press release

Aura Announces Q2 2025 and H1 2025 Financial and Operational Results

2025-08-06

NASDAQ - Nasdaq Stock Market

ROAD TOWN, British Virgin Islands, Aug. 05, 2025 (GLOBE NEWSWIRE) -- Aura Minerals Inc. (NASDAQ: AUGO) (TSX: ORA) (B3: AURA33) (“Aura” or the “Company”) announces that it has filed its audited consolidated financial statements and management discussion and analysis (together, “Financial and Operational Results”) for the period ended June 30, 2025. 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.gov .

“In Q2, we achieved another record-high Adjusted EBITDA of US$106 million, driven by higher production and gold price of US$3,185 / Oz, bringing our last twelve months (LTM) Adjusted EBITDA to US$344 million at an average gold price of US$2,812 / Oz. Additionally, Aura reached significant milestones, including the publication of the Preliminary Economic Assessment (PEA) for Era Dorada, the signing of a purchase agreement for MSG, and a successful IPO on Nasdaq. We also approved our quarterly dividend payment, delivering a 7.4% yield return to our shareholders over the LTM, inclusive of share buybacks. Looking ahead, we expect commercial production at Borborema, the completion of the MSG acquisition in Q3, and to meet our production and cost guidance for the year .” Commented Rodrigo Barbosa President and CEO of Aura.

Operational & Financial Headlines Q2 2025 and H1 2025

| | | | | | | | | | | | | | | | | | | (US$ thousand) | Q2 2025 | | Q1 2025 | | % | | Q2 2024 | | % | | H1 2025 | | H1 2024 | | % | | | Total Production (GEO) | 64,033 | | 60,087 | | 7 | % | 64,327 | | -0 | % | 124,120 | | 132,514 | | -6 | % | | Total Sales (GEO) | 62,452 | | 60,491 | | 3 | % | 63,258 | | -1 | % | 122,943 | | 132,344 | | -7 | % | | | | | | | | | | | | | | | | | | | | Net Revenue | 190,436 | | 161,804 | | 18 | % | 134,411 | | 42 | % | 352,240 | | 266,489 | | 32 | % | | Gross Profit | 103,939 | | 78,428 | | 33 | % | 51,308 | | 103 | % | 182,367 | | 97,989 | | 86 | % | | Gross Margin | 55 | % | 48 | % | 6 p.p. | 38 | % | 16 p.p. | 52 | % | 37 | % | 15 p.p. | | | | | EBITDA | 106,224 | | 81,479 | | 30 | % | 53,208 | | 100 | % | 187,703 | | 109,398 | | 72 | % | | EBITDA Margin | 56 | % | 50 | % | 542 p.p. | 40 | % | 1619 p.p. | 53 | % | 41 | % | 1224 p.p. | | | | | Net Income | 8,147 | | (73,249 | ) | n.a. | (25,775 | ) | -132 | % | (65,102 | ) | (34,992 | ) | n.a. | | | | Net Income Margin | 4 | % | -45 | % | n.a. | -19 | % | -122 | % | -18 | % | -13 | % | n.a. | | | | Adjusted Net Income¹ | 36,834 | | 26,903 | | 37 | % | 9,414 | | 291 | % | 63,737 | | 22,980 | | 177 | % | | Adjusted Net Income Margin | 19 | % | 17 | % | 3 p.p. | 7 | % | 176 | % | 18 | % | 9 | % | 9 p.p. | | | | Cash Cost (US$/GEO) | 1,146 | | 1,149 | | -0 | % | 1,080 | | 6 | % | - | | 1,040 | | -100 | % | | All In Sustaining cost (US$/GEO) | 1,449 | | 1,461 | | -1 | % | 1,328 | | 9 | % | 1,455 | | 1,307 | | 11 | % | | | | | | | | | | | | | | | | | | | | Operating Cash Flow | 60,420 | | 41,229 | | 47 | % | 53,612 | | 13 | % | 83,867 | | 79,464 | | 6 | % | | Net Debt/LTM EBITDA | 0.8x | 0.9x | -0.1x | 0.8x | 0.0x | 0.8x | 0.8x | 0.0x | | | | | | | | | | CAPEX | 50,327 | | 51,725 | | -3 | % | 23,575 | | 113 | % | 102,052 | | 53,278 | | 92 | % | | 1. Adjusted Net Income of Q1 2025 does not consider deffered taxes over non-monetary items. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Except as otherwise noted in this document, references herein to “US$” or and “$” are to thousands of United States dollars

Headlines

Total production in Q2 2025 reached 64,033 gold equivalent ounces (“GEO”), 7% higher than Q1 2025 and in line compared to the same period last year at current metal prices. At constant metal prices, production increased by 9% when compared to both Q1 2025 and Q2 2024. During the quarter, Aura commenced operations at Borborema — anticipated to be one of the Company’s largest and lowest cash cost operations. In H1 2025, production was 124,120 GEO an increase when compared to the result of H1 2024 of 122,680 GEO, at constant prices. Compared to the public guidance for 2025, this total production represents 47% of the low proposed guidance and 41% of the high proposed guidance, reinforcing the Company's confidence in meeting the 2025 production guidance, since Borborema is still in the ramp up phase. Sales volumes was 62,452 in GEO this quarter, a decrease by 1% in Q2 2025 from Q2 2024 and increased by 3% when compared to the previous quarter. This result in the quarter was in line with Aura’s expectation, reflecting Apoena mine’s investment phase and also due to lower sales volumes at Aranzazu, considering the negative impact of the copper to gold conversion (despite the total sale copper was 16,815 Klb, a 30% increase compared to Q2 2024 and 23% higher than Q1 2025) and Minosa, all partially offset by the preliminary production of Borborema and higher sales volumes at Almas. Compared to the same period of 2024, sales decreased mainly due to lower production at Minosa and Apoena, gold prices that negatively impacted GEO conversion at Arazanzu. In H1 2025, sales volumes decreased by 7%, mainly due to lower sales volumes at Aranzazu (due to GEO conversion), Apoena and Minosa. Net Revenues reached a record high of US$190,436 in Q2 2025, representing an increase of 42% compared to Q2 2024 and an increase of 18% when compared to Q1 2025, mainly due to higher gold price. In H1 2025, revenues reached US$352,240, an increase of 32% compared to the same period of 2024. Average net realized gold sale prices increased by 14% in Q2 2025 compared to Q1 2025, with an average of US$3,185/oz in the quarter. Compared to Q2 2024, average net realized gold sale prices increased 44% (US$2,208). In H1 2025, average net realized gold sale prices reached US$2,986, a 42% increase when compared to H1 2024. Average realized copper sale prices increased 5% compared to Q1 2025, with an average of US$4.46/lb in the quarter, and were in line with the same period in 2024. In H1 2025, average copper sale prices reached US$4.36, a 5% increase when compared to H1 2024.

Adjusted EBITDA reached another record high of US$106,224 in Q2 2025, marking the fourth consecutive quarterly record reported by Aura. The increase was driven by a combination of higher gold prices, cash costs under control and increase in sales in Q2 2025 compared to Q1 2025. When compared to Q2 2024, Adjusted EBITDA reached a 90% increase. AISC for Q2 2025 was US$1,449/GEO, a decrease by 1% when compared to Q1 2025 (US$1,461/GEO) and an increase of 9% over the Q2 2024, in line with the Company’s expectations. At constant Q2 2024 metal prices, AISC would have been US$1,312 in the quarter, a decrease of 1% compared to Q2 2024, due to lower AISC at Almas, Aranzazu (at constant prices) and Apoena. The Company's Net Debt reached US$280,560 by Q2 2025, due to capex of US$50.3 million, mostly related to the final phase of construction of the Borborema Project, dividends of US$29.8 million, annual income taxes paid of US$29.5 million and reduction of US$13.7 million in debt due to the settlement of Nemesia SARL debt related to the Bluestone acquisition. The net debt-to-last 12 months EBITDA ratio reduced to 0.8x at the end of Q2 2025, from 0.9x at the end of Q1 2025.

OTHER UPDATES:

U.S. Public Offering: In July 2025, Aura concluded its U.S. Initial Public Offering (“IPO”) of 8,100,510 common shares, at a public offering price of US$24.25 per common share. Aura raised around US$196 million. The common shares were listed on the Nasdaq Global Select Market under the ticker symbol “AUGO” and began trading on July 16, 2025. The U.S. listing is part of Aura’s strategy to unlock value for our shareholders, improve liquidity of its common shares, as well as strengthen and diversify its shareholder base through broader access to global capital markets.

Borborema Ramp-Up and First once sold: Borborema Project (“Borborema”) started its ramp-up phase on schedule and on budget, with the mine and plant currently in operation, and it produced in Q2 2025 totaled 2,577 GEO following the project’s first gold pour. Borborema is poised to become a cornerstone asset for Aura, anticipated to deliver the second highest annual gold production among the Company’s five operating mines. Built in just 19 months with zero lost time incidents, the project exemplifies Aura’s commitment to developing simple, scalable, and efficient operations. It also sets a benchmark in ESG performance, incorporating renewable energy sources and utilizing grey water from the local municipality. Aura believes that Borborema remains on track to declare commercial production by the end of Q3 2025.

Acquisition of MSG (Mineração Serra Grande Gold) Mine in Goiás, Brazil: In June 2025, Aura announced the acquisition from AngloGold all of the issued and outstanding securities of Mineração Serra Grande S.A. (“MSG”), owner of the MSG gold mine located in Crixás, in the state of Goiás, Brazil. In consideration for the acquisition of MSG, Aura will pay to AngloGold: (i) an upfront cash consideration of US$ 76 million on closing subject to certain working capital adjustments as at the closing date; plus (ii) deferred consideration payments equivalent to a 3% net smelter returns participation over the currently identified Mineral Resource of MSG (inclusive of the Mineral Reserve) payable quarterly. The Transaction excludes certain current subsidiaries of MSG, which hold assets that do not form part of MSG’s mining operations or Mineral Resources and Mineral Reserves. These subsidiaries will be spun off from MSG prior to the closing of the Transaction. The closing of the Transaction is expected to happen by Q3 2025, and no later than Q4 2025.

Preliminary Economic Assessment for the Era Dorada Project: In June 2025, Aura filed a Preliminary Economic Assessment (“PEA”) for the Company’s wholly owned Era Dorada Project, in the United States in accordance with S-K 1300 and NI 43.101. The PEA indicated Mineral Resources of 1.9 million ounces of gold, assuming 6.35 million tonnes at 9.31 grams per tonne. The total production of approximately 1.4 million ounces of gold over a 17 years Life of Mine (“LOM”), and with average production of 91k ounces of gold for the first 4 years. Regarding CAPEX, the PEA presented a total initial implementation capex of approximately US$264 million with a payback in approximately 3.5 years after the beginning of the operation.

Exercise of Options to Acquire 100% of the Pé Quente and Carajás Projects

Aura has exercised its options to acquire 100% ownership of the Pé Quente and Carajás Projects in Brazil, as previously announced in press releases dated February 27, 2023 and May 22, 2024 . These transactions reinforce Aura’s commitment to growing its resource base and exploration and development pipeline across key jurisdictions in the Americas.

Pé Quente Project 100% ownership secured; 16,942m of drilling completed confirming mineralization across four targets; Continuity confirmed with strike lengths up to 440m and down-dip extents up to 350m in the Nilva target; Preliminary Meturlligcal testing planned for second semester of 2025 to support potential resource and life of mine expansion for the Matupá Project, located within a 50km radius.

Aura Carajás Project

Final US$3M payment completed to fully acquire the project; Approximately 10,000 meters of drilling planned at Carajás in H2 2025 to support advancement; toward a maiden resource in Serra da Estrela target.

Investment in Altamira Gold Corp. through a Private Placement: In July 2025, Aura entered into a subscription agreement with Altamira Gold Corp., acquiring 6,000,000 units at C$0.10 per unit in a non-brokered private placement, totaling C$600,000. Each unit comprises one common share and one-half of a share purchase warrant, exercisable at C$0.15 per share until June 30, 2027. Prior to this, Aura held 24,000,000 shares and 24,000,000 warrants (11.3% non-diluted, 20.3% fully diluted, as per November 2023). Post-transaction, Aura holds 30,000,000 shares and 27,000,000 warrants (11.3% non-diluted, 19.5% fully diluted). The units were acquired directly from Altamira for investment purposes due to its exploration potential.

Results Teleconference:

Date : August 6, 2025

Time : 10 a.m. (Brasília) | 9 a.m. (New York and Toronto)

Link to access : Click here

2. Consolidated Financial Results

2.1 Total Production and Sales (GEO)

| English | | | | | | | | | | | | | | | | | | (GEO) | Q2 2025 | | Q1 2025 | | % | | Q2 2024 | | % | | H1 2025 | | H1 2024 | | % | | | Production | 64,033 | | 60,087 | | 7 | % | 64,327 | | -0 | % | 124,120 | | 132,514 | | -6 | % | | Aranzazu | 22,281 | | 20,456 | | 9 | % | 24,692 | | -10 | % | 42,737 | | 49,693 | | -14 | % | | Apoena | 8,219 | | 8,876 | | -7 | % | 9,912 | | -17 | % | 17,095 | | 22,017 | | -22 | % | | Minosa | 18,039 | | 17,654 | | 2 | % | 19,142 | | -6 | % | 35,693 | | 38,328 | | -7 | % | | Almas | 12,917 | | 13,101 | | -1 | % | 10,580 | | 22 | % | 26,018 | | 22,475 | | 16 | % | | Borborema | 2,577 | | 0 | | n.a. | 0 | % | n.a. | 257700 | % | 0 | % | n.a. | | | | | (GEO) | Q2 2025 | | Q1 2025 | | % | | Q2 2024 | | % | | H1 2025 | | H1 2024 | | % | | | Sales | 62,452 | | 60,491 | | 3 | % | 63,258 | | -1 | % | 122,943 | | 132,344 | | -7 | % | | Aranzazu | 22,290 | | 20,456 | | 9 | % | 24,683 | | -10 | % | 42,746 | | 49,786 | | -14 | % | | Apoena | 8,219 | | 9,408 | | -13 | % | 8,258 | | -0 | % | 17,627 | | 21,118 | | -17 | % | | Minosa | 17,836 | | 17,526 | | 2 | % | 19,738 | | -10 | % | 35,362 | | 38,966 | | -9 | % | | Almas | 12,917 | | 13,101 | | -1 | % | 10,580 | | 22 | % | 26,018 | | 22,475 | | 16 | % | | Borborema | 1,190 | | 0 | | n.a. | 0 | | n.a. | 1,190 | | 0 | | n.a. | | | |

Applies the metal sale prices in Aranzazu realized during Q2 2025: Copper price = US$4.39/lb; Gold Price = US$3,293/oz; Silver Price = US$34.27/oz.

Total production in Q2 2025 reached 64,033 gold equivalent ounces (“GEO”), 7% higher than Q1 2025 and in line compared to the same period last year at current metal prices, mainly due to negative impact from the copper-to-GEO conversion at Aranzazu. At constant metal prices, production increased by 9% when compared to both Q1 2025 and Q2 2024. The result was mainly attributable to stronger operational performance at Aranzazu, which posted higher metallurgical recoveries and improved head grades for all metals, on both an annual and quarterly basis

During the quarter, Aura commenced operations at Borborema — anticipated to be one of the Company’s largest and lowest cash cost operations. In the quarter, Borborema’s preliminary production totaled 2,577 GEO, following the project’s first gold pour. The project was completed on schedule, within 19 months, and on budget and Aura expects to achieve to declare Borborema commercial production by the end of Q3 2025.

In the first half of 2025, production reached 124,120 GEO, representing a 6% decline at current metal prices. At constant prices — which neutralize the effect of copper price fluctuations in the GEO conversion at Aranzazu — this reflects an increase over the 122,259 GEO produced in H1 2024. . At current metal prices, production in Q2 2025 was consistent with Q2 2024, and year-to-date production represents 47% of the lower end and 41% of the upper end of the full-year guidance. This performance reinforces the Company’s confidence in meeting its 2025 targets, especially considering that Borborema is still in the ramp-up phase. Excluding Borborema, total production to date accounts for 52% of the lower bound and 47% of the upper bound of the guidance range.

2.2. Net Revenue

| (US$ thousand) | Q2 2025 | Q1 2025 | % | | Q2 2024 | % | | H1 2025 | H1 2024 | % | | | Aranzazu | 62,508 | 50,262 | 24 | % | 49,240 | 27 | % | 112,770 | 93,402 | 21 | % | | Apoena | 26,711 | 26,353 | 1 | % | 18,992 | 41 | % | 53,064 | 44,999 | 18 | % | | Minosa | 55,776 | 48,062 | 16 | % | 41,962 | 33 | % | 103,838 | 79,609 | 30 | % | | Almas | 41,751 | 37,127 | 12 | % | 24,217 | 72 | % | 78,878 | 48,479 | 63 | % | | Borborema | 3,690 | - | n.a | - | n.a | 3,690 | - | n.a. | | | | | Total | 190,436 | 161,804 | 18 | % | 134,411 | 42 | % | 352,240 | 266,489 | 32 | % | | | | | | | | | | | | | |

In Q2 2025, the Company reported Net Revenue of US$190.4 million, representing a 42% increase year-over-year and an 18% increase compared to Q1 2025. The strong performance was primarily driven by the higher metal prices, particularly gold, with the average realized gold price increasing by 44%, from US$2,208/oz in Q2 2024 to US$3,185/oz in Q2 2025. Copper prices also contributed positively, with the average realized copper price increasing by 5%, from US$4.26/lb in Q2 2024 to US$4.46/lb in Q2 2025.

With this result, Net Revenues reached US$352,240 in H1 2025, an increase of 32% when compared to the same period of 2024. The result was mainly driven by higher gold prices, higher sales at Almas and the start of the Borborema Project. In H1 2025, average net realized prices reached US$2,986, a 42% increase when compared to H2 2024; and average copper prices reached US$4.36/lb, a 5% increase when compared to H2 2024.

2.3. Cash Cost and All in Sustaining Costs

| (US$/GEO) | Q2 2025 | | Q1 2025 | | % | | Q2 2024 | | % | | H1 2025 | | H1 2024 | | % | | | Cash Cost | 1,146 | | 1,149 | | -0 | % | 1,080 | | 6 | % | 1,147 | | 1,040 | | 10 | % | | Aranzazu | 1,110 | | 1,164 | | -5 | % | 958 | | 16 | % | 1,136 | | 942 | | 21 | % | | Apoena | 1,168 | | 1,228 | | -5 | % | 1,252 | | -7 | % | 1,200 | | 940 | | 28 | % | | Minosa | 1,178 | | 1,149 | | 3 | % | 1,094 | | 8 | % | 1,164 | | 1,140 | | 2 | % | | Almas | 1,167 | | 1,069 | | 9 | % | 1,203 | | -3 | % | 1,118 | | 1,176 | | -5 | % | | Borborema | 936 | | 0 | | n.a. | 0 | | n.a. | 936 | | - | | n.a. | | | | | | | | | | | | | | | | | | | | | | | All-in Sustaining Cost | 1,449 | | 1,461 | | -1 | % | 1,328 | | 9 | % | 1,455 | | 1,307 | | 11 | % | | Aranzazu | 1,514 | | 1,545 | | -2 | % | 1,206 | | 26 | % | 1,529 | | 1,235 | | 24 | % | | Apoena | 1,751 | | 2,041 | | -14 | % | 1,958 | | -11 | % | 1,906 | | 1,500 | | 27 | % | | Minosa | 1,292 | | 1,249 | | 3 | % | 1,159 | | 12 | % | 1,271 | | 1,223 | | 4 | % | | Almas | 1,364 | | 1,195 | | 14 | % | 1,434 | | -5 | % | 1,279 | | 1,428 | | -10 | % | | Borborema | 1,441 | | 0 | | n.a. | 0 | | n.a. | 1,441 | | - | | n.a. | | | |

For the second quarter of 2025, the Company’s Cash Cost was US$1,146/GEO, an increase of 6% over Q2 2024 and in line with Q1 2025, even with the preliminary production of Borborema. Year-on-year, the increase in cash cost was mainly attributed to the increase in costs at Aranzazu, mainly due to impact from the copper-to-GEO conversion in production. At constant Q2 2024 metal prices, Cash Costs decreased by 4%. Quarter-over-quarter, cost improvements at Aranzazu and Apoena were sufficient to offset higher costs at Almas, which faced a decrease in grades as anticipated in the mine sequencing plan.

In H1 2025, Cash Cost averaged US$1,147/oz, representing a 10% increase compared to the same period in 2024, the increase was primarily driven by the impact of the copper-to-GEO conversion at Aranzazu and lower production at Apoena, as expected. At constant H1 2024 metal prices, Cash Costs increased by 2%

The consolidated All-in Sustaining Cost (AISC) was US$1,449 per GEO, representing a 9% increase compared to Q2 2024 and a 1% decrease versus Q1 2025, in line with the cash cost trend. When calculated using constant metal prices from Q2 2024, AISC for the quarter would have been US$1,312 per GEO, a decrease of 1%. In H1 2025, AISC was US$1,455, a 11% increase compared to H1 2024. At constant H1 2024 metal prices, AISC increased by 3%.

2.4. Gross Income

| | | | | | | | | | | | | | | | | | | (US$ thousand) | Q2 2025 | | Q1 2025 | | % | | Q2 2024 | | % | | H1 2025 | | H1 2024 | | % | | | Net Revenue | 190,436 | | 161,804 | | 18 | % | 134,411 | | 42 | % | 352,240 | | 266,489 | | 32 | % | | Cost of goods sold | (86,497 | ) | (83,376 | ) | 4 | % | (83,103 | ) | 4 | % | (169,873 | ) | (168,500 | ) | 1 | % | | Cost of production | (44,470 | ) | (44,919 | ) | -1 | % | (36,203 | ) | 23 | % | (89,389 | ) | (75,062 | ) | 19 | % | | Cost of production - Contractors | (17,529 | ) | (15,467 | ) | 13 | % | (22,356 | ) | -22 | % | (32,996 | ) | (42,380 | ) | -22 | % | | Change in inventory (cash) | (9,550 | ) | (9,126 | ) | 5 | % | (9,762 | ) | -2 | % | (18,676 | ) | (20,167 | ) | -7 | % | | Depreciation and amortization | (14,948 | ) | (13,864 | ) | 8 | % | (14,782 | ) | 1 | % | (28,812 | ) | (30,891 | ) | -7 | % | | Gross Profit | 103,939 | | 78,428 | | 33 | % | 51,308 | | 103 | % | 182,368 | | 97,989 | | 86 | % | | Gross Margin | 55 | % | 48 | % | 6 p.p. | 38 | % | 1641 p.p. | 52 | % | 37 | % | 15 p.p. | | | |