AUGO · Aura Minerals

Aura Minerals' updated MRMR statements for the year ended 2025 demonstrate substantial portfolio expansion, with consolidated Proven & Probable reserves more than doubling to 7.223 million GEO from 3.4 million GEO in 2024. This growth was propelled by strategic M&A including the MSG Project acquisition and Era Dorada reserves addition, alongside organic contributions from Borborema's reserve updates via road relocation approval, pit expansion, improved models and higher gold prices, plus underground reserves at Almas' Paiol deposit. Exploration investments of US$21.8 million supported 106,941 meters of drilling across operating mines and projects, achieving low discovery costs and significant resource conversions. M&I resources rose 26% to approximately 3.49 million GEO, while Inferred resources surged over 200% to 3.917 million GEO, largely from MSG inclusion and expansions at Borborema and Almas. Updated economic assumptions reflect a higher pricing environment with conservative outlooks: gold at US$2,600/oz (from US$2,000), copper US$4.40/lb (from US$4.20), silver US$35/oz (from US$25). CEO Rodrigo Barbosa highlighted 2025 production of 280k GEO with expectations exceeding 600k GEO ahead, underscoring strategy execution in production growth, reserve expansion and increased trading volume from US$2 million to over US$90 million ADTV. Specific mine updates include Aranzazu P&P tonnage up 14% post-depletion, Almas LOM extended to 12 years with underground transition, and promising greenfield progress at Pé Quente (287 koz Au resources) and Carajás copper targets. The filing of the 2025 Form 20-F with new S-K 1300 technical reports enhances transparency, positioning Aura for sustained production growth and diversified asset base.