Aura Minerals Inc. · NASDAQ:AUGO
Aura Minerals — Q1 2025 Earnings Presentation
56 slides from Aura Minerals's earnings presentation, May 6, 2025
Slide 1: Diversified, Growing Gold and Copper Producer
DIVERSIFIED, GROWING GOLD AND COPPER PRODUCER TSX: ORA | B3: AURA33 | OTCQX: ORAAF May 2025 www.auraminerals.com
Slide 2: Cautionary Statements
Need update Cautionary Statements Forward-looking Statements This presentation contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information. Forward-looking statements and for
Slide 3: Driven by Purpose and Performance
Well-run diversified gold and copper portfolio with a well-balanced mix of operating and development assets 5 operating mines(1), 1 project in operational ramp-up phase, 2 projects in development and 1 exploration project Proven track record of value creation through several sources More than US$396
Slide 4: Aura At-a-Glance
Aranzazu Zacatecas, México Aura At-a-Glance Minosa Copan, Honduras A gold and copper mining company with a business building culture and focused on project development in the Americas Era Dorada (Cerro Blanco) Structured to grow by developing and improving high-value Jutiapa, Guatemala projects and
Slide 5: Built for Growth Combined with Dividends
Built for Growth Combined with Dividends Since 2017, Aura has transformed under new shareholders, board, and management, driven by a clear strategy and disciplined execution… Developing − Almas delivered on time & on budget High Quality • Serrote Sale Existing Projects − Borborema acquisition and ex
Slide 6: Track Record of Delivering Shareholder Value
Track Record of Delivering Shareholder Value …we are now harvesting the first results of these efforts, with much more growth and value creation to come High Quality Assets and Projects Strong Balance Sheet Business-Building Culture Share Price Performance Underpinned by a Resilient Business Strateg
Slide 7: Strong Results
Strong Results Production Performance and Profitability Underpinned by a Resilient Business Strategy (000 GEO¹) Production (‘000 GEO ) (1) Performance should accelerate Net Revenues (US$mm) after Borborema achieves commercial production in 3Q25 +295% +113% 594 624 +119% 417 +93% 276 158 267 259 2018
Slide 8: Competitive Cost Structure
Competitive Cost Structure Focus on cost control and new projects are making Aura’s AISC competitive amidst surging gold prices Reported AISC for Aura vs. Top 5 largest mining Global AISC Curve in 2024 ($/GEO) companies(1) by produced gold ounces in 2024 ($/GEO) 5,000 Adjusted EBITDA Margin: 45% Pro
Slide 9: On Track to Achieve the Guidance
On Track to Achieve the Guidance Production After delivering the 2024 guidance, Aura began 2025 in line with expectations (000 GEO¹) 2024 2025 Production (kGEO) AISC (US$/GEO) Cash Cost (US$/GEO) Production (kGEO) AISC (US$/GEO) Cash Cost (US$/GEO) 300 292 1.492 1.459 260 1.461 266 1.374 1.320 259 1
Slide 10: Proven Track Record of Value Creation
Proven Track Record of Value Creation Past years results are strong evidence of successful implementation of the strategy, boosting R&R even with a growing production profile while, aquieing new projects and generating cash to shareholders while maintaining a conservative leverage profile Capex Mine
Slide 11: Assets Overview
Assets Overview Diversified Portfolio of Gold and Copper Operating Assets Ramp-up Phase Aranzazu Minosa Apoena Almas Borborema Copán Rio Grande Location Honduras do Norte Brazil Zacatecas Tocantins México Mato Grosso Brazil Brazil 1Q25 LTM Revenue (% of Total) 32.5% 30.2% 14.5% 22.8% - LOM 10 years
Slide 12: Unlocking Further Value
Unlocking further value Supported by a healthy balance sheet (low indebtedness) + strong cash flows + fast Team and culture aligned to payback from projects that allow high the highest standards in Aura 360 – EESG management growth with payment of dividends Growth in production Growth in discovered
Slide 13: Growth in Production
Growth in Production (‘000 GEO) Our portfolio includes several high IRR projects slated for development over the coming years, which are expected to significantly increase our production capacity beyond 450,000 GEO / year… Potential Growth Realized Ramp up 95(1) + Era Dorada New Projects 54 Projects
Slide 14: Almas Case Study Borborema Project
Almas Case Study Borborema Project Commercial production declared in Q3 2023 Ramp-up announced in Q1 2025 Feasibility Study Simulation with Feasibility Study Gold ($1,712/oz)1 $2,600/oz Gold Price 2 Prices ($1,900/oz)1 Ounces of gold Ounces of gold 812k 812k mined 608k mined 182 mm USD 537 mm USD +1
Slide 15: Era Dorada
Era Dorada GUATEMALA Era Dorada Acquired Bluestone Resources in January 2025 for C$26.3M in cash, 1,007,186 Aura shares, and a CVR offering up to Jutiapa ~200km C$0.212 per share. Bluestone shareholders received C$0.287 per share plus 0.0183 Aura shares per Bluestone share. Minosa Lundin specificall
Slide 16: Mineração Serra Grande
Mineração Serra Grande Goiás, Brazil Acquisition of Mineração Serra Grande (“MSG”) from AngloGold Ashanti for an upfront cash of US$76 million plus deferred MSG consideration payments. The Transaction is subject to the fulfilment of certain conditions precedent GO, Brasil Description • MSG is locate
Slide 17: Exploration Pipeline
Increasing Exploration Expenditures (in US$ million) 26 2024: 25 − Potential to increase +2MM Oz in 22 21 P&P after road relocation in Exploration Pipeline Borborema − Pezão and Pé-Quente should expand Matupá significantly Focused on expanding life of mine and 10 12 − Almas: Paiol showcasing new dis
Slide 18: Increase in Market Multiple
Increase in Market Multiple …In addition to the value driven by production growth and exploration investments, Aura’s valuation multiple can be further enhanced through M&As and increased DTV P/NAV (x) Exploration Exploration MSG Permit Permit Agnico 1,6x Mineração Pé Quente Bluestone Target Apoena
Slide 19: Proven Track Record of Value Creation
Proven Track Record of Value Creation Aura's track record over the past four years demonstrates its strength and disciplined execution of its strategic goals: growth, dividends and low leverage Capex Mineral Reserves & Mineral Dividends and Buybacks Adjusted EBITDA and Net (in US$ millions) Resource
Slide 20: Trading Benchmark of Selected Comparable Players
Trading Benchmark of Selected Comparable Players Top 5 Gold Companies(1) LatAm Gold Companies(2) Revenue CAGR 22-24 (%) EBITDA CAGR 22-24 (%) Cash Conversion(3) (%) Dividend Yield(4) (%) 23,0% 11,0% 20,1% 41,2% 66,8% 31,7% 51,4% 13,5% 28,9% 37,2% 1,5% 0,9% ADTV 90D (US$mm) P/NAV (x) EV/EBITDA 2025E
Slide 21: Extremely Well-Built Culture
Extremely Well-Built Culture Institutional culture rooted in extreme accountability and performance discipline Sustained low leverage (<1.0x Adjusted EBITDA) over the years Laser-sharp focus on Free Cash Flow and long-term value creation through compounding returns Cash Conversion(1) of 65% in 1Q25
Slide 22: Aura Minerals Recap
Aura Minerals Recap Capital Structure Share price (06/18/2025) US$27.16 Total shares 71.6mm Market Cap. US$1.9bn High Quality Portfolio Strong Balance Business Building Cash (Q125) US$198mm 5 Operating Mines(1) and Sheet Strong Development Culture Net Debt (Q125) US$272mm Low Leverage, Transformatio
Slide 23: Supported by a Full Set of Technical Capabilities
Supported by a Full Set of Technical Capabilities 1 Proven Exploration: from exploration to reserve certification, 2 Development Track-Record: from feasibility to first pour delivered with exceptional cost discipline Evolution of Reserves and Resources (‘000 GEO) Benchmark on timing Recent examples
Slide 24: Appendix
Appendix TSX:ORA | B3:AURA33 | OTCQX:ORAAF www.auraminerals.com
Slide 25: High Performance Team and Complementary Board Skills
High Performance Team and Complementary Board Skills 63% Aura’s best asset Internal promotions for directors Shaping a better world, both for the present and the future Seasoned Management Team Years of Experience Years at Aura 68% +28 +23 +20 +19 of employees are from nearby communities +8 +6 +7 +2
Slide 26: Skilled Operational Team
Skilled Operational Team Minosa Copan, Honduras Coporate Management Aranzazu Zacatecas, México Borborema Glauber Luvizotto RN, Brasil COO Francisco do Carmo Experience Director of Operations Aura Minosa, Honduras Experience Wilton Muricy Director of Operations Era Dorada Frederico Silva Aura Aranzaz
Slide 27: Maintaining Low Leverage to Extend Debt Maturity Profile
Maintaining Low Leverage to Extend Debt Maturity Profile Short Term 198 Average 22% 173 Cost of 143 Long Term Debt: 101 78% 8% 50 Cash < 1 year 1-3 years 4 - 5 years > 5 years Mar 2025 Cash Position (US$ millions) and Financial Leverage Long Term vs. Short Term 300 0,7x 0,9x 250 0,6x 0,6x 66% 200 75
Slide 28: Key Operational & Financial Highlights
Key Operational & Financial Highlights For the three months ended March 31, For the year ended December 31, For the twelve months Unit ended March 31, 2025(4) 2025 2024 2024 2023 2022 Production GEO ‘000 259.1 60.1 68.2 267.2 235.9 243.0 Revenue US$mm 623.9 161.8 132.1 594.2 416.9 392.7 Gross profit
Slide 29: Aranzazu
Aranzazu Zacatecas, Mexico Overview 2024 Operational Highlights ▪ Underground copper, gold and silver mining operation with flotation LOM Annual Production Cash Cost AISC circuit to produce copper concentrate 10 Years 98 kGEO $965/Oz $1,308/Oz ▪ Deposit is a skarn/sediment replacement (Manto) ▪ Loca
Slide 30: Growth in Production: Aranzazu
Growth in Production: Aranzazu We have several examples of proven track record, such as the restart of Aranzazu Year Description LoM P&P Reserves 2015 Aranzazu was put in care-and maintenance due to higher costs and lower copper prices - - 2018 Aura implemented material changes, reopened Aranzazu an
Slide 31: Aranzazu
Aranzazu Zacatecas, Mexico Aranzazu showing consistent delivery of results, while maintaining production stability Mine and Plant Production consecutive quarters of 13+ production stability (kton) Plant Production (kton) Gold Production (kGEO) 28 26 27 25 25 25 24 23 20 291 303 315 302 303 303 310 3
Slide 32: Aranzazu
Aranzazu Prospects and additional exploration Exploration initiatives • 2025 plans include 21,000m drilling budget, with 9,000m focused on resource expansion, conversion and extending Glory Hole PROJECT MOLYBDENUM: • Exploration efforts are ramping up to extend ore discovery at depth in GHFW, Cabres
Slide 33: Apoena
Apoena Mato Grosso, Brazil Overview 2024 Operational Highlights Annual ▪ Open-pit gold and silver (small quantities) mining operation. The LOM Cash Cost AISC Tax Incentives(1) complex consists of a processing plant fed by satellite mines Production 7 Years 37 kGEO $1,189/Oz $1,833/Oz SUDAM ▪ Deposit
Slide 34: Challenges Overcome
Challenges Overcome Since 1Q24, Aura has made efforts to address licensing restrictions and geological challenges in the Aguapeí gold belt Quarterly Production (‘000 GEO) 68 70 64 58 56 59 58 27 46 45 48 45 18 37 34 15 11 12 13 11 12 10 9 7 8 7 Q1 22 Q 22 Q3 22 Q4 22 Q1 23 Q 23 Q3 23 Q4 23 Q1 24 Q 2
Slide 35: Apoena
Apoena Super pit potential Ernesto Japonês Lavrinha Connection A Japonês W Nosde Ernesto Cantina B Bonus Trap Upper Trap Middle Trap Lower Trap Big Pit A Exploration There is potential for a "super pit" with information indicating continuation at B Lavrinha/Nosde at mid and lower levels, which could
Slide 36: Minosa
Minosa La Union, Honduras Overview 2024 Operational Highlights ▪ Open-pit heap leach gold and silver (small quantities) mining Annual LOM Cash Cost AISC operation Production 4 Years $1,126/Oz $1,216/Oz 78 kGEO ▪ Deposit is classified as an epithermal gold deposit associated with extensional structur
Slide 37: Increase in Production
Increase in Production Consistent results delivery driving the increase in production Quarterly Production (‘000 GEO) 86 79 76 77 78 77 71 74 66 61 60 57 57 19 19 21 19 18 17 18 18 18 16 14 14 12 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Quarterly Production LTM P
Slide 38: Minosa
Minosa Strategic Planning and Exploration Geological Exploration and additional potential • Minosa's 2025 plans include up to 5,000m of drilling focused on deeper sulphide zones with higher grades • Geophysical studies and surface sampling in SA III and IV show potential to expand new areas • Assess
Slide 39: Almas
Almas Tocantins, Brazil Overview 2024 Operational Highlights Annual ▪ Open pit gold operation that consists of three deposits and several LOM Cash Cost AISC Tax Incentives(1) exploration targets Production 10 Years 54 kGEO $950/Oz $1,139/Oz SUDAM ▪ Almas is the first greenfield project constructed b
Slide 40: Almas
Almas Project Development Case Study Future: Potential Upsides: Past: Background • Almas FS published in 2016 estimated a Capex of US$ 93M (estimated at ~ US$ 120 million, at • Production Capacity Increase 2024 prices) • Ongoing expansion • Aura acquired Almas in 2018, through a merger with Rio Novo
Slide 41: Increase in Production
Increase in Production Driven by the operating stability and contribution of Almas Quarterly Production (‘000 GEO) Stabilization Contractor Ramp-Up Plant 1.5 Mt/yr Substitution Plant Expansion 1.8 Mt/yr 54 55 47 40 17 15 12 13 10 11 8 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Quarterly Production LT
Slide 42: Almas
Almas Geological Potential: strategic plan to develop an Potential gains with Underground exploration gallery (Paiol) ⚫ Increase in LOM; ⚫ Operational flexibility; ⚫ Exploitation of deep ore seams; Level 290 ⚫ Reduction in environmental desolation; ⚫ Increased production profile through higher grade
Slide 43: Almas
Almas Located in one of the world's most prolific Paiol Deposit - 13,000m infill and extension drilling in 2024 gold-producing regions in Brazil that hosts over confirmed the high-grade ore body's continuity at depth, 80 million ounces of gold supporting potential underground mining and adding ounce
Slide 44: Borborema
Borborema Rio Grande do Norte, Brazil Overview Operational Highlights Consists of three gold mining concessions covering a total area of 29 Expected ▪ LOM Capex IRR(1) NPV(1) Tax Incentives(2) km² plus the title to the main area of the prospect Production 11 Years 83 kGEO $188mm 40.8% $182mm SUDEN
Slide 45: Borborema
Borborema Capital Allocation Case Study Feasibility Study Gold Simulation with Potential Upsides: Prices ($1,900/oz) ($2,600/oz) Gold Prices • Moving the road, expected to Ounces of gold increase 2P reserves up to + 2M oz mined 812k 812k • Increasing production capacity once the mine is in productio
Slide 46: Borborema Future Highway
⚫ Potential to increase reserves and production Borborema ⚫ Project in the acceptance phase with approval from Rio Grande do Norte, the DNIT forecast for the 1H25 Brazil ⚫ Upgrade to resources and the reserves forecast for the 1H25 Open Pit Gold Mine Under Construction Project is on time and on budg
Slide 47: Matupá Development
Matupá Development Mato Grosso, Brazil Highlights CIL processing open pit First 4 years After 4 years Low-capex and high-margin Production: 55 kGEO/year Production: 42 kGEO/year History LOM: 7 years Cash Cost: 529 $/oz Cash Cost: 592 $/oz • Consolidated land package of 62,500 ha in Mineral Resources
Slide 48: Exploration Matupá
Exploration Matupá Reserve Expansion: • Exploration efforts targeting areas within a 50 km radius of the planned X1 plant. • Key Targets: X2, Serrinhas, Pé Quente, and Pezão – potential to double the current project reserves. Pé Quente: • ~7,500m of drilling completed in 2024 with results showing mi
Slide 49: Carajás (Serra da Estrela) Exploration
Carajás (Serra da Estrela) Exploration Carajás, Brazil History • Carajás Mineral Province is one of the most important polymetallic districts in the world and hosts several IOCG deposits such as Sossego and Salobo Mines (owned by Vale), Pedra Branca, Igarapé Bahia-Alemão, Cristalino, Gameleira and A
Slide 50: Proven & Probable Mineral Reserves
Proven & Probable Mineral Reserves Gold Proven Probable Proven & Probable Property Deposit Tones (Kt) Au (g/t) Au (oz) Tones (Kt) Au (g/t) Au (oz) Tones (Kt) Au (g/t) Au (oz) Paiol 5,950 1.04 198,000 7,514 1.20 290,000 13,464 1.13 488,000 Cata Funda 456 1.80 26,000 267 1.41 12,000 723 1.66 38,000 Al
Slide 51: Proven & Probable Mineral Reserves
Proven & Probable Mineral Reserves Notes: 1. The Mineral Reserve estimates were prepared in accordance with the S-K 1300 2. Mineral Reserves are the economic portion of the Measured and Indicated Mineral Resources. Mineral Reserve estimates include mining dilution and mining recovery. Mining dilutio
Slide 52: Measured & Indicated Mineral Resources
Measured & Indicated Mineral Resources Gold Measured Indicated Measured & Indicated Property Deposit Tones (Kt) Au (g/t) Au (oz) Tones (Kt) Au (g/t) Au (oz) Tones (Kt) Au (g/t) Au (oz) Paiol 2,948 0.51 49,000 6,591 0.68 144,000 9,539 0.63 193,000 Almas Cata Funda 228 1.47 11,000 293 1.22 11,000 520
Slide 53: Measured & Indicated Mineral Resources
Measured & Indicated Mineral Resources Notes: 1. The Mineral Resource estimates were prepared in accordance with with the S-K 1300 2. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 3. The estimate of M
Slide 54: Inferred Mineral Resources
Inferred Mineral Resources Gold Measured Property Deposit Tones (Kt) Au (g/t) Au (oz) Paiol 2,606 0.77 65,000 Almas Cata Funda 599 1.30 25,000 Vira Saia 357 0.91 10,000 Aranzazu Aranzazu 5,623 0.44 78,808 Minosa San Andres 8,55 0.45 123,000 Nosde-Lavrinha 1,649 1.69 89,809 Ernesto 472 2.32 35,230 Ap
Slide 55: Inferred Mineral Resources
Inferred Mineral Resources Notes: 1. The Mineral Resource estimates were prepared in accordance with with the S-K 1300 2. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 3. The estimate of Mineral Resou
Slide 56: Contact: Investor Relations – Natasha Utescher
TSX: ORA | B3: AURA33 | OTCQX: ORAAF Contact: Investor Relations – Natasha Utescher natasha.utescher@auraminerals.com www.auraminerals.com TSX:ORA | B3:AURA33 | OTCQX:ORAAF www.auraminerals.com