I just wanted to say solid capital return again, it's really great to see you guys leading the pack on that. What I wanted to ask about, though, is more on costs, which is obviously critical in your ability to maintain that strong free cash flow and support those investments. Year-to-date, at what rate would you say your cost inflation is running? And how does that compare to budget? And then as we move into the budgeting season for 2027, what makes sense to you as a good inflation rate to assume for 2027 versus 2026? Rodrigo Barbosa: Thank you, Lawson. And I'll let Kleber he can go in more detail. The team is, as you know, we have a very strong team locally fighting back inflation and trying to renegotiate with change specifications. And they've been able to do since 2022, and we continue to do that. Most of the impact that we have today that we saw, it comes from exchange rate that some from inflation. But I'll let then Kleber to give a little bit more color on this and then perhaps give a little bit of view on 2027, although yet we don't have guidance for '27. João Cardoso: Yes. Yes. So, as Rodrigo commented, of course, we do feel the impact, for example, of oil prices, that limited. So if you take diesel, it's, depending on our operations, it is usually between 5% and 10% of our total cost. So, there is some impact is. There is some indirect costs, of course, that comes from inflation of increased diesel price. But we have been working in different initiatives to compensate and fight back this impact. So that's why Rodrigo mentioned this, when we look to diesel and the impact of FX, of course, we feel the impact, but we're confident that we're going to be in the guidance because of the initiatives that we're working internally. For 2027, I think it's still too early to give you any perspective. We're just starting the budget process. We see on a structural basis, some big upside and opportunities when you look into what expect the OE for the company as a whole, mainly MSG bringing the all-in sustaining cash cost from where it is now close to $2,000. As you might imagine, there will be a big positive impact for the OE of the company as a whole. In addition, the expansion of almond, for example, all of that should play positively. But if you go then raw material for raw material and impact of inflation, it's a little bit early in our process to comment on that. Lawson Winder: Okay. Nevertheless, helpful. And then, if I could follow up on the discussion on M&A to put maybe a slightly finer point on it. I mean when you look at your portfolio, you have a number of brownfield and greenfield projects already in the portfolio. So, would it be fair to conclude that the preference might be for operating assets as opposed to greenfield projects? How do you think about that? And then playing into that as well, there's obviously just the time of your team, Rodrigo. I mean, do you guys have the capacity to take on another project if you were to acquire something along that line? Rodrigo Barbosa: It's a good question, and we are very focused on being able to deliver in what we acquire. And if you look back the last acquisition was MSG, something that was running on the top of implementing Era Dorada. That's why we don't want to build two projects at the same time exactly because of the team is the same, right? And we want to make sure that the team can deliver on the construction of Era Dorada. On the other hand, the turnaround team is different. So that's why we felt comfortable to put in MSG and now we are doing both, one team doing the construction and then working a lot on the turnaround. And then looking ahead, I think we would continue to look at both alternatives. But for example, we would not probably buy anything that we have to start construction next year. So, in greenfield project would be something that we could take one or two years. redesigning or upgrading or downsizing what we do in order to be able to build not in parallel Era Dorada and then see what would be the sequence together with Matupa. On the other hand, there is something that is operational and the turnaround of MSG, most of the attention is the first year. So, we would consider any acquisitions as long as we then along by the end of the year or next year, we can move the turnaround into some operational assets for next year so that we don't overlap, right? So, and also, we continue to look alternatives in Americas. We're not Africa player or the West or the East side. and gold and copper, right? So that's where we play. And as I have been widely also mentioning, we've been growing a lot on gold. We like to also add more copper, but copper alternatives has been more scare and returns on gold has been higher. So that's why we've been showing gold in the last years, not because we have a preference just because the returns have been significantly higher. Operator: Our next question comes from Mr. Henrique Marques from Goldman Sachs. Henrique Tavian Marques: I just wanted to follow up a bit more in detail on the share buyback program you guys announced. That is on top of the dividend that you're already paying above policy. Company has done an excellent work to keep the high level of trading volume, and it caught our attention that you've opted to announce the buyback program instead of just increase further dividend payments. So, I just wanted to understand like the stock did suffer an important sell-off in recent months. Is there any key metric here that you saw that made you announce the buyback program? Is there any threshold of valuation or even what is the perfect balance between dividend and share buyback going forward? And on top of that, just changing a bit gear here, sale of the San Francisco mine, good way to monetize a mine that was under care and maintenance program. I know you guys have also Tafria, which is also under care and maintenance. So, can we expect something similar to this mine? Or I mean, is this an asset that you're also seeking to sell? Does the recent change in the Colombian government changes anything? And how do you see this asset? Anything you guys can share with us would be great. Rodrigo Barbosa: Thank you. So as you mentioned, we just announced a share buyback. Again, we also made a significant progress on daily trading volume. We don't think the way we analyze that at this level, the share buyback would significantly impact the daily trading volume. We do not want to negatively impact the daily trading volume. So we would perform share buyback as long as it's not jeopardizing the daily trading volume, the liquidity that most of our investors appreciate. Looking ahead, we should see a combination of share buyback and dividends. We don't have exact number how we're going to play. Of course, we have our internal strategy, but it will be a balance. It will be a split, right, between share buybacks and dividends. And we've been able to pay above the guidance, above the policy and dividends. But from now on, we should see split. Don't expect dividends to be that high and then plus share buybacks. So, it will be a split, the total number will be a split of share buybacks and dividends. Henrique Tavian Marques: Very clear. If you guys can just touch bases on the San Francisco mine question. Rodrigo Barbosa: Okay. Yes. No, I think San Francisco, we announced, it took a while to approve and finally transfer. Tolda Fria is in Colombia. We just had a recent important change in government in Colombia. That project had been difficult to progress with the licensing. We expect now that potentially can change. So, we are now monitoring and trying to understand what would be the change in Colombia in order for us to reassess if we should push more investment and then foresee any licensing or continue to do care and maintenance or perhaps sales. So that's one thing that we will only understand after the Q3 and Q4 when we see what would be the impact of the change in government through the licensing project to mining. Operator: Our next question comes from Mr. Lucas Lagi from XP Investment. Lucas Laghi: I have two quick follow-ups. I guess, energy and cost inflation have been like the most discussed topics with investors most recently. So just touching base on those two topics. But on MSG, I mean, you mentioned in the release that one of the reasons why the asset performed relatively weaker compared to other assets was regarding the evolution of production and sales throughout the quarter, lower sales in April and increasing production and sales throughout the quarter. So just to, as one of the most concerns that we hear from investors is still related to the pace and to the turnaround process. I mean, could you provide us an idea of how production actually evolved throughout the quarter? So maybe there will be a run rate of production in June compared to April and how you're seeing the run rate in July and August, I mean, compared to what you saw by the end of the quarter. So just to maybe provide a more comfortable idea of this evolution that you guys already were able to achieve over these past months. And on the cost inflation topic, I mean, it's a discussion we have been hearing all over, all over sectors that we cover and particularly considering the conflict between U.S. and Iran. So, I mean, Rodrigo, you mentioned like effects, chemical, brands, or any specific cost mitigating initiatives that you guys have been implementing? I mean I don't know if there are any changes in hedging policy, for example. So just trying to better understand if such impacts have been high enough to drive any like particular initiative or hedging policy that you guys are doing. So just to better understand, I mean, this production evolution throughout the quarter on MSG and any potential cost mitigating initiatives on such cost inflation topic, particularly regarding the conflict? Rodrigo Barbosa: Yes. I'll give a quick view on MSG and then Kleber can comment in more details and then Glauber can talk a little bit about this hedging or cost inflation with, it's not significant inflation, right, that's impacting us. But yes, there's some, and we are fighting that. MSG, yet, I have not found a formula to do a turnaround and increase production at the same time. So, we need to improve maintenance. We need to improve infrastructure. We need to do all the underground development in order to improve production. That means that when you're doing maintenance, when you're doing a turnaround, you jeopardize the production in the short term. That point, right? There's no single company, no single mine that will be able to do both, increase short term and also do the turnaround. But Glauber can give a little bit more details on what's happening, that gives us confidence that Q3, Q4 and much more significant next year will be higher production, which is inline withe what he answered, but perhaps we can expand a little bit more. Glauber Rosa-Luvizotto: Yes. So, what we expect, and we should see is we will increase production in both lines. So, we will be able to increase the throughput in the plant, considering that we will have more ore from the underground and also with higher grades. So, what we expect this slowly increased from Q3 not slowly, but it's increased quarter-over-quarter or month-over-month, but it should be 50% more in throughput and 23% more in grade that may be able to change significantly the profile of production. And once we achieve those numbers, the costs should, as a consequence, should reduce as well as a consequence of the higher production. And we're still working in the future in the next years. So, with these new reserves, the concept of the mine design, we are changing a little bit to make sure that we can recover much more ore, including in the previous areas that was already mined. So, we are on track. So, we are pretty confident to get the target that we have sett internally to achieve the 8,000 ounces and the costs that we always comment we can see it happen. So, as Rodrigo comment took a little bit more time as we're considering, but we decided to do that and to organize everything to prepare the mine and to prepare the infrastructure in the mine to make sure that this growth will be sustainable, and we will not be surprised in the future. João Cardoso: In terms of cost initiatives, we don't have a silver bullet, or one single cost initiative. But we have a program. We have, for example, we have a big internal project regarding strategic sourcing that reviews material agreements, finds synergies among the business units and opportunities. We have also internal challenge program to reduce costs across different lines that when you sometimes look individually are not material, but we combine, yes, and with people internally in our organization with internal targets to achieve that. So, this is not the first time we do. We did this last year, produced good results. If you might remember, last year, we were able to deliver all-in sustaining cash cost below our guidance. Those initiatives is small by small, but when we put together again, they make the difference. So, this year, we are going to help as well. Unlike last year, we are not going to be that low that we're not going to beat low our guidance for sure this year for the other impacts. But our initiatives that, as we mentioned, are going to help us deliver the guidance despite the impact of inflation and maybe the impact of FX in Brazil and Mexico. So I would say it's more a program and pretty much aligned with our culture to be like lean in all levels and cost cautions in all level and all business units. Lucas Laghi: Great. Glauber, just a quick follow-up, you mentioned 50% on plant feed increase and 23% on grade increases. I couldn't get the number exactly. And which time frame were you referring to? I mean, Q3 compared to Q2 or half over half? Glauber Rosa-Luvizotto: No, it's just roughly numbers compared with the performance that we have in the first semester and what we have in the second semester, we should increase around 50% to 60% in throughput, and we can see also some increase in grades that once we have much more ore from the underground instead use the low-grade stockpile as we did in Q2, the grades should increase significantly the average should be something between 25% and 35%. Operator: Our next question comes from Mr. Marcelo Arazi from BTG Pactual. Marcelo Arazi: Two questions on my side as well. I think the first one is back on the M&A discussion. We saw over the past few years out of purchasing like single asset names rather than companies with more than one asset under their operations. And given the new size of the company and the addition to reaching closer to 1 million ounces over the long term, is purchasing like an entire company with more than one asset something under discussion? Is this something that you guys consider? I can let you guys respond and I'll make the second one. Rodrigo Barbosa: I think it's something that's not considered, right? So we always look at alternatives, yet the alternatives that we found and also could be engaged and do a transaction was mostly in this single asset. But that doesn't mean that we did not consider in the past or does not consider today a company that has more than one asset. Marcelo Arazi: That's very clear. I think the second one is on a different topic. Aura has been experiencing much higher volatility in share prices than normal. I think, of course, gold prices haven't been helping on that front. But I just wanted to hear from you some thoughts on that and what may be the reason behind this? And if there's anything within your range to eventually reduce that? Rodrigo Barbosa: I don't know if I have a specific answer for this, of course, we see what happens. What we have, and if you look, has one of the strongest, if not the strongest growth in the market, right? We are coming from, let's say, this year, the last 12 months is 313,000 ounces. This year, we are delivering between 340,000 and 390,000. And we are not including that MSG is going to be in full production next year, not including that Era Dorada being built and 280 also in production, not including higher production for Borborema, not including Matupa, not including new acquisitions. So, when you have that high-growth company that's been actually delivering doubling the EBITDA in the last three years. So normally, we expect more volatility because that means that we have such a much higher upside compared to any other of our peers that the impact of the gold price on our future is way more important than what the other company that doesn't have this growth has today because the company doesn't have this growth, most of the cash flow is already on the NAV. A lot of our NAV is on growth in doubling, right? We could take the $313 million, and we understand that we can go above $300, doubling production in the upcoming years. So that means that normally a company that has this high growth has higher volatility. Marcelo Arazi: That's very clear. Just perhaps a quick follow-up. Is that something that bothers you like as the CEO of the company and something that perhaps some shareholders might be concerned about it? Do you feel that? Rodrigo Barbosa: No. I think it's natural. And then as long as we continue to deliver results, and continue to deliver growth, you're going to continue to see volatility and then most of the volatility is going to happen on the upside. If you see that today, we are significantly discounted compared to our peers. But we will not only change the peers, but we also widen this gap of price per NAV. Volatility might continue, but most of that will happen on the upper side once the market should start to price in growth and should start to understand that this company is delivering on that promise and then perhaps price per NAV can flatten the gap. Operator: Our next question comes from Mr. Rafael Araujo from Itau. Rodrigo Barbosa: [Foreign Language] Operator: So we are going to the next question right now. Our next question comes from Mr. Ricardo Monegaglia from J Safra. Rodrigo Barbosa: [Foreign Language] Operator: Now we will take some writing questions, our next question comes from Mr. Graham Tanaka from Tanaka Capital Management. First question, please give us your outlook for gold prices and if you will adjust your hedging strategies. Two, can you give us your estimated ROI on internal expansion and mine investments versus ROI through MEA? And how much has the difference changed over the last three years? Three, how much have your ROI realized come in versus your expectations on each of your acquisitions? There were a lot of questions. So, I'll let Rodrigo answer the ROI. But the first one was what? Please give us your outlook on gold prices and if you adjust the gold price strategies. Rodrigo Barbosa: Yes. Gold prices, Tatanaka, first, thank you for attending, and thank you for trusting us and being a long-term investor. Gold prices, are interesting, right, because it got depressed at $4,100. It seems that all the movements and all the situations that push gold price is just buying, right? What is happening today, it's boiling gold price and perhaps we can see, as we saw yesterday, we can continue to see a significant appreciate in gold price, although we do not know where it's going to go, but I know that the fundamentals is just getting stronger and stronger. What are these fundamentals? Number one is the U.S. deficit the U.S. deficit continues to be high, and it could be fixable. But yet, we don't see any kind of discussion on how to address the deficit. Actually, this government tried to address this situation when he started, but then it was pushed back and we don't see how to address deficit and the deficit just increasing on the top also of some higher inflation. And when you see the war Iran, the gold, higher oil price, it just get the situation worse and also more spending in military that happened in the U.S. is going to happen also in Europe. And in the meanwhile, China continued to record high by record high gold in the market. So, I think the situation for gold is just the environment for gold appreciation is just improving. Yes, it's uncertain when this is going to be, will start to fly again. But yes, at $42.50 price is not bad at all, but we continue to see to be super constructive that this gold price can go to $50, $60, if not more $1,000 per ounce in the medium term once the market starts to understand that this situation of the dollar is not sustainable. Actually, when we see now what is happening with the yen, right, this is a decade of monetary testing of a very low interest rate that's going down here, right? And the U.S. needs to support the yen in order not to d treasury, which would put the heat to the market and will be difficult. So somehow U.S. already managing interest rates to keep it low. And then when the market understands that this will happen in the medium term and the short term, then gold price will have a significant appreciation. So, I would invite all investors to keep the eye in what is happening between U.S. and yen, while China continue to have a very strong purchase in gold. So very important variables that can push the gold price way beyond what it is today. Kleber, perhaps you can give a color what's happening with our IRR, internal rate of return or return on investment on the project, which is outstanding. I have never seen those kinds of returns in my life, and we have no reason not to believe that will continue to be like this. João Cardoso: Kleber Yes. Yes. You might need some of you who follow the company might remember when we say our strategy is looking at least 20% internal rate of return and leverage and considering more conservative gold prices. This is a strategy minimal. But in reality, if you take the investments that have been made and the results of the feasibility studies, for example, Almas was above 50% of the expected IRR internal rate of return, the Borborema was also close to 40% at the time of feasibility study, the same over 30% with Era Dorada. So we have the minimal necessary, but what we have invested when we make an investment decision, the expectation is already way above the minimum. And I would say has been significantly higher. If you take not only for good prices, good prices have helped, if you take Almas and Borborema , for example, the time we decided to make the investment and the expected returns we had at the time, the good prices helped. but also the change in the projects and how we have unlocked value has unlocked a lot of upsides. Again, in terms of examples, if you take Almas, we built on time on budget. So the initial investment was according to expectations. But since then, we have increased the life of mine. We have increased the plant capacity from 1.3 million tons and going to 3 million tons now, which means that the returns, not including gold prices, the return is only for the way we change and unlock value have been much higher. The same with Roborema. Roborema, we invested also we delivered on budget. So the initial CapEx outflow was expected. But when we look to the expected inflows going forward, when we announced to the market, we have 11 years life of mining, less than 800,000 ounces of reserves. Now we have 35 years life of mine and are already working also to expand the capacity. So the returns have been so far way above what we planned, even if we don't consider more favorable gold prices. If you put on that more favorable gold prices has been helping as well a lot. Rodrigo. Rodrigo Barbosa: No, I think you answered very well. I made a mistake here using my hand. João Cardoso: Okay. And yes, and I think one of the points was on internal versus M&A. So we have had these high returns on both. Of course, if you think about brownfield, usually the returns expected to be higher in the case of Almas in the case of Borborema because the structure is there. So that's why two are some of the important projects we have now expanding production capacity, the mines because all the structure is there, then it's the marginal the additional CapEx for the returns. But we have been seeing and enjoying this very high returns on both assets that we acquired and internal expansions as well. Operator: Our next question comes from Mr. Rafael Araujo from Itau BBA. Unknown Analyst: Yes. All right. So I have a question here related to El Nino. There has been some discussion around potential climate-related impacts across Latin America, right? Could you comment on whether El Nino pose any relevant risks or operational challenge for Aura? Rodrigo Barbosa: El Nino can change the rainfall in Central America. That's what probably can impact us. Ner Dorada, most of the groundwork is advancing well, and we are already over 60% completed. And then a lot is building the plant and doing underground development that can be impacted, but we don't see any major impact that can jeopardize our construction. On the other hand, then we need to monitor the amount of water that can go in Honduras. We have an open pit operation with important production in Q3 and Q4. So if we have a significant excess of water that can have an impact on productivity. But when you put this on the overall Aura, it won't make much of difference. It can impact Honduras, but on average on the recovery, we don't see other major impacts. So I think we're finishing the time here. So with that, I will conclude here, a quick wrap-up as always. Again, thank you again for participating in this call. Good to see important and difficult questions, which we are always happy to address. It was a very important quarter. And I would invite again, investors to take a look at what can happen in the company in Q3 and Q4 as we should continue to improve production in most of the mines in Q3, Q4. And we're very comfortable, confident that the guidance will be met as we see it today, either in production and also all-in sustaining cash cost. And more importantly, I see that we looked on the EBITDA in the last 12 months, $800 million or 313,000 ounces of production. We are now projecting between 340,000 and 390 and the gold price of the last 12 months is exactly what it is today. So on Q3, Q4, we should see a continued significant improvement on EBITDA levels to finish the year again with a significant step compared to last year. Also, as important as a very good results that we are foreseeing in Q3, Q4 is all the groundwork, all the background work that has been doing in the company in order to have a significantly better again, 2027. Number one, MSG turnaround going on time, on budget. We understand what we are doing, and we see the projections of Q3, Q4 improvement in production, but as important, we want to be prepared for '27, have a very stronger production compared to where we are today in MSG. Then we are debottlenecking in Borborema that by the Q4, we will be able to operate at a higher capacity, higher capacity also in Almas that we're going to finish the 3 million tons, plus, and then while we continue to build at Era Dorada to then the production beyond '28, but we'll see improvement in '27, done improvement in '28. And then we have Matupa implement and we have other alternatives to continue to expand our production. So, we've been doubling the EBITDA in the last three years, and I have no reason to doubt that we cannot continue a high-speed growth in terms of production, high-speed growth in terms of revenues with the cash cost controlled, then this will have a very leveraged impact on the EBITDA. So, I thank you all again. and then see you in next quarter. Operator: Thank you, Rodrigo, for your final remarks. Aura's conference is now closed. We thank you for your participation, and wish you a very nice day. Before you buy stock in Aura Minerals, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Aura Minerals wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Aura Minerals (AUGO) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management intentionally compromised short-term production at MSG to prioritize underground development and infrastructure turnaround, aiming for a structural shift to 80,000 ounces annually by 2027. Performance attribution for the quarter reflects a planned weaker first semester due to mine sequencing, with a significant production step-up expected in the second half of 2026. The company achieved a record 12 consecutive quarters of LTM EBITDA growth, reaching $800 million, driven by stable gold prices and operational scaling despite lower quarterly volumes. Strategic positioning remains focused on reaching a 1 million ounce production profile to capture fairer NAV multiples, utilizing M&A to bridge the gap from the current 600,000 ounce growth trajectory. Operational execution at Borborema and Almas is focused on debottlenecking and capacity upgrades, moving Almas toward a 3 million ton per year run rate by year-end. Management maintains a conservative leverage ratio of 0.2x net debt to EBITDA, allowing for simultaneous funding of greenfield projects and high shareholder returns. Guidance for the second half of 2026 is maintained at 182,000 to 232,000 ounces, assuming a combination of higher grades at Borborema and the successful ramp-up of MSG. The 2027 outlook anticipates a significant reduction in all-in sustaining cash costs (AISC) toward $2,000 per ounce as MSG completes its transition to a bottom-up mining methodology. Capital allocation will shift to a split between dividends and a new $200 million share buyback program, balancing yield with opportunistic equity repurchases at perceived valuation discounts. M&A strategy remains active despite gold price volatility, with a preference for assets where the company can apply its turnaround expertise without overlapping current greenfield construction timelines. The Era Dorada project is on track for commercial production, with 60% of groundwork completed and a focus on local labor integration and advanced water treatment infrastructure. Currency fluctuations represent a headwind, with the Brazilian Real strengthening from BRL 5.50 to BRL 5.00 per dollar, impacting AISC by approximately 10%. A $126 million non-cash mark-to-market gain on gold derivatives significantly boosted reported net income, though realized hedge losses totaled $37 million for the quarter. The sale of the San Francisco mine was completed, while the Tolda Fria asset in Colombia remains under care and maintenance pending regulatory clarity from the new government. Geotechnical and safety protocols were revised following a lost-time incident in March, with management reaffirming a zero-incident target across all operations. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management stated that lower gold prices actually facilitate M&A by narrowing the valuation gap between buyers and sellers compared to peak price periods. The company will not change its conservative acquisition criteria based on short-term price swings, focusing instead on long-term value creation through the 'three avenues' of greenfield, resource expansion, and M&A. The primary bottleneck is underground mine development; management increased development speed by 80% to 90% compared to the previous year to release higher-grade reserves. Second-quarter grades were suppressed by the use of low-grade surface stockpiles while the underground fleet underwent reliability upgrades. Expectations for the second half include a 50% to 60% increase in throughput and a 25% to 35% improvement in average grades. The buyback was introduced because management believes the stock is significantly discounted relative to peers and its own growth profile. Execution will be calibrated to ensure it does not negatively impact the recently improved daily trading volume, which has risen from $1 million to $100 million over the past year.

Aura Minerals (AUGO) came out with quarterly earnings of $1.15 per share, missing the Zacks Consensus Estimate of $1.28 per share. This compares to earnings of $0.49 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -10.16%. A quarter ago, it was expected that this Canadian gold and copper production company would post earnings of $2.18 per share when it actually produced earnings of $1.3, delivering a surprise of -40.37%. Over the last four quarters, the company has not been able to surpass consensus EPS estimates. Aura Minerals, which belongs to the Zacks Mining - Miscellaneous industry, posted revenues of $335.97 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 2.47%. This compares to year-ago revenues of $190.44 million. The company has not been able to beat consensus revenue estimates over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Aura Minerals shares have added about 14.6% since the beginning of the year versus the S&P 500's gain of 13%. While Aura Minerals has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Aura Minerals was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.45 on $388.11 million in revenues for the coming quarter and $5.56 on $1.52 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining - Miscellaneous is currently in the bottom 22% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, enCore Energy (EU), is yet to report results for the quarter ended June 2026. This company is expected to post quarterly loss of $0.10 per share in its upcoming report, which represents a year-over-year change of -42.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. enCore Energy's revenues are expected to be $9.4 million, up 156.8% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Aura Minerals Inc. (AUGO) : Free Stock Analysis Report enCore Energy Corp. (EU) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

ROAD TOWN, British Virgin Islands, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Aura Minerals Inc. (Nasdaq: AUGO) (B3: AURA33) (“Aura” or the “Company”) announced today that its Board of Directors (the “Board”) has declared and approved the payment of a dividend (the “Dividend”) of US$0.72 per common share (approximately US$60.42 million in total). This payment exceeds the minimum distribution foreseen under the Company’s Dividend Policy (the “Dividend Policy”). Under the Dividend Policy, the Company may determine quarterly cash dividends in an aggregate amount equal to 20% of its reported Adjusted EBITDA3 for the relevant three months, less sustaining capital expenditures and exploration capital expenditures for the same period. The Dividend will be paid in US dollars on August 28, 2026, to shareholders of record as of the close of business on August 18, 2026 (“Record Date”). Holders of the Company’s Brazilian Depositary Receipts (“BDRs”) as of Record Date will receive US$ 0.24 per BDR (since 1 Aura share is equivalent to 3 BDRs) and are expected to receive payment on or around September 8, 2026, in Brazilian Reais based on the market exchange rate to be disclosed in a future Press Release in advance of its payment date. As an example, BDR holders will receive: Announced Dividend on August 5, 2026: USD 0.24 per BDR Exchange Rate, based on closing rate as of August 4, 2026, for USD to Brazilian Reais (BRL): BRL 5.1047 per USD, Dividends Payable to Company BDR Holders would be BRL 1.217770 per BDR. This value will change according to the exchange rate on the day prior to the payment day Record Date for Dividend Rights: August 18, 2026 Payment Date: On or around September 8, 2026 The Dividend is not subject to withholding taxes at the time of payment by the Company. Rodrigo Barbosa, President & CEO commented, “In Q2 2026 we delivered another strong performance, capping a record first half with the highest first-half production in the Company's history — 157,574 GEO, up 27% year-over-year — and H1 2026 Adjusted EBITDA of US$441 million, up 135% year-over-year. We are pleased to announce a dividend of ~US$60 million, a dividend yield of approximately 4.3%, above our Dividend Policy minimum, complemented by a new share repurchase program of up to US$200 million. During the quarter we advanced Era Dorada construction on schedule, continued the expansion at Almas and the underground development at MSG, and completed the sale of the São Francisco Mine. These milestones show we are executing our strategy: grow production above 600 koz GEO per year, expand resources and reserves, pursue disciplined M&A, and deliver meaningful returns to shareholders. Looking ahead, we expect a stronger second half, supported by Aranzazu, Apoena, Borborema and MSG, reinforcing our full-year guidance. And there is much more ahead.” About Aura 360° Mining Aura is focused on mining in complete terms – thinking holistically about how its business impacts and benefits every one of our stakeholders: our company, our shareholders, our employees, and the countries and communities we serve. We call this 360° Mining. Aura is a company focused on the development and operation of gold and base metal projects in the Americas. The Company's six operating assets include Minosa gold mine in Honduras; Almas, Apoena, Borborema and MSG gold mines in Brazil; and Aranzazu, a copper, gold, and silver mine in Mexico. Additionally, the Company owns Era Dorada, a gold project in Guatemala; Tolda Fria, a gold project in Colombia; and two projects in Brazil: Matupá, which is under development; and the Carajás copper project in the Carajás region, in the exploration phase. Forward-Looking Information This press release contains “forward-looking information” and “forward-looking statements”, as defined in applicable securities laws (collectively, “forward-looking statements”) which include, but are not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including the expected timing of the Dividend; the further potential of the Company’s properties; and the ability of the Company to achieve its short and long term outlook and the anticipated timing and results thereof. Known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s ability to predict or control, could cause actual results to differ materially from those contained in the forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Specific reference is made to the most recent 20-F on file with certain Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements, which include, without limitation, the ability of the Company to achieve its short-term and longer-term outlook and the anticipated timing and results thereof, the ability to lower costs and increase production, the ability of the Company to successfully achieve business objectives, copper and gold or certain other commodity price volatility, changes in debt and equity markets, the uncertainties involved in interpreting geological data, increases in costs, environmental compliance and changes in environmental legislation and regulation, interest rate and exchange rate fluctuations, general economic conditions and other risks involved in the mineral exploration and development industry. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect the forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. 1 Including shares and BDR buybacks. We calculate dividend yield as the announced dividend per share divided by the NASDAQ share price in US$ on the announcement date (dividend yield = dividend per share / share price at announcement date). The buyback yield is calculated as the total value of shares repurchased in the period divided by the average market capitalization on a given year in each case using the NASDAQ share price (buyback yield = buybacks reported / average market capitalization for a given year). The dividend yield + buyback yield is the sum of the dividend yield and the buyback yield for the reporting period2 As of August 5, 2026, the Company had 83,836,843 common shares issued and outstanding.3 Adjusted EBITDA as (Loss) profit for year, plus finance expenses, less other (expense) income, less Change in estimation for mine closure and restoration for properties in care & maintenance, plus depletion and amortization. CONTACT: For further information, please visit Aura’s website at www.auraminerals.com or contact: Investor Relations [email protected]

ROAD TOWN, British Virgin Islands, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Aura Minerals Inc. (NASDAQ: AUGO) (B3: AURA33) (“Aura” or the “Company”) announces that it has filed its audited consolidated financial statements and earnings release (together, “Financial and Operational Results”) for the period ended June 30, 2026. The full version of the Financial and Operational Results can be viewed on the Company’s website at www.auraminerals.com, on SEDAR+ at www.sedarplus.ca. or on SEC www.sec.com. Rodrigo Barbosa, Aura’s President, and CEO commented: “Aura delivered a record first half, producing 158k GEO in H1 2026. With second-half guidance of 182k to 232k GEO, we remain firmly on track with our full-year target of 340k to 390k GEO. Our LTM Adjusted EBITDA reached US$802 million — the 12th consecutive quarterly increase — supported by an average gold price of US$4,260 per ounce and LTM production of 313k GEO. Beyond the numbers, we are rapidly advancing our next phase of growth: construction at Era Dorada is on schedule with earthmoving 60% complete; the turnaround at MSG is laying the infrastructure and underground development for a significant production step-up in 2027; Almas is advancing its expansion toward 3 Mtpa; we are finalizing engineering studies at Borborema to increase capacity; and we are now incorporating Serrinhas and Pé Quente into the Matupá studies. We are delivering both strong production growth and a clear path toward 600k GEO annually, while rewarding our shareholders with robust returns — generating a approximately 4.3% yield over the last twelve months through dividends and share buybacks.” Operational & Financial Headlines Q2 2026 and H1 2026 Except as otherwise noted in this document, references herein to “US$” or and “$” are to thousands of United States dollars Headlines Record First-Half Production: Q2 2026 total production reached 75,437 GEO, an 8% decrease compared to Q1 2026 and 18% higher than Q2 2025 at current metal prices (at constant prices, -9% QoQ and +16% YoY). In H1 2026, Aura produced 157,574 GEO (158,448 GEO at constant prices), a 27% increase over H1 2025 and the highest first-half production in the Company's history and is on track to deliver its consolidated guidance of 340k – 390k GEO in 2026. Q2 2026 and H1 2026 highlights: Sales Volumes: Q2 2026 sales were 78,414 GEO, a 4% decrease QoQ but a 26% increase YoY at current prices, mainly due to better sales at Almas, Borborema now under commercial production, and the addition of MSG. In H1 2026, Aura sold 159,782 GEO, up 30% YoY. Net Revenues: Q2 reached US$335,967, down 12% QoQ and up 76% YoY, driven by gold prices and production fluctuations. In H1 2026, Net Revenue was US$718,573, up 104% compared to the same period of last year. Adjusted EBITDA: Q2 hit US$196,659, down 19% QoQ and up 85% YoY. Driven by changes in production/sales and gold prices between the periods. In H1 2026, Adjusted EBITDA hit US$ 440,527, up 135% YoY. AISC Performance: Q2 2026 AISC was US$1,985/GEO, up 9% QoQ and 37% YoY, largely driven by MSG (US$5,277/GEO, +41%) as Aura focused the quarter on preparing the mine and advancing on primary development as part of the Company’s plan to shift the mining method to bottom-up. Excluding this impact, Aura’s AISC would have been US$1,653/GEO, up 5% QoQ and 14% YoY, reflecting the mine sequencing at Almas and Apoena, and lower production at Minosa. These results were partially offset by a decrease at Borborema. In H1 2026, AISC was US$1,906/GEO (+31% YoY) and US$1,615/GEO ex-MSG and the Company remains on track to deliver its AISC Guidance of US$1,720-US$1,865 in 2026, including MSG. Recurring Free Cash Flow: Q2 2026 US$80,230, -15% QoQ, as lower EBITDA, increased CAPEX (+49% QoQ as part of the Company’s plan and Guidance), and higher realized losses on gold hedges (+12%, to US$37.2 million) had a bigger impact than favorable changes in working capital and 21% lower taxes paid. Compared to Q2 2025, RFCF increased by 33% mainly related to the higher sales and gold prices. In H1 2026, US$ 175,083, +107% YoY. Net Income: a record US$217.7 million, +129% QoQ with lower current income taxes. Net Income was +2,572% YoY, benefited from an Operating Income of US$175.3 million (+93% YoY). Both periods were materially impacted by non-cash gains related to the MTM of gold collars. Net Debt Position and Financial Leverage: Q2 2026 Net Debt of US$168,026 (0.21x Net Debt/Adjusted EBITDA LTM), an increase QoQ of US$52.8 million due to dividends and shares buybacks of US$67.7 million and expansion capex of US$53.5 million, partially compensated by Recurring Free Cash Flow of US$80.2 million. OTHER UPDATES: Repurchase Program: In June 2026, Aura's Board approved share repurchase programs for the Company's common shares and Brazilian Depositary Receipts. Aura may repurchase up to an aggregate US$200 million in the open market or through privately negotiated transactions, from June 18, 2026 through June 18, 2027, or until completed, whichever comes first. The Board will review the programs periodically and may adjust their terms and size, or suspend or discontinue them. 2025 Sustainability Report: In May 2026, Aura announced its 6th Annual Sustainability Report showcasing the Company’s progress in promoting safety, responsibility, sustainability, and innovation, prepared with reference to Global Reporting Initiative (GRI) standards, the report ensures clear and transparent disclosure of Aura’s financial, environmental, and social performance. The full report can be found on “Sustainability - Aura Minerals” on Aura’s website. Advancing Construction, Environment, and Community at Era Dorada: the project continues to advance on all fronts toward becoming a new standard for sustainable mining. Following full Board approval in April 2026, construction is progressing on schedule, with earthmoving at 60% completion, Long Lead Items in manufacture, the EPCM company on board, and civil works mobilization underway. Environmentally, the project features a closed water circuit reusing 100% of processed water, approved capex for potable water — a first in Guatemala — and a fully licensed, Aura-owned geothermal energy source. On the social side, the Era Dorada House in Asunción Mita has driven over 1,300 hours of community engagement and official recognition from local communities, while employment has grown to over 366 people (53% local; 93% Guatemalan), positively impacting around 25,000 people nearby. Cumulative investment reached US$15.3 million as of June. Sale Agreement to São Francisco Mine: In May 2026, Aura completed the previously announced sale of the São Francisco Mine (part of the Apoena Mine complex) for a total purchase price of $9.0 million, following satisfaction of the final closing condition. The mine had been under care and maintenance, with fully depreciated property, plant and equipment. As of June 30, 2026, Aura had received US$ 3 million in cash proceeds — a US$1 million advance payment at signing and a US $2 million payment at closing — with the remaining balance recorded in Other Receivables and Assets. Results Teleconference: Date: August 6, 2026 Time: 11 a.m. (Brasília) | 10 a.m. (New York and Toronto) Link to access: Click here 2. Consolidated Financial Results 2.1 Total Production and Sales (GEO) Apply the metal sale prices in Aranzazu realized during Q2 2026: Copper price = US$6.09/lb; Gold Price = US$4,416/oz; Silver Price = US$71.45/oz and Molybdenum Price = US$29.71/oz. Total production in Q2 2026 reached 75,437 gold equivalent ounces ("GEO"), an 8% decrease compared to Q1 2026 and 18% higher than Q2 2025 at current metal prices. The quarter benefited from higher production at Aranzazu, driven by favorable metal price dynamics in the copper-to-GEO conversion and at Almas, with 17% QoQ increase in ore plant feed drove production to 16,130 GEO, 2% above Q1 2026. Quarter-over-quarter, these performances were partially offset by lower grades at Apoena (from 0.8 g/t to 0.6 g/t), Borborema (from 1.41 g/t to 1.16 g/t) and MSG (from 1.54 g/t to 0.90 g/t), all in line with each mine's sequencing plans and in line with Aura’s annual Guidance. At constant metal prices, production decreased 9% compared to Q1 2026. Compared to Q2 2025 production, the growth was mainly attributable to: (i) Declaration of commercial production at Borborema during Q3 2025; (ii) the addition of MSG; and (iii) Almas, up 34% on higher ore plant feed and improved operational performance from its ongoing plant expansion. These gains were partially offset by lower production at Apoena, down 31% on lower grades and recovery rates which are expected to improve during H2 2026; Minosa, down 21% on higher stacking levels within the leach pad and lower ore plant feed; and Aranzazu, down 20% in line with the mine plan. At constant metal prices, production increased 16% above Q2 2025. In H1 2026, production reached a record 157,574 GEO, the highest first-half production in Aura's history, a 27% increase at current metal prices and also 27% at constant prices (158,448 GEO) compared to the 124,120 GEO produced in H1 2025. This growth was primarily driven by Borborema commercial production, the addition of MSG and Almas' performance, as described above. 2.2. Net Revenue In Q2 2026, the Company reported Net Revenue of US$336.0 million, representing a 76% increase compared to Q2 2025, mainly due to an increase in sales and more favorable metals prices, with the average gold price increasing by 35% and the average copper price increasing by 41% over the same period of 2025. When compared to Q1 2026, Aura’s Net Revenue decreased 12%, driven by the sales decrease, also due to lower average realized gold price. In H1 2026, the Net Revenue was US$718.6 million, a 104% increase compared to the same period of 2025, primarily driven by the strong increase in production of 27% as discussed above and increase of 53% in the average realized gold price, which rose from US$2,986/oz in H1 2025 to US$4,566/oz in H1 2026. 2.3. Cost and Gross Profit In Q2 2026, Cost of Goods Sold (COGS) totaled US$144.5 million, a 6% decrease compared to Q1 2026 and a 67% increase compared to Q2 2025. Compared to Q1 2026, the decrease was mainly driven by lower production and sales volumes (down 8% and 4%, respectively) and increase in work-in-progress inventory. Compared to Q2 2025, the increase in COGS was mainly driven by the Company's larger asset base following the addition of Borborema and MSG, with all cost lines increasing accordingly. In the quarter, Gross Profit was US$191.5 million, down 16% from Q1 2026, considering the lower revenue as result of lower production and gold prices, but up 84 % from Q2 2025, due to higher revenues for the reasons discussed. Gross Margin was 57% in the quarter, slightly above YoY but down 3 p.p. QoQ for the same reasons. In H1 2026, COGS totaled US$298.3 million, a 76% increase compared to US$169.9 million in H1 2025, mainly explained by the commercial production of Borborema and the addition of MSG to the Company's portfolio, which together added US$ 111.8 million in COGS in the period. Net Revenue more than doubled, up 104%, more than offsetting the increase in COGS and driving Gross Profit to US$420.3 million, a 130% increase compared to H1 2025, with Gross Margin expanding 7 p.p. to 58%. 2.4. Cash Cost and All in Sustaining Costs In Q2 2026, Cash Cost was US$1,513/GEO, up 2% compared to Q1 2026, mainly reflecting the impact of MSG’s turn-around phase, whose Cash Cost increased 33% to US$3,852/GEO driven by lower production (more details on section 3.6) as the Company focuses on the primary development. Excluding MSG, Cash Cost was US$1,277/GEO, 2% below the Q1 2026, due to lower unitary costs at Aranzazu, Almas and Borborema — driven by metal price dynamics regarding GEO conversion, higher processed volumes and improved plant performance respectively — offset by an increase at Apoena, where Cash Cost rose 37% due to lower ore mined and grades during the development phase of the Nosde pit. Compared to Q2 2025, Cash Cost increased 32%, also due to MSG. Excluding this impact, Cash Cost had an 11% increase, mainly reflecting lower grades and mine sequencing effects at Apoena and Aranzazu, together with the appreciation of the Mexican Peso (of around 2%) and Brazilian Real during the period. AISC totaled US$1,985/GEO in Q2 2026, increasing 9% QoQ and 37% YoY. Excluding MSG, AISC was US$1,653/GEO, a 5% increase compared to Q1 2026, mainly driven by higher Sustaining CAPEX at Almas, associated with the pushback of the open pit mine, and mine sequencing at Apoena. In H1 2026, Cash Cost was US$1,499/GEO (US$1,287/GEO excluding MSG) and AISC was US$1,906/GEO (US$1,615/GEO excluding MSG), reflecting the impacts described above. The Company continues to expect consolidated 2026 Cash Cost and AISC to be within the Company's Guidance range, as results at MSG are expected to improve as the Company advances its turnaround strategy, Apoena's costs should benefit from the higher grades to be accessed later in the year once the Nosde development is completed, as well as the positive impacts of mine sequencing in H2 2026 from other operations. 2.5. Operating Expenses General and Administrative expenses increased 43% compared to Q1 2026, primarily due to a non-recurring provision for judicial contingencies at Apoena of approximately US$4.7 million as well as expenses related to personnel turnover at MSG and professional fees for Era Dorada construction. Versus Q2 2025, G&A increased 99%, reflecting the consolidation of Borborema and MSG (which were not included in the prior-year results) together with these non-recurring legal impacts and higher professional fees related to the Era Dorada Project. In H1 2026, G&A totaled US$38.2 million, an 83% increase from US$20.9 million in H1 2025, mainly driven by the reasons above. Exploration expenses totaled US$3.6 million in Q2 2026, an increase of 51% compared to Q1 2026 (US$2.4 million) and 108% compared to Q2 2025 (US$1.7 million). The QoQ increase was spread across the operating units, led by Almas totaling US$1.4 million in the quarter, followed by Aranzazu with US$1.1 million and Borborema with US$0.6 million. On a YoY basis and in H1 2026, the increase in both periods was led by the same units and in the same order of impact as the quarter. The Company recorded net Other Income of US$9.9 million in Q2 2026, an improvement compared to the expense of US$5.4 million in Q1 2026 and compared to the income of US$0.1 million in Q2 2025. The QoQ variation was mainly driven by a US$11.0 million increase in the "Other income/expenses" line, mainly related to the sale of the São Francisco mine. For the H1 2026 period, the Company recorded net Other Income of US$4.5 million, compared to an expense of US$0.7 million in H1 2025, mainly reflecting the effects mentioned above. The Company thus ended Q2 2026 with Operating Income of US$175.3 million, a decrease of 15% compared to US$205.3 million in Q1 2026, mainly reflecting lower Gross Profit in the quarter (down 16%, from US$228.8 million to US$191.5 million) and higher G&A expenses, partially offset by the positive Other Income. On a YoY basis, Operating Income increased 93% compared to US$91.0 million in Q2 2025, driven by the strong 84% growth in Gross Profit, which more than offset the increase in Operating Expenses. For the H1 2026 period, Operating Income totaled US$380.6 million, an increase of 141% compared to US$157.7 million in H1 2025, reflecting the significant 130% increase in Gross Profit for the period, partially offset by growth in G&A and exploration expenses. 2.6. Adjusted EBITDA Adjusted EBITDA was US$196.7 million in Q2 2026, with an Adjusted EBITDA Margin of 59%. Compared with the previous quarter, Adjusted EBITDA was down 19%, as lower average gold prices (US$4,304/oz, -12% QoQ), combined with lower sales volumes and G&A impacts. Compared with the Q2 2025, Adjusted EBITDA was 85% above, due to the sales increase – considering the inclusion of Borborema and MSG - and higher gold prices, which together more than offset the increase in costs and G&A. In the first half of 2026, Adjusted EBITDA reached US$440.5 million, more than double of H1 2025 result (US$187.7 million), with a margin of 61% (vs. 53% in H1 2025), supported by a 30% increase in sales and a 53% jump in the average realized gold price 2.7. Financial Result The Company’s Financial Result in Q2 2026 was a gain of US$61.0 million, an improvement compared to a loss of US$ (68.9) million recorded in Q1 2026 and a loss of (US$59.6) million in Q2 2025, impacted by: Unrealized gain on gold hedges of US$126.0 in Q2 2026, arising from mark-to-market (MTM) adjustments related to outstanding gold hedge positions, reflecting decrease in gold prices between the start and the end of the quarter, which closed the quarter at US$4,008.02 per Oz, coming from US$4,646.60 per Oz at the start of the period. In accordance with IFRS standards, the Company records MTM adjustments at the end of each reporting period for all outstanding derivative positions. Realized losses with gold hedges of US$37.2 million in Q2 2026 were related to cash settlement of outstanding gold collars during the quarter, driven by the expiration of gold collars within the quarter. Other finance costs include pre-payment fees related to liability management of certain loans of the Company. In H1 2026, the Financial Result was US$(7.9) million, an improvement compared to a loss of US$ (181.2) million recorded in H1 2025, impacted by: Unrealized gain on gold hedges of US$101.9 in H1 2026, arising from mark-to-market (MTM) adjustments related to outstanding gold hedge positions, reflecting a decrease in gold prices between the start and the end of the semester, which closed the period at US$4,008.02 per Oz, coming from US$4,386.30 per Oz at the end of 2025. Realized losses with gold hedges of US$70.6 million in H1 2026 were related to cash settlement of outstanding gold collars during the quarter, driven by the expiration of gold collars within the quarter. All of Aura’s outstanding gold collars (166,578 Ozs) are associated with the future production of Borborema and will expire between July/2026 and June/2028. As previously disclosed, an estimated 80% of the production for the first 3 years of the Borborema were hedged in 2023 at ceiling prices of US$2,400 per Oz. 2.8. Net Income Net Income in Q2 2026 was US$217.7 million, a record high and an increase when compared to a Net Income of US$95.2 in Q1 2026 as well as US$8.1 million in Q2 2025. Compared with Q1 2026, the increase was mainly due to the improvement in the Financial Result, as an unrealized gain of US$126.0 million on gold hedges was recorded in Q2 2026 versus an unrealized loss of US (24.1) million in Q1 2026, more than offsetting the sequential decline in Operating Income. Compared with Q2 2025, this improvement was mainly due to the increase in Operating Income and the unrealized gain on gold hedges in the quarter, resulting from mark-to-market (MTM) adjustments on open hedge positions. In H1 2026, Net Income reached US$312.8 million, compared to a Net Loss of US$(65.1) million in H1 2025, also mainly due to the improvement in Operating Income and MTM adjustments of gold hedge position, which shifted from an unrealized loss of US$(124.5) million in H1 2025 to an unrealized gain of US$101.9 million in H1 2026. Adjusted Net Income As a result of the increase in the Company's Operating Income, Adjusted Net Income in Q2 2026 was US$97.4 million, compared to US$36.8 million in Q2 2025, excluding: Non-cash gain related to gold hedges: US$126.0 million FX losses: US$(10.9) million Deferred taxes over non-monetary items: US$5.2 million In H1 2026, Adjusted Net Income was US$201.3 million, compared to US$63.7 million in H1 2025, excluding: Non-cash gain related to gold hedges: US$101.9 million FX losses: US$(5.4) million Deferred taxes over non-monetary items: US$15.0 million 3. Performance of the Operating Units 3.1 Aranzazu Apply the metal sale prices in Aranzazu realized during Q2 2026: Copper price = US$6.09/lb; Gold Price = US$4,416/oz; Silver Price = US$71.45/oz and Molybdenum Price = US$29.71/oz. At Aranzazu, Q2 2026 production reached 17,882 GEO, a 14% increase compared to Q1 2026 at current metal prices, mainly reflecting favorable metal price dynamics in the copper-to-GEO conversion: the average realized copper price rose 5% QoQ to $6.09/lb, while gold declined 9% to $4,416/oz and silver declined 14% to $71.45/oz. At constant metal prices, production increased 8% QoQ, driven by higher ore grades from mine sequencing — copper grade up 10% to 1.27%, gold grade up 7% to 0.72 g/t and silver grade up 9% to 18.5 g/t. Compared to Q2 2025, production decreased 20% at current prices and 24% at constant prices, mainly due to the mine plan and sequencing, with ore mined 4% lower, and grades declined across all metals (copper -20%, gold -20% and silver -17%) compounded by lower recoveries. In terms of sales, Aranzazu sold 17,764 GEO in Q2 2026, a 10% increase compared to Q1 2026 but a 20% decrease compared to Q2 2025, in line with the lower production discussed above. In H1 2026, Aranzazu produced 33,576 GEO at current metal prices (34,450 GEO at constant prices), a 21% decrease compared to both current and constant prices, consistent with the lower grades expected from mine sequencing during the first half of the year. Sales followed a similar trend, totaling 33,982 GEO in H1 2026 versus 42,746 GEO in H1 2025. Aranzazu's Net Revenue in Q2 2026 was US$74.8 million, 8% higher compared to Q1 2026, primarily driven by higher copper prices and a higher volume of copper sold. Compared to Q2 2025, Net Revenue increased 20%, as significantly higher average prices realized across all metals more than offset lower sales volumes, in line with the Company's mine sequencing. In H1 2026, Net Revenue totaled US$144.0 million, 28% higher than the US$112.8 million recorded in H1 2025, following the same dynamic of higher metal prices that more than compensated for the lower sales volumes. Cost of Goods Sold at Aranzazu remained broadly in line with Q2 2025 and decreased 3% compared to Q1 2026, reflecting continued focus on cost control. Cash Cost was US$1,409/GEO in Q2 2026, 10% lower than the previous quarter, driven by higher sales volumes and lower mine costs and impact on GEO conversion due to the reduction in gold prices in the quarter. Versus Q2 2025, Cash Cost rose 27%, almost entirely due to a 20% decline in production volume in line with the Company’s mine sequencing. AISC followed a similar pattern, reaching US$1,897/GEO in Q2 2026 — 7% lower than Q1 2026 thanks to the positive dilution effect of higher sales. Year-over-year, AISC increased 25%, primarily reflecting lower production volumes, despite stable COGS and reductions in CAPEX (-3%) and G&A (-10%). In H1 2026, Cost of Goods Sold was only 4% above H1 2025. Cash Cost averaged US$1,480/GEO (+30%) and AISC reached US$1,969/GEO (+29%), both mainly driven by lower production volumes in the period. In the quarter, Aranzazu’s general and administrative expenses decreased 21%, to US$1.2 million, compared to Q1 2026, and another 18% decrease compared to Q2 2025, both periods impacted by lower expenses in third party services. In the quarter, exploration expenses were almost in line with Q2 2026, and 44% above Q2 2025 mainly driven by increased exploration in regional targets. Despite the total expenses at Aranzazu decreased 37% in the quarter compared to Q1 2026 and increased 2% compared to Q2 2025, in H1 2026 total expenses was US$6.1 million, an increase of 27%, mainly due to exploration expenses, that increased 38%. Aranzazu's Adjusted EBITDA reached US$47.4 million in Q2 2026, 15% higher than Q1 2026, mainly driven by higher net revenue due to increase in production and lower costs. Compared to Q2 2025, EBITDA also increased 33% due to higher revenues resulting from higher copper prices, despite lower production. In H1 2026, Adjusted EBITDA totaled US$88.8 million, a 47% increase compared to H1 2025. Net income totaled US$26.7 million in the quarter (+13% QoQ, +116% YoY) and US$50.4 million in H1 2026 (+130% YoY), for the same reason mentioned above. 3.2 Apoena At Apoena, Q2 2026 production totaled 5,704 GEO, a 24% decrease compared to Q1 2026, mainly due to a 26% decline in grade, from 0.80 g/t to 0.59 g/t, as expected due to mine sequencing, and also by a 2.1 p.p. decrease in recovery. Ore plant feed remained broadly in line with Q1 2026, while ore mined decreased 49%, reflecting the investment period in Nosde Phase 3 development. Compared to Q2 2025, production decreased 31%, primarily due to the same combination of 20% lower grades and lower recovery, down 1.8 p.p. Ore mined was 26% lower YoY, mainly reflecting the exhaustion of the Ernesto and Lavrinha pits during 2025, while ore plant feed declined 19%, due to the higher toughness of the Nosde ore compared to the previous year's ore. In H1 2026, Apoena produced 13,229 GEO, a 23% decrease compared to the 17,095 GEO produced in H1 2025, mainly due to lower ore plant feed and lower grades over the semester. In the quarter and in the semester, Apoena sold the same amount as produced (5,704 GEO in Q2 2026 and 13,229 GEO in H1 2026), consistent with the Company's plan to achieve higher grades in the Nosde Pit during the second half of 2026. Apoena’s Net Revenue totaled US$25.4 million for Q2 2026, 29% lower than Q1 2026, due to a decrease of 24% in sales and lower gold price, and 5% lower than Q2 2025, driven primarily by lower production. In H1 2026, Net Revenue totaled US$61.2 million, 15% increase compared to the same period of 2025, largely explained by the same reasons previously described. In Q2 2026, cost of goods sold (COGS) totaled US$15.6 million, an increase 9%, driven largely by increase in ore mined and by the appreciation of the Brazilian Real against the US dollar. Compared with Q1 2026, this result represented a 4% decrease, primarily driven by a 49% decrease in ore mined compared to Q1 2026. However, the focus on Nosde Phase pit expansion impacted directly the total material mined, which increased 22% QoQ, and the strip ratio (from 12.2x in Q1 2026 to 30.3x in Q2 2026). These factors, together with a lower recovery rate (90.5% in Q2 2026, vs. 92.4% in Q1 2026) and lower grades, which impacted directly the production, drove Cash Cost to US$1,886/GEO in the quarter, a 37% increase compared to Q1 2026. In Q2 2026, Apoena's AISC was US$2,668/GEO, 25% higher than Q1 2026, primarily reflecting the higher G&A described below. Considering these impacts, in H1 2026 AISC was US$2,362/GEO, 24% above the same period of 2025. These results are in line with the Company`s plan and Guidance, and cash costs and AISC are expected to decrease in H2 2026 as Apoena will reach higher grade ore material from the Nosde pit. Apoena's general and administrative expenses in the quarter totaled US$5.5 million, 444% higher than Q1 2026 and 483% higher than Q2 2025, primarily explained by a non-recurring provision for judicial contingencies in Q2 2026. In the quarter, exploration expenses increased 19%, due to increased regional mapping activity in the Jiboinha, Guaporé-Sararé and Serra Dourada targets. Year-over-year, this expense increased 239%, for the same reason. In Q2 2026, the increase in G&A and in exploration expenses were offset by the sale of São Francisco, impacting the line “Other Income/Expenses. This effect also positively impacted H1 2026 compared to H1 2025. Apoena's Adjusted EBITDA in Q2 2026 reached US$13.7 million, a decrease of approximately 44% compared to Q1 2026 and 16% compared to Q2 2025, reflecting lower production and sales volumes as well as higher costs, as described above. During the quarter, Apoena recognized a non-recurring provision of US$4.7 million. As this was a one-time item, it was excluded from the calculation of Adjusted EBITDA. In H1 2026, Adjusted EBITDA reached US$37.9 million, a 28% increase compared to the same period of 2025, despite lower production and sales volumes and higher costs, the increase in gold prices more than offset these impacts, supporting an increase in Adjusted EBITDA. 3.3 Minosa At Minosa, Q2 2026 production totaled 14,284 GEO, an 18% decrease compared to Q1 2026, mainly driven by lower gold extraction (-8.1 p.p.) associated with the increase in stacking level within the leach pad. This effect was compounded by 10% lower ore plant feed, together with 5% lower grades. Compared to Q2 2025, production decreased 21%, primarily due to the same decline in extraction (-20.2 p.p.) for the same reasons described above. In terms of sales, Minosa sold 15,296 GEO, 12% lower than Q1 2026 and 14% lower than Q2 2025. In H1 2026, Minosa produced 31,683 GEO, an 11% decrease compared to the 35,693 GEO produced in H1 2025, consistent with the same leach pad level increased throughout the semester. Sales followed a similar trend, totaling 32,762 GEO in H1 2026 versus 35,362 GEO in H1 2025, an 7% decrease, directly reflecting the lower production volumes in the period. Minosa's Net Revenue totaled US$64.3 million for Q2 2026, 20% lower than Q1 2026, mainly reflecting the lower production and sales volumes and gold prices decrease in the quarter. Compared to Q2 2025, Net Revenue increased 15%, driven by higher gold prices. In H1 2026, Minosa's Net Revenue reached US$144.3 million, a 39% increase compared to the US$103.8 million recorded in H1 2025, also due to the higher gold price. In Q2 2026, Cost of Goods Sold totaled US$21.3 million, down 6% quarter-over-quarter and 3% year-over-year, driven by lower total ore mined (-22% QoQ and -9% YoY). Minosa’s Cash Cost reached US$1,308/oz, 10% higher than Q1 2026 and 11% higher than the US$1,178/oz recorded in Q2 2025. The increase was mainly attributable to lower production volume. AISC followed the same trend, rising to US$1,545/oz (+13% QoQ and -+20% YoY), primarily reflecting the impact above and higher Sustaining Capex, due to investment on the construction of the new leach pad. G&A expenses were US$1.1 million in Q2 2026, 9% lower than Q1 2026 and 14% lower than Q2 2025, mainly due to lower expenses in third party services. In H1 2026, G&A also decreased 9% for the same reason previously mentioned. Adjusted EBITDA was US$43.2 million in Q2 2026, 26% lower than Q1 2026 (US$58.1 million), mainly explained by the combination of lower production and sales volume as well as lower realized gold price for Minosa. Compared to Q2 2025, Adjusted EBITDA increased 29%, from US$33.5 million to US$43.2 million, in line with the gold price increase. In H1 2026, Adjusted EBITDA totaled US$101.4 million, 67% higher than the US$60.6 million recorded in H1 2025. 3.4 Almas At Almas, Q2 2026 production reached 16,130 GEO, a 2% increase compared to Q1 2026 and a 25% increase compared to Q2 2025, driven by higher ore processed volumes from the ongoing expansion project of the plant's operational capacity. Ore plant feed increased by 17% QoQ and 34% YoY, while total mined volumes increased by 31% QoQ and 16% YoY, also a reflection of the expansion. These gains were achieved despite a lower average grade resulting from the mine sequencing. In terms of sales, Almas sold 17,920 GEO in Q2 2026, higher than production as the last shipment of the previous quarter was in transit and was considered as Q2 2026 sale volume. In H1 2026, Almas produced 31,968 GEO, a 23% increase compared to the 26,018 GEO produced in H1 2025, driven mainly by 20% higher ore volumes and 30% higher ore plant feed, reflecting the results of the plant expansion. Sales in H1 2026 totaled 31,968 GEO, in line with production for the semester. Net Revenue was US$79.3 million in Q2 2026, up 15% from Q1 2026 and 90% higher than Q2 2025, both periods impacted by higher production and sales, and compared to Q2 2025 there was also positive impact of higher gold prices. In H1 2026, Net Revenue totaled US$148.0 million, an 88% increase over H1 2025, for the same reasons previously mentioned. Cost of Goods Sold totaled US$25.1 million in Q2 2026, up 16% from Q1 2026 and 39% from Q2 2025, primarily reflecting higher total ore mined (+31% QoQ and +16% YoY) as result of increase in total production capacity. In H1 2026, COGS reached US$46.8 million, 35% higher than the same period of 2025 for the same reason. Cash Cost was US$1,156/GEO in Q2 2026, 4% lower than Q1 2026 (US$1,204/GEO) and 1% lower than Q2 2025 (US$1,167/GEO), as higher production volumes more than offset the impact of lower grades. For the first half of 2026, Cash Cost averaged US$1,177/GEO, 5% above H1 2025. Almas’ All-in Sustaining Cost stood at US$1,626/GEO in Q2 2026, up 18% from the previous quarter, mainly due to higher Sustaining CAPEX mainly as result of the Paiol’s pit pushback mine development (which rose from US$1.6 million in Q1 2026 to US$7.6 million in Q2 2026) as planned by the Company. The same CAPEX increases versus Q2 2025 (+520%) also drove a 19% rise in AISC year-over-year. In H1 2026, AISC was US$1,516/GEO. General and administrative expenses were US$1.0 million in Q2 2026, 8% lower than Q1 2026 and 29% below Q2 2025), mainly due to lower expenses in third party services in both periods. Exploration expenses were US$1.4 million in Q2 2026, up 53% from Q1 2026 and 233% above Q2 2025, mainly driven by the focus on Almas underground project. In H1 2026 exploration expenses totaled US$2.3 million, 253% higher than H1 2025. Adjusted EBITDA totaled US$56.2 million in Q2 2026, 13% higher than Q1 2026 (US$49.7 million) and 127% above Q2 2025 (US$24.7 million) for the reasons discussed above. In H1 2026, Adjusted EBITDA was US$105.9 million, 125% higher than H1 2025 (US$47.1 million). 3.5 Borborema At Borborema, Q2 2026 production totaled 14,251 GEO, a 17% decrease compared to Q1 2026, driven by lower grades, which declined 18%, from 1.41 g/t to 1.16 g/t, due to mine sequencing and as expected. This effect occurred despite higher ore mined, up 27% QoQ, and higher ore plant feed, up 5% QoQ. Compared on YoY, production increased significantly (+453%) as well as sales, since Borborema was in a pre-commercial production stage in Q2 2025. In terms of sales, Borborema sold 14,539 GEO in Q2 2026, a 12% decrease compared to Q1 2026. In H1 2026, Borborema produced 31,352 GEO. Net Revenue was US$63.2 million in Q2 2026, down 23% from Q1 2026, driven by lower sales volumes and lower metal prices. In H1 2026, Net Revenue was US$ 145.2 million. In Q2 2026, cost of goods sold (COGS) decreased 28% compared to Q1 2026, reflecting 12% lower sales volumes in the quarter. In H1 2026, COGS was US$43.8 million. The Cash Cost was US$0,991/GEO in Q2 2026, a 17% decrease compared to Q1 2026 (US$1,200/GEO), due to a lower waste-to-ore ratio (from 2.69x to 2.10x), and higher recovery rates (from 88.4% to 90.3%), reflecting the re-stabilization of the CIL circuit — which had been impacted in Q1 2026 as previously disclosed. In H1 2026, Cash Cost was US$1,103/GEO. Borborema's AISC was US$1,102/GEO in Q2 2026, 12% lower than Q1 2026 (US$1,256/GEO), mainly due to the decrease in the Cash Cost and lower CAPEX. In H1 2026, AISC was US$1,184/GEO. General and administrative expenses increased 5% in the quarter compared to Q1 2026 mainly due to higher expenses in services. Exploration expenses increased 176% compared to Q1 2026 because of an increase in studies of regional targets. Adjusted EBITDA was US$47.3 million in Q2 2026, a 22% decrease compared to Q1 2026, reflecting 23% lower Net Revenue, impacted by lower production and sales in the quarter, as well as lower gold prices, partially offset by the lower Cash Cost. 3.6 MSG In Q2, MSG continued the Q1 2026 strategy aiming to establish the structural foundations for the assets’ turnaround. Aura advanced underground development, with approximately 1,845 meters completed during the period, ending the semester with 3,645 meters, and accelerated the surface exploration program. This effort complements the previously disclosed resource and reserve update and supports the ramp-up toward the second half of 2026, when the expected production turnaround for 2027 begins to materialize. The technical agenda progressed in line with our safety priorities: the quarter was completed with zero lost-time injuries (LTI), reflecting the strong adoption of the Aura 360° culture across leadership and operational teams, and reinforcing our commitment to safe, disciplined mining and long-term value creation. Q2 2026 production totaled 7,186 GEO, a 16% decrease compared to Q1 2026, driven by a decline in grade, from 1.54 g/t to 0.90 g/t, as surface and stockpile material — with lower grade than underground ore — represented a larger share of the plant feed in the quarter as the Company focuses on the primary development of the mine. This also impacts in a 4.6 p.p. decrease in recovery, to 87.7%. In terms of sales, MSG sold 7,190 GEO in Q2 2026, a 24% decrease compared to Q1 2026, also a consequence of the higher processed mass at lower grade. In H1 2026, MSG produced 15,766 GEO and sold 16,698 GEO. Net Revenue was US$28.9 million in Q2 2026, down 38% from Q1 2026, impacted by a combination of lower sales volume and lower gold prices. MSG was more heavily impacted than the Company's other assets since production and sales in May and June — when prices gradually declined — accounted for a larger share of the quarter's sales. In H1 2026, Net Revenue was US$ 75.8 million. In Q2 2026, cost of goods sold (COGS) decreased 7% compared to Q1 2026, reflecting lower sales volumes in the quarter. In H1 2026, COGS was US$68.0 million. The Cash Cost was US$3,852/GEO in Q2 2026, a 33% increase compared to US$2,900/GEO in Q1 2026, mainly due to lower sales, as COGS increased 3% QoQ. MSG All-in Sustaining Cost (AISC) was US$5,277/GEO in Q2 2026, up 41% from US$3,735/GEO in Q1 2026. This reflects the Company's decision to focus on developing underground infrastructure upgrades as well as on the primary development of the mine, that are expected to improve operational performance in H2 2026. In H1 2026, AISC was US$4,399/GEO. General and administrative expenses increased 28% quarter-over-quarter, negatively impacted by a non-recurring charge associated with personnel turnover at MSG. Exploration expenses increased 641% compared to Q1 2026 because of an increase in studies of regional targets. The focus on primary development aligned with lower grades, which impacted directly in the sales and contingencies linked to the turnover drove the Adjusted EBITDA to US$(1.1) million in Q2 2026, a decrease compared to US$17.4 million in Q1 2026. In H1 2026, Adjusted EBITDA was US$16.3 million. 4. Cash Flow Recurring Free Cash Flow for the quarter was US$80.2 million, 15% lower than Q1 2026 and 33% higher than Q2 2025. The increase compared to Q2 2025 was mainly related to higher sales and gold prices, partially offset by higher CAPEX and realized losses on gold hedges. In H1 2026, Free Cash Flow was US$175.1 million, 107% higher than H1 2025. The chart below shows the change in cash position for the three and six months ending June 30, 2026, from a management perspective: Changes to the Cash Position Q1 2026 vs. Q2 2026 – Managerial View (US$ Million) Changes to the Cash Position Q4 2025 vs. Q2 2026 – Managerial View (US$ Million) Notes: “Adjusted Capex” includes Exploration and Expansion Capex; “Changes in WC and others” includes changes in Other current and non-current assets and liabilities. 5. Investment The Company’s consolidated Capex for Q2 2026 totaled US$84.3 million. The main investment headlines for the quarter include: Expansion of Capex: US$53.5 million, mainly on Apoena, Era Dorada and Almas, where US$17.8 million was invested at Apoena, US$8.9 million at Era Dorada and US$8.1 million at Almas. Another US$ 4.8 million was invested at MSG and US$ 7.9 million at Borborema. The remaining US$4.0 million was at Aranzazu and Minosa. US$2.1 million was invested in Projects. Sustaining Capex: US$25.3 million, of which US$7.3 million was invested by Aranzazu, US$6.9 million at Almas, US$5.5 million at MSG and another US$5.6 million at Minosa, Apoena and Borborema. Exploration Capex: US$5.5 million, allocated to exploration activities. MSG led investment with US$2.2 million, followed by Apoena with US$1.5 million. Aranzazu, Minosa and Almas totaled US$1.1 million. Other exploration projects totaled US$0.7 million. The Company’s consolidated Capex for H1 2026 totaled US$128.4 million. The main investment headlines for the quarter include: Expansion of Capex: US$76.6 million, mainly on Apoena, Era Dorada and Almas, where US$27.2 million was invested at Apoena, US$15.3 million at Era Dorada and US$11.2 million at Almas. Another US$ 4.8 million was invested at MSG and US$10.1 at Borborema. The remaining US$5.3 million was at Aranzazu and Minosa. US$2.7 million was invested in Projects. Sustaining Capex: US$43.1 million, of which US$13.5 million was allocated at Aranzazu, US$11.2 million at MSG, US$7.8 million at Almas and another US$10.5 million at Minosa, Apoena and Borborema. Exploration Capex: US$8.8 million, allocated to exploration activities. Apoena led investment with US$2.8 million, followed by MSG with US$2.3 million. Aranzazu, Minosa and Almas totaled US$2.3 million. Other exploration projects totaled US$1.5 million. 6. Gross and Net Debt Total gross debt (short and long-term portion) was US$441.2 million at the end of Q2 2026, an increase when compared to US$409.0 million at the end of Q1 2026 as result of a new debt issued at MSG during the period The Company’s cash position remains comfortable, closing out the quarter at US$ 248.3 million. The Company's Net Debt reached US$168.0 million by Q2 2026, an increase compared to US$115.2 million at the end of Q1 2026. The main source of cash was the cash flows generated from operating activities in an amount of US$111.9 million (net of income taxes paid of US$40.9 million and payment of realized losses with gold derivatives of US$37.2 million), while main uses of cash included CAPEX of US$84.3 million and dividends and share buybacks paid of US$ 67.7 million. Net Debt Breakdown 7. Guidance vs. Actual1 The Company is on track to achieve the 2026 Guidance, including Production, Cash Cost, All-in Sustaining Cost (AISC) and CAPEX, as shown in the results below: ____________________ 1 Key Factors:The Company’s future profitability, operating cash flow and financial position will be directly related to prevailing gold and copper prices. Key factors that influence the price of gold and copper include, among others, the supply and demand for gold and copper, the relative strength of currencies (especially the US dollar) and macroeconomic factors, such as current and future expectations for inflation and interest rates. Management believes that the economic environment in the short and medium term should remain relatively favorable with respect to commodity prices, albeit with continued volatility.To reduce the risks associated with commodity prices and currency volatility, the Company will continue to assess and deploy hedging programs. For more information on this subject, please refer to the Reference Form.Other key factors influencing profitability and operating cash flows are: production levels (affected by grades, ore quantities, process recoveries, labor, country stability and availability of facilities and equipment); production and processing costs (impacted by production levels, prices and the use of key consumables, labor, inflation and exchange rates), and other factors. 8. Shareholder Information As of June 30, 2026, the Company had the following outstanding: 83,836,843 Common Shares, 1,089,400 stock options, and 82,785 deferred share units. 9. Attachments 9.1 Non-GAAP Performance Measures Set out below are reconciliations for certain non-GAAP financial measures (including non-GAAP ratios) utilized by the Company in this Earnings Release: Adjusted EBITDA; Adjusted net Income, cash operating costs per gold equivalent ounce sold; AISCs; Net Debt; and Adjusted EBITDA Margin, which are non-GAAP financial measures. These non-GAAP measures do not have any standardized meaning within IFRS and therefore may not be comparable to similar measures presented by other companies. The Company believes that these measures provide investors with additional information which is useful in evaluating the Company’s performance and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. A. Reconciliation from income for the quarter to Adjusted EBITDA:(US$ thousand) B. Reconciliation from the consolidated financial statements to cash operating costs per gold equivalent ounce sold: (US$ thousand) C. Reconciliation from the consolidated financial statements to all in sustaining costs per gold equivalent ounce sold: (US$ thousand) D. Reconciliation from the consolidated financial statements to realized average gold price per ounce sold, net4: ____________________ 2 Not including Amortization & depletion3 Considered all mines in production.4 Realized average gold price per ounce sold, net is a non-GAAP financial measure with no standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations to the most directly comparable IFRS measures, see Section 17: Non-GAAP Performance Measures in this MD&A. (US$ thousand) E. Net Debt: (US$ thousand) (1) Derivative Financial Instrument: only includes the swap related to the Aura Almas Debenture. F. Adjusted EBITDA Margin5 (Adjusted EBITDA/Revenues):(US$ thousand) G. Adjusted Net Income(US$ thousand) Qualified Person The scientific and technical information contained in this press release has been reviewed and approved by Farshid Ghazanfari, P.Geo., Geology and Mineral Resources Manager, an employee of Aura and a “qualified person” within the meaning of NI 43-101 and SK-1300. About Aura 360° Mining Aura is focused on mining in complete terms – thinking holistically about how its business impacts and benefits every one of our stakeholders: our company, our shareholders, our employees, and the countries and communities we serve. We call this 360° Mining. Aura is a company focused on the development and operation of gold and base metal projects in the Americas. The Company's six operating assets include the Minosa gold mine in Honduras; the Almas, Apoena, Borborema and MSG gold mines in Brazil; and the Aranzazu copper, gold, and silver mine in Mexico. Additionally, the Company owns Era Dorada, a gold project in Guatemala; Tolda Fria, a gold project in Colombia; and two projects in Brazil: Matupá, which is under development and the Carajás copper project in the Carajás region, in the exploration phase. ____________________ 5 Adjusted EBITDA Margin is a non-GAAP financial measure with no standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations to the most directly comparable IFRS measures, see Section 17: Non-GAAP Performance Measures in this MD&A. CAUTIONARY NOTES AND ADDITIONAL INFORMATION This Press Release, and the documents incorporated by reference herein, contain certain “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of applicable United States securities laws (together, “forward-looking information”). Forward-looking information relates to future events or future performance of the Company and reflect the Company’s current estimates, predictions, expectations or beliefs regarding future events and include, without limitation, statements with respect to: expected production from, and the further potential of the Company’s properties; the ability of the Company to achieve its long-term outlook and the anticipated timing and results thereof (including the guidance set forth herein); the ability to lower costs and increase production; the economic viability of a project; strategic plans, including the Company’s plans with respect to its properties; the amount of mineral reserves and mineral resources; probable mineral reserves; indicated mineral reserves; inferred mineral reserves; the potential conversion of indicated mineral resources into mineral reserves; the amount of future production over any period; capital expenditures and mine production costs; the outcome of mine permitting; other required permitting; information with respect to the future price of minerals; expected cash costs and AISCs; the Company’s ability expand exploration on its properties; the Company’s ability to obtain assay results; the Company’s exploration and development programs; estimated future expenses; exploration and development capital requirements; the amount of mining costs; cash operating costs; operating costs; expected grades and ounces of metals and minerals; expected processing recoveries; expected time frames; prices of metals and minerals; LOM of certain projects; expectations of gold hedging programs; the implementation of cultural initiatives; expected increases to fleet capacities; non-cash losses translating into cash losses; the ability to continue to finance planned growth; access to additional debt; and the repayment of outstanding balances on revolving credit facilities. Often, but not always, forward-looking information may be identified by the use of words such as “expects”, “anticipates”, “plans”, “projects”, “forecasts”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking information in this Press Release is based upon, without limitation, the following estimates and assumptions: the ability of the Company to successfully achieve business objectives; the presence of and continuity of metals at the Company’s projects at modeled grades; gold and copper price volatility; the capacities of various machinery and equipment; the availability of personnel, machinery and equipment at estimated prices; exchange rates; metals and minerals sales prices; cash costs and AISCs; the Company’s ability to expand operations; the Company’s ability to obtain assay results; appropriate discount rates; tax rates and royalty rates applicable to the mining operations; cash operating costs and other financial metrics; anticipated mining losses and dilution; metals recovery rates; reasonable contingency requirements; the Company’s expected ability to develop adequate infrastructure and that the cost of doing so will be reasonable; the Company’s expected ability to develop its projects including financing such projects; and receipt of regulatory approvals on acceptable terms. Known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s ability to predict or control, could cause actual results to differ materially from those contained in the forward-looking information. Specific reference is made to the Company’s most recent Annual Report on Form 20-F filed with the SEC for a discussion of some of the factors underlying forward-looking information, which include, without limitation: gold and copper or certain other commodity price volatility; changes in debt and equity markets; the uncertainties involved in obtaining and interpreting geological data; increases in costs; environmental compliance and changes in environmental legislation and regulation; interest rate and exchange rate fluctuations; general economic conditions; political stability; and other risks involved in the mineral exploration and development industry. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect the forward-looking information. All forward-looking information herein is qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information whether because of new information or future events or otherwise, except as may be required by law. If the Company does update any forward-looking information, no inference should be drawn that it will make additional updates with respect to such or other forward-looking information. Photos accompanying this announcement are available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/2de55530-c1bb-4be3-b838-6bd8b4e4c9fahttps://www.globenewswire.com/NewsRoom/AttachmentNg/a70f979e-d958-43cd-94eb-3056ce38f376 CONTACT: For more information, please contact:  Investor Relations  [email protected]  www.auraminerals.com

The market expects Aura Minerals (AUGO) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 5. On the other hand, if they miss, the stock may move lower. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. This Canadian gold and copper production company is expected to post quarterly earnings of $1.28 per share in its upcoming report, which represents a year-over-year change of +161.2%. Revenues are expected to be $344.46 million, up 80.9% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 34.98% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction). The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Aura Minerals, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%. On the other hand, the stock currently carries a Zacks Rank of #5. So, this combination makes it difficult to conclusively predict that Aura Minerals will beat the consensus EPS estimate. Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Aura Minerals would post earnings of $2.18 per share when it actually produced earnings of $1.30, delivering a surprise of -40.37%. The company has not been able to beat consensus EPS estimates in any of the last four quarters. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Aura Minerals doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Aura Minerals Inc. (AUGO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

ROAD TOWN, British Virgin Islands, July 10, 2026 (GLOBE NEWSWIRE) -- Aura Minerals Inc. (NASDAQ: AUGO and B3: AURA33) (“Aura” or the “Company”) is pleased to announce Q2 2026 preliminary production results from the Company’s six operating mines: Aranzazu, Apoena, Minosa, Almas, Borborema and MSG (“Mineração Serra Grande”). Total production in Q2 2026, at current prices, reached 75,437 gold equivalent ounces (“GEO”)1, an 8% decrease compared to the previous quarter and 18% higher when compared to Q2 2025. At constant prices2, Aura’s quarterly production decreased by 9% compared to Q1 2026 and increased 16% above Q2 2025. In Q2 2026, sales totaled 77,764 GEO, a decrease of 4% compared to Q1 2026, while compared to the same period of the last year, it increased by 25%, mainly due to better sales at Almas, a Borborema under commercial production and the acquisition of MSG. In the six months of 2026 (H1 2026), Aura produced 157,574 GEO at current prices and 158,448 GEO at constant prices, representing a 27% increase compared to the same period of 2025 and marking the highest first-half production in the Company's history. During the period, Aura sold 159,129 GEO, up 29% year-over-year. Over the last twelve months, Aura produced 313,868 GEO, an increase of 21% compared to the corresponding prior twelve-month period. Rodrigo Barbosa, CEO and President commented: “We are pleased to report that our Q2 production was in line with expectations, contributing to record-high output for both the first half of the year and the last twelve months. While Q2 production was 75.4 thousand GEO — lower than Q1 as expected — we remain firmly on track with our full-year guidance. Equally important to our current results are the strategic initiatives and growth projects that position Aura to exceed 600,000 GEO annually in the coming years. Key highlights include: (i) At MSG, we continue to invest in underground infrastructure and primary development to transition the mining method from top-down to bottom-up; (ii) Era Dorada is now in full construction following recent Board approval; (iii) Almas delivered higher production thanks to increased plant capacity from the ongoing expansion; (iv) Apoena open-pit mine development is progressing according to plan, setting the stage for higher grades in the second half of the year; (v) Borborema advances on its technical studies for the planned expansion, supported by the road relocation agreement with DNIT; and (vi) exploration and technical studies continue to advance at Matupá and Serra da Estrela, further strengthening our organic growth pipeline." Q2 2026 Highlights: At Aranzazu, production reached 17,882 GEO, representing a 14% increase compared to the previous quarter, primarily driven by metal price dynamics regarding GEO conversion, considering that the average gold realized price declined 9% QoQ to $4.416/oz (vs. $4.850/oz in Q1 2026), while copper outperformed, with the average realized price increasing 5% to $6.09/lb (vs. $5.80/lb in Q1 2026). When compared to Q2 2025, production decreased by 20% due to lower production driven by the mine plan. At constant prices3, Aranzazu production was 8% higher when compared to Q1 2026, explained by higher grades from mine sequencing, while YoY the production was 24% lower. In H1 2026, total production decreased by 21% compared to the previous year at current prices, reaching 33,576 GEO. At constant prices, Aranzazu produced 34,450 GEO, also 21% lower compared to the same period of the previous year of 43,645 GEO, mainly due to lower grades as expected in the mine sequencing. At 2026 Guidance Prices³, Aranzazu ended Q2 2026 with a production of 16,043 GEO, 6% higher than Q1 2026. Aranzazu sold 17,764 GEO in Q2 2026 and 33,982 GEO in H1 2026. At Minosa, production totaled 14,284 GEO in Q2 2026, 18% lower than Q1 2026 and 21% lower compared to Q2 2025, which were 20% lower YoY and 8% lower QoQ, associated with the increase in stacking level within the leach pad and lower ore plant feed. In H1 2026, production totaled 31,683 GEO, 11% decrease compared to H1 2025 (35,693 GEO), mainly due to these impacts in Q2 2026. In terms of sales, Minosa sold 15,190 GEO, 13% lower than Q1 2026 and 15% lower Q2 2025. In H1 2026, Minosa sold 32,647 GEO, an 8% decrease compared to the 35,362 GEO sold in H1 2025. At Almas, production reached 16,130 GEO, 25% higher than Q2 2025, driven by higher ore processed volumes due to the expansion project of the plant’s operational capacity. This effect also positively impacted production when compared to Q1 2026, which increased 2%. In H1 2026, production totaled 31,968 GEO, 23% increase compared to H1 2025 (26,018 GEO), driven mainly by 20% higher ore moved volumes and 30% higher ore plant feed, reflecting the results of the plant expansion. In the quarter, Almas sold 17,920 GEO, higher than production as the last shipment of the previous quarter was in transit and was considered as a Q2 2026 sale volume. In the H1 2026, Almas sold 31,968 GEO. At Apoena, production was 5,704 GEO, 24% lower than Q1 2026, due to a grade decrease of 26%, from 0.8 g/t to 0.6 g/t, as expected from the mine sequencing and in line with the Company’s plan. Compared with Q2 2025, production also decreased by 31%, primarily because of lower grades and lower recovery rates. In H1 2026, total production was 13,229 GEO, a 23% decrease compared to the same period of last year, mainly due to lower ore plant feed and lower grades. In the quarter and semester, Apoena sold the same amount as produced. This result is in line with Company`s plan to achieve higher grades in the Nosde Pit during the second semester. At Borborema, production totaled 14,251 GEO, 17% lower than the previous quarter, driven by lower grades, which declined 18% (from 1.41 g/t to 1.16 g/t), due to mine sequencing and as expected. In H1 2026, the total production was 31,352 GEO, higher than the same period of last year, considering that the commercial production of Borborema started in Q2 2025. In the quarter, Borborema sold 13,996 GEO, totaling 30,605 GEO in H1 2026. At MSG, production totaled 7,186 GEO, a 16% decrease compared to Q1 2026, driven by lower grades (from 1.54 g/t in Q1 2026 to 0.90 g/t in Q2 2026) but in line with the Company's expectations under the MSG turnaround strategy. During the quarter, the Company also advanced, as expected, its operational improvement strategy, with increased development of mine infrastructure and primary development to invert mine method to bottom up. In H1 2026, production reached 15,766 GEO. Regarding sales, MSG sold 7,190 GEO in Q2 2026, totaling 16,698 GEO in H1 2026. Production Results Preliminary GEO1 2 production volume for the six months ended June 30, 2026, when compared to the previous quarter and the same period of the previous year is presented below by operating mine: 1 The total may not add due to rounding.2 Applies the metal sale prices in Aranzazu realized at each relevant quarter. The table below shows production by each type of metal at Aranzazu. The chart below displays the consolidated quarterly GEO production measured at current and constant prices since Q1 2023, as well as the last twelve months at the end of each reporting period: Qualified Person The scientific and technical information contained in this press release has been reviewed and approved by Farshid Ghazanfari, P.Geo., Geology and Mineral Resources Manager, an employee of Aura and a “qualified person” within the meaning of NI 43-101 and SK-1300. About Aura 360° Mining Aura is focused on mining in complete terms – thinking holistically about how its business impacts and benefits every one of our stakeholders: our company, our shareholders, our employees, and the countries and communities we serve. We call this 360° Mining. Aura is a company focused on the development and operation of gold and base metal projects in the Americas. The Company's six operating assets include the Minosa gold mine in Honduras; the Almas, Apoena, Borborema and MSG gold mines in Brazil; and the Aranzazu copper, gold, and silver mine in Mexico. Additionally, the Company owns Era Dorada, a gold project in Guatemala; Tolda Fria, a gold project in Colombia; and two projects in Brazil: Matupá, which is under development; and the Carajás copper project in the Carajás region, in the exploration phase. The information contained in this press release is preliminary in nature and is provided for informational purposes only. It is based on current estimates, assumptions, and expectations, which remain subject to ongoing review, verification, and possible revision. Final Q2 2026 Production Results may differ from those set forth herein, and no assurance is given as to the accuracy or completeness of the information at this stage. Readers are cautioned not to place undue reliance on this preliminary results. Forward-Looking Information This press release contains “forward-looking information” and “forward-looking statements”, as defined in applicable securities laws (collectively, “forward-looking statements”) which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as “plans,” “expects,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved. Known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s ability to predict or control, could cause actual results to differ materially from those contained in the forward-looking statements. Specific reference is made to the most recent Annual Information Form on file with certain Canadian provincial securities regulatory authorities and to the Company’s Form F-1 filed with the U.S. Securities and Exchange Commission (“SEC”) for a discussion of some of the factors underlying forward-looking statements, which include, without limitation, volatility in the prices of gold, copper and certain other commodities, changes in debt and equity markets, the uncertainties involved in interpreting geological data, increases in costs, environmental compliance and changes in environmental legislation and regulation, interest rate and exchange rate fluctuations, general economic conditions and other risks involved in the mineral exploration and development industry as described in filings with Canadian securities regulators and the SEC. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect the forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. 1 Gold equivalent ounces, or GEO, is calculated by converting the production of silver, copper and molybdenum into gold using a ratio of the prices of these metals to that of gold. The prices used to determine the GEO are based on the weighted average price of silver and copper realized from sales at the Aranzazu Mine during the relevant period.2 Applies the metal sale prices in Aranzazu realized during Q2 2026: Copper price = US$6.09/lb; Gold Price = US$4,416/oz; Silver Price = US$71.45/oz and Molybdenum Price = US$29.71/oz.3 Constant Price" is a method of converting our copper, silver and molybdenum production or sales volume into GEO based on fixed metal prices. This approach eliminates the impact of metal price fluctuations, when comparing production or sales figures across different periods. Using constant prices allows for a consistent and meaningful comparison of gold equivalent production or sales over time. It ensures that differences in GEO production or sales between two periods reflect changes in actual physical metal production or metal sales and not changes due to fluctuations in commodity prices among the periods. GEO at constant price for previous period, to be compared to GEO for current period, is copper production or sales volume previous period multiplied by copper prices current period plus silver production or sales volume for previous period multiplied by silver prices from current period plus molybdenum production or sales volume for previous period multiplied by molybdenum prices from current period divided by gold price for current period. A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/39e1b7e8-b141-4392-a4f2-fff185ffeb7c CONTACT: For more information, please contact: Investor Relations [email protected] www.auraminerals.com

USA Rare Earth, Inc. USAR is scheduled to release first-quarter 2026 results on May 13, after market close. The Zacks Consensus Estimate for earnings is pegged at a loss of 16 cents per share. The bottom-line projection indicates an increase of 15.8% from the year-ago number. USA Rare Earth reported a loss of 19 cents per share in the previous quarter. Image Source: Zacks Investment Research USAR’s earnings missed the Zacks Consensus Estimate in two of the trailing three quarters and surpassed the same in one quarter. The company has a trailing three-quarter negative earnings surprise of 112.2%, on average. Our proven model does not conclusively predict an earnings beat for USAR this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here, as elaborated below. Earnings ESP: USAR has an Earnings ESP of 0.00% as both the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at a loss of 16 cents per share. You can uncover the best stocks before they’re reported with our Earnings ESP Filter. Zacks Rank: USAR presently carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank stocks here. USA Rare Earth Inc. price-eps-surprise | USA Rare Earth Inc. Quote USA Rare Earth is progressing toward commercial production at its Stillwater magnet manufacturing facility in Oklahoma. The plant will manufacture Neodymium Iron Boron (NdFeB) magnets, which are widely used in defense, aviation, automotive and other high-growth industries. The Stillwater facility is poised to become one of the first large-scale NdFeB magnet production plants in the United States, strengthening domestic rare earth supply-chain capabilities and reducing reliance on imports. USA Rare Earth is installing key equipment, assembling Line 1a and completing final preparations at the Stillwater facility for commissioning in early 2026. It is worth noting that the company started hiring and training engineers and technicians to operate the facility. USA Rare Earth has also strengthened its balance sheet through PIPE financing and warrant exercises. In January 2026, the company completed a $1.5 billion PIPE financing, with proceeds earmarked for upgrades at its Stillwater facility, expansion of magnet finishing operations and completion of Line 1b. These initiatives are expected to raise total NdFeB magnet production capacity to nearly 1,200 metric tons. USAR completed the acquisition of Less Common Metals in November 2025, which will supply critical metal and alloy feedstock for the Stillwater plant. In December 2025, LCM partnered with Solvay and Arnold Magnetic Technologies Corp. (Arnold) to provide a stable and premium-quality source of rare-earth materials. This addition and continued progress across its development initiatives are expected to have been a tailwind to its performance during the first quarter. Also, in January 2026, USA Rare Earth signed a non-binding Letter of Intent (LOI) with the U.S. Department of Commerce and announced a collaboration with the U.S. Department of Energy (DOE). The Department of Commerce’s CHIPS Program has provided an LOI entailing $277 million in proposed federal funding and a $1.3 billion senior secured loan under the CHIPS Act, a total of $1.6 billion. However, since its inception, USA Rare Earth has remained in the exploration and research stages, incurring losses while yet to generate any revenues. Amid its project development phase, the company has been grappling with rising operational expenses, which are expected to have adversely impacted its margins and profitability in the first quarter. USAR’s research and development expenses increased over the past few quarters due to a rise in legal & consulting costs, higher headcount & recruiting fees and other costs. All these factors are anticipated to have led to a loss in the first quarter. Shares of the company have jumped 77.1% in the past six months, outperforming the S&P 500 composite and Zacks Mining - Miscellaneous industry’s growth of 11.8% and 39.2%, respectively. However, USAR has lagged other key industry players like Aura Minerals Inc. AUGO and NioCorp Developments Ltd. NB, which have surged 129% and increased 12.9%, respectively, over the said time frame. Image Source: Zacks Investment Research From a valuation standpoint, USA Rare Earth is trading at a forward price-to-earnings ratio of a negative 33.18X against the industry average of 15.87X. In comparison, Aura Minerals and NioCorp Developments are trading at 5.68X and negative 13.17X, respectively. Image Source: Zacks Investment Research USA Rare Earth is progressing toward commercial production at its Stillwater, OK magnet facility, with Line 1a assembled and commissioning targeted for early 2026. The company strengthened its balance sheet through PIPE financing and warrant exercises, raising cash above $400 million and completing a $1.5 billion PIPE in January 2026 to expand NdFeB magnet capacity to nearly 1,200 metric tons. The acquisition of Less Common Metals and partnerships with Solvay and Arnold Magnetic Technologies support critical feedstock supply and U.S. domestic rare-earth production. USAR also secured proposed CHIPS Act support totaling $1.6 billion. However, rising R&D, legal and hiring costs are expected to have weighed on first-quarter margins and profitability. The company continues to invest heavily to expand its production capacity, supported by favorable long-term growth prospects. Existing investors may benefit from the company’s strong long-term fundamentals. However, given its high operating costs and the expected loss in the quarter, prospective investors can wait for a better entry point. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report NioCorp Developments Ltd. (NB) : Free Stock Analysis Report USA Rare Earth Inc. (USAR) : Free Stock Analysis Report Aura Minerals Inc. (AUGO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. Aura Minerals (AUGO) is back in focus after reporting first quarter net income of US$95.2 million, record adjusted earnings per share and record gold equivalent production, alongside a dividend above its stated minimum. See our latest analysis for Aura Minerals. The stock has cooled off in the very short term, with a 1-day share price return of 9.62% and a 7-day share price return of 4.36%. However, the 90-day share price return of 22.85% and very large 1-year and 3-year total shareholder returns indicate that momentum has built over a longer horizon. If Aura’s recent run in precious metals has your attention, it could be a good time to broaden your search with our screener of 31 elite gold producer stocks With Aura Minerals posting a sharp earnings turnaround, record production and a dividend above its minimum policy, the stock’s strong multi year run raises a key question for you: is there still value here, or is the market already pricing in future growth? Against the last close of $81.07, the most followed narrative pegs Aura Minerals’ fair value at $44.88, setting up a wide gap between price and story. Read the complete narrative. Want to see what kind of revenue ramp, margin shift and earnings swing would need to line up to support that fair value? The narrative leans heavily on faster top line growth, a sharp turn in profitability and a lower future earnings multiple than many investors might expect today. Result: Fair Value of $44.88 (OVERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, if Borborema ramps up as planned and the NASDAQ listing improves liquidity, stronger cash generation and a higher earnings multiple could challenge the overvaluation story. Find out about the key risks to this Aura Minerals narrative. Analysts looking at Aura Minerals’ story-driven fair value land on $44.88 and frame the stock as overvalued. In contrast, our DCF model, based on future cash flows, points to a value of $300.82, which highlights a very wide gap. Which set of assumptions do you find more convincing? Look into how the SWS DCF model arrives at its fair value. The mix of strong recent results and conflicting valuation views can feel confusing. Use the full data set to assess the risk reward balance for yourself and see the 2 key rewards and 4 important warning signs If Aura Minerals has sharpened your focus on opportunities, do not stop here. Use the tools available to quickly spot other stocks that could fit your approach. Target potential mispricings by scanning 51 high quality undervalued stocks that combine quality fundamentals with prices the market may not fully reflect yet. Strengthen your income stream by checking out 12 dividend fortresses designed for investors who care about higher yields with staying power. Prioritise resilience by reviewing 71 resilient stocks with low risk scores built to highlight companies with more measured risk profiles. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include AUGO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Image source: The Motley Fool. Thursday, May 7, 2026 at 9 a.m. ET Chief Executive Officer — Rodrigo Barbosa Chief Financial Officer — João Kleber Cardoso Rodrigo Barbosa: Sure. Thank you. Thank you all for this first quarter of the year. As always, I'll be talking about summary of the results and strategic movements during this quarter, and then Kleber will follow with a more detailed information about the financials and cash flows. Before I start, I think it would be good to recap that this was a very solid quarter for us where I can show to you that we move forward under the 3 avenues that we propose to deliver value to our shareholders, and this story has been shared with the market since 2020 and reinforced since the NASDAQ listing last year. We're going to build value to our shareholders by 3 different avenues. Number one, we're going to increase production. We're going to develop greenfield projects and reach over 600,000 ounces after all the projects are developed. Number two, we still have a significant area unexplored and room to increase life of mine. So we should also see together with the improvement and increase in production, a significant increase in resources and reserves how long are the next years. And number three, we should tackle also our price per NAV multiple through growth and also improving daily trading volume to the market. So what I'm going to share with you during the next few slides is that consolidates -- a quarter that consolidates solid steps towards these 3 avenues. So if I could jump into the first slide. So in summary, again, we reached a new record high production as we already disclosed to the market, of course, now including MSG acquisition that was last year, including only in December, reaching 82,100 ounces of gold equivalent ounces. And then that together with the higher gold prices, summed $380 million in terms of revenues. Now when we add comparing to first quarter last year, Borborema that was still beginning to ramp up, then now full year of Borborema, stable production in our mines plus MSG, we're going to see higher gold prices. We see the EBITDA 3x higher than the first quarter last year, now reaching the $244 million, another record high EBITDA for the quarter. Together with our EBITDA, then we can see the all-in sustaining cash costs reaching $1,829. This is a significant increase compared to last quarter, mostly because of now we are consolidating MSG. And as we disclosed to the market since early stage with the acquisitions, we understand that MSG has a higher all-in sustaining cash cost and will be higher during this year once we are focused on the turnaround, preparing the mine and to put production levels above 80,000 or close to 80,000 ounces and all-in sustaining cash cost close to 2,000. But during this first quarter and actually during the second quarter also, we should see MSG with a high all-in sustaining cash cost when we are focusing on our underground preparation, underground safety standards, underground development so that we can prepare this mine for a better production throughout the Q3 and then Q4 and actually even better than next year. And I will talk mine by mine in the following slides. So higher EBITDA also translated in a strong recurring free cash flow, now reaching $95 million, which is 109% higher compared to last quarter. This strong recurring cash flow of $95 million, stronger even after a payment of $33 million on hedges due to the Borborema, which is a nonrecurring, but should happen this year and should also happen next year and a temporary working capital consumption of $42 million, and Kleber is going to walk you through in more details about the translation from EBITDA to free cash flow. In terms of net debt, super stable despite the payment of $55 million during the quarter regarding the last quarter of last year, investment also in production. We saw a company that has been able to grow and pay solid dividends while maintaining a very low net debt-to-EBITDA ratio. As we are stable in net debt and EBITDA continue to increase. We can see the leverage of the company actually being deleveraged after all the growth acquisitions, payment dividends and strong results from our mines. In terms of net income, as of now, we see -- unfortunately, this quarter, there was not a significant higher gold price as we were seeing in the last quarters along the year 2025. That translates in the lower mark-to-market losses in terms of the old hedges. So that translated into $95 million of net income. And Kleber also is going to walk you through in more detail how we got to the $95 million and also see what would be the adjusted net income without the nonrecurring events. As we continue to grow, as we continue to grow EBITDA, we have no leverage and margins are -- continue to improve, we see a room to maintain a high level of dividends to our shareholders, another record high dividends now reaching $65 million of dividends or $0.76 per share. And when you add the dividends we paid in Q2 last year, Q3, Q4 and now this Q4, we see that the last 12 months on the quarterly basis, reaching 4.6% of dividend yield. And as we progress in the production, as we progress during the second semester, we're going to see a higher production compared to the first semester, and we need to think that we can continue to distribute a significant amount of dividends to our shareholders without jeopardizing the growth plan that we have. As additional events and that we reinforce the 3 pillars that I was mentioning to you earlier in this call, we see that our sorry that we have -- our growth plan continue to be super solid. Number one, we got the agreement signed by [ Denis ] to move a road that unlock significant amount of resource and reserves in Borborema, increasing the life of mine to 36 years now. Of course, we don't want to -- we prefer to have a lower life of mine and higher production. So that's why we've been disclosing to the market that we are now finalizing all the studies to increase significantly the production of Borborema so that can actually then stretch a little bit more and decrease the life of mine with increased production of Borborema and we are finalizing all the studies and should we have any news to the market between Q2 or Q3 this year. Very important milestone is that we updated our resources and reserves on the report 20-F. That was a significant addition of reserves, adding 3.8 million ounces of Proven and Probable and also reaching when you add Proven and Probable also with the Measured and Indicated, you're going to see that we can get close to 10 million ounces in our inventory for the year. That's a significant increase compared to what we had before, while we continue to do exploration investments and see also room for further improvement in our resource and reserves as we move along the next years. Very important project Era Dorada. Early this year, as we shared with the market, we got the license to initiate the construction. That was followed by a full board approval to initiate the construction of Era Dorada. We are in full force for the year. CapEx will be divided between this year and next year, I expect production to come now in 2028. We talked about how we increase production. Now go back to the other slide. We talked about that we increased production with last year we had the Borborema ramp up. Actually this quarter we continued to increase a little bit more in terms of production. That's the growth this year. We come from last year of 284,000 ounces of production. This year the guidance is between 340-390. We continue to grow by developing the project and doing acquisitions. Second, we increased significantly our resource and reserve. Third, to tackle the current NAV, we know that we had to address dedicated volume combined with a solid walking the talk and delivering on the projects and growth. We could see that Aura is narrowing a little bit the gap. Our price per NAV, while you still have a lot of room to continue to narrow this gap as we are maintaining a high daily trading volume and continue to grow. There is a very strong correlation between size and price per NAV in the gold sector as we come from, in the past 200,000 ounces of production, now on guidance 340 and 390. We know how to get close to 600. We should see this continue narrowing the gap of price per NAV. One of the factors as being well accepted by the market and widely amplified when we listed in Nasdaq is that we are now trading $94 million. That was the daily trading volume on the last average on last quarter. Compared to last quarter of last year, $31 million. If I remind investors that where we were one year ago, it was $2 million per day. Now we are on average $94 million per day, which is now attracting very large and more sophisticated investors that now pay attention to our and now also invest in our portfolio. Next slide. In terms of safety, after a long time without any lost time incident, unfortunately, we had a lost time incident in Borborema, that was on a maintenance on the filter. We are reinforcing all the procedures. There was not followed some of the procedures, so we are reinforcing training, all the managers and all the maintenance team in order to follow the procedures and reinforcing the standards. This person is already back to work. There's no major injury. However, there was some lost time incident related to that accident. In terms of stability of structures, again, all geotechnical structures are in satisfactory level. On the left side of this slide, we can clearly see on the line, the left side shows the last 12 months of production as we are now increasing, getting, from the standard of between 60 to 70 thousand ounces of production that happened during the 2024, 2025. Now with Borborema and then MSG, we are now increasing to levels above 80,000 ounces and perhaps reach close to 90,000, even above during the second semester, which is now the last 12 months, ramping up our production coming from 265, that was on Q3, 2015, 280, 302. We should see these last 12 months continue to increase as we are very comfortable, in line with the guides that we set to the market to finish the year between 340 and 390 thousand ounces of productions. In terms of mine by mine, where we saw, which was expected and due to mine sequencing, due to the budget and the guidance that we sent to the market. Aranzazu, we will now going to lower grades through this quarter. We should not expect a significant improvement through the second quarter and then some improvement during the second semester in Aranzazu. That's the same that happens in Apoena, that Apoena can relate it to other years, where we start the year, normally is slower, and then production pick up during the third and fourth quarter. Minosa, super stable. It's just a rounding number here from 18 to 17, but it's actually 2% of decrease compared to Q4, and we should continue to see stable production in Minosa and perhaps some improvement during the second semester. Almas, we continue to have a strong production at 15,000, 16,000 production and implementing an investment where we are increasing the capacity of Almas to reach up to 3 million tons per year by the end of the year. While we are doing underground development so that we can, along the next year, continue to improve efficiency and also production in the project, while exploration efforts on the near mine and on the regional continue to give us a strong and strong indicators that this mine is not only going to have a very extended life of mine, but be able to even expand above the 3 million tons per year. Borborema, we had a stronger quarter compared to last quarter, mainly due to a higher throughput, the stabilization of the milling process, stabilization of the filter, but there's still some room to improve production for the 2nd semester. MSG, this increase is mainly due to we are now consolidated 3 months compared to December last year, there was only 1 month. We should not expect MSG to improve. Actually, we expect MSG to decrease production during the second quarter while we are totally focused building infrastructure underground in order to prepare this mine to do the proper production for the 27-year. But we should see on Q3 and Q4 productivity improving, costs going down, and also production going up, but not on the second quarter. Next. In terms of our all-in sustaining cash costs, I will see that reaching $1,829 compared to $1,521. If we were not by MSG, that is a position that we understand that would have a higher All-in Sustaining cash cost along the year of 2026. That's because we paid only $76 million on this mine. We understand that they had to go on the turnaround process. If in one hand, our All-in Sustaining cash cost is above as expected, in the other hand, the underground development is being well, we think that our expectations and significantly higher what this mine was performing in the past. For example, the advancement on the underground tunnels, when last year it was close to 35, 36 meters per month. Now, we are reaching 60, 65. The all efficiency that we want to implement underground to do preparation for a higher production is moving as fast as expected, sometimes even faster than we expect. That if you take out the MSG, which should pollute our average during first quarter, second, along the full year, then we would have been on our sustaining cash cost close to $1,500 per ounce. Next. Very importantly that happened also during the quarter is Era Dorada project that now we have a full approval. This is an outstanding project that is getting attention from many stakeholders in the world because of its potential to be one of the highest standard in ESG. Why I say so? This project is going to put many different variables in the same and learnings from other mines in the same project. Number 1, we bought a Bluestone combined with a geothermal project. This project, as we develop the geothermal project that is coming in the upcoming years, we have a renewable access to energy. Actually, we are thinking about increasing the MW in order to supply Guatemala with extra energy and with the renewable energy. Number 2, we understand that clean water and treated purified water is an issue in the area. There's not many, if there is any, if any, municipalities that has a purified water, we will use the water that we have on the ground that we would have to treat anyway in order to put this water back to the rivers. We are now improving, and we approved additional investments on water treatment in order to have this water as purified and potable to the citizen. Renewable energy and clean water for the population together with all the local training and focus on having local people working with us, local suppliers. If we don't have suppliers, we train them, we form them so that we can improve the conditions of living for everyone that is around us. In terms of production, this is a project that stacks on the feasibility study that we mentioned, with annual production 111,000 ounces, yet with potential to further access upside as we've been doing in Aranzazu, as we've been doing in Borborema. We understand that Era Dorada also has room for further upside as we move forward with operations, as we more implement the project and go to commercial production. Another very important factors is that the significant increase in terms of reserve of this project that when we acquired as an underground, it was close to 1 million ounces. Now we have 1.7 million ounces in terms of reserves, yet with some potential on the regional side to increase resources and reserves. Next slide. I talked about ramp path of Borborema now reaching record high production. That's a significant increase of production profile last year and this year with also lower all-in sustaining costs. Number 2, now I'm going to share with you about the increase in resource and reserves, we saw a major change in our inventory in reserves and reserves, and resources coming from the last report that we filed on the F-1 for the Nasdaq listing was 3.4 million ounces in terms of reserves. Now we are reaching 7.2 million ounces. This is more than double the size of the reserves in one single year. Meanwhile, we come from resources of 4.6 million ounces down to 3.1, but that's a very good news because we converted 2.5 million ounces of resources, Measured and Indicated, into Proven and Probable. If you add this back to the 3.1, you would see that we also continue to increase our Measured and Indicated. This is a major milestone that is helping us to just improve our life of mine while we are also increasing production per year. Next slide. I talked about increasing production, I talked about increasing resource and reserves, and now a important factor also to tackle the price per NAV, which is the daily trading volume. As I mentioned to you, we come from a $2 or $3 million, $4 million per day. Along after the listing, then we started reaching $20, $10, $30, $40 million. Now we are, last month, we closed April with $120 million per day in daily trading volume. On average, close to $95 million on the 1st quarter. That is attracting way more quantity and quality of investors to our portfolio. I'll turn now the presentation to Kleber Cardoso, and I'll come back for Q&A. João Cardoso: Thanks, Rodrigo. Good morning, everyone. I'm going to go over a summary of the main financial KPIs for the quarter. What we can see in a summary is an improvement in basically all of them, with revenues a new record high, closing the quarter with $383 million. The last 12 months, we have exceeded revenues of $1.1 billion. Going forward, we expect this trend to continue. When we see the adjusted EBITDA, as Rodrigo commented before, we have reporting it for the sixth quarter in a row, a record high again, a substantial increase compared to 425, but mostly because a higher average gold price in that quarter. $244 million in the quarter, and now exceeding $700 million already in the last 12 months. Also a trend that we expect to continue. When we analyze the net income, we see a substantial improvement compared to the last quarters. That's a combination mainly of 2 factors. First is the improvement of the operational results, and second is on this quarter, gold price, it increased between the beginning and the end of the quarter, but at a slower rate than the increase we had in the last few quarters. As a result of that, we had lower mark-to-market losses with gold hedged derivatives that is impacting less our P&L this quarter than previous quarters. Later I'm going to go over more detail on this as well. With that, we are reporting $95 million in net income and then, $190 million in adjusted net income. In terms of cash and net debt, mostly stable compared to the year-end. We closed the quarter with $115 million in net debt, and we see an important reduction in the financial leverage of the company as a result of stable net debt and increasing accumulated EBITDA. Our net leverage coming from 0.28 to 0.16 at the end of this quarter. Now we just understand the main items between the adjusted EBITDA, adjusted net income for this quarter. Out of the $244 million adjusted EBITDA, we see the 3 larger gold mines contributed the most. Borborema had the highest EBITDA, as we were already anticipating, $61 million. Minosa and Almas coming strong as well, $58 million and close to $50 million respectively. Araxa also strong for $1 million. Apoena, which we expect a much stronger second semester than the first semester, but already contributing with $24 million. MSG despite we're just starting the turnaround, so contributing as well with $17 million in EBITDA for this quarter. Depreciation and amortization, it's been in line with our expectation. It's been increasing the last 2 quarters, basically because we added 2 new operations, Morro do Bema commercial production in Q4 2025, and now MSG at full quarter production in 2026. The net financial expenses, once again, the main items are the non-realized and realized losses with the gold derivatives. The non-realized portion of $24 million, and we paid $33 million with the realized losses. Combined, it was $55 million compared to over $100 million we had in losses with derivatives in the last quarter. That explains a portion of also the improvements in our net income. Income taxes expenses coming as well as expected, considering strong results from the operations. Some small other expenses bringing the net income to $95 million. Here to the right side, we excluded the typical non-cash items, the unrealized portion of the losses with the gold derivatives, some non-cash impact in deferred tax income. Excluding those items, the adjusted net income would have been $109 million by the end of the quarter. Here we bring a detailed analysis of the change in the cash position of the company throughout the quarter. We see on the, in red on the left side, here, we start with close to $290 million in cash. Here on the left side, we have what we call the recurring free cash flow to firm, which is the cash flow generated now by the 6 mines in production. That portion of the business generated $95 million. It's pretty much stable compared to the previous quarter. That's mostly there are two items that consume the cash proportionately higher in the first quarter than we expected for the rest of the year. First is working capital. We have some temporary increases in accounts payables and in inventory in this quarter that should improve in the next few quarters. Also income tax payments, where we paid $52 million. In the first quarter. The first quarter is usually the quarter that we paid most of the taxes, where you have annual tax adjustments, especially in Mexico. That will not repeat in the same proportion during the rest of the year. In the middle of the chart, we see the investment for growth, where we invested $26 million, mostly in expansion CapEx, already including Era Dorada. The CapEx, especially the expansion CapEx, is one that we expect to increase throughout the rest of the year, especially as we advance the construction of Era Dorada and also in the expansions in Almas. Here to the right side, we see how we allocated any cash in the financial items. We paid close to $20 million in gross debts, reducing the gross debt of the company, and distributed $55 million in dividends, ending our cash close to $207 million by the end of the quarter. With this, we end the presentation and open to questions. Thank you. Operator: [Operator Instructions] Our first question comes from Henrique Marquis with Goldman Sachs. Henrique Tavian Marques: Two questions from my side. 1st regarding the cost in Aranzazu, I think it did came above expectations and even like the guidance range for the year. At the same time, this was the only mine, you haven't commented on the mine sequence you weighted on the 2nd half of the year. I just wanted to make sure, like, 1st, what really drove the higher cost in Q1? And 2nd, do you see any risks to your cost guidance for Aranzazu? If not, when can we expect some improvement in terms of cost for this mine specifically? Second one just if you could give us a bit more color on the maintenance stoppage of the CIL plant in Borborema, is the situation resolved? Should we see any impacts on the second quarter? That would be great. Thank you. Rodrigo Barbosa: Sure. In Almas, while you mentioned that Almas had a higher cash cost compared to the guidance, I would also like to take a look on All-in Sustaining Costs that was actually below the guidance. This in the first quarter, what we had is the highest strip ratio and slightly lower grades. All that will improve during the second semester. We are very much in line with the guidance for Almas. We should also see improvement in MSG during the second semester. We should also see some improvement in Borborema, Minosa is stable, and Aranzazu, some improvement also during the second semester. As we saw in the -- in all in the past where the first semester is lower production, we should see actually significant improve on the second semester in terms of production, not on the second quarter, but third and fourth quarter. This varies about our mine sequencing. As just a quick reminder for investors is that when we have a gold mining is very different from a major copper or iron ore, where it's a disseminated. The grades doesn't vary and the strip ratio doesn't vary. Gold, the nature is not homogeneous. It's always, they always vary quarter by quarter. Sometimes you reach higher grades or sometimes lower grades. Sometimes you need to push back the pit, increase a strip ratio. Sometimes you just collect what you already pushed back the pit. There is some volatility in terms of the quarter, which if you look back on the last four years, that's what happened to our volatility quarter to quarter. Actually, when we go to the average of the year, we are very much in line with the guidance that we provide to the market. We are very much comfortable that we are moving ahead with our guidance, actually, on the upper hand of the guidance in terms of production. Henrique Tavian Marques: Thank you. Yeah, I just wanted to clarify. . . Rodrigo Barbosa: Borborema, you mentioned about the CIL. Borborema, it's now producing very well. There's still improvements that we can do, mainly on filters. The filters are where we have the bottleneck. Although we overestimated, now the filters are performing very close or slightly below the plant capacity. We are now, we already ordered, we are already in construction of additional filters, already preparing them for further expansion. The new filters will also unlock some bottlenecks. Those filters will get started during Q3 and Q4. We should see also some improvements in Borborema in terms of production during the years, while we are finalizing our expansion plan for Borborema to reach 4 million tons on the upcoming years. Operator: Our next question comes from Rafael Barcellos with Bradesco BBI. Rafael Barcellos: Rodrigo, despite being, you know, solid results, I think there are some watch points when we compare the numbers with your production and cost guidance, right? I just wanted to get a sense of which operations bring some concerns to you when you compare the production and cost evolution versus the guidance for the year. Lastly, if you can give us more details on your expectations for the second half of this year in terms of, again, of production and costs. The second question, particularly on the cost side. I mean, a lot has happened since you announced it, the cost guidance, right? I mean, we have the outbreak of the Middle East conflict. I just wanted to understand what sort of cost pressure you're seeing, driven by the conflict and if you can give, you know, more details on the specific impacts on the cost side. Thank you. Rodrigo Barbosa: Sure. No, thank you for the question, Rafael. Where, where it has been more challenging in the short term and not structural for us is MSG, of course. We were not expecting as low standards compression what we can put in terms of infrastructure and underground mines. We are now putting more effort, improving underground conditions, in order to bring that mine into the productivity that we believe that can be achieved. Every time we have any kind of issues and then, and, in MSG, as I was mentioning to the market in the last quarter, we will always focus on the underground development, even if it has to jeopardize the production of the month. If you have any equipment bottleneck, we'll divert all the equipment into underground development, not focus on production. That's what the main mistakes that the past owner was doing, is focusing too much on production and not doing the underground. We need to un-bottleneck the underground mine. This is taking more time than we expected. But that's things that we can correct, things that we can manage. That's within the budget that we were projecting to invest $20 million-$30 million in order to improve that conditions in the mine. On the other hand, structurally, the mine is actually better than what we expected. We saw a significant increase in the life of mine and resource and reserve of the mine come from 340,000, 250,000 up to 700,000 ounces. Still a lot of room to continue to improve resource and reserves in that mine that we have not yet even started to take a look on the exploration we are focused on the mine. Long-term, medium to long-term projections on this mine is actually way better than we expected. Short-term, more challenging, as this is where we should see at the low range of the guidance. While if some other mines also, we can go beyond what we were expecting to offset part of this. Yet it's not our focus to have a high production this year in MSG. Our focus is to improve underground mine conditions and finish the year with a very clear view that we can bring that mine above 80,000 ounces of production per year and close to $2,000 of all-in sustaining cash costs. That hasn't changed. Actually, as I mentioned, when we're doing underground development, we are moving far more efficient that we were doing in the past. Again, we're moving about 35 meters per month. Now we are reaching 60, 65 meters per month. This is being very satisfactory to see that we can, once we put them underground into our efficiency on the stable conditions, so that we can improve efficiency according to our plan. In terms of the cost of diesel, this is all across the world that it's happening, or impacting all these sustaining cash costs of the diesel. Should be between, depend on the mine, 6%-8%. Even if you increase 10% or 20%, that will have a 1% or 2% impact on our sustaining cash cost. And of course, then higher diesel triggers some inflation, many other different matters. There's no other sector that is way protected to inflation. I guess inflation that's gold and likely copper. If inflation picks up, gold is going to increase. Somehow the investors are very well protected in this sector through inflation in U.S. dollars. Rafael Barcellos: No, just as a follow-up on the first question. I'm understanding that, you know, you're flagging more challenges on the MSG side. Is there any other, you know, operation that you'd like highlight as a watch point or anything that, you know, we should look at particularly in the second half? Thank you. Rodrigo Barbosa: No, you should see upsides coming from Almas as we continue to do exploration. We are increasing capacity. That mine As I mentioned, we know and we are already expanding to 3 million tons per year. We are just waiting for more confirmation and more exploration information in order to go even further and perhaps go to 4 million tons per year, which will combine several open pits and also underground development. That's a very important upside that should be tackled by the market in the upcoming quarters. Together with Borborema, that we are also now as we signed the contract to reallocate the road, and now we are finalizing all the engineering for improving capacity up to 4 million tons. We have several alternatives for more access to water, which is important in order for us to increase capacity. In the following couple of months, we should have a decision on that, wrapping up with the new engineering so that we can approve in the board in the between Q2 or Q3 expansion for Borborema. Expansion coming up in Almas, expansion coming up in Borborema. While we continue to develop Era Dorada now going into full construction. Operator: Our next question comes from Lucas Laghi with XP. Lucas Laghi: Two 2 follow-ups from our side. The first one on MSG. I mean, Rodrigo, you commented on some of the improvements that we expect throughout the year, but just wanted to better understand the timeline regarding the turnaround on the project. I mean, now that you're much more familiar with the operations, what could we expect in terms of run rate production by year-end? You mentioned that we should expect some decrease by 2Q, but just wanted to understand what could be the run rate by the year-end. What are the most important milestones that we should be aware on such turnaround? Finally, still on MSG, I mean, just to clarify, do you see any upside considering the potential normalized volumes for the operations by the end of this turnaround? My second question on Borborema, another follow-up, you mentioned the expansion, right at 4 million tons of plant feed after the expansion. Just to get a better idea on timeline, I mean, how or when could we see such investments being deployed? If you could give us any idea on CapEx and production improvement considering the marginal grades for the expansion would also be very helpful. Thank you. Rodrigo Barbosa: Okay. No, for MSG, the idea is to finish the year with a very clear view that we will be able for the next year to be close to 80,000 ounces of production per year and close to $2,000 of our new sustaining cash flow. That's our main objective. Our key drivers for you to take a look on that is how far, how fast we are advancing on the underground development. That's why I reinforce that in the past year, we're doing 30-35 meters per month. Now we are close to 60-65 meters. We should continue to advance underground development so that we can invert the methodology, right? Now the mine is operating from up to down, and now we need to do underground development in excess so we can start doing bottom up. This is what will change structurally our efficiency, recover, dilution and also productivity at the mine. We need time to do that, right? We cannot do all those underground development in a couple of months. It takes several months, and we believe that we will be able to conclude that preparation by the end of this year. You should not see strong numbers, very strong numbers on Q1. Q2, as I mentioned, slightly and gradually increased progress on Q3 and Q4, not because of structurally the diversion of the methodology, but now we are gaining efficiency, reducing costs all across the board with contracts, redefining some scope with suppliers and so on. That's all happening at the same time. We are very comfortable that we will achieve this goal by the end of the year. In terms of Borborema, we have not yet approved in the board and disclosed the CapEx. Unfortunately, I cannot yet give you a guidance on this, but we will do so as we approve the information, the board. The investment, relocating the board, preparing a water assessment and everything should take close to two years, but we will get more precise information as we approve in the board. As you well mentioned, we should not expect, for example, to keep exactly the same grades or doubling the capacity. Does not necessarily mean that we'll double the production because then we cannot supply the additional capacity with a lower grade. Of course, when you have a restricted capacity, you focus on higher grade. When you increase capacity, you can have both high grade and medium grade. That will translate into a higher production. Will translate in the lower cash cost as well, but not necessarily will double the gold production. Operator: Our next question comes from Lawson Winder with Bank of America. Lawson Winder: Appreciate the update today. Quick question I'd like to ask about staging. There's a number of projects happening at the current moment. There's the Borborema expansion. You're looking at going underground at MSG. There's Matupa waiting right after Era Dorada. Are you confident that you have a large enough team in place that you guys can handle all this? In answering that question, how do you think about the staging of all these projects and making sure that you have the best people in the right place at the right time? Rodrigo Barbosa: Thank you for the question, Lawson. That's our main discussions that we have internally. It's about people. We have a lot to perform in order to increase capacity. Very few companies in the world can come from close to 300, 285,000 ounces of production last year in the upcoming years reach over 600,000 ounces without new M&As, which we are also planning to do. That of course, drags a lot of management attention. We have a very strong team to build new mines. It's the same team that built Almas. It's the same team that built Borborema. It's the same team that's now in Era Dorada. Of course, this team is increasing. The good thing is that we are not overlapping the construction of Era Dorada and Matupa. Right? We don't want to build both. We could start building Matupa right now. It is fully licensed, and we have the feasibility study. We are updating, because we are going to incorporate new deposits. We want to create a lag in order not to overlap the same functions of the team. During the construction, we have the prepare meet early works, then we have the plant and the ramp-up. Right? We don't want to overlap exactly the same. We want to lag. Perhaps start the construction of Matupa during next year, where we will be already on the final phase of Era Dorada. In Era Dorado, we already be on the very good speeds. The team also combined with the local team in Borborema and Almas. It's not taking full attention from the construction team in Borborema and full attention of the construction team in Almas, where there's some shared activities. We have also We're going to bring the engineers and construction team also into the sites, not only using the Era Dorado team. It is something that we need to pay close attention. That's most of why we are not overlapping construction of Matupa and Era Dorado. It's something that we cannot disregard, and that's a concern that we have. That's what, where myself, Kleber, the technical team is spending a lot of time. Lawson Winder: I think you read my mind because you mentioned M&A as another demand on the time of management. Could you just describe the current pipeline of M&A opportunities, particularly vis-a-vis, you know, the last year and the year before? Would you describe the opportunity as increasing or decreasing? Any commentary on sort of on valuation where sellers are thinking of valuation and where buyers are, and whether there's a gap there or whether you think there's room for negotiation? Rodrigo Barbosa: Yeah, good question. It was increasing, you know, opportunities, but not for the right reasons, just because in the past, just a couple of months ago, when gold price reached $5,500 or $5,400, increased a number of opportunities, but the expectation of the seller was completely out of what we would also pay. Now it's accommodating the expectation of the seller and expectation of the buyer. There's still some gap, but there's more room to work. We are confident that now we can get more traction in M&A activities along the year. Of course, it's unpredictable. M&A is, it's a combination of what we want and, or what is available. The fact is there are opportunities. We are looking few alternatives. There's nothing that is advanced. There's nothing that is close to happen. We are, of course, prospecting and engaging few different conversations. M&A is like an investor. What the investor does, right? They select 10 companies, start analyzing, deep diving in 6, start negotiation 5 to get only 1. Right? And It takes time. Our next question comes from Tathiane Candini with JP Morgan. Tathiane Candini: ?I think I just have, like, a couple of follow-ups from the questions that you already answered. My first one, and I would just follow up on the question that you just answered on M&A. As you already flagged, I think we have, like, Matupa already under the radar. The company still have a very, like, comfortable cash flow, and actually balance sheet, position at this point. My first question here is, when it comes to M&A, you mentioned that you know what you want. Can you share just a little bit on what are the main perspectives that you search when you are thinking about the M&A, if you have, like, any specific region that you see more availability if you want to grow more in Brazil? Just to understand a little bit of the profile that you are looking to the next M&As. And I will do my question after. Rodrigo Barbosa: No, I think, it's clear that we are Americas player, North America, Central America and South America player. We are not focusing in looking alternatives in Africa, Asia or Australia. We are gold and copper, we look in both sides. We like combination of gold and copper. We used to be 30% copper, 70% gold. Gold price has improved. We are investing in gold mostly in the last 3 years. The copper is being reduced, we would like preferably to increase our copper in our portfolio, yet the alternatives that we've been seeing gold is way more attractive. That's why we are now more on gold. In terms of, we don't look for state-of-the-art projects. Those projects are state-of-the-art and flagship assets. They tend to be overpriced and overvalued. Normally companies overpay for state-of-the-art projects that has a full feasibility, big production, higher grade and no concern in any kind of risks whatsoever. I think if you look what we've done in the past is a very good example in what we look we would look in the future. Take Borborema. We don't like also to take a full exploration risk. We are not a exploration developer. We don't feel we have the skills to find new mines out of the blue. We need we like to enter any project that already has good progress in terms of exploration, significantly de-risk also in exploration. Borborema has already resources and reserves, had problem with water access. We had an angle to solve the water access and then we could implement the project. At Era Dorada, that could be defined as state-of-the-art in terms of grades and capacity, but had a strong local and community opposition because the project was open pit. We converted back to underground, so we couldn't lock the opposition from the community. Actually, now they support the project. That's why we are moving forward with them. Those are greenfield projects, close to construction. Not a lot of exploration risk, but had some issues that we had to put our people to work and unlock the value. Another example, MSG, a mine that's already operating, but not core or major players. That is underperformed in terms of productivity that we understand that we can buy for a good value, implement all that we know how to do the turnaround, improve efficiency gains, and then put that mine into higher production. There's always going to be a very strong eyes on where are we adding value to that project, not just buy for full price to increase capacity by size on the objective. Tathiane Candini: Very clear on that one. The second question is still on MSG. I think that's the main subject here today. When we check your guidance on costs, of course, they are higher than the average of your projects. This kind of implies that your 2nd half costs are going to be like almost half. How confident do you feel that this is going to be delivered? Do you have, like, any? Like, what is your main struggle to actually reach the guidance? Do you feel that, like we discussed a lot of moving parts, right? With the underground development, with the FX, also with the diesel. Do you feel there is, like, a room for this to get even, like, further than the top of your guidance here? Rodrigo Barbosa: No, I don't know where you got the number that we need to now perform as a half during the second semester because that should be also have a higher production. On the weighted average, maybe not sure which calculation you made, but there will be improvements on the second semester. Tathiane Candini: Sorry, just to mention that is like, just thinking on cash costs per ton, as an average, but that's fair. Rodrigo Barbosa: Structurally, we will see improvements in Q3 and Q4. Structurally is a mine that will not have the average of our ore. Structurally is a mine actually that will push our All-in Sustaining Costs above the average that we have. That's not a problem because we paid only $76 million to this, and the internal rate of return of this project will be significantly high to our shareholders. Particularly now, It was already high, and now you added a new resource and reserve. It's a project that we feel very comfortable. It's becoming more challenging on the short term, as we expected. On the other hand, is way above expectations on the long term. We are not focusing too much on production. We're not focusing too much on cash costs during the first, second quarter, and we'll see improvement on the second semester. Our main objective, which is the KPIs and the variable remuneration on this project is way more towards preparing this mine to get close to 80,000 ounces of production and close to 2,000 ounces of our All-in Sustaining cash costs, so that we can plan that for next year. Tathiane Candini: Okay. Very clear. My last question -- sorry. Rodrigo Barbosa: Go ahead. Tathiane Candini: Yeah. No, my last question, I think we didn't discuss this a lot here in this call, just to kind of understand your view on gold prices. I think overall market remains very bullish on the overall story. We agree with that. Just wanted to hear your thoughts on how do you see this, like, all this impact from the recent war developments and how your perspective for this year. Rodrigo Barbosa: First, I'd like to also disclose that I don't feel that I am an expert in gold price, right? I think investors are way more informed than on that. We don't take decisions in order expecting gold price to go up and down. We take decisions based on what is the higher production I can achieve at the lowest cost, and that's it. Gold price is just an input. Nevertheless, I need to learn, I need to participate and analyze, and I talk to many people participating on other boards. I need to follow. The idea is that on the big picture is what has been pushing gold prices up is the two major variables. Number one, the excess of capital, the excess of liquidity in the world. You see United States at $39 trillion now on debt, and plus $2 trillion per year in terms of deficit. Now changing treasuries, paying treasuries that cost 1%-2% to a treasury that costs close to 4%. That's increasing significantly the financial expense over excess of debt, over excess of deficit. The world is starting to think about where this can go, right? Maybe we might have to print, maybe they'll have to lower interests and live with inflation. That has not changed. Actually that is, the wars are even getting this worse because that is the same situation with Europe. Actually, Europe is way worse than the U.S. Well, comparatively to every other country in the world, the U.S. is not that bad, but yet, it's not easy to tackle that deficit. The whole world now, the U.S. is reducing the amount they spending on army in Europe and other countries. They were now talking about increasing the budget for defense while they should be decreasing the deficit. That's only pushing deficit to higher levels. That's only pushing the need to print money higher. That's one thing that the world is happening now. It's all situations only deteriorate in terms of public accounts and deficits. The most interesting part in is that we don't hear any single conversation about governments, about tackling the deficit, right? Many other subjects to talk, reducing cost, it has not been politically talked in any country so far. That will push, can continue to push gold ahead. The second point that pushes gold ahead has not changed, and actually is also improved in terms of pressure, is that the result of the war of Ukraine and Russia, where the world confiscated all the U.S. dollars from Russia, has just hit the alarm that the countries that are not don't feel aligned with United States, they should not have super high exposure to U.S. dollar, which means treasury. What we've been seeing now in the world is that China continue to import and produce higher gold and central banks are also in high, very high purchase. Last quarter, another record high purchase from central banks, particularly in China, which they disclose. We do not know what they do not disclose. That's just getting worse and worse. The factors that push gold higher are there and getting even more present. On the short term, there is this volatility that happens. My humble opinion is that we will continue to see gold prices going up. Actually, I would also invite, that was just reading the other day that who is buying the Treasury now, right? We see now Fed buying Treasury in internal market in the U.S. The world is not yet, not anymore, giving that much of support for the U.S. debt. That is a structural significant change in the world, while perhaps U.S. will not be that important in the upcoming years and the upcoming decades as a major presence. We continue to be important, but perhaps losing some importance. Gold plays a major role on this rebalancing of currencies. Operator: Our next question comes from Edgard Pinto de Souza with Itau BBA. Edgard Pinto de Souza: Hi. Hi, everyone. Rodrigo, Kleber, Natasha, thank you for the questions. I want to start, I'm sorry to insist in this point, Rodrigo, on the cost front. I think that you were super clear about the gradual improvement in production throughout the year. This makes us comfortable that you are going to achieve your production guidance for the year. On the cost front, we are a little bit disappointed in the 1st Q. We understand that there are some mine sequencing, there is the infrastructure works at MSG and so on and so forth. We have something that is important, that is the FX impact, right? I want to understand from you, first, which was the average FX that you consider during the guidance? Do you have any sensitivity about the impacts of a stronger BRL and also a stronger Mexican peso on your cost guidance? This, despite you being very comfortable about the operational performance, maybe could put your performance in the year more closer to the upper end of the guidance, right? Do you think that there is room to be even better in terms of operational and more than offset the impacts of the FX year? My second question is related to the hedge, right? We have been discussing this a lot. How are you going to think about hedging policy going forward? The fact is, for Almas and for Borborema, you started building the hedge once you approved the projects, right? Now you approved the Era Dorada, I wanted to understand what are you going to do in terms of hedges for Era Dorada, if you are doing something or not, and when you want to build that. Also, to connect this with my first question. Do you consider any structure in terms of hedges for the FX, zero cost collar and so forth? We know that some companies, not gold companies, but other companies that we cover, they are using a lot of structures of zero cost collars for FX, for costs and so forth. How do you think about that also? Thank you. Rodrigo Barbosa: I will start the first question, and then I'll ask Kleber to finish. Talk more specific of the FX, and then we go back to the hedges. In terms of our cash costs, you know, sustaining cash costs, I think just as we highlighted and I will reinforce, is that it varies quarter by quarter and mine by mine, according to the mine sequences, mainly due to rates, strip ratio, and whether if you are pushing back the pit or not, right? We will see a progress in terms of production during the second semester that give us very comfortably that we can reach a production at the middle of, if not above the middle of the guidance, right? Close to that. That will reflect also in cash costs. We'll see higher production and lower cash costs also very comfortably that will be in the guidance. Kleber, if you want to talk a little bit more on FX impact in Brazil, Mexico, I think that'll be good. João Cardoso: Edgard, the FX was around $5.30 that we use in the guidance. There is some challenge, but so far as we see and with our running forecasts is that we would still be comfortable in delivering the cash costs and our All-in Sustaining Costs of the Brazilian operations. We have also cost reduction initiatives in, you know, the business units. Considering the levels where the Mexican peso and the Brazilian real are now, we're comfortable with that guidance without needing to review the guidance considering the current appreciation of those two currencies. I can comment on the hedging as well. Rodrigo Barbosa: Yeah, you can comment. João Cardoso: Yeah. On the hedges and you compare with what we did for Vergel and Almas, it's important just to first understand the context when we do the hedges, and second, where we are now. Historically, we did the hedges to protect the company because of major investments we did at those times. If gold prices had some sharp reduction that could put the company at the risk at the time. Historically did a zero cost collar because was a way selling the calls was a way to finance the insurance, which was the put options now to hedge until we got the payback and make sure that the money we invest in the project, we got the payback. What's the difference now? First is in terms of company, we are much more diversified. If you remember when we started building Almas, we had only 3 other mines, now we have 6. We are less exposed at risk when with one single project. Second, also our margins now are much stronger, much higher, and both the EBITDA margins and the cash conversion than at the time. We have much more buffer and the risk, financial risk is much less. Regardless of that, we are analyzing, we still are discussing with the boards. Potentially we have now an opportunity not to do zero cost collar like we did in the past. We might buy put options because gold price was so much in the last few years. That might be much cheaper today to buy put options. It's still because we have that less pressure and because there has been so much volatility in the gold prices in the last couple of weeks, any option becomes more expensive. We are analyzing and we keep quoting and seeing the cost of these structures and discussing with the board the scenarios and the right timing to implement this kind of hedging. Rodrigo Barbosa: Yeah. For exchange rate, there's nothing you can do against or in favor in the long term. You can hedge short term, that has a cost, but structurally you don't change, you don't protect your business of a hedging short term. If you have important milestone that you need to achieve, and if you have a CapEx to do that, you know, you've already calculated our internal rate of return and half of the CapEx in dollars, half of CapEx is in reals, we might think. Structurally, there's nothing you can do. We're just going to pay every quarter to do a hedge that won't change your business overall. What we can do is get more if the exchange rate pushes our cost up, more focus, more attention, and try to bring back the cost down by new efficiency gains or cost reduction. AI is coming, right? It will give many companies alternatives to find places to reduce costs. Edgard Pinto de Souza: Okay. Thank you, Rodrigo. Really like the pictures from Era Dorada. Very interesting to see. Rodrigo Barbosa: Oh, yeah. She's coming. Edgard Pinto de Souza: Things are advancing there. Thank you. Operator: Our next question comes from Marcelo Arazi with BTG. Marcelo Arazi: Two questions on my side as well. I think the first one is a simpler one. The company has been delivering several triggers and milestones, especially since the IPO last year. Looking forward, what else can we expect to be announced until the end of this year? What are the next milestones for the investment case? If I may have a second one, just a follow-up on the M&A discussion. We have been seeing other bigger gold projects being developed in Latin America. Especially in Guyana, with productions in the north of 200, 250 ounces. Can we expect Aura to be looking at this kind of projects? Rodrigo mentioned that it has to be something that Aura can add value to. And despite being bigger assets, I think they are still sitting on more challenging jurisdictions that you guys can operate quite well. Just wanted to hear your thoughts on that as well. Thank you. Rodrigo Barbosa: Thank you, Marcelo. All right. In terms of triggers, I think we have expansion of Borborema. We have exploration and further expansion perhaps in Almas, but that will be more towards the end of the year. We are also updating feasibility study for Matupa towards the end of the year. And of course, the improvement of the progress we make with the turnaround in MSG. Those are important factors for us to monitor along the next quarters. In terms of M&A, we monitor those transactions. Some of them we participate, some of we don't. Some we like, some we don't like. It's not that we do not like bigger mines, 200,000, 300,000 ounces, but we need to find where we're going to find our -- where is Aura going to build value into that operation, right? That will always depend on the entry price. We are very, very concerned and very focused on internal rate of return. If you overpay and then your internal rate of return is going to be reduced, and then you'll adjust. Normally you overpay for very big assets, so then you leverage or you put a lot of capital in a lower return project that can jeopardize the average. Our strategy's been super successful so far. We believe we can continue to do projects between 100 and 150 where shows our ability to have a higher internal rate of return up to 1 million ounces. After that, then we would have to rethink our strategy. For sure then we would have to go into a bigger project that has lower returns. I think there's still room for us to continue to grow in the high return projects up to 1 million ounces. After that, we'll have to reshuffle and rethink the strategy and go to a lower return projects. Operator: The Q&A session is over. We would like to hand the floor back to Mr. Rodrigo Barbosa for the company's final remarks. Rodrigo Barbosa: Now, just to recap, we are moving forward very solid steps towards our story that we share with the market first in 2020 and recently, with the Nasdaq listing, in mid-2025. We are increasing production. We developed Borborema last year. Borborema continued to improve production this quarter. We mentioned that we would continue to grow through acquisitions. We acquired MSG. MSG now is in the turnaround process very much. Our focus is to buy greenfield projects that are ready to build or mines that is in operations that we have an angle to add value, do the turnaround. We did that also with MSG. We mentioned to the market that we would start construction of a new greenfield project during this year, either, Era Dorada or Matupa. We just approved the construction of Era Dorada. We also mentioned to the market that we would increase resource and reserves. We just published a 20-F with a significant increase in reserves to over 7 million ounces, and now resources above 3 million ounces. That's also extending the life of mine, of our mines, while we are also increasing production. We also mentioned to the market that we would have to increase our daily trading volume, and now we are delivering on average the last quarter $95 million. We are doing very solid steps towards our strategy to reach above 600,000 ounces, which is already defined. We know how, very well how to get there. We would like to continue to grow through M&As. I just mentioned that we aim to achieve 1 million ounces, but that would require new M&As that we should do perhaps in the upcoming years. It was also solid quarter in terms of results as the market and analysts questioned our all-in sustaining cash costs above the other quarters. Most of these come from MSG, which was expected, and secondly, also from mine sequences, which was also expected. We should see second semester coming in strong, which will improve production and also reduce the all-in sustaining cash costs. While doing all of that, continue the very solid step with dividends, continue to be 1 of the highest dividend yield in the sector. Despite that our shares has significantly appreciated, our dividend yield of course reduced compared to what we were, one year ago, not because of the lower dividends, just because now the market start to pick up. There's still a lot of room to increase the multiple, and we will be tackling this multiple by increased liquidity, more conversation with investors, telling more the story and walking the talk and increasing our size. I thank you all for participation, and I will be following up with the market as we have any kind of news. Operator: Aura's conference is now closed. We thank you for your participation and wish you a nice day. Before you buy stock in Aura Minerals, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Aura Minerals wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $475,926!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,296,608!* Now, it’s worth noting Stock Advisor’s total average return is 981% — a market-crushing outperformance compared to 205% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of May 8, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Aura Minerals (AUGO) Q1 2026 Earnings Transcript was originally published by The Motley Fool