AUGO · Aura Minerals

Aura Minerals’ Q1 2026 preliminary production results reflect strong operational execution across its portfolio, delivering a record 82,137 GEO at current prices — 37% higher than Q1 2025 and flat versus Q4 2025. This outcome confirms the company remains on track with its full-year guidance of approximately 81,554 GEO at guidance prices. The growth was broad-based: Borborema’s 9% QoQ increase reflects successful ramp-up and higher throughput; Almas’ 21% YoY gain demonstrates tangible benefits from its recent plant expansion; and Minosa maintained stable output consistent with expectations. However, performance was uneven: Aranzazu declined 23% YoY due to lower copper, silver, and gold grades driven by mine sequencing — not operational underperformance — and management explicitly affirmed this aligns with the mine plan and anticipates improvement in later quarters. Similarly, Apoena and Borborema experienced planned sequencing-related dips early in the year, with recovery expected in the second half. At MSG, the deliberate focus on underground infrastructure upgrades — described as 'fundamental' — suppressed near-term output but positions the asset for sustained higher production in coming years. Sales of 81,364 GEO slightly exceeded production due to timing effects, including final 2025 shipments recognized in Q1 and transit delays at Almas. Management emphasized that all assets remain aligned with annual guidance, and highlighted ongoing growth catalysts — Borborema expansion, Almas underground development, Matupá feasibility update, and early works at Era Dorada — reinforcing the path toward >600,000 GEO annually. The disclosure is explicitly labeled preliminary and subject to verification, with no financial metrics (revenue, income, margins) provided — only physical production and sales volumes.