Aura Minerals Inc. · NASDAQ:AUGO
Aura Minerals — Investor Presentation (May 2026)
49 slides from Aura Minerals's investor presentation, May 26, 2026
Slide 1: Diversified, Growing Gold and Copper Producer
DIVERSIFIED, GROWING GOLD AND COPPER PRODUCER NASDAQ: AUGO | B3: AURA33 May 2026 www.auraminerals.com
Slide 2: Cautionary Statements
NASDAQ: AUGO | B3:AURA33 www.auraminerals.com Cautionary Statements 2 This Presentation and the documents incorporated by reference herein, contain certain “forward - looking information” within the meaning of applicable US securities laws and “forward - looking statements” within the meaning of app
Slide 3: A Company delivering value under the highest ESG standards
A Company delivering value under the highest ESG standards QUALITY PORTFOLIO DELIVERING ROBUST GROWTH SIGNIFICANT UPSIDE WITH INCREASE IN RESERVES AND RESOURCES 594k hectares with a useful life of the mine (LOM) and ongoing expansion of resources. Over the last five years, resource and reserves inve
Slide 4: Aura At-a-Glance: High Quality Assets and Projects
NASDAQ: AUGO | B3:AURA33 www.auraminerals.com By Mine 23% 11% 23% 20% 19% 4% Q1 2026 LTM Production Aura At - a - Glance Mines in Operation Exploration Projects Projects in Construction Care & Maintenance 6 1 1 1 Aranzazu - Cu Zacatecas, Mexico Minosa - Au Copan, Honduras Tolda Fría Caldas, Colombia
Slide 5: Assets Overview: Diversified Portfolio of Gold and Copper
NASDAQ: AUGO | B3:AURA33 www.auraminerals.com Assets Overview Diversified Portfolio of Gold and Copper Location Cash Cost Low/High Guidance 2026 (‘000 GEO) AISC Low/High Guidance 2026 (US$/oz) Q1 2026 LTM Revenue (% of Total ) LOM Mine Type Production Low/High Guidance 2026 (‘000 GEO) 2025 R&R (‘000
Slide 6: Strong Results
NASDAQ: AUGO | B3:AURA33 www.auraminerals.com 1,320 1,458 1,829 1,865 2024 2025 Q1 26 2026 Guidance 122 236 267 280 302 390 2018 2023 2024 2025 Q1 26 LTM 2026 Guidance Strong performance stemmed from robust production growth, stringent cost discipline, and elevated metal prices Production (‘000 GEO
Slide 7: Focus on Cost Control Making AISC More Competitive
Focus on Cost Control and New Projects is Making AISC More Competitive Amid Rising Gold Prices All - in Sustaining Cost Global Curve 1 Based on Q2 2025 cash cost curve (US$/GEO) 1) Sources: Metal Focus - Gold Mine Cost database – Q2 2025 edition; 2) Each company’s websites, as reported. Aura’s strat
Slide 8: Proven Track Record of Value Creation
NASDAQ: AUGO | B3:AURA33 www.auraminerals.com 2.7 3.2 3.2 5.1 1.1 1.0 1.0 3.5 3.8 4.2 4.2 8.6 241 236 267 280 2022 2023 1. Includes Exploration and Expansion Capex, plus Exploration Expenses and Acquisitions. 2. Proven & Probable. 3. All calculations are in accordance with Subpart 1300 of Regulation
Slide 9: Unlocking further value
NASDAQ: AUGO | B3:AURA33 www.auraminerals.com Unlocking further value Growth in Production x From 280 GEO in 2025 to > 600k GEO in sight – no equity required, fully covered by cash generation and balance - sheet capacity x Developing existing projects and greefields projects in Aura’s pipeline Multi
Slide 10: Growth Plan
NASDAQ: AUGO | B3:AURA33 www.auraminerals.com Growth Plan: Aura's track record over the past years demonstrates its strength and disciplined execution of its growth plan 267 76 80 111 55 2024 Borborema MSG Era Dorada Matupá Internal Expansions Coming years >600k GEO 1 4 2 Realized Ramp up phease Und
Slide 11: Era Dorada: Setting a New Standard for Sustainable Mining
HONDURAS GUATEMALA Era Dorada Jutiapa ~200km Minosa Copan Feasibility Study published in December/2025 » Full Board approval in April/2026 » Closed water circuit, reusing 100% of the processed water » Approved capex to deliver potable, drinking water to the region – the first one in Guatemala » Clea
Slide 12: MSG Acquisition: A Turnaround Story
MSG Acquisition A Turnaround Story » Operational mine acquired for US$76M ; despite ongoing turnaround, asset generated US$27.4M EBITDA in first 4 months under Aura's operation » ~ 1 , 800 m of mine development » Accelerated exploration program : New Feasibility Study released, adding 753 GEO in P&P
Slide 13: Aura's case studies
NASDAQ: AUGO | B3:AURA33 www.auraminerals.com NPV (2) Construction CapEx gold mined 890koz 1,190 M USD 7 7 6 6 M M U U S S D D On time, only 16 months and on Budget (benchmark) Ramp - Up in only 5 months (benchmark) Almas Commercial production declared in Q3 2023 Technical Report Gold Prices (US$3,8
Slide 14: Increasing Exploration Expenditures and Reserve Replacement
www.auraminerals.com 7 8 10 12 22 21 25 26 23 2017 2018 2019 2020 2021 2022 2023 2024 2025 Increasing Exploration Expenditures (in US$ million) 2025 : − Borborema P&P +170% in metal content vs. 2024, driven by highway relocation, gold price cutoff increase and expansion of the Mineral Reserve pit. −
Slide 15: Increase in Market Multiple
Increase in Market Multiple NASDAQ: AUGO | B3:AURA33 www.auraminerals.com 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 MSG Bluestone (Era Dorada) Pé Quente and Pezão Carajás Borborem
Slide 16: Unmatched Exploration Pipeline and Capital Structure
Unmatched Exploration Pipeline 593,910 ha LOM and resource expansion underway Robust Growth Outlook With actions taken for organic and inorganic growth Certificates Responsible Gold Mining Principles and ESR (Empresa Socialmente Responsável) in Honduras and Mexico Capital Structure US$ 81,60 Share p
Slide 17: Appendix
% Appendix
Slide 18: Aura Team and Culture – Our Best Asset
Aura 360 Team and Culture – Our Best Asset A high - performance culture that combines rigorous operational execution and innovation Values, practices and behaviors that shape the way we are and operate People first Trust, safety and meritocracy as the foundation of every relationship Ethical managem
Slide 19: Seasoned Management Team and Board of Directors
NASDAQ: AUGO | B3:AURA33 www.auraminerals.com Shaping a better world , both for the present and the future Seasoned Management Team Board of Directors Paulo Carlos de Brito Non - Executive Chairman Paulo de Brito Filho Stephen Keith Independent Member Richmond Fenn Independent Member Bruno Mauad Ind
Slide 20: Skilled Operational Team
NASDAQ: AUGO | B3:AURA33 www.auraminerals.com Skilled Operational Team 20 Mines in Operation Exploration Projects Care & Maintenance Projects in Development 2 1 1 Aranzazu Zacatecas, México Tolda Fría Caldas, Colombia Matupá MT, Brasil Carajás PA, Brazil Era Dorada Jutiapa, Guatemala NASDAQ: AUGO |
Slide 21: Maintaining Low Leverage to Extend Debt Maturity Profile
NASDAQ: AUGO | B3:AURA33 www.auraminerals.com 21 Maintaining Low Leverage to Extend Debt Maturity Profile Cash Position (US$ millions) and Financial Leverage Long Term vs. Short Term 268 97 123 126 63 Cash Q1 26 < 1 year 2 - 3 years 4 - 5 years > 5 years 128 237 270 286 268 0.6x 0.6x 0.7x 0.28x 0.16
Slide 22: Sustainability Solutions: Creating Lasting Value
NASDAQ: AUGO | B3:AURA33 www.auraminerals.com Sewage Treatment Plant in Borborema, Brazil. Mine powered by reused sewage, zero freshwater consumed (only rain). Revitalization of over 300 meters of the Drenagem de Águas Cinzas system and construction of water reservoirs to provide clean water for com
Slide 23: Aranzazu, Zacatecas, Mexico
NASDAQ: AUGO | B3:AURA33 www.auraminerals.com 31 76 78 79 91 141 2020 2021 2022 2023 2024 2025 Q1 2026 LTM 88 151 164 177 197 246 2020 2021 2022 2023 2024 2025 Q1 2026 LTM ▪ Underground copper, gold and silver mining operation with flotation circuit to produce copper concentrate ▪ Deposit is a skarn
Slide 24: Aranzazu Summary of Operational Results
Summary of Operational Results Gold Copper P&P Reserves LoM Description Year - - Aranzazu was put in care - and maintenance due to higher costs and lower copper prices 2015 160kt Cu, 163koz Au, 2,675koz Ag 5.5 years Aura implemented material changes , reopened Aranzazu and attained commercial produc
Slide 25: Aranzazu Prospects and additional exploration initiatives
Prospects and additional exploration initiatives PROJECT MOLYBDENUM: DECISION - MAKING AGILITY The local technical team has identified the potential for generating value as a by - product. Simplified feasibility study: 100% in 2024 Rapid construction of the treatment plant, with low decision -
Slide 26: Apoena, Mato Grosso, Brazil
NASDAQ: AUGO | B3:AURA33 www.auraminerals.com 58 45 49 27 39 72 83 2020 2021 2022 2023 2024 2025 Q1 2026 LTM ▪ Open - pit gold and silver (small quantities) mining operation. The complex consists of a processing plant fed by satellite mines ▪ Deposit varies in each satellite mine, from gold - rich q
Slide 27: Apoena Challenges Overcome
Challenges Overcome Since Q1 24, Aura has made efforts to address licensing restrictions and geological challenges in the Aguapeí gold belt Quarterly Production (‘000 GEO) Operation adjusted to handle areas with lower grades, maintaining stability within the technical possibilities Challenges wi
Slide 28: Apoena: Consistent Growth and Expansion Potential
Exploration Apoena: Consistent Growth and Expansion Potential Ernesto Connection Ernesto Cantina Middle Trap Lower Trap Japonês Oeste Japonês Nosde Lavrinha Proven Longevity: Ernesto started in 2017 with just 3 years of LOM, and after 9 years of operation, it now boasts proven reserves through 2029
Slide 29: Minosa, La Union, Honduras
NASDAQ: AUGO | B3:AURA33 www.auraminerals.com 44 81 26 34 83 144 175 2020 2021 2022 2023 2024 2025 Q1 2026 LTM 95 155 109 122 178 230 262 2020 2021 2022 2023 2024 2025 Q1 2026 LTM 2025 Operational Highlights 2025 Mineral Resources and Reserves Historical Results Minosa La Union, Honduras Production
Slide 30: Minosa Increase in Production
Increase in Production Consistent results delivery driving the increase in production Quarterly Production (‘000 GEO) At Minosa, production totaled 17 , 399 GEO in Q 1 2026 , 2 % lower than Q 4 2025 and in line with Q 1 2025 , mainly as a result of lower gold extraction during the period, but cons
Slide 31: Minosa Exploration and additional potential
32 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 • Assessing potential from old, low - grade stacks Minosa
Slide 32: Almas, Tocantins, Brazil
NASDAQ: AUGO | B3:AURA33 www.auraminerals.com 10 75 132 159 2023 2024 2025 Q1 2026 LTM 34 129 196 227 2023 2024 2025 Q1 2026 LTM 18 54 57 60 2023 2024 2025 Q1 2026 LTM NASDAQ: AUGO | B3:AURA33 www.auraminerals.com 2025 Operational Highlights 2025 Mineral Resources and Reserves Historical Results Alm
Slide 33: Almas Project Development Case Study
NASDAQ: AUGO | B3:AURA33 www.auraminerals.com Actual vs. Planned: FS 2021 vs 2025 1,558 3,446 Almas Project Development Case Study Future: Potential Upsides: • Production Capacity Increase • Ongoing expansion supporting a planned run - of - min (ROM) production rate of 3.0 Mtpa • Underground Project
Slide 34: Almas Increase in Production
Increase in Production Driven by the operating stability and contribution of Almas Ramp - up begun in June 2023, achieving great efficiency in getting up to speed in just 3 months of operation Capacity expanded at the processing plant from 1.3 Mt/yr to 2.2 Mt/yr Record production in Q4 25, wit
Slide 35: Potential gains with Underground
Potential gains with Underground Increase in LOM; Operational flexibility; Exploitation of deep ore seams; Reduction in environmental desolation; Increased production profile through higher grades. Pit P2 Pit P3 Pit 2028 Level 290 Level 1 20 HG Grade Shell Concept study Phase 1 - Conceptua
Slide 36: Almas: Exploration and Strategic Growth
Paiol: Recent drilling confirms potential for UG , with significant continuity beyond the current resource pit limit (250m). The Technical Report for UG is scheduled for completion in Q1 2026, paving the way for higher - value production expansion . Others : Located in a largely underexplored greens
Slide 37: Almas Past: Increase in Life of Mine
PAST /ŶĐƌĞĂƐĞ ŝŶ >ŝĨĞ ŽĨ DŝŶĞ ĚƵĞ ƚŽ ƚŚĞ ƌĞŐŝŽŶ ͛ Ɛ ƐƚƌŽŶŐ ŐĞŽůŽŐŝĐĂů ƉŽƚĞŶƚŝĂů ࡳ DGGLWLRQ RI 0505 DOUHDG\ FRQYHUWHG LQ WKH ILUVW \HDUV ࡳ DGGLWLRQDO GULOOLQJ XQGHUZD\ WR IXUWKHU LQFUHDVH WKH GHSRVLW ZLWK VHYHUDO SURPLVLQJ DUHDV VXFK DV 3D
Slide 38: Borborema, Rio Grande do Norte, Brazil
d^y͗KZ ͮ ϯ ͗hZ ϯϯ ͮ KdYy͗KZ& ǁǁǁ͘ĂƵƌĂŵŝŶĞƌĂůƐ͘ĐŽŵ Borborema ZŝŽ 'ƌĂŶĚĞ ĚŽ EŽƌƚĞ͕ ƌĂnjŝů Potential for increased reserves and production Project approved by DNIT Resource and reserve update Open Pit Gold Mine delivered on time on budget FUTURE HIGHWAY MODIFICATIONS 2SHUDW
Slide 39: Borborema Capital Allocation Base Study
Borborema ĂƉŝƚĂů ůůŽĐĂƚŝŽŶ ĂƐĞ ^ƚƵĚLJ 40 Construction was concluded on time and on budget. Ramp - Up Announced March, 2025 and commercial production announced in Q3 25 Robust and competitive funding package implemented together with a risk management program (US$ million) Feasibility Study G
Slide 40: Borborema Highlights of the Updated Feasibility Study
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Slide 41: Borborema: Unlocking Growth in the NE Corridor
Exploration Borborema: Unlocking Growth in the NE Corridor Strong Expansion Potential : Recent surface mapping and geophysical surveys indicate significant continuity of mineralization to the Northeast, beyond the current pit limits. High - Confidence Opportunity: Geological and magnetic anomalies c
Slide 42: Borborema Operational Highlights
E^Y͗ h'K ͮ ϯ ͗hZ ϯϯ ǁǁǁ͘ĂƵƌĂŵŝŶĞƌĂůƐ͘ĐŽŵ 2SHUDWLRQDO +LJKOLJKWV 2025 Mineral Resources and Reserves 2SHUDWLRQDO 3URILOH Overview Geographic Footprint NASDAQ: AUGO | B3:AURA33 www.auraminerals.com ▪ Consists of three gold mining concessions covering a total area of 29 km² plus
Slide 43: Borborema Future Highway Modifications
E^Y͗ h'K ͮ ϯ ͗hZ ϯϯ ǁǁǁ͘ĂƵƌĂŵŝŶĞƌĂůƐ͘ĐŽŵ Borborema ZŝŽ 'ƌĂŶĚĞ ĚŽ EŽƌƚĞ͕ ƌĂnjŝů Open Pit Gold Mine delivered on time on budget FUTURE HIGHWAY MODIFICATIONS Potential for increased reserves and production Project in the oil phase, with approval from DNIT Resource and reserve
Slide 44: MSG, Goiás, Brazil
NASDAQ: AUGO | B3:AURA33 www.auraminerals.com 2SHUDWLRQDO +LJKOLJKWV 0LQHUDO 5HVRXUFHV DQG 5HVHUYHV Operational Profile 2YHUYLHZ Geographic Footprint NASDAQ: AUGO | B3:AURA33 www.auraminerals.com ▪ Located in the northwest of the state of Goiás, central Brazil about 5km from th
Slide 45: Matupá Development Highlights
ĞǀĞůŽƉŵĞŶƚ Highlights After 4 years First 4 years CIL processing open pit Low - capex and high - margin LOM: 7 years Mineral Resources and Reserves: P&P: 309k GEO M&I: 316k GEO Inferred: 1,950 GEO Production: 42 kGEO/year Cash Cost: 592 $/oz AISC: 762 $/oz Grade: 1.19 g/ton Strip Ratio: 1.73 Produc
Slide 46: Matupá: Positioned for LOM Expansion
WĠ YƵĞŶƚĞ dĂƌŐĞƚ Nilva Nilva Norte Rubens Goiano Barba Exploration Matupá: Positioned for LOM Expansion &ƵƚƵƌĞ KƵƚůŽŽŬ 7KLV H[SORUDWLRQ VWUDWHJ\ SRVLWLRQV 0DWXSi WR GHOLYHU ƐŝŐŶŝĨŝĐĂŶƚ >KD ĞdžƚĞŶƐŝŽŶ ĂŶĚ ǀĂůƵĞ ĐƌĞĂƚŝŽŶ UHLQIRUFLQJ $XUD · V FRPPLWPHQW WR VXVWDLQD
Slide 47: Matupá Reserve Expansion
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 , 500 m of drilling completed in 2024 with results showing
Slide 48: Carajás (Serra da Estrela) Exploration
Carajás (Serra da Estrela) 32 džƉůŽƌĂƚŝŽŶ 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
Slide 49: Contact: Investor Relations
E^Y͗ h'K ͮ ϯ ͗hZ ϯϯ ǁǁǁ͘ĂƵƌĂŵŝŶĞƌĂůƐ͘ĐŽŵ Contact: Investor Relations natasha.utescher@auraminerals.com ri@auraminerals.com www.auraminerals.com NASDAQ: AUGO | B3: AURA33